Perfect hairline that is the envy of every man over the age of 25. Still shaves his head.

@FrankWinchester

3 күн бұрын

Yeah. We don't consider him part of the bald community

just watched a few of your videos. you are one of the only wealth manager on youtube who isn't a complete bullshit artist. everything you say about index funds, income investing, financial advisors, is totally right.

@BenFelixCSI

2 жыл бұрын

Wow, thanks. “Not complete bullshit” might be my favourite compliment.

YES! the legend is back!

One of the most professional finance KZreads, thank you !

Thank you for making these. I learn a ton directly (in this case for example about the negative skewness of emerging markets) and about topics I need to learn more about simply to fully grasp Ben's sharing (like the double tax withholding). Thank you!

Appreciate Ben for your outstanding content that's backed by statistical data and empirical evidence instead of personal opinions. One of the most underrated and underappreciated amongst finfluencers.

@cryengine_x

2 жыл бұрын

ehh, he acts like if its in a paper its true. thats obviously false as we see from climate change for example, with millions of fraudulent papers existing, as well as masks etc, basically anything liberals support. that said, sure theres room for countless approaches on yt, and surely theres value to be found here, although i prefer rob berger and markos whiteboard finance.

@srikanthramanan

2 жыл бұрын

@@cryengine_x I concur, not all papers or data sources are legit. However, financial markets and economy aren't science. They are more like a social science that study on human behavior. Things aren't as clear cut like E=mc2 in the world of science. What I like about Ben is that he quotes his data/research sources instead of just providing personal opinions like many other finfluencers which could be very subjective and biased.

Missed your videos, Ben. Keep up the good work. I always link them when I need evidence based help in favor of index investing.

Please keep producing content like this Ben. It's jammed packed with valuable information, concepts and citations for econs plebs like myself.

Im glad you are back!!!! Best CFA in KZread!! 🔥

I’ve typically invested in ETFs tracking emerging economies mainly through looking at the underlying assets (stocks). I still believe this is a good guideline but appreciate that there is a much greater level of depth in things to take into account after watching this video.

Just found this channel from a 4yo index bond video, subscribed, great content 👍

Best financial youtuber.

Thank you for providing great information without any clickbait bs. You are a rare breed.

I'm a big fan of having a market cap weighted amount of EM in my portfolio, the lack of correlation between it and companies from developed nations is a great differentiator

@f3wbs

2 жыл бұрын

No way! The guy I used to watch to get into CA!

@alankoslowski9473

2 жыл бұрын

Yes, I think the relatively low correlation to developed markets provides beneficial diversification. I'm a little overweight in EM, so I might reduce my allocation to global market cap weight.

@bingo567890

2 жыл бұрын

@@alankoslowski9473 what is your % to EM? Mind to share? Because idk what your overweight meaning is. And id love to know. I’ve been DCA VT but lately and after this video I feel like I should allocate more % to USA because open integrated market and strong capitalism.

@alankoslowski9473

2 жыл бұрын

@@bingo567890 I have about 20% EM. Global EM market cap is about 15%, so I'm only a little overweight EM. That's probably fine, and I'm just being obsessive-compulsive.

@mddeloarhossen788

2 жыл бұрын

@@alankoslowski9473 00p0ppl0000p0ppl000

I'm a global investor from Brazil with a passive investing strategy with focus on value. That said, I do not have any restrictions investing in other countries and I do have some benefits in doing so (taxes are lower if I sell shares, per example). My strategy is to invest 20%-25% in EM (currently at 20%), because in doing so I decrease the cambial risk because I live in a EM country. This video helps a lot, thank you very much.

@doneflounder7086

2 жыл бұрын

Tamo junto

@doneflounder7086

2 жыл бұрын

Benefits in investing in other countries? Taxes for investments on Brazil are lower than in the US(Main market small Brazilian investors can access)

@jsauerfinancial8257

2 жыл бұрын

What’s your favourite Brazilian stock?

@misterr2359

2 жыл бұрын

@@jsauerfinancial8257 I don’t invest in individual companies, but I really like Weg, a family company that is super good in what it does. There are other excellent ones also.

