Blog & News
Gerard Michael
Centralized vs Advisor-Led Portfolio Management
It's about culture and business model, not which is better for customization.
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Gerard Michael
Direct Indexes Are Great. Direct Index SMAs Are Bad.
Direct indexes outperform comparable ETFs on an aftertax expected basis. But direct index ...
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Gerard Michael
Video: The Downside of Sleeves
Sleeves are expensive, bad for tax management and, in the presence of customization and ...
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Gerard Michael
Video: The Sleeves Conundrum
Sleeves were created for one purpose, but now they’re used for another. It’s not a good ...
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Gerard Michael
Q&A: The Case Against Sleeves
A follow up to "The Case Against Sleeves"
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Gerard Michael
The Case Against Sleeves
A detailed look at the drawbacks of sleeve-level reporting
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Gerard Michael
A Guide to Mutual Funds vs. SMAs
SMAs are better than mutual funds for most assets. But they won’t replace mutual funds ...
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Gerard Michael
A Guide to SMAs and UMAs
A deep dive into the history and current meaning(s) of SMA and UMA.
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Gerard Michael
The Ultimate Guide to Sleeves, Part II
Between a rock and hard place: managing client interests versus client expectations when ...
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Gerard Michael
The Ultimate Guide to Sleeves, Part I
We want to talk about sleeves. Not the things on your shirt, but sleeve-based portfolio ...
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