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20 Years. 20 Lessons. Still Taking the Long View.
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Category: Timely Topic
The Longview Advantage ETF: Your Fund, Built for the Long View
We created the Longview Advantage ETF (EBI) to give our clients the best of evidence-based investing at the lowest possible cost. In this update, Matt Hall and Matt Zenz share how it’s working.
TRANSCRIPT
Matt Hall:
Okay, I told you we’re gonna do more videos. We’re doing another video. I’m here with Matt Zenz, CIO of Hill Investment Group, and the architect of our ETF. We thought it might be fun for you and important to just know a little bit more about the Longview Advantage, ETF. And Matt, one of the things that we’re really proud of that we haven’t communicated maybe to our audience is the Longview Advantage.
ETF symbol EBI is getting a lot of attention. What should our clients know about it? What’s the most important thing they should understand?
Matt Zenz:
Yeah, I think there’s kind of two different ways to look at this. The first is, as an evidence-based investor, which we all are, all of our clients are, is that you win because this is designed better. We combined all of the most compelling ideas across the evidence-based community into one fund. And then we’re implementing it without compromise. Because we’re smaller, which we all are, all of our clients are, is that you win because this is designed better. We combined all of the most compelling ideas across the evidence-based community into one fund. And then we’re implementing it without compromise.
Because we’re smaller, because we’re more nimble, we’re able to more effectively go after what the evidence says. You’re able to pick up the pennies, and that means wins means higher returns for you as a client, but then also as a client of Hill Investment Group, you get to win again because you get this strategy at cost. We don’t charge our clients for it. So that means we run it at the lowest possible cost to our end clients. Our clients save about a half a million dollars a year in fees because they’re, because they aren’t paying what they were paying before some of the other managers. And so you get to win both on the structure of the fund and also the cost of the fund.
Matt Hall:
Yeah. Well that’s obviously a home run. And how has it performed since February? Since it launched?
Matt Zenz:
It performed exactly as it was designed, on par with what we would expect based on how we designed the strategy.
We want to emphasize smaller, deeper value, more profitable companies. We’ve been able to do that as a structure, and the performance has been exactly in line with what you would expect for that type of portfolio.
Matt Hall:
Awesome. Well, thanks for sharing that. To all of our clients, thank you for your support. We’ve had unbelievable confidence in the strategy and just wanted to share this update with you. Let us know if you have any other questions.
Markets Don’t Wait for Official Announcements
Over the last several months, “tariffs” have made frequent headlines. They’re on. They’re off. They’re up. They’re down. Understandably, many investors are asking: How will this affect my portfolio?
Here’s the short answer: the market doesn’t wait for official announcements—good or bad. Every second global financial markets are open, prices are adjusting in real time to reflect all known information, whether that information is accurate, speculative, or incomplete.
This is why reacting to headlines or trying to time the market based on “breaking news” often proves unproductive. The news is already priced in.
At Hill, we help clients build portfolios rooted in long-term planning, academic research, and thoughtful consideration of risk. These portfolios are designed with the understanding that market fluctuations and unexpected headlines are part of the journey.
Rather than react to each new cycle of uncertainty, we focus on your plan, your risk tolerance, and the full breadth of evidence available. This approach is intended to help clients remain invested and confident, even in the face of short-term volatility.
The included graphic from Dimensional illustrates how markets respond to news events. It highlights a consistent truth: while headlines can move markets temporarily, disciplined, diversified investors who stay the course are often better positioned over the long term.
If you have questions about how your portfolio is structured to weather market headlines—or want to revisit your plan—we’d be happy to talk.
20 Years. 20 Lessons. Still Taking the Long View.
What 20 Years Have Taught Us
Twenty years ago, we launched Hill Investment Group with a simple idea and a bit of idealism. We called our firm the Island of Idealism: a place where evidence mattered more than ego, long-term thinking trumped short-term noise, and clients could breathe a little easier knowing they had a guide they could trust.
That idealism is still with us. But over two decades, it’s been sharpened by experience. We’ve helped clients weather storms, tune out the headlines, and stay committed to plans built for decades, not days.
In the spirit of reflection, I reached out to my co-founder, Rick Hill, to help compile this list. Rick is now retired, but his thinking (and our friendship) continues to shape our work and HIG culture.
Here are 20 lessons we’ve learned in 20 years. Some are personal. Some are practical. All of them are built to last.
20 Lessons in 20 Years
1. Evidence beats emotion.
2. You don’t need to predict the future to build wealth. You need a process.
3. Costs, taxes, and behavior matter more than market forecasts.
4. Markets reward discipline, not cleverness.
5. Diversification is the only free lunch. Eat it every day.
6. A sound allocation only works if you stick with it. Education builds confidence, and confidence fuels discipline.
7. Our most successful clients are curious and engaged. They’re fun to work with, understand the philosophy, and like to delegate.
8. Listening is more powerful than convincing.
9. Trust is earned through credibility, reliability, and intimacy, not promised through performance.
10. Simplicity makes people feel smart. Complexity makes them feel confused. We care deeply about simplicity.
11. People want progress, not perfection.
12. Culture matters and should be tended like a garden.
13. High standards are contagious. So is apathy.
14. You don’t need to be big to be mighty.
15. The right people are worth the wait.
16. Saying no creates space for what matters.
17. Don’t check your portfolio when the world feels upside down. Check your plan.
18. The Stockdale Paradox applies to investing: Confront the facts, believe in the outcome. Untether from the short term.
19. Market volatility is normal. History proves it. You get paid for tolerating the bumpy ride.
20. Take the long view. It’s the only one that works.
Whether you’ve been with us since the early days or just recently joined the journey, thank you for trusting us. We’re proud of what we’ve built, and we’re even more excited about what’s ahead.
Still client-focused. Still evolving. Still taking the long view.
For your further exploration
- Hear the origin story: Matt & Rick on the “Island of Idealism”
- Read about it in Odds On: The Making of an Evidence-Based Investor
- ️Explore the Stockdale Paradox in this podcast episode