@serialmigrant

19 күн бұрын

​@@jsauerfinancial8257 I would also consider WEG. I worked in Brazil as an engineer.. Weg, only company where the vendor reps geta flown to developed markets to fix their equipment.. . For everything else, we brought in other foreigners (south Africa, USA and Canada)

glad to have you back

Request you to make more videos. You have great knowledge and is a great help to us.

Great points! This is why I don't like investing in emerging markets. I don't think investors can easily quantify the expropriation risk.

Hell yeah, thank you for this video. I comment before watching. Experts in Germany often call investing in EM factor investing because of political risk. My portfolio hast around 20% EM. Lets see if this is a good idea (proceeds to watch video)

@thomasmuller1850

2 жыл бұрын

I guess, that you are considering EM value now?

@takedashingjen4402

2 жыл бұрын

@@thomasmuller1850 it would be a possibility to own 10% em and 10% em value, that is true. Will sleep a few weeks about that. Long term Portfolios will not fail by taking things slowly

@alankoslowski9473

2 жыл бұрын

I have about the same EM allocation. After watching this I'm inclined to reduce it to about 15%.

@bingo567890

2 жыл бұрын

@@alankoslowski9473 so u are changing from 20% to 15%?

@alankoslowski9473

2 жыл бұрын

@@bingo567890 Probably gradually. I won't sell EM since I'd have to take a loss, but won't buy anymore, at least not until it drops below 15% of my assets.

Thanks for yet another insightfull video. It’s a bit harder to follow now the graphics are missing. Hope they will return in future video’s!

What I love about Ben is that his message is simple, consistent and he can continually provide evidence to support his claim! If you've watched one of his videos, or listened to one of his podcasts, you know what the message is!

Miss your videos, thank you for sharing...

I was overweight emerging markets since around 2005 because of a few of Burton Malkiel's books that I read. It had a few good years, but after that, it severely under-performed U.S. stocks. Oh well... It was after reading Burton Malkiel that I went 100% with index funds and that was the best investment decision of my life. So, I forgive any bad advice that I got from him.

@raylo996

Жыл бұрын

A random walk down wallstreet killed my dream of being an active investor lol

Thank you. Always good videos

I underweight EM a little bit. The higher costs and withholding tax is not the main reason, but I never thought the differences would be so large. Thanks!

Thanks for another great video.

DFA just released Emerging Markets Value and Emerging Markets Profitability ETFs. I’m thinking of getting some EM exposure through those two.

I really enjoyed the podcast and I also enjoyed this episode. Its great to have a short version with all none of the research results missing, especially when you hesitated to share a podcast. I quit emerging markets about a year ago, mostly because I found them hard to track and because of taxes. The best ETFs have a tracking error of zero or 10 basis points. On the other hand here in Germany you can track the S&P 500 for less cost and it has a negative tracking error of 50 basis points. I rather beat the S&P 500 by 0,5 % and have less volatility and less skewness than the additional return from EM. Great video Ben!

@ichdu7391

2 жыл бұрын

70/30 und fertig ist die Laube. xD

@janr1805

2 жыл бұрын

@@ichdu7391 Thomas, bist du es?

Thank you Ben for the insight. One must not naively overweight emerging markets for higher expected returns.

@alankoslowski9473

2 жыл бұрын

Yes, I'm a little overweight EM. After watching this I'm inclined to reduce it to global market cap weight.

Always great job ben, emphasized strong academic studies.

@laurentrigoreau5777

2 жыл бұрын

All these Fishing spams…so tiring…

Great insight!

As always, excellent content. Would love to see a video on TIPS and TIPS etf’s. Think that would be very pertinent for the current inflationary environment

@jmc8076

8 ай бұрын

He’s an advisor in Canada but could prob do a video on them and Canada’s equiv.

A new video from Ben! Lets go! You are my favorite youtuber 😁

Great work ! Thanks for sharing.

Such a treasure trove of research backed information. Thank you for increasing my understanding of how things work, even though I don't understand everything.

While pursuing my research on Foreign Portfolio investors, as part of M. Phil degree i observed the high volatility created by FPI in the Indian stock markets as they r called popularly Hot Money

Proud holder of VIU and VEE etf

I… wow… as someone holding XEC in a TFSA I’ve never seen a youtube finance video more specific to me.

