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Re: Help with Excel reformatting of fund price data

It it were me I would do it the other way around. 1) Create a list of dates that are about a month apart. Do it with whatever combination of formulas and manual typing you want to. You can enter several years worth of dates manually in probably two minutes, faster than figuring out a fully automati...
by Aptenodytes
Tue Jul 22, 2014 5:36 pm
 
Forum: Investing - Theory, News & General
Topic: Help with Excel reformatting of fund price data
Replies: 8
Views: 639

Re: If you are a winner before fees, why not lower the ER?

Why do you keep asking yourself if you can provide studies to demonstrate the existence of funds that would have consistently beaten the market over multiple decades except for the impact of their high fees, but then being so rude to yourself as to not give an answer.

Are you just messing with us?
by Aptenodytes
Tue Jul 22, 2014 12:32 pm
 
Forum: Investing - Theory, News & General
Topic: If you consistently outperform (pre-fees), why not lower ER?
Replies: 35
Views: 1077

Re: Beneficiaries

If you worry about your children then you should not leave everything to your wife. Creditors, including her future spouses, may lay claim to those assets you anticipate would go to your surviving children. Condon and Condon can be read as cautionary tale, campfire ghost story, or marketing schtick...
by Aptenodytes
Tue Jul 22, 2014 11:51 am
 
Forum: Personal Finance (Not Investing)
Topic: Beneficiaries
Replies: 23
Views: 1207

Re: New 10-Year TIPS Auction July 24 2014

Thanks for your reply, Nisi. I'm in too. I think you can buy TIPS maturing in 20 years in the secondary market, if that's what you want. But in the passage of time a sequence of 10-years ought to work out OK -- today's low rates are balanced against the high rates a few years ago and what will proba...
by Aptenodytes
Tue Jul 22, 2014 11:42 am
 
Forum: Investing - Theory, News & General
Topic: New 10-Year TIPS Auction July 24 2014
Replies: 14
Views: 1165

Re: Beneficiaries

Your imagination hasn't read Condon and Condon. http://www.amazon.com/Beyond-Grave-revised-Leaving-Children/dp/0060936312 That's a different matter. I worry about my children, not my wife. My wife is sole beneficiary of everything. She'll be more diligent about meeting our children's best needs tha...
by Aptenodytes
Tue Jul 22, 2014 11:39 am
 
Forum: Personal Finance (Not Investing)
Topic: Beneficiaries
Replies: 23
Views: 1207

Re: Beneficiaries

As for the original question, picking beneficiaries, primary is 100% to wife, secondary is 100% divided equally among all children. You have to trust your wife (or the chosen guardian) to raise the kids when you can't. And, you don't want to list the names of the children as beneficiaries; if/when ...
by Aptenodytes
Tue Jul 22, 2014 11:14 am
 
Forum: Personal Finance (Not Investing)
Topic: Beneficiaries
Replies: 23
Views: 1207

Re: NY Times Article - a case for index investing

Maybe they should assign a reporter to check into whether there is still gravity.
by Aptenodytes
Tue Jul 22, 2014 11:04 am
 
Forum: Investing - Theory, News & General
Topic: NY Times Article - a case for index investing
Replies: 23
Views: 2764

Re: New 10-Year TIPS Auction July 24 2014

It has been about a year since my last purchase, so I'm thinking of participating in this auction. Mildly curious what others are thinking and doing.
by Aptenodytes
Tue Jul 22, 2014 9:26 am
 
Forum: Investing - Theory, News & General
Topic: New 10-Year TIPS Auction July 24 2014
Replies: 14
Views: 1165

Re: Can it be wrong to be too risk averse?

