Search found 203 matches

by alpine_boglehead
Thu Jul 12, 2018 2:56 pm
Forum: Investing - Theory, News & General
Topic: Yield Curve Inversions — Any Benefit from Market Timing?
Replies: 16
Views: 902

Re: Yield Curve Inversions — Any Benefit to Market Timing?

Overall, it hardly seemed worth the effort. Your thoughts? In an ideal world, the result is a tie. With friction costs, it probably is not. If anyone would have performed the switching in a taxable account or at least some relevant trading costs (spreads, commissions, or, god forbid, front-loaded f...
by alpine_boglehead
Tue Jul 10, 2018 1:34 pm
Forum: Investing - Theory, News & General
Topic: "15 Things You Didn't Know About Vanguard Group"
Replies: 13
Views: 3467

Re: "15 Things You Didn't Know About Vanguard Group"

(part of) #5:In 2017, 9 out of every 10 dollars invested in the United States went through Vanguard Can this be right? Only 10% of people using individual stocks or bonds, Fidelity, Schwab, Blackrock (including iShares) etc. for their new investments? For what it's worth, searching for the quote on...
by alpine_boglehead
Mon Jul 09, 2018 4:29 pm
Forum: Investing - Theory, News & General
Topic: "15 Things You Didn't Know About Vanguard Group"
Replies: 13
Views: 3467

Re: "15 Things You Didn't Know About Vanguard Group"

(part of) #5:In 2017, 9 out of every 10 dollars invested in the United States went through Vanguard
Can this be right? Only 10% of people using individual stocks or bonds, Fidelity, Schwab, Blackrock (including iShares) etc. for their new investments?
by alpine_boglehead
Fri Jul 06, 2018 11:27 pm
Forum: Investing - Theory, News & General
Topic: Active Management Justification
Replies: 33
Views: 1805

Re: Active Management Justification

If you're interested in an in-depth analysis of the "outperformance" of actively managed funds, I'd strongly recommend reading "Common Sense on Mutual Funds" by John C. Bogle.
by alpine_boglehead
Fri Jun 29, 2018 6:33 am
Forum: Investing - Help with Personal Investments
Topic: Help for a beginner investor in Germany
Replies: 22
Views: 1751

Re: Help for a beginner investor in Germany

I agree with Mors' recommendation of Vanguard All-World and iShares Global Aggregate Bond Eur Hedged ETF. Other equivalent ETFs will also do, but these are low-cost and very broad, and a 2 fund portfolio is as simple as it gets. Open an account with a discount broker, either use a savings plan, or i...
by alpine_boglehead
Fri Jun 15, 2018 6:06 am
Forum: Investing - Theory, News & General
Topic: Factor-based strategy is better (winer), OK. then who are the losers?
Replies: 55
Views: 2626

Re: Factor-based strategy is better (winer), OK. then who are the losers?

Have there been any studies that tell us "which stocks you need to buy to underperform"? (i.e. non-factor stocks, if factor stocks outperform?) If so, then it would of course be easy to outperform, i.e. pick the rest of the market :) I think that's quite an interesting mental exercise. I've also he...
by alpine_boglehead
Thu Jun 14, 2018 3:36 pm
Forum: Investing - Theory, News & General
Topic: Factor-based strategy is better (winer), OK. then who are the losers?
Replies: 55
Views: 2626

Re: Factor-based strategy is better (winer), OK. then who are the losers?

People buying growth funds/stocks in the case of value factor. This is a weird question for me. If the guy who invests 100% Netflix is the winner, who is the loser? The guy investing in General Electric. Jokes aside, if a "factor" is comprised of subset of stocks at a given time, and that factor pe...
by alpine_boglehead
Thu Jun 14, 2018 12:58 pm
Forum: Investing - Theory, News & General
Topic: Low inflation caused by e-commerce?
Replies: 15
Views: 1927

Re: Low inflation caused by e-commerce?

