Human behavior follows seasonal patterns, as anyone who’s been to the gym in January can confirm. On Dec. 31st, the gym is empty. But come the New Year, it fills with sweaty bodies contorted in unfamiliar poses. A true gym rat is not disturbed by this because he knows the crowding is temporary. By February, everything Read More
History of Cocoa
Mankind’s quest to get inebriated drove much of technological progress. Discoveries at Göbekli Tepe showed that hunter-gatherers made beer from barley 11,000 years ago, before they discovered agriculture and bread-making. Similarly, rice was used to make beer in Qiaotou in southern China 9,000 years ago. Neither rice nor barley grow in Central America, so locals had to find something Read More
Buy and Hold or Buy and Hope?
Following the recent ascent of the Japanese stock market, one is reminded of the risk that a buy and hold strategy may not always prove successful. As a teenager growing up in the late 1980s, it seemed all but certain that Japan was taking over the world. Japanese investors notably bought Rockefeller Center as well as the Read More
BOXX as an Alternative to T-bills
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
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