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Re: PXSV has changed indexes

Looks like then new Pure Value index is about as bad as everyone was expecting. I'm leanings towards going back to Vanguard's small value fund as my core small value holding. It has (a) lower expenses and (b) higher value loadings than S&P 600 Value and Russell Fundamental Small Cap. What's eve...
by BBL
Fri Apr 24, 2015 9:09 am
 
Forum: Investing - Theory, News & General
Topic: PXSV has changed indexes
Replies: 108
Views: 8561

Re: Anyone in VFSVX? Why?

I think we're getting closer to agreeing on exactly what we agree to disagree on. This is why Vanguard executes MF share exchanges to ETF shares through a clerical transaction. The change is not to the basket of underlying securities but only to the "wrapper" of the share class. Perhaps y...
by BBL
Thu Apr 16, 2015 2:14 pm
 
Forum: Investing - Help with Personal Investments
Topic: Anyone in VFSVX? Why?
Replies: 70
Views: 10507

Re: Anyone in VFSVX? Why?

Assuming, arguendo, that there was a wrong done to investor B (livesoft), then that wrong occurred at the hands of the counter-party to the ETF transaction not VG. You have have to seek your remedy there. Agree to disagree. livesoft has no claim either way. The harm was to the fund shareholders oth...
by BBL
Thu Apr 16, 2015 1:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: Anyone in VFSVX? Why?
Replies: 70
Views: 10507

Re: Anyone in VFSVX? Why?

Yes, your math is 100% correct. It is possible to either make a small profit or a small loss on the transaction due to small but measurable market inefficiencies. Ironically, taking advantage of such inefficiencies is what keeps the inefficiencies small, the markets functioning effectively, and rep...
by BBL
Thu Apr 16, 2015 9:01 am
 
Forum: Investing - Help with Personal Investments
Topic: Anyone in VFSVX? Why?
Replies: 70
Views: 10507

Re: Anyone in VFSVX? Why?

I guess I’m a hypocrite for revisiting this topic. I can live with that. For the benefit of tarnation and Majormajor78 I am going to briefly demonstrate the inequity produced by the policy. Also, tarnation, my proposal was to exchange FMV (closing NAV is FMV for the MF share class and closing price ...
by BBL
Thu Apr 16, 2015 7:09 am
 
Forum: Investing - Help with Personal Investments
Topic: Anyone in VFSVX? Why?
Replies: 70
Views: 10507

Re: Anyone in VFSVX? Why?

I'll take one more pass at this and then I'm going to leave it to anyone that reads it to either understand, misunderstand, agree, or disagee but this will be it. For David - this has nothing to do with assembling a creation unit - that is a completely separate topic and the assembler is executing a...
by BBL
Mon Apr 13, 2015 7:09 am
 
Forum: Investing - Help with Personal Investments
Topic: Anyone in VFSVX? Why?
Replies: 70
Views: 10507

Re: Anyone in VFSVX? Why?

I didn't belive this was true so I called my rep at vanguard and they did confirm that the converson is at NAV. Frankly that's dubious. This is probably uncharted legal territory. Ask yourself how many investment companies have a dual share class structure and can therefore even perform this transa...
by BBL
Sat Apr 11, 2015 8:44 am
 
Forum: Investing - Help with Personal Investments
Topic: Anyone in VFSVX? Why?
Replies: 70
Views: 10507

Re: Anyone in VFSVX? Why?

But, I had sort of assumed mutual fund shares converting to ETF would be done at NAV. But are you saying that if VSS sells at a 1% premium over VFSVX, then I'm about to lose 1% during the conversion? There is no loss on a conversion, because nothing changes hands. X shares of VFSVX always converts ...
by BBL
Sat Apr 11, 2015 7:03 am
 
Forum: Investing - Help with Personal Investments
Topic: Anyone in VFSVX? Why?
Replies: 70
Views: 10507

Re: Anyone in VFSVX? Why?

But, I had sort of assumed mutual fund shares converting to ETF would be done at NAV. But are you saying that if VSS sells at a 1% premium over VFSVX, then I'm about to lose 1% during the conversion? There is no loss on a conversion, because nothing changes hands. X shares of VFSVX always converts ...
by BBL
Fri Apr 10, 2015 6:04 am
 
Forum: Investing - Help with Personal Investments
Topic: Anyone in VFSVX? Why?
Replies: 70
Views: 10507

Re: SC international: Swap GWX for VSS?