Well, it is wrong by definition to be too risk averse. Between the lines it sounds like your real question is "Am I too risk-acceptant?" Figuring out how much risk to take on is not a mechanical, precise process. Whether your are too high or too low with respect to risk is something you ma...
by Aptenodytes
Tue Jul 22, 2014 7:21 am
 
Forum: Investing - Theory, News & General
Topic: Can it be wrong to be too risk averse?
Replies: 48
Views: 2018

Re: Bond funds- your percentage of intermediate vs. short-te

Within non-equities, I am 42% intermediate-term Treasuries with average maturity of 6 years , 20% 10-year individual TIPS, and 28% TIAA traditional which is unclassifiable with respect to term. Of that mix, it is only the Treasuries whose term I have an ability to tinker with. So you could also say ...
by Aptenodytes
Tue Jul 22, 2014 7:06 am
 
Forum: Investing - Help with Personal Investments
Topic: Bond funds- your percentage of intermediate vs. short-term?
Replies: 12
Views: 1054

Re: Help me select a streaming media device

I'm happy with Chromecast. Cheap easy effective. Main uses are Netflix and MLB. I like the flexibility. Very easy to load a Netflix video from my phone. Wife loves the MLB .
by Aptenodytes
Mon Jul 21, 2014 9:59 pm
 
Forum: Personal Consumer Issues
Topic: Help me select a streaming media device
Replies: 19
Views: 1279

Re: Beneficiaries

If your parents depend on you for support, it is better to get life insurance and include them among the beneficiaries. I can't see a case for putting them in your will. I don't quite understand the logic behind thinking you don't need life insurance. Maybe your portfolio is enough for your spouse a...
by Aptenodytes
Mon Jul 21, 2014 9:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Beneficiaries
Replies: 23
Views: 1207

Re: Bond strategy resilient to rate increase

If you really believe this kind of thing works, go with an active bond fund where you have a team of full-time professionals on the case.

Caveat: It doesn't work.
by Aptenodytes
Mon Jul 21, 2014 9:35 pm
 
Forum: Investing - Theory, News & General
Topic: Bond strategy resilient to rate increase
Replies: 11
Views: 977

Re: Beneficiaries

Why don't you trust your spouse to look after your kids should you die?
by Aptenodytes
Mon Jul 21, 2014 9:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Beneficiaries
Replies: 23
Views: 1207

Re: Hw many credit cards to own?

How long is a piece of string? Get the first card. When you need a second, get it. When you need a third, get it. Don't get any cards you don't need. You can't know in advance where you'll stop, unless you have a fetish for number-of-credit-cards. E.g. in my case I have one to use only for business ...
by Aptenodytes
Mon Jul 21, 2014 9:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Hw many credit cards to own?
Replies: 58
Views: 2870

Re: Help with Excel reformatting of fund price data

It it were me I would do it the other way around. 1) Create a list of dates that are about a month apart. Do it with whatever combination of formulas and manual typing you want to. You can enter several years worth of dates manually in probably two minutes, faster than figuring out a fully automatic...
by Aptenodytes
Mon Jul 21, 2014 9:12 pm
 
Forum: Investing - Theory, News & General
Topic: Help with Excel reformatting of fund price data
Replies: 8
Views: 639

Re: Stop Loss on stocks/ ETFs

Does "your number" mean that you don't need or want any more growth in your lifetime? Fantastic. Even at my age, I haven't hit that one. I could put through a "stop loss", but I can't put through a "stop gain". Selling might just mean that. By hitting my number I was r...
by Aptenodytes
Mon Jul 21, 2014 7:01 am
 
Forum: Investing - Help with Personal Investments
Topic: Stop Loss on stocks/ ETFs
Replies: 12
Views: 873

Re: a close look at value and momentum

The only funds we have approved for use are AQR's core fund (Long only, and value, mom and profitability) and using it now as large value choice but ONLY in tax advantaged accounts. We have also approved the AQR style premium fund for use by institutional accounts and I own it personally. That fund...
by Aptenodytes
Sun Jul 20, 2014 5:19 pm
 
Forum: Investing - Theory, News & General
Topic: a close look at value and momentum
Replies: 259
Views: 16414

Re: Faber: S&P 500 an Active Fund in Drag

Phineas J. Whoopee wrote:You've made a specific claim, to wit, that a cap-weighted index of the 500 largest US publicly traded stocks shows results very little different from the 500 index S&P publishes.