Top knowledge

One of the problems with "emerging markets" is the definition is extremely arbitrary and skewed to include countries with low costs of living regardless of their actual development.

Hi Ben. Do you by chance provide written transcripts of your KZread videos?

Hey Ben, Your video are a great piece of information, I took civil engineering and want to get better at portfolio management etc. Would you say CSI (Canadian security institute) is a good resource to learn from? Do you have any better recommendations? Thanks!

Great video as always Ben. How about a video on the volatility premium? How options seem to be persistently overpriced, ie implied volatility tends to overstate actual. Is this a possible factor like value or size? Seems like something right up your alley.

Nice!

About 5.4% of my portfolio is in emerging markets!

Hi Ben, I would like to ask you what do you think about Ray Dalio's All Weather portfolio

Thanks for the video, Ben. In another video you said you a re in favor of a substantial home bias. What would you say is the recommended home bias for someone who lives in an emerging market like Brazil?

Is the withholding tax issue in Canada also present for something like XUU which is a Canadian listed ETF, but holds other US based ETFs?

Ben, I am curious; Do these extra risks and taxes change the formula for CAPM, or are they just included in the beta? Thanks

@BenFelixCSI

2 жыл бұрын

One of the papers I mentioned proposed a new asset pricing model that includes skewness. However, I am not sure how that model performs compared to the five factor model.

I actually underweight EM, I am overweight developed value, mainly because I live in EM and work in tech, so it just makes sense to diversify away from EM and tech

That's the confirmation bias I need to not overweight Emerging Markets. 10:40 It would be interesting to see, how well Emerging markets value would have performed after 1900, especially during 1945 to 1949.

His back! 🥰

@SKITTLELA

2 жыл бұрын

What about Ben's back? How can you see it if he seems to always be facing the camera?

I was here yo!

Investing in stocks is not like putting your money in a savings account that pays 10% annualy. Returns will fluctuate from year to year, some times dramatically. The 10% return is only an average of some bang up years and some gut wrenching years.

@havaneseday

Жыл бұрын

Im planning/hoping/crying/wishing for real returns of 4-5% 10%?! That would be tits.

@FatherGapon-gw6yo

3 ай бұрын

No way

Would you use HXEM to avoid taxes on dividend?

Great video! Will you ever do one about regional ETFs or regional banks ETFs?

Thanks, Ben! Would AVUS be the same as a total market fund for the purposes of starting a portfolio with total market exposure? Or should AVUS not be used as my core total market approach?

What about inflation? Typically emerging markets have higher inflation than developed markets which would also eat into the returns, right?

A+ content as always

You had me at, Skewness. 😆

@se2103

2 жыл бұрын

?

Two videos within just a couple weeks of each other?? Who knew Christmas was meant to come early this year. A few questions for you - will Dimensional be replacing Avantis in the model portfolio? And do you know when Dimensional will be coming out with an AVES competitor as well? Which also makes me curious to know - why is AVES and what Dimensional is coming out with just EM value? Does size not show up in EM?

@alankoslowski9473

2 жыл бұрын

So far DFA and Avantis seem very similar. If you compare returns of their all cap funds for US, international, and EM segments they're almost identical. I think Avantis might have a slight edge, but I don't think it's statistically significant.

@naidnarnya9448

2 жыл бұрын

@@alankoslowski9473 eh, the problem is the historicals aren’t nearly long enough yet to determine which is better, especially considering how out of favor value has been for the past two decades which is DFA’s number one factor. Not sure if you’re active on the RR forum but basically Ben and a few others have discussed that DFA is more value-ey than Avantis, in that they start off looking at book value and then other factors, whereas Avantis looks at value and profitability jointly. Also DFA has greater microcap exposure too which have higher expected returns within SCV.

Bangladesh needs to open up its stock market the growth rates are insane

How might the investing/wealth creation paradigm change in the forthcoming decades considering the distortion of the financial markets through monetary policy and exchanges implementing kill switches when markets tumble too much?

Would it matter between "İshares core MSCİ emerging" and "Vanguard FTSE Emerging"? Have looked that inner is almost the same. OOk with country distribution. İDoes there's something advantage that I don't know? I have noticed that with "Vanguard emerging", for example, no zuis korea "samsung" share is included.. Maybe that's a small difference? Thank you so much.

