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Re: Simple 4-ETFs portfolio for an European investor

The world is more than only US and EUR. What about Japan, pacific region, canada, emerging countries, ...? I would say, go for WORLD + EM or ACWI (which is WORLD + EM). You might want to to tilt towards certain obvious factors (small and value) or regions, but in my opinion, WORLD+EM or ACWI should ...
by AppelSienSapFrietjes
Mon Aug 12, 2013 9:31 am
 
Forum: Investing - Help with Personal Investments
Topic: Simple 4-ETFs portfolio for an European investor
Replies: 6
Views: 859

Re: European investor - 3-fund portfolio - "global market" E

I am using Keytrade Bank as broker. They are indeed expensive for LSE, but that's no problem for me, since I invest on PSE (France), which is cheaper. As explained, I do not invest through Vanguard funds, due to the fact that they do not capitalize dividends. SPDRs are available on PSE. The broker B...
by AppelSienSapFrietjes
Wed Aug 07, 2013 4:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: European investor - 3-fund portfolio - "global market" ETFs
Replies: 33
Views: 3548

Re: 30y old - On track for retirement?

My plan would be to indeed invest the 25k each year as you planned out and re-evaluate over 10 years. If the market was against you, you might have to save for some extra years. If the market was good for you, you might be set and let the compounding do its work. The funny thing here is that the def...
by AppelSienSapFrietjes
Mon Jul 22, 2013 3:17 pm
 
Forum: Investing - Help with Personal Investments
Topic: 30y old - On track for retirement?
Replies: 6
Views: 1612

Re: Total World ETF - high TER in Europe

Thanks for your clarification. We are both saying the same thing, I think. They only pay 15%, since they can claim back 15% of the 30% back. This means that they put this 15% in their pocket in case of the capitalizing ETF, since they track the net return, which assumes 30%. That is essentially stea...
by AppelSienSapFrietjes
Mon Jul 22, 2013 2:53 pm
 
Forum: Investing - Help with Personal Investments
Topic: Total World ETF - high TER in Europe
Replies: 12
Views: 1099

Re: Personal Advice - Interesting Case?

Hi nedsaid,

Interesting. Since you are a believer of EM but not really China in particular, do you want to explain on how you invest in these markets? Do you simple buy an EM fund/ETF, which includes China? Or do you tilt towards other regions with specific funds/ETFs? If so, which?

Thanks!
by AppelSienSapFrietjes
Sun Jul 21, 2013 7:00 pm
 
Forum: Investing - Help with Personal Investments
Topic: Personal Advice - Interesting Case?
Replies: 9
Views: 1233

Re: Total World ETF - high TER in Europe

Thanks Tyler and Ted for your comments. I will think about them and let you know when I have decided.
by AppelSienSapFrietjes
Sun Jul 21, 2013 6:54 pm
 
Forum: Investing - Help with Personal Investments
Topic: Total World ETF - high TER in Europe
Replies: 12
Views: 1099

Re: Total World ETF - high TER in Europe

Before somebody suggests this, I cannot use the Vanguard EU ETFs, since they distribute dividends, and that makes everything even much more expensive due to dividend taxes. I have seen you mention this point before! Truly taxation in Belgium is a wonderful thing if simply not-distributing income is...
by AppelSienSapFrietjes
Sun Jul 21, 2013 6:53 pm
 
Forum: Investing - Help with Personal Investments
Topic: Total World ETF - high TER in Europe
Replies: 12
Views: 1099

Re: Total World ETF - high TER in Europe

Before somebody suggests this, I cannot use the Vanguard EU ETFs, since they distribute dividends, and that makes everything even much more expensive due to dividend taxes.
by AppelSienSapFrietjes
Sat Jul 20, 2013 4:33 pm
 
Forum: Investing - Help with Personal Investments
Topic: Total World ETF - high TER in Europe
Replies: 12
Views: 1099

Total World ETF - high TER in Europe

Hi all, As some of you might know, ETFs are rather expensive in Europe. I myself invest according to the 2-fund portfolio: total world ETF + bonds ETF. With respect to the total world ETF, the cheapest ETFs have 0.50/0.55 TER. For example: SPDR® MSCI ACWI IMI UCITS ETF - 0.55 SPDR® MSCI ACWI UCITS E...
by AppelSienSapFrietjes
Sat Jul 20, 2013 4:29 pm
 
