TSA Wealth Management

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TSA Wealth Management A firm dedicated to the specific investing, tax, and estate planning needs of income-focused retirees in Houston. Full disclosure at https://tsawm.com/

TSA Wealth Management is a Securities and Exchange Commission-registered investment advisor.

Not every “tax-free” muni bond is actually tax-free.Munis are more attractive than they’ve been in years, but there’s a ...
10/09/2026

Not every “tax-free” muni bond is actually tax-free.

Munis are more attractive than they’ve been in years, but there’s a catch. If you buy a muni bond at a steep discount (more than 0.25% per year until maturity), the gain becomes taxable at ordinary income rates. With rates up so much, many older bonds now trade at 60 or 70 cents on the dollar, so the highest quoted yield isn’t always the best deal.

Read the full note here: https://www.swanburg.com/p/when-tax-free-munis-arent-tax-free

Robinhood just announced AI trading agents for everyday investors, pitched as tools "once reserved for hedge funds."Soun...
10/02/2026

Robinhood just announced AI trading agents for everyday investors, pitched as tools "once reserved for hedge funds."

Sounds exciting, but it's worth asking who benefits. Platforms earn more when people trade more, and research has long shown that the more often retail investors buy and sell, the worse they tend to do.

Sophisticated isn't the same as better. Read Jonathan's full note here: https://www.swanburg.com/p/robot-hedge-fund-strategies-for-all

Yesterday we hosted a seminar covering a market recap, the psychology of investing, and how politics (including the upco...
09/18/2026

Yesterday we hosted a seminar covering a market recap, the psychology of investing, and how politics (including the upcoming midterms) can cloud our decision-making.

The takeaway: neither your predictions nor your feelings tell you what markets will do next. Keep that in mind before making any moves with your portfolio.

https://www.swanburg.com/p/confident-divided-and-probably-wrong

Long-term averages are all that matter while you're saving, but once you start withdrawing, the order of good and bad ye...
09/04/2026

Long-term averages are all that matter while you're saving, but once you start withdrawing, the order of good and bad years can make or break your retirement, even with identical average returns. Two retirees with the same 7% average return can end up in totally different places: one thrives, the other runs out of money, depending on whether losses hit early or late. The fix: keep a cash reserve and a flexible spending plan so a downturn doesn't force bad decisions under pressure. https://open.substack.com/pub/swanburg/p/sequence-of-return-risk?r=1tn7mx&utm_campaign=post&utm_medium=web

It's easy to assume stocks are just getting irrationally expensive. But when you break down the S&P 500's year-to-date r...
08/28/2026

It's easy to assume stocks are just getting irrationally expensive. But when you break down the S&P 500's year-to-date return, the story looks different: the vast majority is coming from actual earnings growth, not investor optimism. In fact, if investors were paying the same premium for earnings today as they were at the start of the year, the market would be nearly 10% higher than it is right now.

In other words, stocks have gone up AND gotten cheaper at the same time.

https://open.substack.com/pub/swanburg/p/the-market-went-up-it-also-got-cheaper?r=1tn7mx&utm_campaign=post&utm_medium=web

Stocks are up double digits this year. Bonds are down 0.69%. So why own bonds at all?Because they're not trying to do th...
08/21/2026

Stocks are up double digits this year. Bonds are down 0.69%. So why own bonds at all?

Because they're not trying to do the same job. Nobel laureate Harry Markowitz said his own asset allocation wasn't about maximizing returns, it was about minimizing future regret. And today's higher rates mean bonds are paying far more than they did a few years ago: the same $1 million Treasury that generated $5,000/year in 2020 now generates $47,000.

Diversification means something is always disappointing you. That's the point.

Full note here: https://www.swanburg.com/p/remembering-why-we-own-bonds

Address

5718 Westheimer Road Ste. 950
Houston, TX
77057

Opening Hours

8am - 5pm

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+17137359217

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