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Re: Taylor Larimore Honored

Here is the compilation of Taylor's Investment Gems -- an extremely valuable resource.

Thank you, Taylor.
by Day9
Mon Mar 02, 2015 9:12 pm
 
Forum: Investing - Theory, News & General
Topic: Taylor Larimore Honored
Replies: 59
Views: 4574

Re: ...it is madness to risk losing what you need in pursuin

According to firecalc.com a 3.7% withdrawal rate succeeded in 99% of historical scenarios with many of them leaving a a hefty legacy. Why would someone go for an annuity?
by Day9
Mon Mar 02, 2015 4:42 pm
 
Forum: Investing - Theory, News & General
Topic: ...it is madness to risk losing what you need in pursuing wh
Replies: 46
Views: 4286

Re: Yale Endowment Report 2014

Look at Page 13 of the report. Is this saying that the return of the yale portfolio returned less than the educational institution mean? Yale is more heavily invested in what we would deem risky (Real estate and PE) vs the other which has more us/foreign equity and bonds. Those are just asset alloc...
by Day9
Sun Mar 01, 2015 11:30 pm
 
Forum: Investing - Theory, News & General
Topic: Yale Endowment Report 2014
Replies: 44
Views: 3884

Re: Yale Endowment Report 2014

How can they get 36.1% annualized returns over a 20-year period on private equity!? Wow that is impressive! :greedy
by Day9
Sun Mar 01, 2015 9:59 pm
 
Forum: Investing - Theory, News & General
Topic: Yale Endowment Report 2014
Replies: 44
Views: 3884

Re: ERs cut on VT, VNQI and several others

I'm still waiting for Total World Stock to gain an Admiral Share class fund or for the ETF VT to drop expenses to VTI/VXUS levels. Furthermore I hear that Total World Stock holds far fewer securities than VTI+VXUS. I wish I could have a one-fund equity portfolio but until these two issues are addres...
by Day9
Sun Mar 01, 2015 9:57 pm
 
Forum: Investing - Theory, News & General
Topic: ERs cut on VT, VNQI and several others
Replies: 3
Views: 764

Re: Thought for the Day: Invest Logically

Live long and prosper, everybody.
by Day9
Fri Feb 27, 2015 11:03 pm
 
Forum: Investing - Theory, News & General
Topic: Thought for the Day: Invest Logically
Replies: 18
Views: 1906

Re: Not "Staying the Course"

If the PE ratios rose to extreme levels as during the tech bubble, I would probably add/transfer more to bonds. I am not sure if this is a break in "staying the course" or simple rebalancing. I cannot envision panicking because of a market drop. Did not happen in 1987, 2000, or 2008/9. IM...
by Day9
Fri Feb 27, 2015 5:11 pm
 
Forum: Investing - Theory, News & General
Topic: Not "Staying the Course"
Replies: 40
Views: 4691

Re: Roth and REITs

by Day9
Fri Feb 27, 2015 3:54 pm
 
Forum: Investing - Theory, News & General
Topic: Roth and REITs
Replies: 5
Views: 740

Re: Why Bonds With 20 Year Horizon?

Diversifying across asset classes may provide better risk-adjusted returns. RETURN IS RETURN IS RETURN................ YOU CAN'T SPEND THE "RISK-ADJUSTMENT". By holding riskless assets in addition to your volatile investments, or leveraging up the investments, you can have higher expected...
by Day9
Fri Feb 27, 2015 4:30 am
 
Forum: Investing - Theory, News & General
Topic: Why Bonds With 20 Year Horizon?
Replies: 26
Views: 2021

Re: Safe Withdrawal Rate as it relates to Size of Portfolio

Just to preempt any confusion: The 4% rule comes from a study that showed if one withdrew 4% of his portfolio in his first year of retirement, then continued to withdraw this dollar amount adjusted for inflation in subsequent years, he would not outlive his money in 95% of 30-year historical scenari...
by Day9
Thu Feb 26, 2015 2:34 pm
 
Forum: Investing - Theory, News & General
Topic: Safe Withdrawal Rate as it relates to Size of Portfolio
Replies: 25
Views: 2608

Re: Why Bonds With 20 Year Horizon?

Diversifying across asset classes may provide better risk-adjusted returns.
by Day9
Tue Feb 24, 2015 1:45 pm
 
Forum: Investing - Theory, News & General
Topic: Why Bonds With 20 Year Horizon?
Replies: 26
Views: 2021

Re: What is Risk?