Forum: Investing - Help with Personal Investments
Topic: Total World ETF - high TER in Europe
Replies: 12
Views: 1099

Re: What to expect from the stock market-

Interesting article. I conclude two things:

- The future doesn't look that bright when it comes to US equity returns, but we don't really know. Stay on the course.
- Diversification to international markets is important.
by AppelSienSapFrietjes
Wed Jul 17, 2013 7:03 pm
 
Forum: Investing - Theory, News & General
Topic: What to expect from the stock market-
Replies: 41
Views: 4235

Re: Dynamic AA - does it make sense?

Hi,

Quick update: I plan to update my application such that the questions above can be answered quite easily. Unfortunately, I won't have time for this in the next week, but I will let you know.

@ObliviousInvestor: thanks for link, very interesting!
by AppelSienSapFrietjes
Wed Jul 17, 2013 6:41 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

After a night sleep, I was able to make some surprising - to me - conclusions. - 1972 to 2012: 100% TSM -> 100 becomes 4688 - 1972 to 2012: 100% TBM -> 100 becomes 2055 Equities are fatter better than bonds, nothing new. Now, an extreme timed approach: - 1972 to 2012: 100% TBM and only 100% TSM when...
by AppelSienSapFrietjes
Wed Jul 17, 2013 3:08 am
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

Hmm, I am missing something. I did two comparisons: (1) 1972-2012: 70/30 always <=> 0/100 most of the time and only 70/30 during certain periods. (2) 1982-2012: 100/0 always <=> 30/70 most of the time and only 100/0 during certain periods. So I never have greater average exposure to stocks, if I am...
by AppelSienSapFrietjes
Tue Jul 16, 2013 7:21 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

Just to be sure, how to read my output: period: 1982 - 2012 default AA: 30.0 / 70.0 tilt AA: 100.0 / 0.0 threshold down: 35.0 threshold up: 53.84615384615383 => portfolio after yearly balancing: 1533.7263848472774 tiling starts at begin of 2003 tiling stops at end of 2005 tiling starts at begin of 2...
by AppelSienSapFrietjes
Tue Jul 16, 2013 7:20 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

Unless I missed in a quick read you still are not comparing apples to apples. In your timed portfolios you have greater average exposure to stocks. You really need to fix that before you have anything interesting. Over that time period, just about anything you do to increase stock exposure will inc...
by AppelSienSapFrietjes
Tue Jul 16, 2013 7:03 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

Another interesting outcome. This time from 1982 to 2012. (1) 100/0 all the time period: 1982 - 2012 default AA: 100.0 / 0.0 tilt AA: 100.0 / 0.0 threshold down: 35.0 threshold up: 53.84615384615383 => portfolio after yearly balancing: 2409.8062178866767 tiling starts at begin of 2003 tiling stops a...
by AppelSienSapFrietjes
Tue Jul 16, 2013 6:40 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

Another interesting comparsion: (1) always 70/30 period: 1972 - 2012 default AA: 70.0 / 30.0 tilt AA: 70.0 / 30.0 threshold down: 30.0 threshold up: 42.85714285714286 => portfolio after yearly balancing: 4169.3385594629235 tiling starts at begin of 1975 tiling stops at end of 1976 tiling starts at b...
by AppelSienSapFrietjes
Tue Jul 16, 2013 5:38 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

Dynamic AA = Market Timing = Bad Move. I don't necessarily agree. It would depend heavily on what was being proposed and whether or not the system was "mechanical". The first hurdle is, can you produce a system that will backtest with better risk adjusted returns on both in and out of sam...
by AppelSienSapFrietjes
Tue Jul 16, 2013 5:30 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

One quick interesting outcome, for now. (1) 100/0 from 1972 to 2012 period: 1972 - 2012 default AA: 100.0 / 0.0 tilt AA: 100.0 / 0.0 threshold down: 30.0 threshold up: 42.85714285714286 => portfolio after yearly balancing: 4688.455280997256 tiling starts at begin of 1975 tiling stops at end of 1976 ...
by AppelSienSapFrietjes
Tue Jul 16, 2013 5:20 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

