Monetary Systems and Market Commentary by Cullen Roche
SP500 companies now have shorter average lifespans, Cullen Roche notes
Cullen Roche observes that the average tenure of an SP500 firm has decreased from 30 years in the 1970s to 15 years today. He discusses how companies are growing and dying at a faster rate, ...
Cullen Roche: Stock sales do not lock up cash for current causes
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 ...
Distribution shapes fund success, Cullen Roche notes
Cullen Roche shares personal insights from operating a boutique ETF. He explains that distribution is the most critical factor, describing the difficulty of attracting assets to newer funds. Roche ...
Cullen Roche: Risk profile questionnaires may be too subjective for investors
Cullen Roche critiques the effectiveness of "risk profile questionnaires" commonly sent to clients over a 20-year period. He observes that these questionnaires, which probe for emotional responses ...
BND and bond ladder portfolios show similar interest rate risk, Cullen Roche assesses
Cullen Roche raises the question of whether BND would have generated better results than a 10-rung bond ladder for someone facing sequence of return risk. He notes that both portfolios show ...
Cullen Roche: Three financial topics for Memorial Day reading
Cullen Roche shares his latest 'Three Things' list for readers seeking financial insights over Memorial Day. He highlights three discussion points: the high cost of dying and planning for it, ...
Nvidia delivers strong earnings reports every quarter, Cullen Roche notes
Cullen Roche commented on an individual repeatedly shorting Nvidia. According to Roche, Nvidia has posted blockbuster earnings every quarter for the last 5 ...
Cullen Roche: TBill and Chill strategy on $10 million comes with reinvestment risks
Cullen Roche raises the question of whether it is advisable to take a 'TBill and Chill' approach with $10 million. He suggests that while this could be possible, a good financial advisor might ...
Passive indexing represents true macro investing approach, Cullen Roche notes
Cullen Roche, industry influencer, suggests that the essence of macro investing is best exemplified by passive strategies such as those offered by Vanguard and DFA. He points out that the idea ...
Cullen Roche: Jerome Powell receives C+ for handling of U.S. fiscal expansion
Cullen Roche, industry influencer, gives Jerome Powell a final grade of C+ for his tenure as Federal Reserve Chairman. Roche views Powell as generally competent but believes his reliance on the ...
Asset-liability matching approach introduced for financial advisors, HourglassFP notes
HourglassFP, industry influencer, has introduced a new video walkthrough of the asset-liability matching software HourglassFP Pro. The influencer emphasizes that this methodology is unfamiliar to ...
JD Hickey: Asset-liability matching tool reconfigured with single stage ALM approach
JD Hickey, industry influencer, reports developing a sophisticated three-stage asset-liability matching (ALM) tool using GPT, spending a significant part of 2025 on the project. He has now used ...
Brokerages replace legacy revenue streams as centralization fades, Cullen Roche argues
Mutual funds are being phased out, and brokerages are looking for ways to replace their traditional sources of revenue. Cullen Roche suggests that instead of adapting to new trends, these firms ...
Cullen Roche: Fund volatility measure fails to reflect historical $5% drawdowns
Cullen Roche cautioned that a specific financial instrument is not comparable to a money market fund. Roche noted that the fund measures annualized volatility based only on trailing one-month ...
Government assets like land and tax receipts are often overlooked, Cullen Roche argues
Cullen Roche challenged the way some articles evaluate the U.S. government’s financial position. He noted that reported government balance sheets frequently exclude major assets such as ...
Cullen Roche: Mortgage rates at 6.4 percent, gasoline prices rise 30 percent YTD
U.S. mortgage rates have reached 6.4 percent while gasoline prices are up 30 percent year-to-date. Cullen Roche shares these figures, noting significant movements in both housing and energy costs. ...
Banking scam narrative disputed reserve requirements outdated, Cullen Roche says
Banking is sometimes portrayed as a scam, but this portrayal is strongly disputed. Cullen Roche addresses misconceptions about banking, particularly the portrayal of banks as operating ...
Cullen Roche: Labor market weakness and rising gas prices threaten economic outlook
Concerns are mounting over the state of the economy as rising gas prices combine with deteriorating labor market conditions. Cullen Roche shared his view that this combination could hasten an ...
