Investor DNA 01/06/2020 — After 10 Years Studying Sleep, the U.S. Military Just Revealed Something Eye-Opening About Caffeine

Dear Reader

TRAVEL In Lawrence KS until Wednesday. Who wants to meet me for a drink? Anyone in KC? Topeka? Have car will travel.

Kill Keep Iran section. I have received an insane amount of email asking about my current views on Iran. I have listed all the articles worth reading in Iran section. Not sure what to say to those who have been questioning its exitence…

True pleasure reading er listening. I was just acquainted with Sloan Ortel. He puts out a podcast called Free Money. Ther latest one is called Five Forces Fighting Free Money. It is worth a listen especially the segment that is reviewing the Mckinsey report, “Is big really beautiful? The limits of pension consolidation.” Would love to sit down with her and talk over beer/wine, and discuss the structural issues of the pension markets. Does anyone know him?

SSRN-ly awsome. The SSRN folks are at it again. I have used it since the 1990s. It is not your grandmothers SSRN. Its better and bigger. Just listen to Gregg Gordon (CEO) here and to his Ted Talk here. Or just go browse here.

Manager Selection People of the World. Tom Brakke, some of whom you know for his excellent workshops, is holding his first NYC workshop at the end of March. Though I have never taken it myself (never had to, since I dont allocate), my clients speak of him with high regards. Tom has something to teach every one of yous.

Severe disagreement: A consultant (gloves off) just published a paper claiming”…the drivers for operational change will stem from the increasingly sophisticated front office, impacts from vendor consolidation, a maturing outsourcing market and heightened expectations of services, and the continuance of modernization-based transformation activities rather than bleeding edge evolution….” I could NOT disagree more. Front offices have always been sophisticated, only now they are spending money on affordable bleeding-edge technologies to modernize, and outsource more an more services away from old stodgy companies, custodians, and consultants that used to charge an arm and a leg for imperfect services. 2020 will be a great year for more changes. I intend to lead that charge. No one is safe…..

A question of affordability: Cerulliu new report finds that “…In an Era of Shrinking Margins and…