I think technology will be the major force determining the circumstances in many areas of life in the decades to come. E-commerce is just one of these areas. Education, the remaining manual and administrative work that is not yet automated, healthcare ... you name it. So, my best guess is that infla...
by alpine_boglehead
Wed Jun 13, 2018 11:11 pm
Forum: Investing - Help with Personal Investments
Topic: 47 and clueless - direction needed
Replies: 60
Views: 8205

Re: 47 and clueless - direction needed

Welcome to the forum, chattyanne As pointed out by FIREmeup, these funds are quite suboptimal, to say it nicely. Find out how you can transfer your funds into a Vanguard/Schwab/Fidelity account and use their low-cost index funds. Morningstar shows FKINX and FBLAX to have expense ratios and front loa...
by alpine_boglehead
Tue Jun 12, 2018 11:16 pm
Forum: Investing - Theory, News & General
Topic: The Deep History of Stock & Bond Returns
Replies: 75
Views: 5340

Re: The Deep History of Stock & Bond Returns

Thanks for this information, it's a perfect companion to your more anecdotal, but very interesting One Company, Six Centuries of Stock Returns, 1372-1946 post about a french company that existed during all this time. Which also concludes that long term returns on stocks are in the ballpark of 5% rea...
by alpine_boglehead
Mon Jun 11, 2018 12:35 pm
Forum: Investing - Help with Personal Investments
Topic: Looking for EUR holy grail bond strategy
Replies: 71
Views: 4378

Re: Looking for EUR holy grail bond strategy

But how then can you say the yield is significantly lower? I don't think I said that? In your posts here you explained "If a global bond fund hedges back into EUR then you will get returns = equivalent risk free bond in EUR (Germany) + credit spread". YTM of the global hedged bond is significantly ...
by alpine_boglehead
Sun Jun 10, 2018 10:51 pm
Forum: Investing - Help with Personal Investments
Topic: Looking for EUR holy grail bond strategy
Replies: 71
Views: 4378

Re: Looking for EUR holy grail bond strategy

But how then can you say the yield is significantly lower? I don't think I said that? In your posts here you explained "If a global bond fund hedges back into EUR then you will get returns = equivalent risk free bond in EUR (Germany) + credit spread". YTM of the global hedged bond is significantly ...
by alpine_boglehead
Fri Jun 08, 2018 11:46 pm
Forum: Investing - Help with Personal Investments
Topic: Looking for EUR holy grail bond strategy
Replies: 71
Views: 4378

Re: Looking for EUR holy grail bond strategy

Here's my holy grail (greetings from Austria - AA+ rated): For the bond portion of the portfolio there's a CD ladder (higher yield than government bonds), supplemented by a helping of non-EUR hedged global bonds (currently Xtrackers Global Sovereign UCITS ETF, but will probably switch to AGGG - iSha...
by alpine_boglehead
Fri Jun 08, 2018 1:33 pm
Forum: Investing - Theory, News & General
Topic: Anyone else cheap like me and have to put new $s into the asset class that's down the most?
Replies: 23
Views: 2695

Re: Anyone else cheap like me and have to put new $s into the asset class that's down the most?

I put money into 401k monthly and always put it into whichever asset class is down the most that day in price or whichever is up the least. I feel like I always want to get the best deal. Have most in no fee ETFs. Any left over goes into the total bond index MF. So far things seem to balance out wi...
by alpine_boglehead
Thu Jun 07, 2018 12:12 pm
Forum: Investing - Theory, News & General
Topic: in idea with SCV and leverage..
Replies: 23
Views: 1812

Re: in idea with SCV and leverage..

Cross-referencing this current thread about the psychology of money. It's about a superb article about investor behavior. And this quote sums up the idea of using (too much) leverage.
The idea is that you have to take risk to get ahead, but no risk that could wipe you out is ever worth taking.
by alpine_boglehead
Thu Jun 07, 2018 12:10 pm
Forum: Investing - Theory, News & General
Topic: The Psychology of Money - A Blog Post
Replies: 66
Views: 9276

Re: The Psychology of Money - A Blog Post

It's a real gem - thanks for posting.
The idea is that you have to take risk to get ahead, but no risk that could wipe you out is ever worth taking.
by alpine_boglehead
Wed Jun 06, 2018 11:28 pm
Forum: Personal Consumer Issues
Topic: Upgrade to SSD for 5-year old desktop?
Replies: 64
Views: 3505

Re: Upgrade to SSD for 5-year old desktop?

