A quick update, as I am still trying to get my California legs under me. I’m staying at a funky hotel on Sunset, adapting to the 3 hour time difference.
Arrived yesterday afternoon, had a few quick meetings and conferences with prospective clients. Meetings today are with current clients.
Had a great dinner & conversation last night with a friend at Picca, a hot Peruvian restaurant (awesome food and libations). He is a quant who has developed a few very cool new ETFs — already has 2 out that are quite successful. He has 2 more coming before year’s end, and a queue of really fascinating ETF ideas.
We talked about the idea of disruption — the ability of an individual (or small firm) with a good idea to upend an industry by doing something faster/cheaper/better. Some disruptions of recent years: Indexing, low cost ETFs, discount brokerage.
What disruptions are coming? The death of mutual funds, end of the Wall Street hegemony, excess fees, 401ks, the set and forget Buy & Hold portfolios, 529 plans, life cycle funds, and so much more.
Anyway, I went out to dinner late, got in even later, and I have a full day ahead. Be back shortly . . .