And the higher premium? A few months ago I had the same dilemma - I needed to buy VSS but the premium was unusually high - around 1% of NAV. I decided to take a position in the MF share class instead. The ER difference at the time was around .2 so I literally had years before the higher ER of the M...
by BBL
Thu Apr 09, 2015 1:20 pm
 
Forum: Investing - Help with Personal Investments
Topic: SC international: Swap GWX for VSS?
Replies: 5
Views: 392

Re: Small cap premium

The value premium is thought to exploit the way investors overestimate risk - I was buying Europe when valuations were on the floor because I knew I'd want to hold more Europe at some point, and so I bought on Sale .. Most the world is buying Europe now, because they had to wait for good news to co...
by BBL
Thu Apr 09, 2015 10:24 am
 
Forum: Investing - Theory, News & General
Topic: Small cap premium
Replies: 32
Views: 2383

Re: Taking profits and losses, When?

Qmavam wrote: My concern is, at some point in time my favorite Index fund guru will send a
Alert Notification to sell


I would like more information about the guru please.
by BBL
Thu Apr 09, 2015 9:54 am
 
Forum: Investing - Help with Personal Investments
Topic: Taking profits and losses, When?
Replies: 6
Views: 750

Re: Tax paid to wrong state: What recourse?

As a 2015 full year resident of state B I don't think you have any reason to suspect that MD (assuming that is state A) has any claim on your payment. I believe PL 104-94 stopped that kind of thing: "On Jan. 10, 1996, Congress enacted the Pension Source Tax Act of 1996 (P.L. 104-94). This law s...
by BBL
Wed Apr 08, 2015 9:11 am
 
Forum: Personal Finance (Not Investing)
Topic: Tax paid to wrong state: What recourse?
Replies: 13
Views: 844

Re: Tax paid to wrong state: What recourse?

No one would confuse me with Alan S. However, I believe the only way you can get that back will be to file a 2015 non resident tax return in state A which would indicate that no 2015 income is state A income. So: - Not that I know of - 2015 non resident tax return - Whatever forms are required to fi...
by BBL
Wed Apr 08, 2015 7:24 am
 
Forum: Personal Finance (Not Investing)
Topic: Tax paid to wrong state: What recourse?
Replies: 13
Views: 844

Re: The mechanics of online brokerages and EFT ownership - R

You would be protected as a non US citizen if you use a SIPC member institution. I know nothing about the protection available in non US brokerages. Sorry.
by BBL
Wed Apr 08, 2015 6:25 am
 
Forum: Investing - Theory, News & General
Topic: The mechanics of online brokerages and EFT ownership - Risk
Replies: 15
Views: 1500

Re: How does one invest without rebalancing?

livesoft wrote:Oh, the horror of being off by several tenths of a percent! It's enough to make one sick to their stomach and prevent one from sleeping well at night.


Gee, thanks. My sarcasm detector just exploded. How am I supposed to read these threads without it?
by BBL
Fri Apr 03, 2015 7:00 am
 
Forum: Investing - Theory, News & General
Topic: How does one invest without rebalancing?
Replies: 17
Views: 1659

Re: G Fund Changes

Adjusting the method of interest calculation for the G fund is a cost-saving suggestion, which is contained in a budget committee report, which accompanied the House GOP fiscal 2016 budget proposal. The Senate version contains nothing similar. I think you'll want to take a wait-and-see attitude befo...
by BBL
Thu Mar 26, 2015 11:32 am
 
Forum: Investing - Theory, News & General
Topic: [TSP G Fund Possible Changes]
Replies: 21
Views: 1159

Re: TLH: Use ETF to gauge fund close?

Another issue is to watch the NAV move of the ETF v the price move as a big change in the premium or discount can give you the impression the MF share class would move in a similar way / with similar magnitude but may not. Thus you get a false impression of the MF NAV close but were really just wat...
by BBL
Tue Dec 23, 2014 7:15 am
 
Forum: Investing - Help with Personal Investments
Topic: TLH: Use ETF to gauge fund close?
Replies: 7
Views: 619

Re: TLH: Use ETF to gauge fund close?

BE CAREFUL! Today many of Vanguard's ETFs went ex-dividend, so if there is a price drop today, it may not be from market action. Yeah. Depending on your data source you can be getting mixed information. VG accounts for the dividend in their reported pricing while, say, Morningstar does not. So you ...
by BBL
Mon Dec 22, 2014 3:04 pm
 
Forum: Investing - Help with Personal Investments
Topic: TLH: Use ETF to gauge fund close?
Replies: 7
Views: 619

Re: What are your 2015 Financial Goals?