Do the upgrade to an SSD, it's worth the 100 or so bucks. I've also put an SSD into a laptop of similar specs and age, and it really makes a difference. If you use a Samsung SSD (I've used an EVO 850), there's a software from Samsung for cloning the existing disk (also to a smaller SSD as in your ca...
by alpine_boglehead
Tue Jun 05, 2018 11:57 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Financial Illiteracy’s High Cost
Replies: 30
Views: 3876

Re: Larry Swedroe: Financial Illiteracy’s High Cost

This finding: There was no evidence that, overall, households with higher financial literacy choose riskier portfolios. Instead, their risk exposure varies systematically with market conditions, allocating more to risky assets when they have higher expected returns. A 1% increase in the expected ex...
by alpine_boglehead
Tue Jun 05, 2018 10:52 pm
Forum: Investing - Theory, News & General
Topic: Non-USA Domicile: Thank You IB, Vanguard, and Ishares
Replies: 25
Views: 2681

Re: Non-USA Domicile: Thank You IB, Vanguard, and Ishares

BlackRock / iShares, just announced a reduction in the expense ratios for some of its UK/Irish domiciled ETFs. Price competition is occurring in Europe, hopefully it will continue aggressively as it has in the USA. http://citywire.co.uk/wealth-manager/news/blackrock-cuts-charges-on-multi-billion-et...
by alpine_boglehead
Tue Jun 05, 2018 1:25 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Financial Illiteracy’s High Cost
Replies: 30
Views: 3876

Re: Larry Swedroe: Financial Illiteracy’s High Cost

Making financial literacy courses part of compulsory education would be a benefit to society. But changing that curriculum is a pretty high hurdle - there is a large amount of inertia and many competing topics. Another path is through self education. This is easier but still a pretty high hurdle. F...
by alpine_boglehead
Tue Jun 05, 2018 1:15 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Financial Illiteracy’s High Cost
Replies: 30
Views: 3876

Re: Larry Swedroe: Financial Illiteracy’s High Cost

One of the reasons I use an advisor is that I know there is stuff I don’t know. That's smart. There are things we know, things we know we don't know, and things we don't know that we don't know. Advisers can help with all three. As can the bogleheads :) We can only hope that there's not too much un...
by alpine_boglehead
Tue Jun 05, 2018 12:11 am
Forum: Investing - Theory, News & General
Topic: in idea with SCV and leverage..
Replies: 23
Views: 1812

Re: in idea with SCV and leverage..

https://www.bogleheads.org/forum/viewtopic.php?t=5934 It's 29 pages, but reading through the whole thread is worth it. +1, yes that's highly recommended reading for anyone toying with the idea of leverage. Grab a cup of your favorite beverage, and open a chart of the S&P 500 which you should scroll...
by alpine_boglehead
Tue Jun 05, 2018 12:02 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Two Articles On Reinsurance
Replies: 41
Views: 3352

Re: Larry Swedroe: Two Articles On Reinsurance

Random Walker, I understand your point about uncorrelated asset classes. I am also willing to accept that some of these uncorrelated assets will under perform, maybe for long periods of time. Here is where i have concerns about some of these more esoteric (at least to me) assets classes being recom...
by alpine_boglehead
Mon Jun 04, 2018 11:18 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Two Articles On Reinsurance
Replies: 41
Views: 3352

Re: Larry Swedroe: Two Articles On Reinsurance

Random Walker, I understand your point about uncorrelated asset classes. I am also willing to accept that some of these uncorrelated assets will under perform, maybe for long periods of time. Here is where i have concerns about some of these more esoteric (at least to me) assets classes being recom...
by alpine_boglehead
Sun Jun 03, 2018 3:18 pm
Forum: Investing - Theory, News & General
Topic: Cliff Asness - The Hedgie in Winter
Replies: 40
Views: 3750

Re: Cliff Asness - The Hedgie in Winter

Meaning we small individual investors are left with the copycat hedge funds that siphon off your money without adding value. So I'll stick to my globally diversified stock portfolio then :) That's what I am doing, although my portfolio is US centric. However if I was worth > $10M I would probably b...
by alpine_boglehead
Fri Jun 01, 2018 11:09 pm
Forum: Investing - Theory, News & General
Topic: Cliff Asness - The Hedgie in Winter
Replies: 40
Views: 3750

