Alan Gebele

@syouth1 Ahh the power of securities lending on lottery stocks! How did VSS do for ex-US

Trivia time: There was only one U.S. equity fund that topped its benchmark every calendar year over the decade ended Dec. 31, 2025. And it wasn't an active fund: Vanguard Russell 2000 Growth Index Inst achieved that feat, beating its index every year from 2016 through 2025. 🤷

@MuseZack I know someone who wished to become a History professor, but was told straight away by this favorite professor to not try. This happened in the 2021-2022 college year. He was told that as a straight white Christian male he had no hope of ever obtaining a career.

Generation X and Boomer white male academics, media workers or Hollywood people reacting to That Article: don't be this guy. If you can't be empathetic, at least shut up and be grateful that you got one of the last choppers out of Saigon.

@IMAO_ Very nice! I’ll keep an eye out for it!

The plan is once I finish the 4th Superego (which should hopefully be soon), I’m going to write the 3rd Hellbender chapter by chapter on my Substack.

@IMAO_ That reminds me, I could really use another Hellbender story 😎

Re-reading Blood Meridian. The book had zero impact on me the first time because I could not follow the durn thing at all — I never had any idea what was going on. But everyone keeps praising it, so I thought I should give it another try. Now that I know the basics of the story, I’m following it better this second time. But is there any reason not to use quotation marks for dialogue other than to be an a-hole?

@Rick_Ferri @mcgallop10 I am not a lawyer, but in my observation, few NJ residents setup revocable trusts in life and only fund trusts needed for heirs via their wills. The reason I always hear is "probate is simple in NJ". I have no evidence to the contrary.

@mcgallop10 Because the trust are not funded. The attorney wants them to use their will to fund the trust and for that to happen the assets have to go through probate. The client doesn’t want the asset it’s going through probate, but the attorney is pushing for it.

A question for NJ estate planning attorneys. UHNW couple developed trusts for themselves, but didn’t fund those trusts with assets. Their attorney said it would happen in probate, the “preferred” way in NJ. That sounded fishy to me and I pushed back. The attorney told me to take a hike. Thoughts?

@IMAO_ I can watch this over and over!

Don’t get on her bad side.

@VWHORUSHD I think it was "Canine update goes here" :-)

G-File goes here👇 By giving Tucker Carlson a pass, the Heritage Foundation’s leader is making more space on the right for antisemitism. thedispatch.com/newsletter/gfi…

@JonahDispatch You are "nothing but a servant to your ... cat?" ahhhhh!

Had to water the cat.

@iowahawkblog Somehow I knew you’d love the Twa terminal! We stay there at least one night a year!

It's still there, and it still works! (now the TWA Hotel at JFK)

@Rick_Ferri Nj allows exemption for IRA distributions where income is to attributable USGO. Hard to figure out but it levels the playing ground.

a tax-deferred retirement account, you're turning interest that's state-free into income that's taxed. So, why not use corporate bonds in those accounts and get higher income since 1) the accounts are long-term, and 2) you're going to pay state income tax on distributions regardless. Let's look at the benefits of a corporate bond ETF in a retirement account (VCIT vs VGIT). The

Some noted advisers suggest taking your risk with equity and buying only Treasuries on the fixed income side. I don't see it that way. An allocation to corporate bonds makes sense, especially in pretax retirement accounts for investors in states that tax distributions from those accounts. If you live in a high-tax state like CA, NJ, or NY, and you put Treasury bonds in

@asymmetricinfo As with any pillow, it is very personal. I am a restless side sleeper and it works well. It is lumpy, but I find the shaping feature and the fact it does not get as flat as down very good. I find that while washable they do not survive too many washings, so I buy new ones often.

Question came up today on a podcast: was the MyPillow actually a good pillow? Inquiring minds want to know.

@Rick_Ferri @TravisEHughes Direct Indexing strikes again.

@TravisEHughes Yep. Complexity is job security in the investment industry, but not this time.

@StevenDughetti @RockNRoLL_85 Me too. Although Jesus just Left Chicago is pretty close.

@RockNRoLL_85 Blue Jean blues.

La Grange & Sharp Dressed Man don’t exist! Now what’s your ZZ Top Song?

@TipsWatch That is why I own a decent pile of TIPS

Fed goes 50 basis points and promises another 50 by the end of the year. In other words, the Fed "caved." But it's probably not a big deal.

@JonahDispatch The moral calculus of cat appeasement

Getting a very late start on the G-File (very busy day). Any requests/suggestions for something fun and light?

@JonahDispatch twitter.com/WorldBollard/s… This is how you stay on Team Bollard

normally, you’d expect me to be on Team Bollard. In fact normally I would be. But, you see, the thing is… she’s really attractive.

@JonahDispatch So, I assume the Honda Element (aka the Dog Car) has been saved for another day? I always loved those them, but never owned one. Perfect camping vehicle (pre-glamping of course)

Getting back to normal. The work continues. The struggle endures. The waggle goes on.

@try_now @Rick_Ferri @AIDEV_X Did you know that NJ allows an exemption for USGO income distributed from an IRA? Brokerages don't even track the data necessary to do that calculation!

@Rick_Ferri @AIDEV_X It would not be too difficult for a custodian/broker to compute that for each customer/client. All that's needed is a relatively simple program that correlates the holdings, distributions, and the percentage of US obligations (this is already online), etc.

I wonder how much extra income tax individual states collect each year because taxpayers do not deduct enough of the 1099-DIV paid by US obligations embedded within their mutual funds and money market funds? Millions? Billions maybe?

@try_now @Rick_Ferri @AIDEV_X I created a tool to calculate these amounts and to make it work, I had to wade through tax instructions from several states. This kind of calculation has probably 30 variations from state-to-state. To risky for brokerages to volunteer. Laws are required.

@Rick_Ferri It is terribly poor support in the tax programs, the lack of a direct document required by the Government, and state tax instructions that go out of their way to obfuscate the tax payer rights all go together to make it too hard for most people.

@Rick_Ferri Based upon my family's annual freak out when I tell them that they need to do some extra math, I'd say about 90% of households that DIY taxes. One son, every year calls me to walk him through what to to do. But that took years of my reminding him.