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Re: Bridgeway Omni SCV (BOTSX) vs PXSV

Thanks jaab for your references, quotes and comments. I got through sidenote #1 yesterday and some of its pdf references. It's a bit more than I'm able to fully digest, but I gathered the gist of much of it and found it interesting. It certainly reinforces my inclination to take HML (and really fact...
by Angst
Thu Sep 18, 2014 6:30 pm
 
Forum: Investing - Theory, News & General
Topic: Bridgeway Omni SCV (BOTSX) vs PXSV
Replies: 31
Views: 2395

Re: LifeStrategy Growth vs Three / Four Fund

Hmm I come up with $17 per 10K of the LifeStrategy Growth Fund but $17.62 when I price out the individual funds inside. But you are right the cost goes down to $8.84 per 10k when you factor in Admiral funds. So there is the answer And as soon as you can qualify for Admiral status on even just the l...
by Angst
Wed Sep 17, 2014 1:16 pm
 
Forum: Investing - Help with Personal Investments
Topic: LifeStrategy Growth vs Three / Four Fund
Replies: 8
Views: 642

Re: Feeling smug until 10 year ROR from Vanguard

If it's not an IRR - then it really isn't the snapshot of actual returns that the OP seems to think it is. Below Vanguard's performance graph and off to the right side, Vanguard has a link " See how we calculate performance " which states: Calculation method. Personal performance uses a f...
by Angst
Wed Sep 17, 2014 12:06 pm
 
Forum: Investing - Theory, News & General
Topic: Feeling smug until 10 year ROR from Vanguard
Replies: 78
Views: 6948

Re: Bridgeway Omni SCV (BOTSX) vs PXSV

Thanks Larry,
I appreciate your responses and I've gotten a lot out of this thread.
Angie
by Angst
Wed Sep 17, 2014 11:34 am
 
Forum: Investing - Theory, News & General
Topic: Bridgeway Omni SCV (BOTSX) vs PXSV
Replies: 31
Views: 2395

Re: Vanguard's Website - Bad, or just me?

In regards to the OP, automatic rebalancing strikes me as problematic. Do any of the likes of Fidelity, TRowe, TDAmeritrade, etc. offer it? TIAA seems somewhat like an unfair comparison. E.g., my 401k is with Vanguard and we DO have automatic rebalancing. Well, I think you have to make it do it ever...
by Angst
Wed Sep 17, 2014 11:27 am
 
Forum: Personal Consumer Issues
Topic: Vanguard's Website - Bad, or just me?
Replies: 36
Views: 2259

Re: Vanguard's Website - Bad, or just me?

Welcome bmorgy! Yes it's a little sad, but maybe you can just consider it a part of the price of admission? :? Functionality and usefulness (or lack thereof) aside, beware in particular of some of the Vanguard reports that purport to "analyze" your data and accounts. I simply don't bother ...
by Angst
Wed Sep 17, 2014 12:04 am
 
Forum: Personal Consumer Issues
Topic: Vanguard's Website - Bad, or just me?
Replies: 36
Views: 2259

Re: Bridgeway Omni SCV (BOTSX) vs PXSV

Thank you jaab,
that's really helpful information. I appreciate it.
Angie
by Angst
Tue Sep 16, 2014 10:03 pm
 
Forum: Investing - Theory, News & General
Topic: Bridgeway Omni SCV (BOTSX) vs PXSV
Replies: 31
Views: 2395

Re: Bridgeway Omni SCV (BOTSX) vs PXSV

Don't know if this will help but .. First, value investing is about buying assets with low prices to some metric Second, financial economists have tested many common metrics like p/b, p/c, p/s, p/d, p/e, p/ebitda, etc. They all show value premiums, differing in size depending sometimes on the time ...
by Angst
Tue Sep 16, 2014 8:00 pm
 
Forum: Investing - Theory, News & General
Topic: Bridgeway Omni SCV (BOTSX) vs PXSV
Replies: 31
Views: 2395

Re: Bridgeway Omni SCV (BOTSX) vs PXSV

^ No worries Angst! I find that it's easy to lose track of threads myself. HML is the most popular definition of value in the literature. But my impression is that this choice is mostly arbitrary. We could just as well definite the value factor using cashflow or earnings or dividends instead of boo...
by Angst
Tue Sep 16, 2014 5:09 pm
 
Forum: Investing - Theory, News & General
Topic: Bridgeway Omni SCV (BOTSX) vs PXSV
Replies: 31
Views: 2395

Re: Wake up, Vanguard: It ain't 1976 anymore!

