And then there are the PE Zombie funds which I am sure they will be eager to offload onto unsuspecting 401k account holders. I wonder if protections will be put in place (I suspect not)? Per AI: “Private equity "zombie funds" are investment vehicles that have exceeded their typical 10-year lifespan because they cannot profitably sell their remaining assets. These funds, which continue to collect management fees, are stuck with poorly performing "zombie companies" that are unable to be sold, even at a discount. This situation can trap capital, drain returns for investors like pension funds, and create regulatory risk for fund managers.”I assume large institutions/endowments etc. get to see behind the curtains before investing in PE. Average Joe in his/her 401k not so much. Buyer beware!
I read Ben’s newsletter e-mail most days. I have noticed lately he uses the dramatic headlines regarding AI Bubble, is this the top of the market etc. I assume these headlines are click bait and help draw a larger audience? However, the underlying message in his articles is usually to stay the course, dollar cost average, you can’t time the market. He is also in his early 40’s and I think generally his perspective is wise beyond his years but at the same time also that of someone in their 40’s. No harm in that, but sequence of return risks do not get mentioned very much. That being said, in conjunction with the AI Bubble theme in various articles he has also pointed out that if individuals are overly concerned that the Bubble Bursting would have a serious impact on their retirement plans, then maybe now is a good time to evaluate individual risk tolerance and if appropriate rebalance the portfolio e.g. from 70:30 to 60:40 or 50:50 or to a level that allows one to sleep at night. Maybe portfolios have become imbalanced because the stock market has performed so well in recent years. Rebalancing is good financial planning and not necessarily timing the market. I think information from good/reliable sources helps keep me on track. Otherwise I agree with you there is a lot of noise out there and easy to be influenced to stray from staying the course.
In his career Roger Federer won 54% of the points he played (or lost 46%) but won 80% of his matches. He mastered the art of not making mistakes at critical times.
Steve, thank you for replying to my comment. I did not take your comments as overly negative. I am not necessarily cheerleading one ETF vs another but was interested in hearing your/another opinion on AVUS which, as mentioned in my comment, is the Paul Merriman Foundation ETF recommendation for SCV. I think it is a good idea to obtain information/opinions from different sources. The stock component of my portfolio is a combination of large, small, growth and value ETF’s utilizing low cost index funds. The SCV component is there for diversification and not necessarily to beat the market, but to be happy with what the market gives over time. Regards Grant
Interesting comment on AVUV which is recommended as best in class 2025 ETF for small cap value by Paul Merriman Foundation. They go through a pretty exhaustive evaluation to arrive at their recommendations, link to their video presentation below. https://m.youtube.com/watch?v=YGIUrs2Vsmc
A couple to add to the list: PaulMerriman.com which contains a wealth of information based on historical market data. The foundation places an emphasis on education and ‘staying the course’. awealthofcommonsense.com I enjoy because Ben Carlson, like Jonathan Clemens, is a truth teller and he also brings a younger perspective.
I have owned 3 cars over the last 35 years and after 18 years with an F150, which was handy for house renovation projects, decided I had earned the right to something more exotic. I follow car shows on TV and also ride a motorcycle so this was a decision that speaks to me personally. The pros are that I have a big smile enjoy the drive every time I jump in, and when a safe opportunity presents itself I have fun with more spirited driving. The cons are the ongoing cost of routine maintenance, which is in the stratosphere compared to Hondas and Chevys, the awareness that your car can get dinged / scratched in parking lots etc. and hopefully not deliberately ’keyed’. I mitigate maintenance costs by keeping the mileage down, and once out of warranty I found a local shop that specializes in European cars which is significantly cheaper than the dealer. I am also careful where I park and that usually adds a few steps to the step count. Assuming the purchase is not going to jeopardize your finances, I say go for it if it speaks to you, life is short. If you can’t live with the cons then maybe there is a used or in between option that lowers the potential heartache. Good luck 🍀
We have a ‘unique’ place in Brighton on the south coast. How we ended up there is a long story and it unlikely a similar property exists elsewhere. I still have family in Brighton which was a plus when making the commitment, as was the ease of getting to/from Gatwick Airport and Central London. We do not have a place to keep a car year round, otherwise we would have looked into the ins and outs of buying. We have rented cars using our USA drivers license with no issues. We found a Hertz, five minute Uber drive away, with ‘reasonable’ rates when compared to renting at the airport.
Correct I have dual citizenship. We have a 300sf ‘forward base’ as you put it, that we were able to achieve “relatively”economically considering the high cost of housing in the UK. Happy to share information offline if you are interested.
Michael, thank you for the update, I enjoy reading about your travels. My wife and I started more travel this summer and are thankful to be home for the holidays and some time in our US home. The UK is our base for European travels and like you access to good gyms and maintaining healthy diet while traveling is a priority for us. On the gym side we joined David Lloyd gyms for 3 months (minimum length) as they have a national network and European locations, and we were able to use their gyms around the country. The downside is the price £ but it is a trade off that is important to us. If I could eat fewer Sunday roasts at the pub that might help the diet a little!
Comments
And then there are the PE Zombie funds which I am sure they will be eager to offload onto unsuspecting 401k account holders. I wonder if protections will be put in place (I suspect not)? Per AI: “Private equity "zombie funds" are investment vehicles that have exceeded their typical 10-year lifespan because they cannot profitably sell their remaining assets. These funds, which continue to collect management fees, are stuck with poorly performing "zombie companies" that are unable to be sold, even at a discount. This situation can trap capital, drain returns for investors like pension funds, and create regulatory risk for fund managers.” I assume large institutions/endowments etc. get to see behind the curtains before investing in PE. Average Joe in his/her 401k not so much. Buyer beware!
