@JMihaljevic @stripe Let’s say we agree that this is true. What is still palpably mispriced?

@TheBenSchmark @stripe Don't have a great answer, unfortunately.

@JMihaljevic @stripe How do large money center financial institutions fit in with this? $C $BCS $GS

@cercurusglobal @stripe Honestly, I think they'll have a role to play in the transition period but will not be needed after that. In order to stay relevant, they will need to reinvent themselves.

@JMihaljevic @stripe Did you hear @arachleff on @InvestLikeBest ? Asset mgmt is the worst type of bytes - legacy excel and email. Disruption from direct share ownership vs unitised legacy. How many PMs add the 6% taxed alpha that WF gets from stock-level tax loss harvesting on passive indices?

@dividend_monkey @stripe @arachleff @InvestLikeBest Good point, though I know too little about tax loss harvesting on passive indices.

@JMihaljevic @stripe How are insurers getting disrupted? 🤔

@FIGfluencer @stripe Auto insurance seems the most obvious target for disruption due to the high-frequency, low-loss nature of it. It will become even more commoditized as (self-)driving data collection ramps up. On the flipside, I don't see Ajit Jain-style insurance getting disrupted any time soon.

@JMihaljevic @stripe The digital transformation (aka ‘software is eating the world”) is arguably the most important investing theme to follow and work to understand. We are living through an unprecedented transformation and disruption. Hard to overstate it. This time is different.

@JMihaljevic @BillBrewsterSCG @stripe The regulation around big finance has worked at protecting them from competition. I guess that will eventually change.

@JMihaljevic @BillBrewsterSCG @stripe Once the digital currency gets traction, you will just have a checking account with the Fed basically. What will then be the point to have a checking account with a bank?

@JMihaljevic @stripe But it’s not regulated. Curious how you think these guys are going to step around/under the red tape. Many will/are, but mass proliferation of your thesis will require a blessing from a higher power (govt or otherwise) I think, no?

@JMihaljevic @BillBrewsterSCG @stripe Can't say much about Chanos with his Tesla short and that's anything "bits and bytes".

@JMihaljevic @stripe Banks are def moving beyond bits tho, i cannot even remember the last time i visited a bank branch.