Ben Johnson, CFA @MstarBenJohnson Twitter profile

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Ben Johnson, CFA

@MstarBenJohnson

3 years

“It’s so easy to forget how much noise the Matrix pumps into your head until you unplug.”

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Last Seen Profiles

@mayaaking

@TheMonteDev

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@brotbord

@seanxmtv

@KeniaOsTodayMx

Ben Johnson, CFA

@MstarBenJohnson

2 years

From @BankofAmerica Global Research: YTD annualized return for the 60/40 portfolio is the worst in 100 years.

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Ben Johnson, CFA

@MstarBenJohnson

3 years

All his kids wanted was to be recognized and appreciated, but he just kept adding back depreciation.

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Ben Johnson, CFA

@MstarBenJohnson

3 years

“Our team of 200 investment professionals has a combined 100 years of ESG expertise.”

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Ben Johnson, CFA

@MstarBenJohnson

3 years

ProShares' PR says $BITO ended the day with $570 million in assets. #Bitcoin

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Ben Johnson, CFA

@MstarBenJohnson

5 years

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Ben Johnson, CFA

@MstarBenJohnson

5 years

Index investing in 1976 vs. index investing in 2019

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Ben Johnson, CFA

@MstarBenJohnson

3 years

Direct Indexing:

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Ben Johnson, CFA

@MstarBenJohnson

4 years

Was this the first time in history that an inverted yield curve predicted a global pandemic?

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Ben Johnson, CFA

@MstarBenJohnson

4 years

I bought this to commemorate this moment in markets—when all our worst behavioral biases were on full display. Now that I own it, I assign it a greater value than I did before. It’s gotta be worth at least $483.

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Ben Johnson, CFA

@MstarBenJohnson

4 years

Can someone tell me how I get this into my 401(k)?

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Ben Johnson, CFA

@MstarBenJohnson

3 years

"Alright everybody, peel off all that resistance and find your flat road."

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Ben Johnson, CFA

@MstarBenJohnson

4 years

If you must trade: USE LIMIT ORDERS USE LIMIT ORDERS USE LIMIT ORDERS USE LIMIT ORDERS USE LIMIT ORDERS USE LIMIT ORDERS USE LIMIT ORDERS USE LIMIT ORDERS USE LIMIT ORDERS USE LIMIT ORDERS USE LIMIT ORDERS USE LIMIT ORDERS USE LIMIT ORDERS USE LIMIT ORDERS AND WASH YOUR HANDS!

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Ben Johnson, CFA

@MstarBenJohnson

3 years

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Ben Johnson, CFA

@MstarBenJohnson

4 years

Small-cap value in the '80's vs. today.

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Ben Johnson, CFA

@MstarBenJohnson

6 years

There is an investment strategy that is: 1.) Diversified 2.) Inexpensive 3.) Tax efficient 4.) Has tons of capacity 5.) Has performed well over a long period 6.) Has been used well by investors That strategy is market-capitalization weighted indexing.

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Ben Johnson, CFA

@MstarBenJohnson

3 years

With the $90 billion it has just earmarked for buybacks $APPL could acquire enough lumber to build roughly 38 single family homes.

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Ben Johnson, CFA

@MstarBenJohnson

2 years

I'm still trying to wrap my mind around the fact that $ARKK is down ~50% YTD but has pulled in $908 million in net new money. Theories: 1.) Investors are doubling down 2.) Shares are being created to short 3.) Super-volatile ETFs will find a market What am I missing?

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Ben Johnson, CFA

@MstarBenJohnson

5 years

Burry: “Small caps are overlooked by many large institutional investors.” Voice of Reason: “Hasn’t that always been the case?” Burry: “Did I forget to say ‘Passive Bubble’?” Voice of Reason: “How is that relevant?” Financial Media: “CHRISTIAN BALE JUST SAID PASSIVE BUBBLE!”

