Daniel Ryan

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Daniel Ryan

Daniel Ryan

@DanielRyanWM

Taxes & Factor Investing. View are my own. NOT financial advice

Washington, D.C. Katılım Temmuz 2020
376 Takip Edilen436 Takipçiler
Daniel Ryan
Daniel Ryan@DanielRyanWM·
@investingidiocy There is! You just have to opt-in and pay for it on the checkout screen Most importantly, he chose fly Spirit so much of this is on him. This is like buying a Ferrari & then choosing to drive home on dirt roads instead of paved roads & being upset your suspension got fucked up
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Rob Carver
Rob Carver@investingidiocy·
There is apparently no travel insurance in the US
EKÙN II🐯🐅(Tiger de 2nd)@ekun_II

I will not send you guys DMs; I will make it public. My family has been planning this vacation for over 9 months. We paid for our suite on the cruise for a family of 5, totaling upwards of $7,000. We are supposed to arrive at the harbor by 2 p.m., with the ship sailing at 4. We booked a super-early flight that cost a little over $1,400, and I paid $240 for extra luggage. For this vacation, my wife and I cleared our calendars, with a running cost of at least $30,000 for the whole week. Last night we tried to check in but realized the flight was overbooked, and even after checking in, we weren’t assigned seat numbers. I also paid $80 for remote parking at DFW for 6 days, just for convenience. We told my wife we had to get to the airport. Our flight was at 6:30 a.m., so we left home at 3:30 a.m. and arrived before 5 a.m. The first attendant told us there weren’t enough flight attendants, so the flight was cancelled. We spoke to another one, who said it was a weather issue in Miami. What I know is that the flight went to Miami, but because it was overbooked, they randomly cancelled some passengers. What upsets me most is that my wife warned me about this airline. Also, my son is supposed to turn 9 on Wednesday, all of that is gone. Royal Caribbean did not refund our money. My children’s spring break and my son’s birthday have been ruined just because we booked with Spirit Airlines.