I don't think this has anything to do with Vanguard keeping or not keeping pace with technology. I think you're expectations are unrealistic for a variety of reasons. For example, if you closed and/or opened an account in the last 10 years, why would Vanguard track it? How would they? Is it even po...
by Angst
Sun Sep 14, 2014 5:44 pm
 
Forum: Investing - Theory, News & General
Topic: Feeling smug until 10 year ROR from Vanguard
Replies: 78
Views: 6948

Re: Should I put money in HSA account if health care is cove

As grabiner said, an HSA is a great retirement savings account, better perhaps than anything else b/c it's tax deductible going in and untaxed coming out. If you really do have an HSA, rather than an FSA or something else, I'd suggest you go to our Wiki and familiarize yourself with the HSA details....
by Angst
Sun Sep 14, 2014 9:10 am
 
Forum: Investing - Help with Personal Investments
Topic: Should I put money in HSA account if health care is covered?
Replies: 5
Views: 727

Re: Share your Hot-Rod Portfolio

Ok pk,
forgive me, but here comes my Dizzy Dozen:

20% Total Stock
10% Extended Mrkt
5% VBR SC Value
5% PXSV SC Value
5% RZV SC Value

20% Total Int'l
10% SmCap Int'l
5% DSL Int'l SC Value
5% EWX EM SC
5% DGS EM SC Value

5% REIT US
5% REIT Int'l
by Angst
Sat Sep 13, 2014 5:58 pm
 
Forum: Investing - Theory, News & General
Topic: Share your Hot-Rod Portfolio
Replies: 52
Views: 3508

Re: Wake up, Vanguard: It ain't 1976 anymore!

We should not have to import everything into our own spreadsheets in order to ask questions about and play with the data in our Vanguard accounts. It ain't 1976 anymore! Wait, why shouldn't you? Where would they get your data going back to the 70's from? They certainly aren't going to go to the eno...
by Angst
Sat Sep 13, 2014 4:58 pm
 
Forum: Investing - Theory, News & General
Topic: Feeling smug until 10 year ROR from Vanguard
Replies: 78
Views: 6948

Re: Wake up, Vanguard: It ain't 1976 anymore!

I've said it before: If Vanguard doesn't wake up to this shortcoming/opportunity, someday someone else, be it Schwab, Fidelity, Wealthfront, Betterment or maybe someone we haven't heard of yet, is going to leap-frog Vanguard by providing similarly inexpensive indexed investment products with a far ...
by Angst
Sat Sep 13, 2014 4:11 pm
 
Forum: Investing - Theory, News & General
Topic: Feeling smug until 10 year ROR from Vanguard
Replies: 78
Views: 6948

Wake up, Vanguard: It ain't 1976 anymore!

WARNING: Vanguard IT Reports are to be taken with a few grains of salt. Vanguard's best reputation has nothing to do with the quality (nor accuracy) of its various reports, portfolio viewers, etc. What you are looking at here is not a legal, financial statement. It is a pretty, graphical webpage pre...
by Angst
Sat Sep 13, 2014 3:06 pm
 
Forum: Investing - Theory, News & General
Topic: Feeling smug until 10 year ROR from Vanguard
Replies: 78
Views: 6948

Re: I've never been a fan of commodity funds

heyyou wrote:Now I see that there are no assets that rise with direct correlation to inflation, so normal inflation is somewhat uninsurable.

