A 100% Wipeout: The Awkward Truth About Taiwan's Large-Cap Active Funds — and One Twist
SPIVA data show Taiwan large-cap active funds all lagged in 2024, while about 90% of small/mid-cap managers won. The key is market structure.
Asset Allocation
Why Can't Active Funds Beat the Index Long-Term? The Buffett Bet and the SPIVA Verdict
Buffett's wager and SPIVA data show why most active funds struggle to beat the index over long horizons, and why benchmark choice matters.
The Marathon Fund "Beats 0050"? Switch to a Total-Return Yardstick and It Loses to the Market by a Length
Capital Taiwan Marathon may look strong against 0050, but the conclusion changes when measured against a total-return Taiwan market yardstick.
BDC ETF Landscape: BIZD, PBDC & the Direct Holdings Decision Framework
The 12.86% expense ratio is a regulatory disclosure illusion — the real cost is 0.41%. Complete comparison of BIZD passive, PBDC active, and direct holdings. The 10-year CAGR gap is 3.84% per year. A five-step decision framework to find your path.
When Risk Appetite Reverses: Why I Permanently Excluded ARK-Type Narrative Assets
Some losses erode more than capital — they erode judgment and discipline. My 2020–22 ARK losses became the catalyst for a probability-based options-seller system. The Narrative Asset Filter permanently excludes assets that are valuation-opaque, cash-flow-free, and narrative-dependent.
The Passive Income Flywheel: Growing QLD with SPYI + QQQI — A 5-Year Compounding Plan That Runs Itself
Core capital in SPYI + QQQI (covered call ETFs, ~13% blended yield). Monthly dividends auto-invest into QLD + USD (2× Nasdaq/Semis) via IBKR — zero daily monitoring. 2014–2024 proxy backtest: $93K → $942K (10.1×). $300/month DCA: $39.6K → $153K, IRR 13.1%. Rebalance twice a year.
Discipline Has a Price: Why TCAF Wins and RVER Loses
RVER and TCAF are both actively managed GARP ETFs with similar expense ratios, but turnover differs by 6x and AUM differs by 50x. This four-dimensional comparison dissects what active management really delivers — discipline is what gives alpha its market price.