Paul Bouchey (former Parametric CIO) is speaking at Basis Northwest
Plus... is AI for real this time...?
Basis Northwest registration is open.
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I'm pleased to announce that Parametric's Managing Director of Applied Research (and former CIO), Paul Bouchey, will speak at Basis Northwest.
I first stumbled on Paul's work in 2011, when he co-authored "Is Your Alpha Big Enough To Cover Its Taxes? Revisited" with Rob Arnott and Andrew Berkin.
They revisit the classic Jeffrey & Arnott (1993) finding and confirm that most active managers fail to generate enough pretax alpha to offset the tax drag created by portfolio turnover, which costs taxable investors 1 to 3 percentage points annually.
Basis Northwest registration is open.
See you in Seattle, WA, May 28-29, 2026.
p.s. I’m in Miami for Future Proof.
The festival is focused on AI.
From late 2022 until, like, January of 2026, AI was a silly toy that wrote slop follow-up emails and drew uncanny valley pictures.
But things have changed.
…I think?
To get to the bottom of it, I ran a short panel with 3 close friends who have nothing to do with the wealth management industry.
They’re hands-on-keyboards software developers, each with more than 20 years of experience (“graybeards,” in the lingo), who aren’t selling anything.
Notes from that call coming on Thurs.