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Daniel Ryan
Daniel Ryan@DanielRyanWM·
@EconomPic It’s fine if ppl do that…just maintain the 5% gate. Don’t bump it up to 7%, etc.
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Jake
Jake@EconomPic·
@DanielRyanWM makes sense for everyone as a whole to not redeem, but i don't see how the incentive isn't for everyone to put in for 100% and get as much out now as they can
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Jake
Jake@EconomPic·
The current premium of private credit over public market equivalents is what created this problem given quarterly redemptions are capped. It incentives all investors to max withdrawal regardless of their long-term outlook or fundamentals. I figure there are 3 options 1) gate the funds 2) convert to a Closed-End Fund 3) sell their holdings to what actually transacts so can provide liquidity. Once the highest quality stuff is sold, guessing no way they pursue #3.
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Daniel Ryan
Daniel Ryan@DanielRyanWM·
@EconomPic Obviously, it’s fund dependent but I think so. To be safe, I wouldn’t be redeeming above the 5% limit like some are From a longterm allocator perspective, if a fund started offloading their best loans to fund extra redemptions, that would be a strong signal to avoid the manager
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Jake
Jake@EconomPic·
@DanielRyanWM do you think they can meet 20% / year withdrawals without repricing?
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Corey Hoffstein 🏴‍☠️
@ptuomov You will get no disagreement from me on that front. And yet it matters dramatically from a sales perspective because most allocators I deal with are simply going to look up the fund on Morningstar and see if they like the way the equity curve looks.
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Corey Hoffstein 🏴‍☠️
A lot of people ask me for higher volatility alternatives for "capital efficiency" reasons. And on it's face, it makes sense. Instead of putting $100 in a 10% vol strategy, you can just put $25 in a 40% vol strategy. But there are two problems: 1. Versus turnkey portable alpha programs, it pushes the rebalancing onus onto the allocator. 2. It forces the manager to inherit variance drain into their track record, which ruins salability.
Corey Hoffstein 🏴‍☠️ tweet media
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Daniel Ryan
Daniel Ryan@DanielRyanWM·
@egr_investor Yeah I do. Experience has been very good, but I was never believer in “more return for less risk”. Obviously, vol is understated but returns have been good
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Engineer Investor
Engineer Investor@egr_investor·
The entire video is worth the watch: youtu.be/9TAGlknXYW8 Do you own any private equity, credit, or real estate funds? What's your experience been like? Were the returns as good as advertised?
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Engineer Investor
Engineer Investor@egr_investor·
In his most recent video, @benjaminfelix argues that the ongoing push to sell private market assets, such as private equity, private credit, and private real estate, to retail investors is deeply flawed. These investments are aggressively marketed on the premise that they offer higher returns with lower volatility than public markets. However, Felix explains that this perceived stability is merely an illusion ("volatility laundering") caused by the fact that private assets are not valued daily. When the underlying economic risks and high fees are accounted for, private markets do not offer a magical solution to outperforming public markets. Let's dig in! 🧵👇 #Investing #Finance #PersonalFinance #PrivateEquity #FinancialLiteracy
Engineer Investor tweet media
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JoeyJoJo
JoeyJoJo@thompspicks·
@kieranwgoodwin For years, every IC with an RIA guy on it had listened to me talk private credit and then asked “so how is this any better than Cliffwater?” The kool-aid drinking on that fund by the RIA channel was the worst I’ve ever seen.
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Kieran Goodwin
Kieran Goodwin@kieranwgoodwin·
PC ➡️ Private Wealth Channel Gating was fully disclosed but my opinion is that these funds were aggressively marketed to HNW and that a large % of end buyers didn’t understand the reality of gating and its knock on effects.
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Daniel Ryan
Daniel Ryan@DanielRyanWM·
@HML_Compounder @EconomPic I think the most rational answer would be that the executive branch of the gov. has taken a unilateral action that has caused oil prices to spike (without going through congress, etc.). Thus, the gov. has an obligation to stabilize the market that they destabilized
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HML_Compounder
HML_Compounder@HML_Compounder·
@DanielRyanWM @EconomPic 110% that’s my opinion too. I’m just trying to think through any way you could rationalize this being a practical solution.
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Jake
Jake@EconomPic·
I don’t think I’m being hyperbolic when I say this would potentially be one of the dumbest forms of financial intervention of all time. reuters.com/business/energ…
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Daniel Ryan
Daniel Ryan@DanielRyanWM·
@HML_Compounder @EconomPic sure there are second order effects, but imo you've gotta let markets set prices naturally. It can't be heads I win, tails the gov. bails me out
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HML_Compounder
HML_Compounder@HML_Compounder·
@EconomPic Agreed, but playing devils advocate, are there 2nd order effects due to the leverage/financialization of energy markets? If they didn’t expect a sustained physical supply crunch but were worried that fear of one could cause a liquidity cascade, could this ever make sense?
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Daniel Ryan
Daniel Ryan@DanielRyanWM·
@ZaidJilani I don’t talk to as many elected dems as I did in 5-10 years ago, but I still say the same thing—it doesn’t matter how many great, transformative policy proposals you have if you can’t do the basic blocking & tackling aspects of the job
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Daniel Ryan
Daniel Ryan@DanielRyanWM·
@DadInvest It’s important to remember that he was the head of growth hacking at Fb (and very good at it). The notion that he had any integrity to begin with is kind of laughable
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J.D. Banker
J.D. Banker@DadInvest·
Reminder: Chamath, the capital loss as a service provider, is the poster child for “do less”. Net worth would be 3-8x higher if he’d never sold a single $fb share. Integrity would still be intact and retail traders wouldn’t hate him for dumping his garbage SPAC bags on them.
J.D. Banker tweet media
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HML_Compounder
HML_Compounder@HML_Compounder·
@OptimizedPort Especially for deals. I was paying for Apple and peacock separately but it was big savings to get a bundle.
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Daniel Ryan
Daniel Ryan@DanielRyanWM·
@syouth1 Is this basically a way around the standard 6 month post-IPO lock up?
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Jeffrey Ptak
Jeffrey Ptak@syouth1·
Filing to register a *listed* closed-end fund that will hold stakes in late-stage unicorns (SpaceX, Anthropic, etc.) via SPVs. Call this one 'Escape from SPV', as LPs in those SPVs will exchange their interests for CEF shares which they can then sell. spr.ly/6016h7Ozo
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Meb Faber
Meb Faber@MebFaber·
There will be an NBA player who leads the league in rebounds and assists but doesn't win the MVP this year. Only happened once before (Wilt 1968, obviously won MVP).
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Jake
Jake@EconomPic·
@MebFaber The injuries this year are wild… top 3+ guys may not qualify
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Ptuomov
Ptuomov@ptuomov·
Obviously, inflation-indexing capital gains (at higher rates) would still be a better policy than the current one even if you wouldn't adapt the investment interest expense treatment. This is because most taxable individuals have very little borrowed money, they don't really borrow but just save. Quantitatively, the mismatch issue is minimal.
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Jason Furman
Jason Furman@jasonfurman·
I would add: 3. Not good tax policy if you don't adjust other parts of the system for inflation, most importantly reducing people's interest deduction to only real interest--no longer allowing deductions for the inflation component of interest.
Kyle Pomerleau@kpomerleau

Cruz wants Treasury to declare that the basis for purposes of calculating gains is adjusted for inflation. 1. Illegal 2. Won't have much of an impact on the economy one way or another.

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