I have written a quick and dirty Java application. I have stolen data from Simba's spreadsheet. It ranges from 1972 to 2012. The default AA is 70/30. If the market tanks 25%, I switch to 100/0. If the market recovers (which means it has to rise 33% beginning from previous point), I restore AA to 70...
by AppelSienSapFrietjes
Tue Jul 16, 2013 5:11 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

I have written a quick and dirty Java application. I have stolen data from Simba's spreadsheet. It ranges from 1972 to 2012. The default AA is 70/30. If the market tanks 25%, I switch to 100/0. If the market recovers (which means it has to rise 33% beginning from previous point), I restore AA to 70/...
by AppelSienSapFrietjes
Tue Jul 16, 2013 4:34 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

http://home.comcast.net/~rodec/finance/papers/Q-timingV2.pdf Conclusions: The initial attempts to use q as the basis for a “valuation matters” algorithm to improve portfolio performance failed. However, when the portfolio switching is stabilized by time smoothing q, the “valuation matters” approach...
by AppelSienSapFrietjes
Tue Jul 16, 2013 3:21 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

Further thinking: it depends on the pace of the recovery of the equities compared to the growth of the bounds during that recovery. Assume following model: You go from 70/30 to 70+X/30-X if equities loose -25%. If equities are again 33% above that point, you revert to 70/30. If during recovery, the ...
by AppelSienSapFrietjes
Tue Jul 16, 2013 3:09 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

Say your AA is 70/30. The market crashes. It is down -30% so you decide to move to 100/0. You wait, wait, wait. Simpler! Set your AA to 100/0 and stay there. The market will go up and down, but so far the expected return from stocks is higher than from bonds, so you'll come out ahead. I am not sure...
by AppelSienSapFrietjes
Tue Jul 16, 2013 2:45 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

OP, State your model in exact terms. What condition would drive an overbalance? When would you return to your default allocation? If you use a % drop as a criteria, what is the starting date from when you would calculate the % drop? If you are using PE10, what exact numbers would you use to move in...
by AppelSienSapFrietjes
Tue Jul 16, 2013 2:38 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

How do you know when the market stops "collapsing" ? Obviously there is no way to know for sure, however based on previous events you'd have reasonably good odds betting that most crashes will max out at a 50% loss. Think again ! There were multiple upswings, followed by downswings, down ...
by AppelSienSapFrietjes
Tue Jul 16, 2013 2:09 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

The biggest argument against dynamic asset allocation--usually called "tactical asset allocation"--is tactical asset allocation mutual funds. What, you say? Right. You don't hear much about them, do you? Well, they were all the rage fifteen or twenty years ago. They were funds that did ex...
by AppelSienSapFrietjes
Tue Jul 16, 2013 2:07 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

FNK wrote:Look up threads on PE10 - it does what you say in a more disciplined fashion. If you're willing to handle the complexity and added risk, of course.


Will do! I will mention it here once I have found it. Thanks for pointer.
by AppelSienSapFrietjes
Tue Jul 16, 2013 1:56 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

For your interest, here is the blog mentioned above: http://thefinancebuff.com/embracing-bear-market.html.
by AppelSienSapFrietjes
Tue Jul 16, 2013 1:56 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

So to answer your question as a boglehead: No, this does not make sense. My opinion is quite negative. At best I doubt you would outperform buy-and-hold in the long term. At worst, your timing criteria/mechanism could misfire so to speak and get you to shift allocations at exactly the wrong moment....
by AppelSienSapFrietjes
Tue Jul 16, 2013 1:51 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

Thanks, I will definitely trying to find that blog! I agree that age (that is, years to retirement) and size of portfolio with respect to future savings is an important factor. (For your interest, I am 30, so maybe I am looking this from another perspective than the default user on this forum. Howev...
by AppelSienSapFrietjes
Tue Jul 16, 2013 1:45 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

Basically, your theory is - buy low, sell high. Sound in principle - IF you knew for certain that low was low, and that high was high. Returning your remark: why do you re-balance each year? Isn't that to for the same reason: you buy low, with the confidence that it will go up someday. So why is ti...
by AppelSienSapFrietjes
Tue Jul 16, 2013 1:08 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