Have you ever looked into TIPS? They do fairly well tracking inflation; I Bonds can do even better.
by Angst
Fri Sep 12, 2014 1:36 pm
 
Forum: Investing - Theory, News & General
Topic: I've never been a fan of commodity funds
Replies: 28
Views: 2165

Re: Bridgeway Omni SCV (BOTSX) vs PXSV

The portfolio visualizer tilts are generates using the standard Fama French data series. One thing to keep in mind is that value tilting (targeting positive HML) and buying value stocks are not necessarily the same thing. RAFI continuous fundamental weights seem to reliably generate higher value ti...
by Angst
Fri Sep 12, 2014 11:13 am
 
Forum: Investing - Theory, News & General
Topic: Bridgeway Omni SCV (BOTSX) vs PXSV
Replies: 31
Views: 2395

Re: Future direction of U.S. stock market

For more context, the two charts can be found on pages 10 and 51, respectively, in the 2013 Credit Suisse Yearbook.
by Angst
Thu Sep 11, 2014 11:10 pm
 
Forum: Investing - Theory, News & General
Topic: Future direction of U.S. stock market
Replies: 23
Views: 2083

Re: Personal finance podcast to replace Marketplace Money?

<snip>... There were usually one or two general topics discussed as well as interviews with recognized financial experts in various fields. It was very Bogleheadish and much superior to Marketplace Money. I lost interest in Marketplace Money a few years ago. Bob Potter and Chris Farrell were co-hos...
by Angst
Thu Sep 11, 2014 9:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: Personal finance podcast to replace Marketplace Money?
Replies: 19
Views: 2718

Re: Inflation Protected Annuity versus TIPs ladder

I'm having a little trouble digesting all of this. (Grok, where are you?!) Does Zvi Bodie know about this? So has the whole "LMP constructed with TIPS" idea now been thrown out the window? Can anyone address this apparent implication?
by Angst
Thu Sep 11, 2014 8:55 pm
 
Forum: Investing - Theory, News & General
Topic: Inflation Protected Annuity versus TIPs ladder
Replies: 9
Views: 876

Re: Why don't the LifeStrategy funds have Admiral Status??

I've always thought there was no gap; that the ER was a direct prorating of the constituent funds. It is. Just look under "Fund Holdings" to see the funds held. So I just did a quick spreadsheet calc with Life StrategyGrowth VASGX which has a stated ER of 0.1700% I calculated a prorated E...
by Angst
Thu Sep 11, 2014 1:23 pm
 
Forum: Investing - Theory, News & General
Topic: Why don't the LifeStrategy funds have Admiral Status??
Replies: 17
Views: 1339

Re: Why don't the LifeStrategy funds have Admiral Status??

I would GUESS they use the gap in fees to pay for the extra overhead of the fund, since it's a fund of funds....... Do they show what exactly the fund invests in?... Do they use the institutional share class of the base funds?? I've always thought there was no gap; that the ER was a direct proratin...
by Angst
Thu Sep 11, 2014 1:06 pm
 
Forum: Investing - Theory, News & General
Topic: Why don't the LifeStrategy funds have Admiral Status??
Replies: 17
Views: 1339

Re: Why don't the LifeStrategy funds have Admiral Status??

My theory is that because they are funds of funds, $10,000 invested would equal far less than $10,000 invested in each of the constituent funds. So, if for example the smallest component of one of these funds had only a 10% allocation, one would have to hold $100,000 of the overall fund for that spe...
by Angst
Thu Sep 11, 2014 12:58 pm
 
Forum: Investing - Theory, News & General
Topic: Why don't the LifeStrategy funds have Admiral Status??
Replies: 17
Views: 1339

Re: Good piano for toddler ?