I'm curious how all these different interpretations of risk relate to expected return. Everyone knows you can't have high expected returns without high risk but what interpretation of risk does this assume? To what extent is this common sense true when applied to different interpretations of risk?
by Day9
Fri Feb 20, 2015 6:54 pm
 
Forum: Investing - Theory, News & General
Topic: What is Risk?
Replies: 27
Views: 1352

Re: Bill Gross majority shareholder in his own fund?

If the manager doesn't own enough of his fund people will complain he doesn't eat his own cooking. Gross owns a lot of his own fund and you complain that it clouds his judgment. At what point would you be satisfied? Why do you think owning a large stake in his own fund would cloud his judgment? Isn'...
by Day9
Mon Feb 09, 2015 12:52 pm
 
Forum: Investing - Theory, News & General
Topic: Bill Gross majority shareholder in his own fund?
Replies: 20
Views: 1410

Re: Best Small Cap Value Funds

Here is one firm's evaluation of domestic Sm Val funds. It recommends RZV

http://www.altruistfa.com/USsmallcapvaluefunds.htm
by Day9
Fri Feb 06, 2015 2:42 pm
 
Forum: Investing - Theory, News & General
Topic: Best Small Cap Value Funds
Replies: 43
Views: 4273

Re: Bill Gross warns about bonds. Are you worried?

scone wrote:I'm not worried about interest rate increases, particularly. The thing that kills bonds is inflation. Except for TIPS, apparently.


TIPS weren't around during the high inflation period of the 70s so I would say your "apparently" is apt.
by Day9
Wed Feb 04, 2015 5:51 pm
 
Forum: Investing - Theory, News & General
Topic: Bill Gross warns about bonds. Are you worried?
Replies: 38
Views: 5130

Re: Define "High tax bracket"

I don't keep up with the Municipal Bond market but how about drawing the line where a Municipal bond will have a better yield than the after-tax yield of a taxable bond with similar risks?
by Day9
Tue Feb 03, 2015 1:29 am
 
Forum: Investing - Theory, News & General
Topic: Define "High tax bracket"
Replies: 45
Views: 3767

Re: Shiller: "Become a smart beta person"

What does "smart beta" mean in this context?
by Day9
Mon Feb 02, 2015 2:50 am
 
Forum: Investing - Theory, News & General
Topic: Shiller: "Become a smart beta person"
Replies: 20
Views: 2578

Re: Why not a 2 fund portfolio like Bogle suggests

Part of me wonders if some people would benefit from a 2 or 3 fund portfolio but they have spent so many hours researching investment strategies that they will feel they wasted their time if they choose something so simple.
by Day9
Wed Jan 28, 2015 8:24 pm
 
Forum: Investing - Theory, News & General
Topic: Why not a 2 fund portfolio like Bogle suggests
Replies: 36
Views: 4008

Re: Any reason NOT to buy treasuries individually?

roll yield https://www.bogleheads.org/forum/viewtopic.php?f=10&t=132601&hilit=riding+the+yield+curve That just means selling a bond before maturity and buying a fresh one. Like buying 10-year bonds, selling it after one year, and then buying another 10-year bond. Is this a free lunch? It lo...
by Day9
Wed Jan 28, 2015 7:36 pm
 
Forum: Investing - Theory, News & General
Topic: Any reason NOT to buy treasuries individually?
Replies: 17
Views: 1487

Re: Any reason NOT to buy treasuries individually?

Any major brokerage will allow you to buy new auction treasuries for free, so you could save some money. But, a cheap fund is just easier. By the way, David Swensen doesn't actually recommend long-term treasuries. There are several articles about him that seem to have made this error, but he recomm...
by Day9
Wed Jan 28, 2015 5:31 pm
 
Forum: Investing - Theory, News & General
Topic: Any reason NOT to buy treasuries individually?
Replies: 17
Views: 1487

Any reason NOT to buy treasuries individually?