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Ben Johnson, CFA

@MstarBenJohnson

5 years

After this most recent round of fee cuts, investors can build a 50/50 stock/bond $VT/$BNDW portfolio which owns virtually every stock and bond on the planet with a minimum investment of ~$150 and a blended fee of 0.09% (~$0.14/year).

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Ben Johnson, CFA

@MstarBenJohnson

3 years

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Ben Johnson, CFA

@MstarBenJohnson

4 years

ETNs as a GIF

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Ben Johnson, CFA

@MstarBenJohnson

4 years

The Top 5 Mutual Funds on Robinhood: 1.) 2.) 3.) 4.) 5.)

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Ben Johnson, CFA

@MstarBenJohnson

4 years

Two of the most underused and effective implements in investors’ toolkit are the phrases: 1.) I don’t know and 2.) I don’t care

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Ben Johnson, CFA

@MstarBenJohnson

4 years

Just mined some old-school Bitcoin in my basement. 🐻🚀

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Ben Johnson, CFA

@MstarBenJohnson

2 years

@choffstein A quant, a technician, and a fundamental investor walk into a bar, and the trend guy follows them.

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Ben Johnson, CFA

@MstarBenJohnson

4 years

We're at a point in the cycle where I'm beginning to think that the only way for small value stocks to make a sustained comeback is for Ark to launch a small value fund.

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Ben Johnson, CFA

@MstarBenJohnson

5 years

Hold in May and June and July and August and September and October and November and December and January and February and March and April and so on, until you need to sell for a good reason.

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Ben Johnson, CFA

@MstarBenJohnson

5 years

Vanguard has announced another round of fee cuts just in time for last-minute Christmas shoppers looking for a deal. Shaving a bp off $VT’s fee means investors can now own a near-complete global portfolio ($VT + $BNDW) with a blended fee of ~0.07%.

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Ben Johnson, CFA

@MstarBenJohnson

5 years

Vanguard readying a true "robo" service, Vanguard Digital Advisor, to brokerage clients and retirement plans. Brokerage minimum will be $3,000 and all-in fee 0.20%.

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Ben Johnson, CFA

@MstarBenJohnson

2 years

Here’s to feeling seen and appreciated(?) by your offspring on Father’s Day!

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Ben Johnson, CFA

@MstarBenJohnson

3 years

🧐

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Ben Johnson, CFA

@MstarBenJohnson

7 years

Average holding periods for the 20 largest ETFs by AUM for the year through Feb. 9, 2018. Some are for traders ($SPY), others for HODLers ($VTI).

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Ben Johnson, CFA

@MstarBenJohnson

2 years

$ARKK pulled in nearly $400 million in flows Mon.-Thurs. this week. Thursday's haul was $334 million. The fund's YTD flows total now stands at $1.3 Bil. The fund's YTD return is -52%.

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Ben Johnson, CFA

@MstarBenJohnson

2 years

In 2010, @MorningstarInc gave me the opportunity to build a world-class research team. Next week, I'll take on a new one, continuing to advance our mission of empowering investor success. I'm proud of what we've done and excited for what's ahead.

Morningstar names new US head of manager research

Tim Strauts will take over for Sarah Bush next month. Separately, Ben Johnson will move to the organization's sales arm.

citywire.com

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Ben Johnson, CFA

@MstarBenJohnson

5 years

In the three months since we announced we are going on our first family trip to Disney World we have received ~100X the amount of unsolicited advice that we got in the nine months before we had our first child.

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Ben Johnson, CFA

@MstarBenJohnson

7 years

Average holding periods for the 10 largest ETFs. Getting active with passive.

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Ben Johnson, CFA

@MstarBenJohnson

4 years

$AAPL's 4-for-1 split will reduce its weighting in the Dow by 73%, because...price weighting. h/t @ChrisBennettCFA

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Ben Johnson, CFA

@MstarBenJohnson

3 years

@RampCapitalLLC Flush with time, and they don’t even know it.

