Think I got it earlier, unless you are still seeing it somewhere?
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Great writeup! A typo: "$2.26 in net interest" should say "2.26% in net interest" (unless you've found an investment that turns one dollar into $2.26 in a year :P)
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Fixed, thanks.
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That was brilliantly clear and insightful. So it seems like attractive interest rates (eg at Wealthfront and Marcus) on cash (narrowing spread) is likely to be quite disruptive if it catches on.
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I think that the combination of a few big banks and brands willing to do attractive spreads plus the increasing perceived velocity of money due to it being on an app all the time implies bad things for companies which depend on cheap inertia-bound deposit sources.
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Great read, thanks! Would you mind clarifying how you go from 200 to 20 when you write "The 200 basis point spread between cash in brokerage accounts and money market funds... is equivalent to a 20 bps asset management fee across the portfolio"?
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If you pay 200 basis points on 10% of your assets that is equivalent to paying 20 bps on your portfolio.
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