Jay Rent

A better term for this is 'Direct Indexing' . Some wealth managers like Josh Brown - CNBC switched their clients to direct investing closer to market bottoms in 2021, 2022. It's harder if you already have a significant amount of unrealized capital gains. It can be popular for those in high tax brackets. Fidelity direct indexing fees seem to be close to 35 basis points and your index portfolio returns might improve by 1% (ignoring any capital gains from liquidating your funds) Can't speak for Gotham and achieving 25% tax harvesting but it might be possible as a one off (switching after a significant decline in the overall market.)

The Kungsleden is a fantastic trek. I highly recommend starting in Kvikkjokk and taking a few day detour into Sarak National Park (no official trails but plenty of online gpx tracks now). The Abisko- Nikkaluokta section has great scenery but is mostly in the valley and crowded, when planning a trip there, try to get off the primary trail and explore some of the amazing side trails in the mountains. Highlights of the Abislko - Kebnekaise mountains include: STF Nallo hut - just off the Kungsleden Unna Raita - a small two person A frame shelter reachable from the Nallo Hut STF Tarafala - a few miles up the mountain from Kebnekaise And closer to Norway border: (Just an amazing remote place to see the Northern Lights in September) STF Unna Allakas hut - on Sweden/Norway border. STF Karsavagge

AZ, My recommendation is to place 2 years of expenses $100k to $200k in a mixture of high yield money market and 2 year or so CDs (ladder), the rest in short term and intermediate term investment grade index bond funds (or treasuries). You have not mentioned specific medical and care costs but I would assume they could cancel out any taxes owed if done correctly. A fixed annuity seems to late at her age and condition - just dip into the principal. An annuity at her age is just going to take the principal anyways. A (possibly) concern based on the family dynamics you hinted at is to make sure all legal stuff is airtight. Asset POA, Health Care POA, Will etc. With her condition this will require an elder care lawyer.

The returns are very long dated. We are talking a decade and depend on the exit strategy. 1. Mesa, Arizona has at least four (4) fiber overbuilders, some are open and some are not, the returns are going to be poor with more than one overbuilder. 2. A Telco copper to fiber overbuilder (Frontier and Brightspeed an Apollo PE company) who do not offer up their fiber to third parties Brightspeed plan is 3mm homes over 3.5 years. It's going to spend $3billion on this iniative 3. A single open fiber overbuild (competing against the telco old copper and the cable companies hybrid network) the margins are high but the investment return timeline is extreme (10-13 years). The 10-13 years is coming from Brookfield's projections. As an example Brookfield (Intrepid) is building 78,000ft of aerial and 29,000 ft of buried in Pueblo, Colorado. (about 20 miles) passing 41,000 homes for a total cost of $4.6mm (with $2.7mm received in federal grants) . T Mobile is the initial company but small ISPs might become customers later.

For those who are bitcoin bullish, how do you respond to the quantum computing threat argument ? While time disagreement exists for when the technology will be powerful enough, its coming. Some smart subject matter experts put the timeline for quantum computers to be powerful enough as soon as 20 years in the future. But even if you dismiss the hacking argument, smart mathematicians can create an algorithm different (better?) with quantum computers. Bitcoin at the end of the day is just complex crypto math. Gold survives as it cannot be faked (no fools gold), hacked or replaced (except maybe by Bitcoin). Not to mention that it can not be easily used for ransomware payments. I have not read all 121 pages - so forgive me if it has been discussed.

Saluki - yea very interesting Tilson and Stansberry are the worse of the worse! Tilson actually has the brains and ability to be decent if he wanted to and tries to come across as such, but he goes low to fund his lifestyle. Stansberry is just scum. From Tilson's writing recently: Porter is a big name in our space... some might argue the biggest. And right now, he's predicting some scary things ahead for the market: A huge global recession 10% unemployment Bank runs A 50% drop in the S&P 500 As my readers know, I don't share Porter's super-bearish outlook... but he makes some compelling points. And, interestingly, we end up in nearly the same place to protect and grow your money in spite of the possible headwinds: focused on the stocks of high-quality businesses. He presents a compelling solution, which you can learn.

Jason's concern is mostly with Washington state estate tax. Even if the federal sunsets to $10mm for a married couple you really want to keep it as simple as possible unless your assets greatly exceed the threshold. 1. You and your spouse can gift $17K each ($34K) to each and as many heirs as you have, each year. (although you might not want to do this until your kids are old enough and rational with money). 2. Its a tough decision to make, especially depending on current age and kids age, but you and your spouse can give away up to $25mm before the 2025 sunset. If you are still too young the exclusion amount will probably come down but be negotiated higher than the reversion 'sunset' amount. It should be $10mmn(couple) in a worse case environment. For Washington state, I have no experience, but you probably should talk with a qualified estate lawyer and your estate planning should still start with the above two and also look into a credit shelter trust (A/B or bypass trust). For Washington state , no estate tax is due when passing assets to your spouse however you do lose portability. The credit shelter trust doubles the estate tax exclusion to $4.3mm by providing the portability. You want to use federal gift rules to keep your assets close to $4.3mm (hopefully increased by Washington over time) and just use (hopefully cheap) term life insurance to pay the taxes above $4.3mm. With federal gift exclusion for a couple (assuming sunset) of $10mm and $4.3 mm (Washington state) you are at $14mm before needing to look at more complex and costly alternatives. If you are over $14mm (plus yearly $17K ($34K) gift to as many people as you choose) than each family is different but your heirs are probably set and you are getting to the point where you should focus more on the Gates/Buffett philosophy of expanding your charity giving. (Or just spend it for large family exotic vacations). Putting all your assets into a revocable living trust will be beneficial. (especially for the real estate and probate purposes). I have no experience with more complex irrevocable trust planning.