Off topic and it’s not me this time but I personally have a bit of trouble with those emoticons.
I take the 
as an xD, which I use mostly as a facepalm or facetious “ouch”.
I use the 
as the laughing one.
I don’t really know when to use the 
.
I use the 
for embarrassment or blushing.
And I seriously miss the 
for sarcastic jerkery or zing proudness.
Modern emoticons are a mess if you ask me.
I used it because I thought “Hopefully nobody will ever have to understand it” was funny.
But since we’re going off topic, when I first started work as a junior in a company, there was a guy next to me who’d been there for 2 years. He wrote an email to the partner of the firm which was a normal request and ended it with a : ) smiley.
A few minutes later, he is shaking and asks me to look at his email. The partner had taken the smiley to have been sarcastic and ripped him a new one. There were phrases like “I will remember your name” and so on, there was basically half a page with the partner laying into him and hinting that his career was over.
They guy turned white and was asking “my email wasn’t bad was it?” and no, it wasn’t he made a normal nice request and the smiley was interpreted the wrong way.
Just like in real life, you’ll need to make an educated guess 
Good news for swiss investors with home bias : UBS released 2 months ago without any noise a SPI Extra ETF at 0,13% and ACC. Ticker SPIEXT. Even in CH we have plenty of ETF launch and fortunately they are not only slop!
It’s more diverse and less expensive as SPMCHA and SMMCHA.
UBS if you here me I would like now a RE Residential Fund for 0,15% please
Wow this is just great! Exactly what I have been missing for a looong time.
Found it totally randomly searching for CHF 15Y swaps on investing.com
I would never have bet this etf would be lunch by UBS honestly!
This launch was not commented anywhere. I do have a big bunch of it on my VIAC strategy and as the yield is not that huge I might be progressively switching to optimise tax.
I’ve seen SPI extra before in Viac is this the same thing?
Exactly the same index but now available with an ETF
Anyway we can debate the utility… SMI must be making 5% of revenue in CH and SPI Extra 15-20% max. The good news is Swisscom will soon leave the SMI so SPI Extra will become a slightly more domestic index
Do you prefer this (focus on mid/small cap) for your home bias VS the whole market (e.g. SPIA) ?
Is it due to the big-3?
I would prefer this for home bias. Smaller companies operate more locally and should be more aligned with the reasons to hold a home bias.
Also yes you avoid 50% of your exposure tied to three majority internationally operating companies.
Or you go 50/50 SMI/SPI extra or something. So you still partake in the large caps, but spread your exposure a lot more over smaller companies.
Just SPI is so top heavy, the rest of teh stocks almost don’t do anything.
Word of caution, SPI Extra has underperformed the SMI over the last 7 years. So if you must own it, don’t own a lot of it.
Main problem of SMI or SPI is this 50% exposure on 3 companies I agree
Why is recent underperformance of any relevance for the future and how much to hold of it?
By that logic hold less world, more Nvda.
Also if anything, the opposite would be more likely to be the case. Them being more underpriced and primed for outperformance.
It is actually ~35% on SPI (VS ~20% on SPI extra) but I get your points.
I also do not like SPI’s concentration but I am not sure either I would tilt so much to mid/small cap in the home bias part of the portfolio.
Some firms are better at capital allocation than others and many of these firms tend to be bigger (either now, or soon )
So you’re saying the size premium doesn’t exist and instead there is a large cap premium? 
I’d like some data with that please, because so far there is quite a bit of statistical analysis on the size premium and its existence.
Although there is some contention on that in the last years, but at the worst it’s 0 premium for smaller caps, not a premium for large caps.
Please never use the phrase “So you’re saying” in polite company, especially if you then go on to talk about something I specifically did not say
What I said is SPI Extra underperformed SMI over the last few years, and what I also said is that some firms are better at capital allocation than others - and that those firms tend to be bigger (either now, as a result of past successes in capital allocation, or soon, due to current successes in capital allocation).
What’s your point then? Waht’s your rationale for SPI extra continuing to underperform, which would go against capital market efficiency.
Saying large companies being better at capital allocation implies you believing in a large cap premium and them outperforming small ones. I don’t see how you could interpret this another way. And companies getting large due to efficient capital allocation means owning them when the yare smaller would be good, as you then participate in that growth.
The fact that it’s underperformed each of the last seven years
Momentum works
My favourite part of that interview:
CN - let me just get this straight, you’re saying that we should organise our societies along the lines of the lobsters