Why isn't that timing? It is. Many gave up well considered plans in the chaos. Many sold low and many bought low. There were winners and losers. Next time the sets of folks could be the reversed. Like in the early thirties. So there is one happy example and one sad example. Can you accurately predi...
by AppelSienSapFrietjes
Tue Jul 16, 2013 12:55 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

If there is a rebalancing bonus, then it seems that the bonus would be even bigger if you "over-rebalance", no? There is no consistent rebalancing bonus. Many threads on the subject so won't explain here, other than to point out that over time most rebalancing is from high growth to low g...
by AppelSienSapFrietjes
Tue Jul 16, 2013 12:52 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

You don't know when the markets stop collapsing. That's not the point. You have a certain threshold (for example -30%), and then you alter in favor of equities. You might hit the gold spot (the very low), or not, you don't know at that point in time. But that's not really important. You are still b...
by AppelSienSapFrietjes
Tue Jul 16, 2013 12:12 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Dynamic AA - does it make sense?

I have been pondering about the following. Say you have a standard AA between stocks and bonds, for example 70/30. Does it, in your opinion, ever make sense to forgo your 70/30, and go to 90/10 (or 80/20 or 100/0 or ...) during a certain period because of bad past results of the equities? If you ha...
by AppelSienSapFrietjes
Tue Jul 16, 2013 11:32 am
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Thesis: "Current secular bear market is an opportunity."

Read this latest Wade Pfau paper and see if that changes your mind - http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2286146 His conclusion is that is this one of the worst times in history to be investing in terms of expected returns. (offtopic) In my opinion, these kind of papers are very inte...
by AppelSienSapFrietjes
Tue Jul 16, 2013 11:27 am
 
Forum: Investing - Help with Personal Investments
Topic: Thesis: "Current secular bear market is an opportunity."
Replies: 63
Views: 5981

Dynamic AA - does it make sense?

Hi, I have been pondering about the following. Say you have a standard AA between stocks and bonds, for example 70/30. Does it, in your opinion, ever make sense to forgo your 70/30, and go to 90/10 (or 80/20 or 100/0 or ...) during a certain period because of bad past results of the equities? If you...
by AppelSienSapFrietjes
Tue Jul 16, 2013 10:50 am
 
Forum: Investing - Theory, News & General
Topic: Dynamic AA - does it make sense?
Replies: 77
Views: 4303

Re: Thesis: "Current secular bear market is an opportunity."

But whatever you think it is, Mr. market tends to punish those who make forcasts. I really don't know where the markets are and where they are going, and investing accordingly (and stay diversified) is always prudent. Just make the following mental exercise - let's say your friend (who is risk-aver...
by AppelSienSapFrietjes
Sun Jul 14, 2013 5:10 pm
 
Forum: Investing - Help with Personal Investments
Topic: Thesis: "Current secular bear market is an opportunity."
Replies: 63
Views: 5981

Re: Thesis: "Current secular bear market is an opportunity."

Thanks for your reply. I have difficulties to see why there is so much disagreement that we are in a secular bear market. As far as I know, as secular bear market is a long trend of a flat market. Looking to the charts, the markets are more or less flat since 13 years (a bit up in US, still down in ...
by AppelSienSapFrietjes
Sun Jul 14, 2013 5:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: Thesis: "Current secular bear market is an opportunity."
Replies: 63
Views: 5981

Re: Thesis: "Current secular bear market is an opportunity."

Yes, I know we are in a bull market in the last years, but looking back to 2000, we are still in a secular bear market. But looking back to 1983 we are still in a secular bull market... Or, it is all bull. Why don't you tell us now what the indicator would be that we have switched from a secular be...
by AppelSienSapFrietjes
Sun Jul 14, 2013 7:46 am
 
Forum: Investing - Help with Personal Investments
Topic: Thesis: "Current secular bear market is an opportunity."
Replies: 63
Views: 5981

Re: Thesis: "Current secular bear market is an opportunity."

My additional argument is that the current bear market is going on for 13 years and it will stop eventually, if you look at the history... So what you're saying is that, historically, bear markets eventually end and give way to bull markets, and you're predicting that this will again happen in the ...
by AppelSienSapFrietjes
Sun Jul 14, 2013 7:36 am
 
Forum: Investing - Help with Personal Investments
Topic: Thesis: "Current secular bear market is an opportunity."
Replies: 63
Views: 5981

Re: Thesis: "Current secular bear market is an opportunity."