Your claim, your burden of proof.

I took Nisi's post as demonstrating that.
by Aptenodytes
Sun Jul 20, 2014 2:21 pm
 
Forum: Investing - Theory, News & General
Topic: Faber: S&P 500 an Active Fund in Drag
Replies: 45
Views: 3357

Re: Faber: S&P 500 an Active Fund in Drag

... Nothing you say refutes the proposition that the S&P 500 index is deliberately designed to be marginally different from a cap-weighted index of the largest 500 equities, and that the motivation for deviating is to reap private rewards to S&P . I should hope not. In this very thread I've...
by Aptenodytes
Sun Jul 20, 2014 1:54 pm
 
Forum: Investing - Theory, News & General
Topic: Faber: S&P 500 an Active Fund in Drag
Replies: 45
Views: 3357

Re: SPIA quotes from Vanguard

With caveats: * The internal rate of return of a SPIA is meaningless. In the context that we don't know when we might pass on, thus making the time element rather nebulous. * It is the monthly/yearly guaranteed lifetime income that's important. Guaranteed up to the given state's solvency fund, usua...
by Aptenodytes
Sun Jul 20, 2014 1:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: SPIA quotes from Vanguard
Replies: 8
Views: 1120

Re: Faber: S&P 500 an Active Fund in Drag

Given the close correlation between the S&P 500 and the total market, why does the S&P 500 exist in the first place? Was it because S&P thought the "leading 500 companies" would perform substantially differently than the largest 500 companies or the total market as a whole? We...
by Aptenodytes
Sun Jul 20, 2014 1:30 pm
 
Forum: Investing - Theory, News & General
Topic: Faber: S&P 500 an Active Fund in Drag
Replies: 45
Views: 3357

Re: Faber: S&P 500 an Active Fund in Drag

Phineas J. Whoopee wrote:
Aptenodytes wrote:...
So I conclude that Larry is right.

Right about what?
PJW

That S&P wants to do something other than track movement of prices in the largest 500 stocks. They want to give it a dash of special sauce.
by Aptenodytes
Sun Jul 20, 2014 1:21 pm
 
Forum: Investing - Theory, News & General
Topic: Faber: S&P 500 an Active Fund in Drag
Replies: 45
Views: 3357

Re: Stop Loss on stocks/ ETFs

If you have pre-defined a number then you have pre-defined a strategy for what you'll do when you get there. If you haven't defined the strategy, you haven't picked a number. So you don't really have a number yet. The way I read posts here, most people who think they have haven't. Your question read...
by Aptenodytes
Sun Jul 20, 2014 1:19 pm
 
Forum: Investing - Help with Personal Investments
Topic: Stop Loss on stocks/ ETFs
Replies: 12
Views: 873

Re: Poll: Has your AA changed in the last 18 months

You got it: 20% in cash or near equivalents (stable value/CDs/etc.) and 80% in a 70/30 stock/fixed income portfolio. That produces an overall final (and static) equity allocation of 56%. No nerves of steel, no huge portfolio, and my penguin is not germane to this discussion. --Peter Got it. I trans...
by Aptenodytes
Sun Jul 20, 2014 1:13 pm
 
Forum: Investing - Theory, News & General
Topic: Poll: Has your AA changed in the last 18 months
Replies: 49
Views: 2291

Re: Poll: Has your AA changed in the last 18 months

livesoft wrote:I read that last bit as "or a big penguin."

