Thomas Stapp

@99Proble @Filapek So it’s the result of the past year and a half*

@Filapek @ThomasStapp1 No

Oof. 15yrs underperformance. Prob under since inception if you account for turnover and tax consequences. Still collects $15m pa just on this fund tho.

@SowingAlphaSeed I wonder why the Blackrock funds have done so well recently. Also, EBSIX and LFMIX are interesting as they have been pretty persistently negatively correlated to SPX in recent years, EBSIX moreso than LFMIX

Liquid alt mutual funds:

@99Proble Prior to that, they would have been outperforming

@99Proble Wouldn’t that mainly be a result of the last year’s performance?

@JoshYoung @Costco This quote is from 2023 btw

Are we in a recession, or are people buying less beef because beef prices doubled? @costco #recession #correlation

@orrdavid Do weightings in the index and of the other managers in your fund influence your positioning? Eg if you think something is a good idea, but if the other managers in the fund have that same idea on, will you forego taking a position?

I don't run with AI beta because everyone I know that is invested with me already has a LOT of exposure. In more cases than not, half their entire net worth is ultimately betting on this via their passive index investment. If it wasn't for that, if this was some offbeat factor they had small exposure to, I would be running 1 beta to it.

@orrdavid Been monitoring the BTAL ETF, which is basically that trade packaged in an ETF with a few differences, and it has not been pretty

Long low vol, short high vol was the backbone of my strategy in 2018-2019. I've balanced factors a lot since then, but I'm still quite correlated. $SPLV peaked Feb 27th, same as me this year. It's interesting that long Japan seems correlated to the SPLV drop. $SPHB began its epic move on April 10th, while $SPLV was flat so the pair blew out big time.

@dampedspring Wordle 1,781 4/6 ⬜⬜⬜⬜🟨 ⬜⬜🟨🟨⬜ ⬜🟩🟨🟨⬜ 🟩🟩🟩🟩🟩 Surprised that was it

Wordle 1,781 X/6* ⬜🟩⬜⬜⬜ 🟨🟩⬜⬜⬜ ⬜🟩🟩🟩🟩 ⬜🟩🟩🟩🟩 ⬜🟩🟩🟩🟩 ⬜🟩🟩🟩🟩 Rhymes are always a streak breaker

@stored_alpha @JonLuskin He used to be a guest speaker on a lot of China and EM webinars. Also, he was a big proponent of risk parity, with Wealthfront launching their version in 2021. His book recommends the most vanilla index strategies out there, but it seems his own investments were a lot crazier.

Ironically I was just talking to an old school PM at a conference this week and he told me a story about how he met Burton once at a conference and they had a really crazy exchange. Apparently he was actually a super active momentum investor. Apparently he had an international fund and he felt momentum investing in China was a killer opportunity. I haven’t had time to try and look into the details to validate any truth to the story. What a crazy experience if true though?

"Many investment advisors charge exorbitant fees. If you do use a financial advisor, be sure to ask - upfront - what the fees are." ~Burton Malkiel Author, A Random Walk Down Wall Street

@TheShortBear This isn’t correct. The basis for seeder of the ETF doesn’t change. The embedded gain within the ETF just gets flushed out so that trades can be made within the ETF without incurring gain. Using your example, Gabe Plotkin would still have a $90M gain in his position in the ETF

@Jaro_rogue Oh yeah, definitely. But do you think it’s possible that 2028 or thereabouts might be when we see the semi cycle rollover?

@ThomasStapp1 There's still a lot more demand, economy is doing well so far

I think people will be shocked at how much compute starts coming online in late 2027-2028.

@HML_Compounder Lots of blind leading the blind in this industry

For the best. This was clearly someone that had no idea what they were investing in or why. If this person was an advisor, I feel bad for their clients.

@OptimizedPort @NortheastHQ His data is right if you account for today’s performance

@NortheastHQ Genuinely curious why we'd be interested in cherrypicking a short arbitrary window like that in the first place. But also, your data there might be wrong anyway.

Good Morning X. You don't see this often with covered call ETFs. $GPIX total return has slightly outperformed the S&P total return since September 2025.

@MikeFritzell Ok. I still need to try it out, but it looks really robust

@ThomasStapp1 Have not. Users seem to like it. Not a fan of Perplexity in the past

I'm late to the party, but there are good reasons to switch to Claude, if you're in equity research:

@SowingAlphaSeed @rampagingruss TLDR he doesn't like them as an investment product, but the market for autocallables is large enough globally that they influence certain components of markets.

@ThomasStapp1 @rampagingruss Thanks, but there's very little chance that I invest in the product, so not worth me putting much more energy into understanding it. Might revisit as a possible short when there's more real world performance available.

Trying (and failing) to understand how the Calamos Autocallable Growth ETF works. Gemini seems to think the closest thing I'd understand is just selling deep OTM puts.

@nikitabier @DanXAura Can you get spaces replays to work on mobile?

@DanXAura Sorry we couldn’t be more supportive of your diverse contributions to X

Accept it, Elon Musk, Nikita is the worst hire at 𝕏. [My Suspension on cards, but who cares. It's a fact]