Don't risk money I'd like to keep to make money I don't need.
by BBL
Mon Dec 22, 2014 10:24 am
 
Forum: Personal Finance (Not Investing)
Topic: What are your 2015 Financial Goals?
Replies: 102
Views: 8549

Re: Vanguard white papers, how are they distributed?

livesoft wrote:I came across a link to another useful Vanguard white paper this past week.

Which one? I don't want to be missing any gems either. Thanks.
by BBL
Sun Dec 21, 2014 8:43 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard white papers, how are they distributed?
Replies: 6
Views: 1041

Re: Vanguard white papers, how are they distributed?

I feel like I might be missing some more gems. The Financial Advisors' site is very useful as well. You can perform searches or dig around the drop-down menus. You don't need to be registered for most of this content - white papers, etc. Enjoy. Link: https://advisors.vanguard.com/VGApp/iip/site/adv...
by BBL
Sun Dec 21, 2014 8:32 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard white papers, how are they distributed?
Replies: 6
Views: 1041

Re: handling large market drops

MichaelU wrote:Wondering if there is a way to take advantage of large market drops

If you were in the US: TLH if you have a taxable account. Maybe this isn't applicable in Australia - I know nothing about the tax system in your country.
by BBL
Sat Dec 20, 2014 11:12 am
 
Forum: Investing - Theory, News & General
Topic: handling large market drops
Replies: 17
Views: 1892

Re: When do dividends post to Vanguard accounts?

bertilak wrote:Yeah. My edited update to the post crossed your post in the ether!

He He - that happens. Glad you didn't have a real problem. OT - I like the hat
by BBL
Sat Dec 20, 2014 10:53 am
 
Forum: Investing - Theory, News & General
Topic: When do dividends post to Vanguard accounts?
Replies: 13
Views: 1403

Re: When do dividends post to Vanguard accounts?

Getting cash is a one-step process; reinvesting a two-step process with getting the cash as the first step. I guess that is a naive way to look at it. Think of that in reverse. The fund already has the cash; it is easier/faster for them to transform your proportionate share of that cash into more s...
by BBL
Sat Dec 20, 2014 10:28 am
 
Forum: Investing - Theory, News & General
Topic: When do dividends post to Vanguard accounts?
Replies: 13
Views: 1403

Re: When do dividends post to Vanguard accounts?

bertilak wrote:Does Vanguard have a different schedule for dividends in taxable vs. tax-advantaged accounts?

No, however the reinvest date and the payable date are one business day apart. Did you reinvest in tax advantaged and elect otherwise in taxable? Reinvest was 12/19; payable 12/22 for VTSAX
by BBL
Sat Dec 20, 2014 9:44 am
 
Forum: Investing - Theory, News & General
Topic: When do dividends post to Vanguard accounts?
Replies: 13
Views: 1403

Re: CFP Education - College for FP vs. American College?

FWIW I took the CFP education component several years ago just for the fun of it. I went through Kansas State (online) and it took 14 months - 6 classes in consecutive order. Back then the whole thing - tuition/books/fees ran me about 10K total. When you finish you get an 18 hour grad certificate an...
by BBL
Fri Dec 19, 2014 7:36 am
 
Forum: Personal Finance (Not Investing)
Topic: CFP Education - College for FP vs. American College?
Replies: 4
Views: 734

Re: Effect of 0.79 correlation: fantasy vs. reality

Yes, I would be interested in a zero variance portfolio (of course) .... but am perplexed by how a 1.0 correlation could lead to that ... Two perfectly positively correlated risky assets - not a very realistic premise of course but assuming so... Well, I doubt I could lay-out the math as well as Mr...
by BBL
Thu Dec 18, 2014 10:00 am
 
Forum: Investing - Theory, News & General
Topic: Effect of 0.79 correlation: fantasy vs. reality
Replies: 58
Views: 5079

Re: Effect of 0.79 correlation: fantasy vs. reality

TLT had a correlation of .98 to EDV in the last 36 months but the CAGR for EDV was 6.2 while for TLT it was 4.4. …And despite the added volatility EDV had a higher Sharpe… One asset can be perfectly positively correlated to another and offer a higher risk adjusted return over a given period. As this...
by BBL
Thu Dec 18, 2014 9:14 am
 
Forum: Investing - Theory, News & General
Topic: Effect of 0.79 correlation: fantasy vs. reality
Replies: 58
Views: 5079

Re: First time TLH harvester - help please

looks like I screwed myself out of the 2014 tax loss by making my 12/12 automatic investment of $4500? At least as I am interpreting the wash sale rules (buying 30 days before selling at a loss)... So basically if I want to I can wait until after 1/12/15 and then sell at the loss and do the TLH for...
by BBL
Wed Dec 17, 2014 12:09 pm
 
Forum: Investing - Help with Personal Investments
Topic: First time TLH harvester - help please
Replies: 13
Views: 560

Re: First time TLH harvester - help please

glosing wrote:Also not sure if it matters but I bought $4500 of VTIAX on 12/12. The rest was purchased before 10/24/2014-11/14/2014. Thanks.