Talk to any of your small, local moving companies. I know some folks in the business and it is common for people who are moving to get into positions where they would beg someone to simply take their old spinet or console (smaller than full uprights) off their hands. You can get a fairly "young...
by Angst
Thu Sep 11, 2014 12:47 pm
 
Forum: Personal Consumer Issues
Topic: Good piano for toddler ?
Replies: 13
Views: 814

Re: Future direction of U.S. stock market

The red line shows the fifty-year record of a non-U.S. national stock market. I've drawn a couple of red arrows. Do you think they represent reasonable projections of the likely future range of performance for that stock market? Oh, you know, there are never any guarantees, of course, but sensible ...
by Angst
Thu Sep 11, 2014 11:53 am
 
Forum: Investing - Theory, News & General
Topic: Future direction of U.S. stock market
Replies: 23
Views: 2083

Re: Poll: Cash Holdings

I'm not including any of what I call fixed income, so no I or EE bonds included, nor CDs. As such, the amount of cash I hold (in my wallet and bank account) is not a function of the size of my portfolio, it simply is the amount of float that I seem to require in order to keep my bank balance from ap...
by Angst
Fri Sep 05, 2014 6:45 pm
 
Forum: Investing - Theory, News & General
Topic: Poll: Cash Holdings
Replies: 65
Views: 3617

Re: What Book Are You Currently Reading? Part V

Recently I've enjoyed reading a variety of books r/t Roman history. I started with Pompeii, a novel by Robert Harris about Pompeii and Herculaneum and the eruption of Mt. Vesuvius, and then a couple other novels by Robert Harris ("Imperium" and... I can't remember the others name) that fol...
by Angst
Wed Sep 03, 2014 10:57 pm
 
Forum: Personal Consumer Issues
Topic: What Book Are You Currently Reading? Part V
Replies: 3352
Views: 1149166

Re: Why is REIT only sector fund recommended in slice & dice

With any tilt, the goal then simply becomes one of beating the market, either in terms of absolute return or in terms of Sharpe Ratio. And, at a portfolio level, overweighting some stocks can help you out. However, the notion that REITs are the the only sub-sector of the overall market that offer p...
by Angst
Wed Sep 03, 2014 10:05 pm
 
Forum: Investing - Theory, News & General
Topic: Why is REIT only sector fund recommended in slice & dice?
Replies: 113
Views: 7454

Re: Take slightly better job if you had to wait 1 year for 4

livesoft wrote:Negotiate a better signing bonus because of the delayed entry into a 401(k).

+1

Moreover, I'd be more interested in the quality of the investment options than the 1 year delay. Perhaps they're simply comparable to your current employer.
by Angst
Tue Sep 02, 2014 9:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Take slightly better job if you had to wait 1 year for 401k?
Replies: 19
Views: 910

Re: Ideas for thanking a doctor

My father was a well known, nationally prominent physician in his field and I remember well that nothing seemed to create more of a commotion and an impression that some exotic food gift, whether it was live lobsters, gourmet steaks, obscure whiskey... Cuban cigars... well, that's not quite food, bu...
by Angst
Sat Aug 30, 2014 10:35 am
 
Forum: Personal Consumer Issues
Topic: Ideas for thanking a doctor
Replies: 74
Views: 4622

Re: HSA - how to decide if it is worth it?

Financially, I think the HSA as a long-term investment vehicle is hard to beat. I'd prioritize funding it ahead of one's IRA. But that doesn't address insurance policy issues. Only you can compare the coverage you get, and that's important. Providers, facilities, etc.are fundamental considerations t...
by Angst
Wed Aug 27, 2014 9:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA - how to decide if it is worth it?
Replies: 14
Views: 1015

Re: look at small value etfs

Good article, Larry. It isn't often that an analysis of SV ETFs includes JKL, the one that I chose for my portfolio. I too found it interesting to see JKL included among the list of usual suspects (and wouldn't have been surprised to see PXSV as well, as has already been addressed), but I was disap...
by Angst
Sun Aug 24, 2014 10:31 pm
 
Forum: Investing - Theory, News & General
Topic: look at small value etfs
Replies: 34
Views: 2984

Re: Favorite guitarist...