@PipoOriginal

10 ай бұрын

MSCI and FTSE are two different indexes that classify some countries as developed/emerging differently South Korea is classified as developed by FTSE, but as emerging by MSCI, that's why you see the difference. You can use either of those, but if it's best to stay in the same index in developed and emerging markets to not lose/overweight any countries

Hey! What happened to the EDM intro? Zi-zo-zao!

I listen to the Rational Reminder podcast

@BenFelixCSI

9 ай бұрын

Awesome. Thanks!

I invest in FRDM for many of the reasons listed here. The markets are better integrated and have a lower cost of capital, it excludes SOEs, has lower lower foreign withholding tax and a much lower coskewness. Haven’t had to worry about the crap China has pulled or the war by Russia.

The inverse correlation between economic growth and stock valuations actually makes me bullish on Chinese stocks. Chinese economic growth has slowed significantly and continues to slow down into the future.

EM stocks have performed badly since mid of last year 2021 until now, MSCI index is falling and I can't see a break even point or positive for the stocks in this year 2022.

Remember, guys, expected return = discount rate.

What about frontier markets, are they worth investing in?

@FrankWinchester

3 күн бұрын

What about undiscovered markets?

But then how come that the US GDP grew a lot and also stock market returns were high?

Hi Ben I have an ideal about future video. Something about commodities as an asset class?

@BenFelixCSI

2 жыл бұрын

I touch on that in my next video.

@implied321

2 жыл бұрын

@@BenFelixCSI Great thanks. Really like what you do. Greetings from a risk quant

@implied321

2 жыл бұрын

@@BenFelixCSI Ben one quick question if I may. Has Famma prove that all market's are efficient? Example Forex market or even commodities?

If you ask me Taiwan and South Korea should bei considered as developed Countries.

@samsonsoturian6013

Жыл бұрын

The category is based on simple dollar values, not actual development. It doesn't matter that cost of living is dirt cheap in Russia and really expensive in Greece, the dollars per capita is higher in Greece. This is why the index returns seem random.

Lately I found this when I was looking for Vietnam etf the growth is not there even the country growing fast

@benfelix1hourago561

2 жыл бұрын

$ ༒1615 -436 $-0796 📈

Too bad you operate in Canada. I wish I could hire you as my portfolio manager!

Don't accumulating ETFs kinda solve the dividend taxation issue?

@orfeoassiti6669

3 ай бұрын

It depends on where you live, in Switzerland you get taxed even if the dividends are in an accumulating ETF

Couldn't happen today. Putin: hold my beer.

@jmc8076

8 ай бұрын

Overused phrase in comment. VP is not a human being who should be glorified.

I would watch Ben Felix read a phonebook.

The Russian market deletion was quite a left side event. I think I lost .2 percent of my life savings forever due to that pointless war.

@samsonsoturian6013

Жыл бұрын

Get drafted.

@pistopitpit

Ай бұрын

What happened with Russia market seems to be another good reason to be globally diversified. Investing in single country can have a disastrous outcome, even if it is USA. Japan comes to mind.

AVES etf anyone?

Is China developed market

How much of my ETF portfolio should I allocate to Emerging Markets?? I have a 100% stock (growth, no bonds) ETF portfolio.

@takedashingjen4402

2 жыл бұрын

It would be a good start to abandon growth for Value at the baseline...

@Crampo1

2 жыл бұрын

@@takedashingjen4402 I have market cap weighted indexes and a value ETF which is 15%. I meant growth as in growth vs defensive assets. I.e. no bond ETFs.

@M43782

2 жыл бұрын

"The MSCI Emerging Markets(EM) Index was launched in 1988 including 10 countries with a weight of about 0.9% in the MSCI ACWI Index. Currently, it captures 24 countries across the globe and has a weight of 12% in the MSCI ACWI Index."

In hindsight, it appears that Chinese stocks reflect economics more than their GDP numbers.

I'll continue to stick with a US only total market portfolio

@alankoslowski9473

2 жыл бұрын

Not a bad idea, though global diversification does reduce volatility.