Post: Private Equity Traps
Link to comment from November 15, 2025
I read Ben’s newsletter e-mail most days. I have noticed lately he uses the dramatic headlines regarding AI Bubble, is this the top of the market etc. I assume these headlines are click bait and help draw a larger audience? However, the underlying message in his articles is usually to stay the course, dollar cost average, you can’t time the market. He is also in his early 40’s and I think generally his perspective is wise beyond his years but at the same time also that of someone in their 40’s. No harm in that, but sequence of return risks do not get mentioned very much. That being said, in conjunction with the AI Bubble theme in various articles he has also pointed out that if individuals are overly concerned that the Bubble Bursting would have a serious impact on their retirement plans, then maybe now is a good time to evaluate individual risk tolerance and if appropriate rebalance the portfolio e.g. from 70:30 to 60:40 or 50:50 or to a level that allows one to sleep at night. Maybe portfolios have become imbalanced because the stock market has performed so well in recent years. Rebalancing is good financial planning and not necessarily timing the market. I think information from good/reliable sources helps keep me on track. Otherwise I agree with you there is a lot of noise out there and easy to be influenced to stray from staying the course.
Post: Thinking long term – with all this noise?
Link to comment from October 15, 2025
In his career Roger Federer won 54% of the points he played (or lost 46%) but won 80% of his matches. He mastered the art of not making mistakes at critical times.
Post: How Not To Invest
Link to comment from October 11, 2025
Steve, thank you for replying to my comment. I did not take your comments as overly negative. I am not necessarily cheerleading one ETF vs another but was interested in hearing your/another opinion on AVUS which, as mentioned in my comment, is the Paul Merriman Foundation ETF recommendation for SCV. I think it is a good idea to obtain information/opinions from different sources. The stock component of my portfolio is a combination of large, small, growth and value ETF’s utilizing low cost index funds. The SCV component is there for diversification and not necessarily to beat the market, but to be happy with what the market gives over time. Regards Grant
Post: Active ETFs: Get Ready ‘Cause Here They Come
Link to comment from March 19, 2025
Interesting comment on AVUV which is recommended as best in class 2025 ETF for small cap value by Paul Merriman Foundation. They go through a pretty exhaustive evaluation to arrive at their recommendations, link to their video presentation below. https://m.youtube.com/watch?v=YGIUrs2Vsmc
Post: Active ETFs: Get Ready ‘Cause Here They Come
Link to comment from March 18, 2025
A couple to add to the list: PaulMerriman.com which contains a wealth of information based on historical market data. The foundation places an emphasis on education and ‘staying the course’. awealthofcommonsense.com I enjoy because Ben Carlson, like Jonathan Clemens, is a truth teller and he also brings a younger perspective.
Post: My Favorite Websites
Link to comment from March 16, 2025
I have owned 3 cars over the last 35 years and after 18 years with an F150, which was handy for house renovation projects, decided I had earned the right to something more exotic. I follow car shows on TV and also ride a motorcycle so this was a decision that speaks to me personally. The pros are that I have a big smile enjoy the drive every time I jump in, and when a safe opportunity presents itself I have fun with more spirited driving. The cons are the ongoing cost of routine maintenance, which is in the stratosphere compared to Hondas and Chevys, the awareness that your car can get dinged / scratched in parking lots etc. and hopefully not deliberately ’keyed’. I mitigate maintenance costs by keeping the mileage down, and once out of warranty I found a local shop that specializes in European cars which is significantly cheaper than the dealer. I am also careful where I park and that usually adds a few steps to the step count. Assuming the purchase is not going to jeopardize your finances, I say go for it if it speaks to you, life is short. If you can’t live with the cons then maybe there is a used or in between option that lowers the potential heartache. Good luck 🍀
Post: When to spend money
Link to comment from March 15, 2025
We have a ‘unique’ place in Brighton on the south coast. How we ended up there is a long story and it unlikely a similar property exists elsewhere. I still have family in Brighton which was a plus when making the commitment, as was the ease of getting to/from Gatwick Airport and Central London. We do not have a place to keep a car year round, otherwise we would have looked into the ins and outs of buying. We have rented cars using our USA drivers license with no issues. We found a Hertz, five minute Uber drive away, with ‘reasonable’ rates when compared to renting at the airport.
Post: Retirement on the Road
Link to comment from January 3, 2025
Correct I have dual citizenship. We have a 300sf ‘forward base’ as you put it, that we were able to achieve “relatively”economically considering the high cost of housing in the UK. Happy to share information offline if you are interested.
Post: Retirement on the Road
Link to comment from January 1, 2025
Michael, thank you for the update, I enjoy reading about your travels. My wife and I started more travel this summer and are thankful to be home for the holidays and some time in our US home. The UK is our base for European travels and like you access to good gyms and maintaining healthy diet while traveling is a priority for us. On the gym side we joined David Lloyd gyms for 3 months (minimum length) as they have a national network and European locations, and we were able to use their gyms around the country. The downside is the price £ but it is a trade off that is important to us. If I could eat fewer Sunday roasts at the pub that might help the diet a little!
Post: Retirement on the Road
Link to comment from January 1, 2025