Re: Cliff Asness - The Hedgie in Winter

Look up the track record of the largest hedge funds like Bridgewater, SAC, DE Shaw, Renaissance, Tiger, Appaloosa, Baupost Lone Pine, Citadel, Elliott etc. The widely used hedge fund return databases even miss some of them since there is no obligation for a fund to report returns. If you Google the...
by alpine_boglehead
Fri Jun 01, 2018 4:25 am
Forum: Investing - Theory, News & General
Topic: Cliff Asness - The Hedgie in Winter
Replies: 40
Views: 3750

Re: Cliff Asness - The Hedgie in Winter

Generally the largest hedge funds do a good job as one would expect because they have the smartest investment management talent in the world working for them. Most of us have not achieved the level of wealth where investing in a hedge fund would make sense, but there are a lot of ultra wealthy peop...
by alpine_boglehead
Tue May 29, 2018 1:59 pm
Forum: Investing - Theory, News & General
Topic: German Bonds: a virtually riskless bet for an Italian investor, with no downside and a big upside possible?
Replies: 92
Views: 5515

Re: German Bonds: a virtually riskless bet for an Italian investor, with no downside and a big upside possible?

Hi alpine_boglehead, I'm from Friuli, on the other side of the border :happy What you say makes total sense to me, including the idea of keeping a smaller part of the bond portion of the portfolio in unhedged high-quality global bonds , something I have been seriously considering lately, as we are ...
by alpine_boglehead
Tue May 29, 2018 11:17 am
Forum: Investing - Theory, News & General
Topic: German Bonds: a virtually riskless bet for an Italian investor, with no downside and a big upside possible?
Replies: 92
Views: 5515

Re: German Bonds: a virtually riskless bet for an Italian investor, with no downside and a big upside possible?

Hi Lauretta, I'm also a bit skeptical about the Eurozone's long-term stability. So many moving parts but only one currency is going to create lots of shear force. Being from Austria, this also would directly affect me. I take it this way: having a stock-heavy globally diversified portfolio gives me ...
by alpine_boglehead
Mon May 28, 2018 10:36 am
Forum: Investing - Theory, News & General
Topic: "The Seven Types of Investors Who Beat The Market (And Why You Aren’t One Of Them)"
Replies: 14
Views: 3393

Re: "The Seven Types of Investors Who Beat The Market (And Why You Aren’t One Of Them)"

Thanks for posting. I'll refer to this article when encountering a stock picker or believer in actively managed funds :)
The article probably didn't mention Warren Buffett because the days of him permanently beating the market by a relevant margin are long gone.
by alpine_boglehead
Sat May 26, 2018 9:15 am
Forum: Investing - Theory, News & General
Topic: Couple of questions about passages from Bogle's book "Enough"
Replies: 19
Views: 2665

Re: Couple of questions about passages from Bogle's book "Enough"

I don't think that he's talking about the buy/sell of a stock when he refers to the asymmetry. I think he's talking about Wall Street "products." The best example I can think of for this is an annuity. The buyer has only a fraction of the understanding of the contract that the seller has put togeth...
by alpine_boglehead
Sat May 26, 2018 2:26 am
Forum: Investing - Theory, News & General
Topic: If the US market cap was 5% instead of 52%, would the US vs International conversation change?
Replies: 40
Views: 3012

Re: If the US market cap was 5% instead of 52%, would the US vs International conversation change?

The big problem is that some domestic bond markets (Italy! One of the world's top 5 govt bond markets) are not risk free . I wouldn't consider government bonds risk free , they are just one of the less riskier types of bonds. In Italy, the risk is more visible because they have partly given up cont...
by alpine_boglehead
Fri May 25, 2018 11:22 am
Forum: Investing - Theory, News & General
Topic: If the US market cap was 5% instead of 52%, would the US vs International conversation change?
Replies: 40
Views: 3012

Re: If the US market cap was 5% instead of 52%, would the US vs International conversation change?