There are worse misreadings of that word.
by Aptenodytes
Sun Jul 20, 2014 11:20 am
 
Forum: Investing - Theory, News & General
Topic: Poll: Has your AA changed in the last 18 months
Replies: 49
Views: 2291

Re: Faber: S&P 500 an Active Fund in Drag

Phineas FWIW, I don't buy that argument by S&P. If that was their purpose they could simply have made it the top 500 stocks by market cap. Larry If it isn't their purpose why do they track total US market indices so well? I think it is safe to assume that the S&P 500 index behaves similarly...
by Aptenodytes
Sun Jul 20, 2014 11:15 am
 
Forum: Investing - Theory, News & General
Topic: Faber: S&P 500 an Active Fund in Drag
Replies: 45
Views: 3357

Re: Faber: S&P 500 an Active Fund in Drag

I've always admired Bloomberg radio's tendency to use "the market" as shorthand for the S&P 500, as opposed to the more common convention of using that to refer to DJIA. They still report the Dow like everyone else, but virtually always in combination with S&P 500 and NASDAQ, and i...
by Aptenodytes
Sun Jul 20, 2014 11:03 am
 
Forum: Investing - Theory, News & General
Topic: Faber: S&P 500 an Active Fund in Drag
Replies: 45
Views: 3357

Re: Poll: Has your AA changed in the last 18 months

I picked the top option, but I don't know if you really meant it the way it applies to me. I'm on a predetermined slide towards a 20% "risk-free" asset allocation as I approach retirement. Strictly speaking, it's because I consider my ability to take risk to be lower the closer I get to r...
by Aptenodytes
Sun Jul 20, 2014 10:56 am
 
Forum: Investing - Theory, News & General
Topic: Poll: Has your AA changed in the last 18 months
Replies: 49
Views: 2291

Re: Poll: Has your AA changed in the last 18 months

In November 2013 I bumped fixed income up 10 percentage points. I had set a very aggressive AA when I drank the BH Kool Aid in 2011, and by the end of 2013 I judged that I no longer needed such high risk in order to meet my goals. In fact, the returns over those two years meant that I was going to h...
by Aptenodytes
Sun Jul 20, 2014 10:52 am
 
Forum: Investing - Theory, News & General
Topic: Poll: Has your AA changed in the last 18 months
Replies: 49
Views: 2291

Re: Jumping on the IPS bandwagon, Critique please

It seems good overall, and is impressive, not just for someone your age but anyone. I would suggest a few tweaks. 1) The philosophy section is extremely narrow, focusing only on simplicity. 100% gold is a very simple portfolio. Consider fleshing this out a bit. Something about picking winners not wo...
by Aptenodytes
Sun Jul 20, 2014 10:26 am
 
Forum: Investing - Help with Personal Investments
Topic: Jumping on the IPS bandwagon, Critique please
Replies: 8
Views: 874

Re: Help with a retiring parent's portfolio

The huge chunk of Verizon stock is the elephant in the room. I suspect the best thing to do is sell all of it as quickly as tax-considerations permit. If the whole shebang can be sold at long-term capital gains rate, they probably want to do that. If they have to hold some of it back a year, do that...
by Aptenodytes
Sun Jul 20, 2014 9:49 am
 
Forum: Investing - Help with Personal Investments
Topic: Help with a retiring parent's portfolio
Replies: 5
Views: 887

Re: Faber: S&P 500 an Active Fund in Drag

Nisi, you have a lifetime spot on my all-star debate team roster.
by Aptenodytes
Sun Jul 20, 2014 9:29 am
 
Forum: Investing - Theory, News & General
Topic: Faber: S&P 500 an Active Fund in Drag
Replies: 45
Views: 3357

Re: Allocation review and advice for better use of "cash"

I agree with House Blend that the first thing to do is max out all possible tax advantaged space, spending down the excess cash to do so. Figure out how much you can get into tax-advantaged accounts this way, and how long it would take you. If you can transfer all the cash over in less than 10 years...
by Aptenodytes
Sun Jul 20, 2014 9:25 am
 