Wish I'd noticed this poll when it first came out. Duane Allman, hands down. A true natural.
by Angst
Thu Aug 21, 2014 10:39 pm
 
Forum: Personal Consumer Issues
Topic: Favorite guitarist...
Replies: 207
Views: 21170

Re: Kimchi

Kimchi is great if you like it or once you get used to it. Too much of anything though is not good, and one of the reasons Koreans have a high rate of stomach cancer is eating kimchi at nearly every meal. I don't believe kimchi is a carcinogenic food. But I could be wrong. I believe that diets very...
by Angst
Thu Aug 21, 2014 4:51 pm
 
Forum: Personal Consumer Issues
Topic: Kimchi
Replies: 40
Views: 1885

Re: Bridgeway Omni SCV (BOTSX) vs PXSV

The portfolio visualizer tilts are generates using the standard Fama French data series. One thing to keep in mind is that value tilting (targeting positive HML) and buying value stocks are not necessarily the same thing. RAFI continuous fundamental weights seem to reliably generate higher value ti...
by Angst
Wed Aug 20, 2014 9:28 pm
 
Forum: Investing - Theory, News & General
Topic: Bridgeway Omni SCV (BOTSX) vs PXSV
Replies: 31
Views: 2395

Re: Bridgeway Omni SCV (BOTSX) vs PXSV

I think Morningstar's size and value measures for BOTSX and PXSV give the former the edge. I don't know how portfolio visualizer determines its value loading factors but I'm not questioning their validity. Regardless, I suspect that 3 years is a blip in time for comparing these two small value funds...
by Angst
Wed Aug 20, 2014 6:11 pm
 
Forum: Investing - Theory, News & General
Topic: Bridgeway Omni SCV (BOTSX) vs PXSV
Replies: 31
Views: 2395

Re: Comparing Risk of Bond Barbell and Bullet

Does anyone consider the presence vs. the absence of rebalancing opportunities, for barbell vs. intermediates, respectfully, to be a factor favoring the barbell? In general, the idea of rebalancing opportunities appeals to me intuitively.
by Angst
Sat Aug 16, 2014 10:59 am
 
Forum: Investing - Help with Personal Investments
Topic: Comparing Risk of Bond Barbell and Bullet
Replies: 32
Views: 2101

Re: 401(k) Asset Allocation help

A big +1 to what #Cruncher said above . Use only the Vanguard funds in your 401k; all of the others have excessive expense ratios. Use your own IRA and taxable savings for everything else. If it helps, you might well be able to have your employer automatically deposit a certain % or fixed $ amount o...
by Angst
Sun Aug 03, 2014 10:35 am
 
Forum: Investing - Help with Personal Investments
Topic: 401(k) Asset Allocation help
Replies: 8
Views: 825

Re: Lower Expense Ratio vs. Better Diversification

My 401K plan has the TRP Target date funds but limited selection otherwise. Other than the TDF's I have my choice of: Equity Index Trust-Large Blend(S&P 500) .10% er TRBCX -Large Growth .74% er PRFDX- Large Value .67% er DFSTX-US small blend, essentially an index fund, .37% er TFEQX-Foreign Lar...
by Angst
Sat Aug 02, 2014 11:30 pm
 
Forum: Investing - Help with Personal Investments
Topic: Lower Expense Ratio vs. Better Diversification
Replies: 9
Views: 887

Re: Market not interested in inflation protection?

folks in general may not value the benefits as much as the insurance companies project the likely costs to be. I have always thought this was the primary driver of the funny market. Basically, the average consumer doesn't understand and underestimates the risks of inflation, and therefore underesti...
by Angst
Thu Jul 31, 2014 2:12 pm
 
Forum: Investing - Theory, News & General
Topic: Market not interested in inflation protection?
Replies: 32
Views: 2288

Re: Should retirement investors own small/value stocks at al

As a relatively new member of this forum, but not a new member to online forums in other areas, which I've actually managed, it's a bit scary jumping in and asking questions when so many others seem to be experts on these various issues. And when you ask a question, and are told that you clearly do...
by Angst
Thu Jul 31, 2014 12:42 pm
 
Forum: Investing - Theory, News & General
Topic: Should retirement investors own small/value stocks at all?
Replies: 36
Views: 2954

Re: Expected Future Yield Curve

I feel I have to be fairly agnostic about this sort of thing, although I willingly believe in the truthfulness of the current yield curve:
http://www.treasury.gov/resource-center ... data=yield

A), that's my scripture.
by Angst
Wed Jul 30, 2014 8:34 pm
 
Forum: Investing - Theory, News & General
Topic: Expected Future Yield Curve
Replies: 22
Views: 1403

Re: i bonds or EE bonds?

