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But we saved everything 🙂.
Cullen Roche explains that when someone sells a stock, they receive existing cash, while buying a stock involves giving up their cash.
He adds that a trillion dollars of unrealized stock market value does not prevent any cash from being used to fund causes today, highlighting the distinction between market valuation and available liquidity.
Roche has previously discussed challenges for boutique ETF operators, citing the importance of distribution and networking for building funds in a note on ETF distribution. He has also examined the interest rate risk profile of BND compared to bond ladder portfolios, finding both options to have similar average duration and sequence of return risk in an earlier assessment. These past analyses reflect his focus on the mechanics of fund structure and portfolio construction.