There's also currency risk. Having 95% of your investments in different currencies from your own minor currency could be at least psychologically tricky. In my opinion, quite on the contrary. If you're in a small country with a minor currency, you have all the more reason to diversify outside of yo...
by alpine_boglehead
Wed May 23, 2018 3:07 pm
Forum: Investing - Theory, News & General
Topic: Non-USA Domiciles: VT, VWRD, and WD
Replies: 12
Views: 890

Re: Non-USA Domiciles: VT, VWRD, and WD

buylowbuyhigh wrote:
Wed May 23, 2018 1:20 am
I haven't seen any EM small cap funds/ETF's
There's EM small cap ETFs like the iShares MSCI Emerging Markets Small Cap and SPDR MSCI Emerging Markets Small Cap ETFs, but the expense ratios are quite high (0.74% and 0.55%).
by alpine_boglehead
Tue May 22, 2018 3:38 pm
Forum: Investing - Theory, News & General
Topic: Is HFXIX (Catalyst Hedged Futures Strategy Fund) a good idea for long-term, low-risk capital preservation?
Replies: 8
Views: 500

Re: Is HFXIX (Catalyst Hedged Futures Strategy Fund) a good idea for long-term, low-risk capital preservation?

Hello slowandsteady, others have already elaborated on the specific fund. Are there any better alternatives? Short answer: Yes. Long answer: too long to post here. Unfortunately everyone has to learn a minimum of investment basics before you can judge the various options. You cannot let others do yo...
by alpine_boglehead
Tue May 22, 2018 3:24 pm
Forum: Investing - Theory, News & General
Topic: Theory: Total World Index a Sure Fire Win [VT/VTWSX]
Replies: 155
Views: 13120

Re: Theory: Total World Index a Sure Fire Win [VT/VTWSX]

For non-USA domiciles like us, non-USA domiciled equities are cheaper than USA domiciled equities. For us, USA domiciled equities have a 30% dividend withholding tax. Not if your country has a treaty with the US to only withhold 15% of dividends. And in some countries, that 15% can be (if the equit...
by alpine_boglehead
Mon May 21, 2018 11:52 pm
Forum: Investing - Theory, News & General
Topic: Do bonds make sense if you are more than 10 years from retirement?
Replies: 11
Views: 1413

Re: Do bonds make sense if you are more than 10 years from retirement?

No one seems to like bonds after a long bull market and with interest rates rising. I'll quote Taylor Larimore here stocks let us eat well, bonds let us sleep well Not everyone, even when more than 10 years from retirement, can sleep well with 100% stocks. Bonds also add diversification, and theoret...
by alpine_boglehead
Mon May 21, 2018 1:12 am
Forum: Investing - Theory, News & General
Topic: Roll your own index fund current viability
Replies: 22
Views: 1566

Re: Roll your own index fund current viability

I once did a calculation for my situation (European ETFs getting double taxation due to US withholding taxes not being passed through, and paying local taxes again, plus 0,07 ER for the cheapest S&P 500 ETF). The advantage would be 0,27 basis points assuming a dividend yield of 2%. Tax loss harvesti...
by alpine_boglehead
Thu May 17, 2018 12:32 pm
Forum: Investing - Help with Personal Investments
Topic: [Europe] [Belgium] Investing with DEGIRO
Replies: 24
Views: 1080

Re: [Europe] [Belgium] Investing with DEGIRO

I have no experience with Degiro so cannot help you there. What I heard is tht DeGiro might be lending our your shares to others who will then short them.... there is a price for getting something for free. They won't lend out your shares if you use the "custody account" option if I recall correctl...
by alpine_boglehead
Tue May 08, 2018 12:31 pm
Forum: Investing - Theory, News & General
Topic: Happy 89th birthday to [Jack] Bogle
Replies: 44
Views: 2726

Re: Happy 89th birthday to Bogle

Happy Birthday Mr. Bogle!

Thanks for making the (investing) world a better place!
by alpine_boglehead
Sun May 06, 2018 1:12 pm
Forum: Investing - Help with Personal Investments
Topic: [EU] About the cost of taxes on dividends in European funds
Replies: 18
Views: 1125

Re: [EU] About the cost of taxes on dividends in European funds

S&P500 funds domiciled in Europe loss between 30 and 35% of their dividends in tax even if they are accumulation ones. Are you sure? I was under the impression that the Ireland-domiciled funds only loose 15% to US withholding tax. E.g. here is is stated that Irish ETFs can benefit from the US/Irela...
by alpine_boglehead
Sun May 06, 2018 7:44 am
Forum: Investing - Help with Personal Investments
Topic: Why Shouldn't I Buy McDonalds Or Coke?
Replies: 66
Views: 8517

Re: Why Shouldn't I Buy McDonalds Or Coke?