Is there any reason NOT to buy treasuries individually? Bond funds are great for other kinds of bonds because they allow you to diversify among issuers but this is not necessary for treasuries. Expense ratios on treasury funds are low (Vanguard Long Term Treasury Fund Investor is 0.2%, admiral has $...
by Day9
Wed Jan 28, 2015 4:38 pm
 
Forum: Investing - Theory, News & General
Topic: Any reason NOT to buy treasuries individually?
Replies: 17
Views: 1487

Re: Vanguard Treasury Funds

. Vanguard has currently reduced the GSE in its treasury funds, but since they are active funds they can hold a portion. Please see this old post: http://www.bogleheads.org/forum/viewtopic.php?f=10&t=83295 Vanguard has TREASURY Funds (Like VUSUX Long term Treasury) and GOVERNMENT BOND Funds (li...
by Day9
Wed Jan 28, 2015 1:19 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard's government bond index funds
Replies: 17
Views: 2064

Re: What mutual fund companies do you use?

Vanguard and DFA
by Day9
Wed Jan 28, 2015 4:02 am
 
Forum: Investing - Theory, News & General
Topic: What mutual fund companies do you use?
Replies: 63
Views: 3174

Re: Vanguard's government bond index funds

I'm with pascalswager on this and I actually just buy my treasuries individually. Treasuries are more liquid and are more of a safe haven asset.
by Day9
Wed Jan 28, 2015 3:41 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard's government bond index funds
Replies: 17
Views: 2064

Re: WHAT EXPERTS SAY ABOUT

Thank you, Taylor. Happy birthday!
by Day9
Sun Jan 25, 2015 5:40 pm
 
Forum: Investing - Theory, News & General
Topic: What Experts Say [about various investing topics]
Replies: 51
Views: 3629

Re: Factors and zero-sum investing

It's a Modern Portfolio Theory idea. Value and Momentum are shown to have relatively weak correlation with each other while both providing good returns in the past. If you diversify across asset classes and factors that don't have perfect correlation then you can get higher returns with lower risk. ...
by Day9
Fri Jan 23, 2015 6:35 pm
 
Forum: Investing - Theory, News & General
Topic: Factors and zero-sum investing
Replies: 58
Views: 3168

Re: Using TLT to hedge

Why is recent TLT doing better than VBTLX? TLT effective duration is 18 years compared to VBLTX 14 years. Having a higher duration makes you more sensitive to interest rate moves and long term rates have been going down. TLT holds exclusively treasuries while VBTLX, Vanguard Long Term Bond, holds c...
by Day9
Fri Jan 23, 2015 4:31 pm
 
Forum: Investing - Help with Personal Investments
Topic: Using TLT to hedge
Replies: 13
Views: 1296

Hedge fund loses 99.8% of all funds, $100m down to $200k.

The manager is "truly sorry". "[The manager] said in the letter that he made a series of "aggressive transactions" over the last three weeks to make up for poor returns in December. He said he bet on stock price options, predicated on the broader market rising. But stock ind...
by Day9
Wed Jan 21, 2015 5:49 pm
 
Forum: Investing - Theory, News & General
Topic: Hedge fund loses 99.8% of all funds, $100m down to $200k.
Replies: 59
Views: 6874

Re: Poll: Your Max. REIT Allocation

I have no REIT fund but Vanguard's Small Cap Value fund has a significant amount of REIT. About 10 years ago it was 10%-15% but I'm not sure where it is lately
by Day9
Mon Jan 19, 2015 9:52 pm
 
Forum: Investing - Theory, News & General
Topic: Poll: Your Max. REIT Allocation
Replies: 54
Views: 4208

Re: Diversify my portfolio

Try the "Help with Personal Investments" subforum

http://www.bogleheads.org/forum/viewforum.php?f=1
by Day9
Mon Jan 19, 2015 9:25 pm
 
Forum: Investing - Help with Personal Investments
Topic: Diversify my portfolio
Replies: 21
Views: 2269

Re: The DOW: An Index I Love to Hate

I would imagine most Bogleheads would prefer the CRSP US Total Market Index because that is the index that Vanguard's Total Market fund aims to track.
by Day9
Mon Jan 19, 2015 5:35 am
 
Forum: Investing - Theory, News & General
Topic: The DOW: An Index I Love to Hate
Replies: 27
Views: 1966

Re: Short term bonds in rising interest rates?

