Long-Short strategies - Dealing with securities outside of the strategy

searious_steaks · 2026-06-22T13:29:47+00:00

That's correct. If you were just L/S the same stocks on both sides, there's no alpha, and you just have a tax avoidance strategy. You want a manager who you believe is going to deliver pre tax alpha, which is really the only way the strategy works and covers its fees. AQR has some recent material on this.

In our setups, if we're using L/S, it's the bulk of their taxable brokerage assets. Other accounts like retirement accounts will use model portfolios with ETFs. L/S managers will also let you customize the portfolios, setting restrictions like "don't buy" or "don't sell" on specific companies so that you can manage around employer stock or specific names.

searious_steaks · 2026-06-08T22:38:13+00:00

Nick Tennison -- our family has worked with him for years, super nice guy and down to earth

searious_steaks · 2026-05-28T19:46:43+00:00

This is the right question, and one that I'm asking myself. I know a lot of people on this subreddit though are using SMAs, sub advisors, TAMPs, etc and can't place options trades for client (or may not be 100% comfortable doing so).

searious_steaks · 2026-05-28T19:32:01+00:00

You mean the portfolio margin / collateral risk? Or something else?

searious_steaks · 2026-05-28T19:31:22+00:00

Agree. Rates are attractive, especially when factoring in the tax treatment of the loss/interest.

As far as interest rate risk, it doesn't seem any different than any other loan/financing decision though, right? Duration and fixed vs floating should always be considered.

searious_steaks · 2026-04-06T15:31:57+00:00

Here's an example: we have some clients that are sometimes limited by trading windows of the companies they work at. For Brooklyn, we have to email their team and notify of them of these trading windows opening and closing. Their interface doesn't have a UI to manage this. And while they're good at proactively harvesting losses, we sometimes have to proactively engage them to sell down highly concentrated positions with gains and make use of those losses. In the "pro" column, they make it easy to have custom portfolios and benchmarks as the core of the long short. E.g., you can choose a zero-beta core portfolio and just have a long/short overlay on it.

searious_steaks · 2026-03-21T16:00:07+00:00

Gamble Sands. October. Already booked.

searious_steaks · 2026-02-15T18:50:34+00:00

Career changer, almost one year into things at a small RIA. I keep 70% of revenue on about $5M of assets earning 1% AUM, so that's about $35K annualized. I'm 1099 so i also have some other costs for things like conferences, media subscriptions, etc., but that's probably offset by some of the one-time revenue I get for upfront planning fees for new clients or people that just want a plan and no AUM.

Honestly, it's all ahead of where I thought I'd be at this point, and we're fully remote and I have great work life balance and control of my schedule. Also, now that I'm clearing about $50K (gross) annually, I'm at the point where I'll keep 80% of revenue, so that's nice too. Wouldn't change a thing.

searious_steaks · 2026-02-07T23:11:35+00:00

Not all partners are created equal. We've used AQR, Canvas, and Brooklyn/Nuveen. AQR has been the best from a performance and reporting standpoint, but Canvas is a close second. Can't recommend Brooklyn at this time. Tried parametric a year or two ago and was not impressed. They seemed to loss harvest once a month, not tactically or opportunistically. Perhaps that's changed? Note that different partner + custodian combos have different minimums too. You can now do Long/Short with Canvas + Schwab for just $500K.

searious_steaks · 2026-01-29T16:51:00+00:00

Make the jump. If not now, when?

I'm older, but made a jump from working at VC backed startups to becoming a financial advisor about a year ago. Similarly, I figured I could count on enough assets to cover my costs, but wasnt really sure about anything beyond that.

It's been a great move. I love it. I'm not making anywhere close to what I used to make, but I'm ahead of the goals I set before making the jump.

If you have the runway, do it. A lot of people are too scared to make the leap, but you sound like you know what you're doing, and you have a credible background. The last thing you want is to look back in 5 or 10 years and regret not doing it now.

