Weekly Notes
May 1 — “The Robots Aren’t Coming for Your Job” - Despite widespread fears about AI destroying the job market, history suggests that when technology makes professional work cheaper and faster, demand for those services tends to grow, not shrink.
May 8 — “Structured Products and the Appeal of Complexity” - Wall Street has a talent for packaging complicated, fee-laden investments into pitches that sound too good to pass up. Structured notes are a prime example of how added complexity almost always benefits the seller more than the buyer.
May 15 — “The Tax Tail Wagging the Portfolio Dog” - There are more tax-deferral strategies available today than ever before, but the history of tax shelters is also a history of investors who lost sight of the underlying investment. Low-cost fundamentals like loss harvesting and asset location remain the most reliable tools.
May 22 — “Our Instincts Are Terrible at Math” - Humans consistently underestimate the power of compounding. The penny-doubling problem, paper-folding to the moon, and 76 years of S&P 500 returns all tell the same story: time is the most powerful variable in investing, and interrupting compounding is costly.
May 29 — “Lessons From the Greatest Investor You’ve Never Heard Of” - Herbert Wertheim built a multi-billion-dollar fortune not through Wall Street connections or complex strategies, but through decades of disciplined buy-and-hold investing. The real lesson is the behavior, not the stock picks.
Quote We Love
“The first rule of compounding: Never interrupt it unnecessarily.” — Charlie Munger
Media Features
Crystal McKeon was quoted in a MarketWatch article on the truth behind tax-friendly retirement states, examining whether the tax savings from relocating in retirement are as significant as advertised.
Ladies Potting Social
Earlier this month, we hosted a Ladies Potting Social at The Flora Culture. A huge thank you to everyone who joined us.
When it comes to writing about investments, the disclaimers are important. Past performance is not indicative of future returns, my opinions are not necessarily those of TSA Wealth Management, an SEC-registered investment advisor, and this is not intended to be personalized legal, accounting, or tax advice etc.
For additional disclaimers associated with TSA Wealth Management please visit https://tsawm.com/disclosure or find TSA Wealth Management's Form CRS at https://adviserinfo.sec.gov/firm/summary/323123
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