I agree that investing today should provide you much better returns than investing in 2000, so that should provide comfort. on the other hand, the bubble of 2000 was of such epic proportions that the market today is still expensive if you look at Shiller P/e for example. Unlike many others here, I ...
by AppelSienSapFrietjes
Sun Jul 14, 2013 7:35 am
 
Forum: Investing - Help with Personal Investments
Topic: Thesis: "Current secular bear market is an opportunity."
Replies: 63
Views: 5981

Re: Thesis: "Current secular bear market is an opportunity."

OP, you are well meaning but I suggest you not advise people on market cycles. The stock market is at an all time high. How you can call that as part of a secular bear market is beyond me. I could give you the proper definitions of what a bear market rally is (I think that is what you think we are ...
by AppelSienSapFrietjes
Sat Jul 13, 2013 11:50 am
 
Forum: Investing - Help with Personal Investments
Topic: Thesis: "Current secular bear market is an opportunity."
Replies: 63
Views: 5981

Re: Thesis: "Current secular bear market is an opportunity."

My point was not really about predicting/timing the future. Not at all. My point is that is must be more reassuring to invest now than in 1999, if you look at the historic cycles of secular bear and bull markets. We have no idea what the future will bring, but we must feel a bit more confident abou...
by AppelSienSapFrietjes
Sat Jul 13, 2013 11:45 am
 
Forum: Investing - Help with Personal Investments
Topic: Thesis: "Current secular bear market is an opportunity."
Replies: 63
Views: 5981

Re: Thesis: "Current secular bear market is an opportunity."

My point was not really about predicting/timing the future. Not at all. My point is that is must be more reassuring to invest now than in 1999, if you look at the historic cycles of secular bear and bull markets. We have no idea what the future will bring, but we must feel a bit more confident about...
by AppelSienSapFrietjes
Sat Jul 13, 2013 11:03 am
 
Forum: Investing - Help with Personal Investments
Topic: Thesis: "Current secular bear market is an opportunity."
Replies: 63
Views: 5981

Re: Thesis: "Current secular bear market is an opportunity."

gwrvmd wrote:Somehow Mr Market must have forgotten he was in your "secular bear market": he hit new highs last week...Gordon


I don't understand your point? It is not uncommon to hit highs in a secular bear market. Either, the secular bear market is over, or not. We don't know.
by AppelSienSapFrietjes
Sat Jul 13, 2013 10:37 am
 
Forum: Investing - Help with Personal Investments
Topic: Thesis: "Current secular bear market is an opportunity."
Replies: 63
Views: 5981

Re: Thesis: "Current secular bear market is an opportunity."

I 100% agree with you. The reasons you give are the main reason you should have to start investing. My additional argument is that the current bear market is going on for 13 years and it will stop eventually, if you look at the history. This is something that could not have been said in 1999 for exa...
by AppelSienSapFrietjes
Sat Jul 13, 2013 10:31 am
 
Forum: Investing - Help with Personal Investments
Topic: Thesis: "Current secular bear market is an opportunity."
Replies: 63
Views: 5981

Thesis: "Current secular bear market is an opportunity."

Hi all, Yesterday, I was discussing with a friend about investing. He is very risk-averse and I was trying to convince him to look into investing in equities. I had a difficult time :). At some point, the concept of secular bull and bear markets came up. My final argument was: Now is a golden time f...
by AppelSienSapFrietjes
Sat Jul 13, 2013 10:09 am
 
Forum: Investing - Help with Personal Investments
Topic: Thesis: "Current secular bear market is an opportunity."
Replies: 63
Views: 5981

Re: Young person needs asset allocation advice

If I were you:

- I would invest 100% of that 200k in equities for retirement.
- I try to save for your home in the next 10 years.

You will not regret it. It is a luxury to have 40 or more years of compounding power. It is an excellent shot to possible early retirement.

Just my 2 cents.
by AppelSienSapFrietjes
Fri Jul 12, 2013 4:44 pm
 
Forum: Investing - Help with Personal Investments
Topic: Young person needs asset allocation advice
Replies: 5
Views: 422
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