Thanks for always pushing out evidence

Negative skewness is precisely why selling puts is so profitable right?

@samsonsoturian6013

Жыл бұрын

Stock options are a zero sum game.

@sleepless2541

Жыл бұрын

@@samsonsoturian6013 so is the stock market

@sleepless2541

Жыл бұрын

you're bleeding money for the most part, but you'd be rich if collapse happened in EMs making your puts worth a lot, correct me if im wrong here not a derivative expert

@samsonsoturian6013

Жыл бұрын

@Sleepless it literally isn't. The thing about options is that assuming an efficient market the prices of all options reflects the probability of stuff happening. While the price of a share reflects the Federal interest rate plus a premium equal to risk taken.

@sleepless2541

Жыл бұрын

@@samsonsoturian6013 read the arithmetic of active management by william f. sharpe, it is zero sum in the sense that for everyone making money in the stock market there has to be another person losing money, the net result of all trades between all market participants is the return of the market itself

Great content. You just need to simplify the explanation of it. Maybe an editor would help. At such a fast pace with often high level concepts, you lose too many. I have studied investments for many years and even with my familiarity you lose me too often. Communication isn’t communicating unless it really communicates, and that takes understanding. But still love the value you being!

Investing in Turkey brought me here.

@grigorirasputin425

10 ай бұрын

You should only invest in Turkey at the end of November

@robyn_southafrica

9 ай бұрын

​@@grigorirasputin425as someone who's new to the market, why is that?

If you are a citizen of an emerging market economy, you have no choice but to be overweighted in emerging markets…

7000EUR lost on a predominantly-Russian fund. I'll survive, but it was disappointing because I kind of thought I was helping Russia to integrate into Europe.

India is very high priced

I am only in emerging markets. The us stock market is just like japan’s in the 1980s but nobody will admit it. When the bubble pops, anything outside the USA will skyrocket

@SpaceTravel1776

Жыл бұрын

I am only in emerging markets too. I have 50% of assets in North Korea. I see it as a value play in Warren Buffet style.

@mikehawk4856

Жыл бұрын

@@SpaceTravel1776 I also invested in a North Korean missile company. Good plan my friend

@SpaceTravel1776

Жыл бұрын

@@mikehawk4856 We are smart, handsome, and have excellent taste in wine. Cheers!

started watching you recently and just confirmed "we are sure the chart will go right (->) direction"

Russia got delisted yo!

Oh yeah talk covariance to me

I will only invest in democracies. There are values that are greater than profits.

@alisav8394

Жыл бұрын

For some countries dictatorship, kingdom or tribal hierarchy works better than a democracy. The world is bigger and much more diverse than US and Europe.

@sven5542

Жыл бұрын

So, Turkey?

@jonathanalvarez3875

Жыл бұрын

That’s a very biased view of the world. For some countries, they are not ready for democracy yet.

Ben, is it possible for you to speak a little bit slower? As a non-native speaker it's sometimes difficult to understand everything. Especially, because the high densitity of information. 😅 And yes, I tried 0.75 playback speed, but it doesn't sound natural.

@palanski

2 жыл бұрын

His target audience is largely made of native speakers, I'd imagine. The speed with which he speaks is standard. Can't cater to everyone. Luckily, that playback speed is there!

@Klayhamn

2 жыл бұрын

You can always lower the speed of the video

@azhp42069

2 жыл бұрын

Using closed captioning can help

@Klayhamn

2 жыл бұрын

@@azhp42069 and who would sit and caption it..? You?

@surfingerik69

2 жыл бұрын

zet de ondertiteling aan, helpt mij een berg om het toch nog te kunnen volgen. want het kan inderdaad wat snel gaan

Sometimes I wonder if Ben cherry picks data or is overly influenced to suit his employer's investing philosophy (who subsidise this channel).

@Elkunas

2 жыл бұрын

Where did he cherry pick?

@alankoslowski9473

2 жыл бұрын

What do you mean? What do think his employer's philosophy is?

@jmc8076

8 ай бұрын

You’re free to DYOR and put a comment debating his data with cited sources used by you. We all have biases.

Show me your portfolio. You bash every single investing option with facts and data and studies nice one.