Forum: Investing - Help with Personal Investments
Topic: Allocation review and advice for better use of "cash"
Replies: 5
Views: 1121

Re: Divesting Stock with Sentimental Value

I agree with both Livesoft and Fposte. Concentrated risk is bad, so throw every strategy at it you can think of to mitigate it -- not reinvesting dividends; paying taxes from dividends; shifting to 529s; whatever might work, try it. But Fposte is also right -- how large the holdings are makes differ...
by Aptenodytes
Sat Jul 19, 2014 11:53 am
 
Forum: Investing - Help with Personal Investments
Topic: Divesting Stock with Sentimental Value
Replies: 39
Views: 1811

Re: Complete Portfolio Rebalancing: Lump or DCA?

Unless your new AA is completely bizarre, you won't need to touch the taxable funds, so that makes things easier. Unless your current AA is completely bizarre, how fast you move won't matter. Because different AAs behave differently in the long term. In the short term, the differences are noise. Are...
by Aptenodytes
Sat Jul 19, 2014 11:36 am
 
Forum: Investing - Help with Personal Investments
Topic: Complete Portfolio Rebalancing: Lump or DCA?
Replies: 9
Views: 916

Re: [Poll] % of 3 funds in your financial asset portfolio?

If I had counted TIAA traditional as equivalent to total bond, I would have been at 31%. At least one other respondent did that, but I took a more literal approach.
by Aptenodytes
Sat Jul 19, 2014 8:12 am
 
Forum: Investing - Theory, News & General
Topic: [Poll] % of 3 funds in your financial asset portfolio?
Replies: 31
Views: 1634

Re: [Poll] % of 3 funds in your financial asset portfolio?

I am guessing that <5% have 96-100% in the 3-fund portfolio. That is, Taylor is widely admired but rarely emulated, fund-choice-wise. I was way off on this guess. Way more Taylor-heads than I guessed. That's another testament to his wisdom and communication skills. I am guessing that the modal resp...
by Aptenodytes
Sat Jul 19, 2014 8:01 am
 
Forum: Investing - Theory, News & General
Topic: [Poll] % of 3 funds in your financial asset portfolio?
Replies: 31
Views: 1634

Re: [Poll] % of 3 funds in your financial asset portfolio?

I'm 17%, but am posting this before I vote because I want to stick my neck out with my prediction on the results. It is a shame there isn't a choice for 100%, because I'd be curious how many purists there are. I am guessing that <5% have 96-100% in the 3-fund portfolio. That is, Taylor is widely adm...
by Aptenodytes
Sat Jul 19, 2014 7:21 am
 
Forum: Investing - Theory, News & General
Topic: [Poll] % of 3 funds in your financial asset portfolio?
Replies: 31
Views: 1634

Re: Wife has no retirement options- is breadwinner

I liked the idea someone mentioned of her establishing her own LLC and contracting with her employer. I wonder what he would think. Are there any negatives to that from his perspective? He might not be allowed to do that legally; that's the only negative I can think of. Normally employers love shif...
by Aptenodytes
Fri Jul 18, 2014 12:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: Wife has no retirement options- is breadwinner
Replies: 36
Views: 3186

Re: Relatively safe investment for large sum

If you are in a high tax bracket, consider replacing the treasuries with munis, but only high-grade. It sounds like you recommend specific munis as opposed to the funds I have listed ( VWLUX/VWIUX ). So any specific "high-grade" munis ? Munis aren't my thing. I would go with funds that in...
by Aptenodytes
Fri Jul 18, 2014 11:34 am
 
Forum: Investing - Help with Personal Investments
Topic: Relatively safe investment for large sum
Replies: 43
Views: 3169

Re: Relatively safe investment for large sum

If you are in a high tax bracket, consider replacing the treasuries with munis, but only high-grade.
by Aptenodytes
Fri Jul 18, 2014 11:11 am
 
Forum: Investing - Help with Personal Investments
Topic: Relatively safe investment for large sum
Replies: 43
Views: 3169