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Ben Johnson, CFA

@MstarBenJohnson

5 years

A Neuberger Berman study shows that once you ignore dead and merged funds and look only at the top three quartiles of surviving ones, the majority of actively-managed stock funds beat their index over the 20 years through Dec. 2018. 🧐

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Ben Johnson, CFA

@MstarBenJohnson

3 years

ETFs have a big tax advantage over mutual funds.

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Ben Johnson, CFA

@MstarBenJohnson

3 years

7 yo: “Dad, are those grey hairs?” Me: “Yes, yes they are.” 7 yo: “Are you going through an old spurt?” 🤣 😂 😐

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Ben Johnson, CFA

@MstarBenJohnson

6 years

Somewhere among the mountains of data in Amazon's possession lies a precious gem: the identities of customers who have purchased a Protection Plan for a kettle bell. Who are you? Why have you done this? Why is the 3-year plan nearly 3x the cost of the 2-year plan?

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Ben Johnson, CFA

@MstarBenJohnson

3 years

Started with $20 million in seed, so that's ~$550 million in day 1 inflows.

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Ben Johnson, CFA

@MstarBenJohnson

6 years

I ❤️ the universe.

United States Space Force ️✪ parody

@SpaceCorpsUS

6 years

Cassini's last image before entering Saturn's atmosphere and burning up.

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Ben Johnson, CFA

@MstarBenJohnson

3 years

Of the 493 ETFs launched in 2021: - 60% are actively managed - 14% track ESG indexes - 9% track thematic indexes - 4% track factor indexes So really, at least 87% of new ETF launches this year were, for all intents and purposes, active ETFs.

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Ben Johnson, CFA

@MstarBenJohnson

2 years

Today in "Life After Mutual Funds"... Year-end '22 numbers are in: - Mutual Funds - $958 Bil outflows - ETFs - $589 Bil inflows A $1.55 Trillion swing in favor of ETFs--the largest ever.

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Ben Johnson, CFA

@MstarBenJohnson

5 years

I repeat: The "Fee War" is now a PR War. This Negative-Fee ETF Will Pay Investors to Invest via @BarronsOnline

This Negative-Fee ETF Will Pay Investors to Invest

Salt Financial, a newcomer to the exchange-traded fund land, just filed to launch an ETF with a negative expense ratio. That means Salt will pay investors to invest in their ETF, at least at the...

www.barrons.com

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Ben Johnson, CFA

@MstarBenJohnson

3 years

This fall’s must-have in-person conference accessory.

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Ben Johnson, CFA

@MstarBenJohnson

5 years

The @MorningstarInc database has monthly return #'s for 691 active U.S. large cap funds that were launched and closed between 1/1/2000 and 12/31/2019. - 83% underperformed $VTSAX during their lifespan - That group lagged by an average of ~5% annually Dead funds tell no tales

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Ben Johnson, CFA

@MstarBenJohnson

4 years

MRREAM (Mean Reversion Rules Everything Around Me)

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Ben Johnson, CFA

@MstarBenJohnson

3 years

Who makes $ with a #BTC ETF? - Asset Managers ✅ - Custodians ✅ - Index Providers ✅ - Data Providers ✅ - Exchanges ✅ - Market Makers ✅ - Advisors ✅ - Financial Media ✅ - Investors 🤷‍♂️

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Ben Johnson, CFA

@MstarBenJohnson

2 years

As of the close of trading on Oct. 10, $VTI overtook $ARKK. As of the close on Oct. 13, $VTI outperformed $ARKK by 50 bps annualized since $ARKK's inception in October 2014.

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Ben Johnson, CFA

@MstarBenJohnson

5 years

Repeat after me: "Smart beta" is active management. You should expect this sort of return spread and do every bit as much due diligence on these "index" funds as you would in vetting active managers.

Michael Batnick

@michaelbatnick

5 years

You can drive a truck through the differences in returns on various factor funds.

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Ben Johnson, CFA

@MstarBenJohnson

8 months

Assets in U.S.-domiciled index mutual funds and ETFs have eclipsed assets in actively managed funds for the first time.

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Ben Johnson, CFA

@MstarBenJohnson

3 years

For as long as I am gainfully employed, I'll be taking a % of my paycheck in 401(k).