Which savings bond will give better return for the next 20 years?Which also means will inflation be over 4% on average over the next 20 year period? Remember EE bonds have guaranteed 20 year return John This was the OP. There's nothing there about choosing equity instead, or holding your savings bo...
by Angst
Fri Jul 25, 2014 9:56 am
 
Forum: Investing - Theory, News & General
Topic: i bonds or EE bonds?
Replies: 46
Views: 6196

Re: i bonds or EE bonds?

Inflation 3.53%: If inflation runs 3.43%, then the real value of your $10,000 investment drops to $11,020/2 = $5,510 over the first twenty years, and only at the very end, the "guaranteed doubling" kicks in and the real value pops back to $10,000. Is that 3.43% or 3.53% just for year 19, ...
by Angst
Fri Jul 25, 2014 7:53 am
 
Forum: Investing - Theory, News & General
Topic: i bonds or EE bonds?
Replies: 46
Views: 6196

Re: i bonds or EE bonds?

No doubt, inflation, as well as rates in general, are the wild cards. Still I voted for EE bonds a year and a half ago, and I'd do it again, given the current rate environment. Inflation expectations are low and nominal rates have stayed down, even with the drawing down of QE. I think it's important...
by Angst
Fri Jul 25, 2014 5:40 am
 
Forum: Investing - Theory, News & General
Topic: i bonds or EE bonds?
Replies: 46
Views: 6196

Re: POLL: Do you have a dedicated REIT allocation?

I should note that you're probably in the 95% percentile of investors education and portfolio-wise if you've even got to the 5% REIT allocation stage. But I'm expecting perfection from Bogleheads. :) Push yourself to nail down those last few concepts and invest based on them. And note the recent wo...
by Angst
Wed Jul 16, 2014 2:49 pm
 
Forum: Investing - Theory, News & General
Topic: POLL: Do you have a dedicated REIT allocation?
Replies: 123
Views: 7469

Re: POLL: Do you have a dedicated REIT allocation?

Show me a guy with a 5% or 10% REIT allocation, and I'll show you someone who's read a couple of dated investing books, [OT comment removed by admin LadyGeek] . Not only will such a small allocation make no expected difference to your returns, the experts who did suggest such a bet were doing so wh...
by Angst
Wed Jul 16, 2014 12:37 pm
 
Forum: Investing - Theory, News & General
Topic: POLL: Do you have a dedicated REIT allocation?
Replies: 123
Views: 7469

Re: POLL: Do you have a dedicated REIT allocation?

I keep a 6% allocation to "REITs", 3% domestic and 3% international - not a big commitment, I admit. It has generally been more volatile than the broad market, as well as small cap, as Nisi demonstrated graphically wrt 2008. I enjoy rebalancing.
by Angst
Wed Jul 16, 2014 12:24 pm
 
Forum: Investing - Theory, News & General
Topic: POLL: Do you have a dedicated REIT allocation?
Replies: 123
Views: 7469

Re: Persistence of SV performance

angst, don't think so at all. Reason is simple, just because they switched to another index didn't change the exposures much it seems, Just look at current market cap and btm and other metrics vs say DFA and even more so Bridgeway, and that is what determines the expected returns. Vanguard fund is ...
by Angst
Tue Jul 15, 2014 8:11 pm
 
Forum: Investing - Theory, News & General
Topic: Persistence of SV performance
Replies: 71
Views: 3962

Re: Persistence of SV performance

but DFA does match the performance of the benchmarks used to define value, Vanguard does not---Vanguard is benchmarking against some retail index, not the way an academic would define the asset class. Larry, I'm not trying to pile on here, but I am a little confused. Vanguard (now) uses a CRSP inde...
by Angst
Tue Jul 15, 2014 5:54 pm
 
Forum: Investing - Theory, News & General
Topic: Persistence of SV performance
Replies: 71
Views: 3962
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