Summary The BOXX ETF provides returns that closely track those of Treasury bills. Due to a quirk in the US tax code, BOXX ETF profits are taxed as capital gains, not investment income. That means that long-term holders of BOXX pay long-term capital gains rates which can be much lower than ordinary income tax rates. Read More
Posts by Jakub Rehor - Portfolio Manager
Review of Bitcoin spot ETFs
Summary The introduction of Bitcoin spot ETFs on Jan. 11 added a new class of products for investors looking for exposure to Bitcoin. We recommend that holders of existing Bitcoin ETFs (GBTC and BITO) consider selling their positions. Most investors should move to iShares or Fidelity ETFs, with Bitwise also being a reasonable alternative. Bitcoin ETFs Read More
View from Crystal Bay: The Ballad of Kumtor Gold
Central Asia is the region between the Caspian Sea and China, bounded in the north by Russian Siberia and in the south by Iran and Afghanistan. In the old days, it was known under the names of Transoxiana or Western Turkestan. It was inhabited both by nomadic herders who roamed the steppes and by urban Read More
View from Crystal Bay: Taking on Inflation, Then and Now
The scepter of inflation is haunting the land. It remains to be seen whether it’s only Casper the Ghost, good for scaring small children, or whether we’re dealing with a full blown Poltergeist. We will have our answer soon enough. But it’s not too early to ask ourselves what should we do if relevant authorities Read More
View From Crystal Bay: The Death of US Single Stock Futures
The coronavirus pandemic finished off floor trading at venerable institutions like the CME, CBOE, and the LME. I wrote about this topic recently. There was another venue that quietly shut down last year. OneChicago, the US platform for trading single stock futures, closed its doors on September 18, 2020. Single stock futures are a wonderful Read More