"And yet they have no problem complaining about that which they have no interest in."

"What I find particularly interesting about this discussion is how portfolio growth can change the nature of the risk we're taking, even when we haven't made a single investment decision. A portfolio that has doubled since the 2022 lows may look very different today, not only in terms of asset allocation but also in terms of what that capital now represents in someone's life. I don't think rebalancing should necessarily be automatic simply because an allocation has drifted from its original target. But I also wouldn't dismiss the increased risk just because much of the growth came from investment gains. Perhaps the more useful question is whether the portfolio still serves the same purpose it did four years ago. If those gains have brought someone significantly closer to financial independence, protecting part of that progress might make sense. For someone with a longer horizon and secure income, the answer could be quite different. The interesting part is that the same portfolio allocation can be perfectly reasonable for one investor and uncomfortable for another, depending on what the money is ultimately meant to accomplish."

"This is one reason why people hate insurance companies."

"Dan, those conversations can stay with us long after a vacation ends. I appreciate your distinction between getting a glimpse of someone’s life and knowing what it’s like to live it. Your point about people struggling at home is well taken, too. Gratitude and generosity shouldn’t depend on which country we’re visiting. Your reflection on your tax practice also resonates. We can be proud of what we’ve built while recognizing that others may have faced obstacles we never had to consider. That awareness is something I want to carry with me, both in the Philippines and here at home."

"Rather than debate the point, I would just note that practically all of the investing and personal finance experts I follow recommend some kind of international allocation. As I recall Jonathan Clements liked holding the global stock market as represented by Vanguard Total World Stock Index Fund ETF (VT) where international is well more than a third. Adam Grossman says for diversification purposes there’s not much point in holding more than 20 percent. But virtually all recommend some kind of international allocation. "

"lol, of course both the Mudhens and Tony Packos are musts on the game."

"Your fellow taxpayers say “you’re welcome.” 😁"

"We are giving much more than we ever have, but we still find it hard. In fact we have a couple DAF's (donor advised funds, essentially deferred giving) that have grown larger than most people's net worth. Why is it so hard to give money away? For us, having always been very frugal, a big barrier is the loss of control. Once we give away the keys, someone else will make the decisions about how to drive. I try to calm this fear by reminding myself that I am also an inadequate, imperfect, deficient manager, and that giving away control is just like diversification, which in the long run will lead to a greater and more stable return on investment. We'll try to keep working on it!"

"For what it is worth, I did a complete analysis with ChatGPT. Ran alternate conversion strategies, did sensitivity analysis and simulations that tweaked several parameters at the same time (had to specify some probabilities of various parameters). I cross-checked with a multi-page excel worksheet that i had coded. The answers were within spitting distance, and the overall strategy was clear cut. The AI prompt is the key -- you must tell it your goal and provide guidance (e.g., account for mortality risk). Finally, I only provided aggregate data to the AI (to nearest $100K to maintain some anonymity."