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Ben Johnson, CFA

@MstarBenJohnson

6 years

@RampCapitalLLC "Productivity Expert Tim Ferriss Starts Every Day With No Kids"

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Ben Johnson, CFA

@MstarBenJohnson

6 years

To whoever dreamt up the “Add 30 Sec” button on the microwave: Thank you.

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Ben Johnson, CFA

@MstarBenJohnson

4 years

Immediate ROI on our 12-hour car trip 🌈

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Ben Johnson, CFA

@MstarBenJohnson

4 years

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Ben Johnson, CFA

@MstarBenJohnson

3 years

It’s aboat time! Now we canal get on with our lives.

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Ben Johnson, CFA

@MstarBenJohnson

2 years

Re-upping, as I think we may have found a use case…

Ben Johnson, CFA

@MstarBenJohnson

2 years

#bitcoin is a hedge against enjoying your weekend.

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Ben Johnson, CFA

@MstarBenJohnson

3 years

Just showed our new puppy Bitcoin ETF Twitter…

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Ben Johnson, CFA

@MstarBenJohnson

7 months

@HistoryMuppet

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Ben Johnson, CFA

@MstarBenJohnson

3 years

@JonErlichman Also, anyone under the age of 14.

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Ben Johnson, CFA

@MstarBenJohnson

5 years

Step 1: Turn off your TV Step 2: Put down your phone Step 3: Spend time with the people who matter most to you Step 4: Consider your portfolio protected from impeachment volatility

Morningstar, Inc.

@MorningstarInc

5 years

Protect Your Portfolio From Impeachment Volatility.

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Ben Johnson, CFA

@MstarBenJohnson

5 years

My own investing do's and don'ts. Do: - Save - Keep it simple - Keep it cheap - Be tax-aware - Keep a decision journal - Set aside some "funny money" Don't: - Overpay - Look

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Ben Johnson, CFA

@MstarBenJohnson

4 years

Market cycle: FOMO-->Momo-->Oh no! (Repeat)

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Ben Johnson, CFA

@MstarBenJohnson

4 years

No Room on the ARK? My colleague Bobby Blue and I examined ARK's mounting capacity concerns and the drawbacks of running capacity-constrained strategies in fully-transparent active ETFs.

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Ben Johnson, CFA

@MstarBenJohnson

6 years

Today's $TSLA call prompted me to dig up one of my all-time favorites:

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Ben Johnson, CFA

@MstarBenJohnson

3 years

@awealthofcs He's owned the Bears for years--might as well make it official.

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Ben Johnson, CFA

@MstarBenJohnson

5 years

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Ben Johnson, CFA

@MstarBenJohnson

3 years

ESG convo good white noise for a puppy nap.

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Ben Johnson, CFA

@MstarBenJohnson

5 years

@bencasselman Deadweight loss

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Ben Johnson, CFA

@MstarBenJohnson

6 years

Important wardrobe decision ahead of me this AM. Do I go with Style Box or Analyst Rating? #MICUS

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Ben Johnson, CFA

@MstarBenJohnson

4 years

Historically, ads bashing index funds have not aged well...

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Ben Johnson, CFA

@MstarBenJohnson

4 years

I call this one "Style Box 2020".

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Ben Johnson, CFA

@MstarBenJohnson

4 years

@elonmusk

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Ben Johnson, CFA

@MstarBenJohnson

4 years

@morganhousel @eade_bengard I wonder how it feels to learn that people will pay $18.51 to not have to eat your fancy yogurt.

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Ben Johnson, CFA

@MstarBenJohnson

4 years

From a timing perspective, this is the most contrarian ETF launch I’ve seen in a while...focused small cap value. $SVAL

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Ben Johnson, CFA

@MstarBenJohnson

4 years

$BITW to $GBTC: "You call that a premium?" "Now this is a premium." At risk of stating the obvious, don't pay $7.35 for a dollar folks.

