What I'm reading…
BlackRock: Loss harvesting strategies tax efficiently diversify concentrated stock
AQR: A Brief Guide to Pricing and Taxation of Variable Prepaid Forwards
Tax Alpha Insider: Marketing Primary Research
A PR firm recently asked how I approach marketing
If you want one thing that might change how you think about marketing (if you think about it at all), it is this 👇👇👇

More on variable prepaid forwards
I’ve been studying AQR’s paper on the fundamentals of variable prepaid forwards.
They call it “a relatively simple contract,” but I’ll admit to getting lost many times on my journey to understanding how the darn thing works.
At this point, I have a working calculator/spreadsheet and can replicate the results in whitepapers and peer-reviewed articles. 🥳

Timely diversification
BlackRock’s new paper has many interesting charts.
The one below organizes the world of single-stock concentration solutions into how quickly they help investors diversify.
A year ago, I wrote a short guide to marketing primary research
The gist is that primary research is expensive to produce and deserves its own marketing push.
So, if you write an amazing paper with some neato discovery, it might just get buried in a journal.
That’s fine and worthwhile, but you can squeeze so much more juice out of that effort.
Thankfully, the additional work mostly falls on the marketing department, not the researchers.
I reckon the ROI on marketing primary research is high versus generic content marketing because primary research is specific and differentiated. Give it some oxygen!
Here is the one-slide takeaway on how to market primary research 👇👇👇
Marketing Home Run
Most people don’t care about baseball1, but there’s a marketing masterpiece happening in real time…
Cal Raleigh won the All Star Game Home Run Derby on Monday July 14.
Cal Raleigh’s nickname is Big Dumper2.
Within days, Cal announced a new endorsement…
273,000 views in one day is impressive for a “portable sanitation services” social post.
But check out the comments… people want Honey Bucket tee shirts.
That’s pretty wild.
TGIF.
I do.
He has a large rear end. It’s probably genetic, but he’s a catcher, so it’s also likely a result of his line of work.