How Much Sec Lending Revenue Is Really Shared With Unit Holders?

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In Episode 4 of the Rational Reminder podcast we discussed the following:

• The longest bull market in history?
• Are we repeating the tech bubble?
• Why it still makes sense to hold bonds
• Rebalancing isn’t always easy
• The Lost Decade, sort of
• Is tax-loss selling worth it?
• Horizons’ marketing mistake
• One decision funds
• Index fund fees are finally at 0%
• Sec lending is the future of index fund revenue
• Charley Ellis on the history of active management
• There are less willing losers today than there were in the past
• The paradox of skill
• Active managers underperform consistently
• Daniel Kahneman does not believe active management works
• If you think you have intuition about stocks, you’re wrong
• Corporate DB pension plans are not risk-free

The stories we talked about:

• This bull market could become the longest in history this month
• Tax-Loss Harvesting: Should Investors Believe the Hype?
• Horizons ETFs Launching 0% Management Fee ETF Portfolio Solutions
• Free Fidelity Funds Stoke Price War in Bid to Catch Index Giants
• ETFs still gathering assets, but inflows slow as investors favor lower-cost funds
• CHARLEY ELLIS – INDEXING AND ITS ALTERNATIVES (EP.62)
• Then, and now
• Kahneman's Insights: Beyond Thinking Fast and Slow
• 'It's going to be hard': Sears pension payments cut by 30% this week

The charts we talked about:

Source: PWL Capital

Source: S&P Dow Jones Indices

For more information or to contact Cameron and Ben, visit pwlcapital.com