Check out this thread. It outlines that only a very small percentage of stocks provide superior returns over the long run.
by alpine_boglehead
Sat May 05, 2018 2:26 am
Forum: Investing - Help with Personal Investments
Topic: Berkshire Hathaway B
Replies: 65
Views: 6651

Re: Berkshire Hathaway B

BRK.B makes up a small percentage of my individual stocks holdings. I own it because it because I have the weird notion that I like to hold a minor percentage of my portfolio directly in stocks (and not in funds). Funds (however well managed) are yet another layer of risk/opacity, so I want to have ...
by alpine_boglehead
Tue May 01, 2018 8:57 am
Forum: Investing - Theory, News & General
Topic: Allocating to last year's S&P (joke? riddle? paradox?)
Replies: 47
Views: 3452

Re: Allocating to last year's S&P (joke? riddle? paradox?)

That's an interesting thought. This portfolio construction does what you would expect a moving average to do - to smooth out the ride. Even if it can somehow be engineered - an improved sharpe ratio is nice, however ... I guess it wouldn't help in the case we really should be afraid of. The real (de...
by alpine_boglehead
Sun Apr 29, 2018 1:40 am
Forum: Investing - Theory, News & General
Topic: Chart: Skewed Distribution of S&P 500 Returns, 1997-2017
Replies: 13
Views: 1669

Re: Chart: Skewed Distribution of S&P 500 Returns, 1997-2017

Thanks for posting this interesting chart and article. The term given to this skewed distribution by an earlier study is "The Capitalism Distribution". Seen simplistically, his sounds like the good old 80/20 rule.

Yet another good reason for indexing instead of taking chances active management.
by alpine_boglehead
Sat Apr 28, 2018 1:16 pm
Forum: Investing - Theory, News & General
Topic: Banking IT Infrastructure Meltdown - So have you diversified your Custodians and Banks?
Replies: 14
Views: 2003

Re: Banking IT Infrastructure Meltdown - So have you diversified your Custodians and Banks?

I also like to have diversification at the level of banks/brokers and mutual fund providers, even at the cost of not putting everything with the most cost-effective option (the difference is not big, though). There's things apart from IT infrastructure meltdowns that could give you major headaches, ...
by alpine_boglehead
Tue Apr 24, 2018 11:39 pm
Forum: Investing - Theory, News & General
Topic: Another Warren Buffett S&P 500 Recommendation
Replies: 76
Views: 7792

Re: Another Warren Buffett S&P 500 Recommendation

He said what he said. And his "80%" remark makes it perfectly clear that he knows the S&P 500 is not the total market. I can't read his mind, and neither can anyone else. I don't know why he thinks I should buy "80% of the market value of everything you can buy in this country, it's over $20 trilli...
by alpine_boglehead
Mon Apr 23, 2018 11:37 pm
Forum: Investing - Help with Personal Investments
Topic: Front Loaded Fund Restart
Replies: 6
Views: 454

Re: Front Loaded Fund Restart

So my question is, should we contribute up to the remaining fee free contribution limit ($47k x 2) into a below average fund or switch to a different fund with the fees that go with it? The annual expense ratio is 1.06%. Thank you Hello USMC1989, I agree with the others, check if there's low-cost V...
by alpine_boglehead
Thu Apr 19, 2018 12:17 am
Forum: Investing - Theory, News & General
Topic: The World in 2050 — An Emergent Middle Class
Replies: 35
Views: 4304

Re: The World in 2050 — An Emergent Middle Class

https://i.imgur.com/LUctruc.jpg NOTE: Vertical axis shows number people at various income levels; horizontal axis is log scale. Source: Adapted from Roser The same graphic is available as a very neat interactive chart (and more of those) on gapminder.org You can slide along the time axis, very inte...
by alpine_boglehead
Wed Apr 18, 2018 1:26 pm
Forum: Personal Consumer Issues
Topic: Perks of Owning Certain Individual Stocks
Replies: 28
Views: 3510

Re: Perks of Owning Certain Individual Stocks

If you own ANY stock you get invited to their annual meetings. I'm guessing that they serve cookies? You also get to ask questions https://condenaststore.com/featured/this-is-the-part-of-capitalism-i-hate-joseph-mirachi.html I haven't been to shareholder meetings myself, but a colleague recently to...