Doesn't matter. As long as you: Exchange 100% > New Fund > VFWAX.

Don't buy VTIAX/VTI (I meant VXUS, of course) for 31 days.
by BBL
Wed Dec 17, 2014 11:58 am
 
Forum: Investing - Help with Personal Investments
Topic: First time TLH harvester - help please
Replies: 13
Views: 560

Re: First time TLH harvester - help please

The dividend thing: The record date for VTIAX (and VFWAX) is 12/18. If you TLH now, no problem. You'll get the VFWAX div. You'll need to hold that lot for over 60 days for the qualified portion of that dividend to remain so as pertains to you. IOW you will get the preferential qualified dividend tax...
by BBL
Wed Dec 17, 2014 11:56 am
 
Forum: Investing - Help with Personal Investments
Topic: First time TLH harvester - help please
Replies: 13
Views: 560

Re: VWO seems cheap right now

Jfet wrote:Oh this thread is still around. I looked at VWO today and see it is $38. Full circle.


The dumpster fire may not be out but it is momentarily contained - like subprime in '07 perhaps? We shall see. I hope you TLH'd that IEMG back to VWO as opportunity allowed.
by BBL
Tue Dec 16, 2014 12:00 pm
 
Forum: Investing - Theory, News & General
Topic: VWO seems cheap right now
Replies: 143
Views: 19011

Re: TLH question

I TLH'd some VTIAX to VFWAX yesterday and the close was low enough for a few new lots to identify themselves. So, I was going to do that today, similar to what you are planning, and then I pulled up VXUS to see what the deal was and.... Never mind - for now at least.
by BBL
Tue Dec 16, 2014 11:44 am
 
Forum: Investing - Help with Personal Investments
Topic: TLH question
Replies: 6
Views: 712

Re: Marketcap vs. FACTOR indexing

Ever seen this? It will give you an idea of where I'm coming from. http://investmentadvisorottawa.com/wp-content/themes/mullins/pdf/SinquefieldWherearethegainsfromIntlDiversification.pdf This was the first non-academic, practical investing publication I read that put the idea of investing from a fac...
by BBL
Tue Dec 16, 2014 7:35 am
 
Forum: Investing - Theory, News & General
Topic: Marketcap vs. FACTOR indexing
Replies: 15
Views: 1652

Re: Marketcap vs. FACTOR indexing

I'm not an expert. I'm not on the leading edge of late-breaking financial innovation. That said, I never knew volatility to be classified as a factor. That's more of an objective which requires trade-offs to achieve - maybe worth it; maybe not. Maybe I'm missing something but Beta, SmL, HmL, Mom and...
by BBL
Tue Dec 16, 2014 7:09 am
 
Forum: Investing - Theory, News & General
Topic: Marketcap vs. FACTOR indexing
Replies: 15
Views: 1652

Re: VWO seems cheap right now

market timer wrote:S&P futures are actually up from Friday's close..


I've been observing Z14 & H15 on globex - up and climbing this morning. Z14 From +12 to + 15.25 last I looked. More news no Boglehead can use I guess....
by BBL
Mon Dec 15, 2014 9:26 am
 
Forum: Investing - Theory, News & General
Topic: VWO seems cheap right now
Replies: 143
Views: 19011

Re: VWO seems cheap right now

sperry8 wrote:Lots of issues in EM right now...

