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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 8 May 2016
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      Every so often I get a glimpse of the pre-software economy and just shudder. Today, purchasing mutual funds.

      1 reply 0 retweets 20 likes
    2. Patrick McKenzie‏ @patio11 8 May 2016
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      Replying to @patio11

      When opening my wife's investment account, they suggested we use Internet banking for maintenance in preference to buying funds at counter.

      1 reply 0 retweets 3 likes
    3. Patrick McKenzie‏ @patio11 8 May 2016
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      Replying to @patio11

      "Wait, humor me a second: what does one have to do to purchase a mutual fund over the counter. If, I don't know, computers are hard for us."

      1 reply 0 retweets 2 likes
    4. Patrick McKenzie‏ @patio11 8 May 2016
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      Replying to @patio11

      "Oh you fill in a form, get read part of the prospectus, and then hand over the money. Want to see the form?" "How long?" "15 fields."

      1 reply 0 retweets 3 likes
    5. Patrick McKenzie‏ @patio11 8 May 2016
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      Replying to @patio11

      "What's the average time for completion?" "About 10 minutes -- 15 if you have questions about the fund." "Transaction size?" "$100."

      1 reply 1 retweet 3 likes
    6. Patrick McKenzie‏ @patio11 8 May 2016
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      Replying to @patio11

      My brain seized by image of thousands of college graduates reading thousands of college graduates mandatory disclosures. Every day. Forever.

      1 reply 4 retweets 7 likes
    7. Patrick McKenzie‏ @patio11 8 May 2016
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      Replying to @patio11

      Discount brokers almost completely eliminated this in US, are on the way towards killing it in Japan, and THAT IS MUCH BETTER FOR EVERYONE.

      2 replies 2 retweets 4 likes
    8. Patrick McKenzie‏ @patio11 8 May 2016
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      Replying to @patio11

      (It will surprise no one that if you go to the counter they give you ~10 options and ~8 of them are high-load, high-fee mutual funds.)

      1 reply 0 retweets 5 likes
    9. Patrick McKenzie‏ @patio11 8 May 2016
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      Replying to @patio11

      (Even the index fund option charges like 65 basis points, which is about 10X as expensive as total market index funds should cost.)

      3 replies 0 retweets 4 likes
    10. (have-YER! Candeira)‏ @candeira 8 May 2016
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      Replying to @patio11

      (have-YER! Candeira) Retweeted Patrick McKenzie

      @patio11 Look at the fees for FREAKING VANGUARD INDEX FUNDS in Australia, and weep. (0.9% for first $50.000)https://twitter.com/patio11/status/729546441123725312 …

      (have-YER! Candeira) added,

      Patrick McKenzie @patio11
      Replying to @patio11
      (Even the index fund option charges like 65 basis points, which is about 10X as expensive as total market index funds should cost.)
      1 reply 0 retweets 0 likes
      Patrick McKenzie‏ @patio11 8 May 2016
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      Replying to @candeira

      @candeira Crikey. (Not ironic use of crikey.)

      10:55 PM - 8 May 2016
      1 reply 0 retweets 0 likes
        1. (have-YER! Candeira)‏ @candeira 8 May 2016
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          Replying to @patio11

          @patio11 Crikey indeed. People in "the lucky country" don't realise how much they're rorted. I won't tell you the price of mobile bandwidth.

          0 replies 0 retweets 0 likes
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