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Ben Johnson, CFA

@MstarBenJohnson

5 years

As I see it, ESG is: 1.) A framework for evaluating risk 2.) A way to express preferences 3.) A marketing varnish for asset managers This presents investors with new opportunities and challenges. I'm proud to be part of the @MorningstarInc team that's helping to navigate them.

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Ben Johnson, CFA

@MstarBenJohnson

4 years

Had to take my Halloween costume off after a bunch of kids started crying. 🎃

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Ben Johnson, CFA

@MstarBenJohnson

5 years

There are 56 strategic-beta ETFs that had median annual turnover >= 100% over the past 5 years. Over that span, there were just 6 cap gains distributions made by 3 funds in this group. All 3 invest in EM stocks. Some EM stocks cannot be transferred in-kind. #TaxEfficiency

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Ben Johnson, CFA

@MstarBenJohnson

3 years

People spend $5,000 on a 5 day vacation. But then they forget to bring home the hotel soap that would save them $ that they could invest in the S&P 500 that could give them a lifetime of vacation.

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Ben Johnson, CFA

@MstarBenJohnson

4 years

Every radar chart is a chart crime.

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Ben Johnson, CFA

@MstarBenJohnson

5 years

Um...didn’t the market already kinda take care of that for you today?

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Ben Johnson, CFA

@MstarBenJohnson

6 years

When Markets Are Tough, Don't Look:

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Ben Johnson, CFA

@MstarBenJohnson

3 years

Here's what the top of the ETF league table will look like once fee wars and cost cutting measures force sponsors to drop the vowels from their names: 1.) Blckrck/Shrs 2.) Vngrd 3.) SttStrt 4.) Invsc 5.) Chrls Schwb

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Ben Johnson, CFA

@MstarBenJohnson

9 months

@pmarca Fixed:

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Ben Johnson, CFA

@MstarBenJohnson

4 years

Me: Price weighting and adding/removing stocks at the discretion of a committee are a silly way to index, a relic of a bygone era. Also me: Just 8.6% of the 1,474 actively managed large cap mutual funds that were around twenty years ago both survived and beat this silly index.

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Ben Johnson, CFA

@MstarBenJohnson

4 years

Diamond Hands Aren't Forever

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Ben Johnson, CFA

@MstarBenJohnson

5 years

Introducing The @MorningstarInc Factor Profile: A New Lens For Analyzing Funds

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Ben Johnson, CFA

@MstarBenJohnson

6 years

Happy Birthday to the S&P 500, which turns 62 today! - The bogy was 19 when it found its first index fund - 25 when futures came into its life - At 26 it found options - When it was 36 $SPY happened and life will never be the same

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Ben Johnson, CFA

@MstarBenJohnson

3 years

So exactly how many more characters are we going to get?

jack

@jack

3 years

Hyperinflation is going to change everything. It’s happening.

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Ben Johnson, CFA

@MstarBenJohnson

1 month

Absolutely epic must-read piece on how ETFs have transformed bond markets by @RobinWigg and @double_you_ess . I've long thought that this has been the most under-appreciated chapter of the ETF story.

ETFs are eating the bond market

And changing its nature in the process

www.ft.com

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Ben Johnson, CFA

@MstarBenJohnson

4 years

@michaelbatnick Best pie chart you’ve ever posted to this site.

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Ben Johnson, CFA

@MstarBenJohnson

6 years

Style Drift

IHOP

@IHOP

6 years

Dear Internet, we abbreciate your batience. Now let’s see who guessed right. B-hold!!!!! #IHOb

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Ben Johnson, CFA

@MstarBenJohnson

3 years

Hold in May and June and July and August and September and October and November and December and January and February and March and April and so on, until you need to sell for a good reason.

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Ben Johnson, CFA

@MstarBenJohnson

4 years

Every time I see this, I ask myself if I can get as excited about ANYTHING as Steve Ballmer is about Windows '95. Enthusiasm is massively underrated.

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Ben Johnson, CFA

@MstarBenJohnson

5 years

First time I’ve contemplated grand theft auto...

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