Re: Relatively safe investment for large sum

I just can't get my head around the question. If I need the money in 5 years, I don't have a risk tolerance of 10%. Those two constraints are simply incompatible. If you are trying to gauge return/risk tradeoffs, then 5 years is an awfully short period to work in. Suppose the goal was restated as &...
by Aptenodytes
Thu Jul 17, 2014 5:46 pm
 
Forum: Investing - Help with Personal Investments
Topic: Relatively safe investment for large sum
Replies: 43
Views: 3169

Re: Relatively safe investment for large sum

I just can't get my head around the question. If I need the money in 5 years, I don't have a risk tolerance of 10%. Those two constraints are simply incompatible. If you are trying to gauge return/risk tradeoffs, then 5 years is an awfully short period to work in. The error bars are going to be enor...
by Aptenodytes
Thu Jul 17, 2014 5:33 pm
 
Forum: Investing - Help with Personal Investments
Topic: Relatively safe investment for large sum
Replies: 43
Views: 3169

Re: What Do You Tilt to Outside of the Three Fund (at least

The question wasn't answerable as phrased, so I mentally changed it to: "which of these are asset categories in your AA." I am certain that I have more than 4% of my portfolio in several items in your list purely by coincidence. For example, it is quite difficult to have a balanced portfol...
by Aptenodytes
Thu Jul 17, 2014 4:49 pm
 
Forum: Investing - Help with Personal Investments
Topic: What Do You Tilt to Outside of the Three Fund (at least 4%)?
Replies: 25
Views: 1378

Re: Risky asset allocation?

Thanks for rephrasing the question. You are at 83% stocks, which is just barely within normal range for people on this forum, certainly on the high side. For comparison, I'm almost exactly your age and I'm at 62% stocks. 83% counting the full $40k emergency fund. Does everyone count their emergency...
by Aptenodytes
Thu Jul 17, 2014 4:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: Risky asset allocation?
Replies: 12
Views: 448

Re: Risky asset allocation?

Thanks for rephrasing the question. You are at 83% stocks, which is just barely within normal range for people on this forum, certainly on the high side. For comparison, I'm almost exactly your age and I'm at 62% stocks. Shifting your AA in response to fear and crystal-ball reading is worse than hav...
by Aptenodytes
Thu Jul 17, 2014 3:54 pm
 
Forum: Investing - Help with Personal Investments
Topic: Risky asset allocation?
Replies: 12
Views: 448

Re: Wife has no retirement options- is breadwinner

It can be quite straightforward and low cost for an employer to set up a "Simple IRA". I think you can shelter up to $12K that way. A drawback to this is that once you've got that set up, you can no longer do simple "backdoor Roth" when your income gets over the Roth contributio...
by Aptenodytes
Thu Jul 17, 2014 3:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Wife has no retirement options- is breadwinner
Replies: 36
Views: 3186

Re: Relatively safe investment for large sum

Personally, that quest seems bonkers to me. Why risk a 10% loss for the sake of eking out 150 basis points or so over such a short period? Is 2% really that much worse to you than 3% that you'd incur a risk of 10% loss just to get it? I'd put it in CDs. Let inflation do its worst, but let that be th...
by Aptenodytes
Thu Jul 17, 2014 3:39 pm
 
Forum: Investing - Help with Personal Investments
Topic: Relatively safe investment for large sum
Replies: 43
Views: 3169

Re: Time to rebalance IRA's?

I would start over with a brand new post. Your question has nothing to do with rebalancing. It is about choosing an Asset Allocation that will work for you. And, don't bother posting until you can get more information on your 401K. At 43% of your portfolio, it is too big to ignore. I understand how ...
by Aptenodytes
Thu Jul 17, 2014 3:29 pm
 
Forum: Investing - Help with Personal Investments
Topic: Risky asset allocation?
Replies: 12
Views: 448
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