No free cheese.
by BBL
Sun Dec 14, 2014 9:56 am
 
Forum: Investing - Theory, News & General
Topic: VWO seems cheap right now
Replies: 143
Views: 19011

Re: 'Ignore John Bogle and dump your S&P 500 index fund" Art

That "roach motel" effect is, of course, exactly the same effect that another faction presents as "the solid dividend-paying blue-chip stocks of great American companies that will always be there and will never let you down." Naturally. Each faction frames it in a manner support...
by BBL
Fri Dec 12, 2014 7:49 am
 
Forum: Investing - Theory, News & General
Topic: 'Ignore John Bogle and dump your S&P 500 index fund" Article
Replies: 16
Views: 3488

Re: 'Ignore John Bogle and dump your S&P 500 index fund" Art

As an aside, I think equal-weighting is logically total nonsense because there is an insoluble logical question about where to stop. Yes. An individual investor attempting to equal-weight all of the securities in a given universe is beyond impractical. All you really get is a size tilt (and sector ...
by BBL
Fri Dec 12, 2014 7:07 am
 
Forum: Investing - Theory, News & General
Topic: 'Ignore John Bogle and dump your S&P 500 index fund" Article
Replies: 16
Views: 3488

Re: Don't Peek

Dandy wrote:But, I think that the seemingly off the cuff advice of not looking at your 401k balance for --- years, until you retire etc is bad advice.

Who proffers that advice?

EDIT: Never mind. I assume you're referring to that statement from Mr Bogle. It hadn't occurred to me that he was serious....
by BBL
Thu Dec 11, 2014 8:34 am
 
Forum: Investing - Theory, News & General
Topic: Don't Peek [at Your Portfolio Balance]
Replies: 33
Views: 3992

Re: Don't Peek

How many Bogleheads follow this advice. I wish I could but my OCD prevents me from doing so . I think for a passive investor it is a great Bogle rule. For the new year I'm going to try and adopt this rule and I hope when I'm ready for retirement I fall off my chair like Jack says. For me it depends...
by BBL
Thu Dec 11, 2014 7:44 am
 
Forum: Investing - Theory, News & General
Topic: Don't Peek [at Your Portfolio Balance]
Replies: 33
Views: 3992

Re: Vanguard Wish List

I would like to have Vanguard combine the Total International Fund with the FTSE All-World Ex-US Fund (adding the latter to the former). There's just no reason to have both of these funds in the Vanguard family. Hold up there, Hoss. Folks need some tax-loss harvesting pairs. Also some folks would l...
by BBL
Thu Dec 11, 2014 6:46 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard Wish List
Replies: 44
Views: 3250

Re: Why don't YOU follow Buffett's advice?

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Yes, size matters.
by BBL
Wed Dec 10, 2014 2:23 pm
 
Forum: Investing - Theory, News & General
Topic: Why don't YOU follow Buffett's advice?
Replies: 122
Views: 10786

Re: What's wrong with VTIAX?

riptide wrote:I have no idea what Tax Loss Harvesting is.

https://advisors.vanguard.com/iwe/pdf/I ... omain=true
by BBL
Wed Dec 10, 2014 11:38 am
 
Forum: Investing - Theory, News & General
Topic: What's wrong with VTIAX?
Replies: 63
Views: 8167

Re: What is your opinion about "tilting?"

Proponents of tilting have said that VISVX is neither small or valuey enough to capture the premium. That is a fine response, however, I become confused when people continue to use those funds to tilt. What are you trying to accomplish when you go against the advice of the very academics who are ad...
by BBL
Wed Dec 10, 2014 10:19 am
 
Forum: Investing - Theory, News & General
Topic: What is your opinion about "tilting?"
Replies: 116
Views: 9651

Re: What's wrong with VTIAX?

I am sick of my VTIAX , it is the only index fund that has unrecognized losses this year for thousands. I consistently has gone down since I've owned it. I have read the debate on here in reference to international funds being necessary or not. I compared the 3 year , 5 year, and 10 year for intern...
by BBL
Wed Dec 10, 2014 9:25 am
 
Forum: Investing - Theory, News & General
Topic: What's wrong with VTIAX?
Replies: 63
Views: 8167

Re: What is your opinion about "tilting?"

In this arena of the investing world I’m mostly a Larry Swedroe guy. Take that for what it’s worth. I would hold a reasonably close approximation of ‘the Larry’ if I didn’t have constrains preventing me from doing so (I was too far down the road when I learned of it). In my equity portfolio I curren...
by BBL
Wed Dec 10, 2014 7:50 am
 
Forum: Investing - Theory, News & General
Topic: What is your opinion about "tilting?"
Replies: 116
Views: 9651

Re: U.S. stocks in freefall

Browser wrote:Oh, the horror! That 0.8% loss puts me on foodstamps.


Not so fast. NQZ already in the green.

But just to be safe:

http://www.fns.usda.gov/snap/supplement ... ogram-snap
by BBL
Tue Dec 09, 2014 1:33 pm
 
Forum: Investing - Theory, News & General
Topic: U.S. stocks in freefall
Replies: 1261
Views: 240369
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