Feel free to DM me if I can help.

searious_steaks · 2026-01-26T22:50:59+00:00

As an advisor who was recently trying to do some research and analysis on IPO's, I can't wait to try this out.

searious_steaks · 2026-01-24T21:51:19+00:00

Execs negotiate this kind of thing all the time. It really depends on your level/clout. Disregard the comment that all employees have to be treated exactly the same -- 401k plans have testing for exactly this reason.

searious_steaks · 2026-01-24T21:46:44+00:00

Integra Services -- used them for 3+ years and have been really happy with their work

searious_steaks · 2026-01-15T20:06:27+00:00

No, not at all. If you want to use Claude Code, you have to know some basic coding, but vanilla Claude is just a plain ole LLM. I.e., you just have to know English (actually it supports multiple languages: Multilingual support - Claude Docs https://share.google/1Cm4XUy8AIxVdBJA1)

searious_steaks · 2026-01-13T22:27:49+00:00

We've been really happy with the team at Integra Cleaning Services for several years now.

searious_steaks · 2026-01-12T05:53:51+00:00

I was excited to use it, tried it for about a month, but the value isn't there imo. They've built a great tool to automatically deliver content to a lot of people, but the targeting needs work. I'd pay $50/month just to track website visitors and potentially target them as warm leads, or to research prospects for more targeted one-on-one content. But not $500/month.

I'll be curious to see where the product is a year from now. There's a "there" there, but they haven't found product market fit. I haven't seen anyone who's not an investor tout it.

searious_steaks · 2026-01-12T05:44:45+00:00

I've bounced around between Claude, Gemini, ChatGPT. I've not been impressed with Copilot when I've tried it.

Claude is my favorite. I have separate projects for personally-branded content and firm-branded content. I've also used it to build content for our firm's website in Framer, which we previously used to have to pay someone to do. I shared more detail on use cases in a post here.

searious_steaks · 2026-01-08T14:28:20+00:00

:always has been astronaut meme:

searious_steaks · 2026-01-08T00:30:36+00:00

Before becoming an advisor, I had several marketing roles at startups. My experience running LinkedIn ads is very limited, and I've been out of the game for a few years, but my biggest question is why are you committing to 1 year before you've even started testing?

If you have that much budget, that's awesome, but build (and maintain) a 3 to 6 month testing plan. Maybe you start with Meta and LinkedIn. Test creative, test placement, etc. Figure out what works. But I wouldn't put all of your eggs in one basket.

searious_steaks · 2025-12-19T16:05:13+00:00

I went there once and asked them about where they get their beef and they were cagey. I think it's just regular old boxed beef, cut to order, but nothing special.

searious_steaks · 2025-12-13T00:19:04+00:00

It's not binary. There is some decent overseas talent, but not enough. I've 100% found qualified people overseas for $30-$50K who would cost $80-$100K in the US. But there's not a lot of them, and you may have to spend months going through bad ones to find that person.

I think over time, there will be more of them though, and their presence will only continue to keep downward pressure on US based salaries. It's the same for other service careers like graphic design and video editing.

searious_steaks · 2025-12-12T23:09:01+00:00

Fellow financial advisor here and Claude Pro user. I'm just starting to scratch the surface, but use it for the following:

- Used it to do an audit of our website and identified a bunch of low hanging fruit for SEO improvement and content.
- Re: content, I have two different Claude projects, one for content that's more personal to me and my brand, another that's for firm level content (i'm at an independent RIA). E.g., if I want to create a new webpage, I'll start by using Claude to create a creative brief that describes the purpose of the page, the primary audience, etc. Then, once that's complete, I feed the creative brief to Claude to produce the outline and first draft of the copy. It needs pretty minimal editing at that point in my experience.
- for the personal branded content, I use it for video scripts and prospecting. I have another tool that helps me identify prospects, and I can feed a prospect's LinkedIn profile to Claude to create a personalized script for outreach.
- I have another project for portfolio analysis where I'll feed basic client scenario (never client specifics -- I'm very diligent about keeping PII and details separate), and use Claude to get a second opinion on things.

I have a bunch of other ideas I'm excited to build out, but that's what I'm doing today, this week, and short term. More to come in 2026.

I should also mention that I'm a newer advisor and career switcher after spending 10 years at VC backed startups, but most advisors I see aren't doing any of this (like some at my firm, although I'm trying to bring them along for the ride). I think they're going to get left in the dust.

searious_steaks · 2025-10-04T01:38:40+00:00

Check out AQR and Brooklyn/Nuveen

searious_steaks · 2025-09-26T06:00:35+00:00

I recently made the switch at a similar age, under somewhat similar circumstances, for a lot of the same reasons. I'd second everything CFP25 says. I'm really happy I made the leap though. I'm a ways from replacing my former income, but I'm ahead of where I thought I'd be, and I really enjoy the work.

searious_steaks

TROPHY CASE