When picking duration I think you want to consider when you are going to need the money. If it's 5 years or so short term makes sense because there won't be time for increased rates to make up for the price decrease with an intermediate bond. If it's 10 years then intermediate makes sense because t...
by Day9
Sat Jan 17, 2015 10:19 pm
 
Forum: Investing - Theory, News & General
Topic: Short term bonds in rising interest rates?
Replies: 26
Views: 2655

Re: Please rate/advise my 40+yr investment portfolio

Try posting in the "Help with Personal Investments" forum

http://www.bogleheads.org/forum/viewforum.php?f=1
by Day9
Sat Jan 17, 2015 12:13 am
 
Forum: Investing - Help with Personal Investments
Topic: Rate/advise my 40+ year stock portfolio
Replies: 9
Views: 594

Re: Larry's New Book On Sale

Thanks for the heads up. Larry Swedroe is my favorite financial author.
by Day9
Fri Jan 16, 2015 6:36 pm
 
Forum: Investing - Theory, News & General
Topic: Larry's New Book On Sale
Replies: 10
Views: 1804

Re: How much in I bonds do you own?

I don't own any yet because I am in my 20s and my only fixed income allocation is to long term treasuries to complement my very stock heavy portfolio. When I increase my fixed income allocation I will follow Larry Swedroe's advice and hold a lot of inflation-tracking bonds. I will probably use I-bon...
by Day9
Fri Jan 16, 2015 4:37 pm
 
Forum: Investing - Theory, News & General
Topic: How much in I bonds do you own?
Replies: 29
Views: 3169

Swiss franc jumps as SNB abandons ceiling versus euro

Franc up 30% vs Euro, up 25% vs USD

http://www.cnbc.com/id/102340182

HUGE currency move. Currency trade are often highly leveraged, there must be a lot of blown out accounts today. People with mortgages in Francs are hurting.
by Day9
Thu Jan 15, 2015 6:02 am
 
Forum: Investing - Theory, News & General
Topic: Swiss franc jumps as SNB abandons ceiling versus euro
Replies: 25
Views: 2294

Re: What is the international portion of your portfolio and

My equity is 2:1 Domestic:International.

My international equity is about equal parts Vanguard Total International, DFA Int'l Sm, DFA Int'l Value, DFA Int'l Targeted Val (a sm-mid val fund)
by Day9
Mon Jan 12, 2015 3:50 am
 
Forum: Investing - Theory, News & General
Topic: What is the international portion of your portfolio and why?
Replies: 140
Views: 11994

Re: Vanguard and DFA #1 & #2 Fund Inflows

To bypass the paywall search for the article name on google. It is the first result for me:

https://www.google.com/search?q=Vanguard+Sets+Record+Funds+Inflow

I am happy to have DFA funds in my 401k plan :happy
by Day9
Mon Jan 05, 2015 4:23 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard sets record funds inflow, has $3.1 trillion assets
Replies: 39
Views: 2886

Re: Int'l Value vs Int'l Small Caps?

Ultimate Buy and Hold - 8 slices vs 4 by Trev H

This is an excellent thread from this forum that should be required reading IMO. It is related to this topic.
by Day9
Sun Dec 28, 2014 7:06 pm
 
Forum: Investing - Theory, News & General
Topic: Int'l Value vs Int'l Small Caps?
Replies: 32
Views: 4107

Re: Green day

For the past few years it seemed like stocks and (treasury) bonds have had perfect -1 correlation. The historic correlation is 0 so days like this where they both go up shouldn't be too uncommon. Oil is up but gold is flat.
by Day9
Fri Dec 19, 2014 4:25 pm
 
Forum: Investing - Theory, News & General
Topic: Green day
Replies: 8
Views: 1015

Re: Credit Risk vs. Term Risk

Credit risk is affected by the same factors as equity risk and doesn't really add any diversification benefit at all. This is why people say to take your risk in your stock portfolio. They are talking about credit risk. When you look at duration risk in a vacuum you don't appear to get compensated f...
by Day9
Wed Dec 17, 2014 6:01 pm
 
Forum: Investing - Theory, News & General
Topic: Credit Risk vs. Term Risk
Replies: 11
Views: 986

Re: Adjusting Core Four to include a slice of a single stock

I agree with mpt follower but would treat it as an independent investment in my equity portfolio and not modify my bond allocation to include it.

Maybe if it was a heavy growth stock like Amazon you could add more to your value tilt if you had one but forget about this.
by Day9
Fri Dec 12, 2014 6:34 am
 
Forum: Investing - Theory, News & General
Topic: Adjusting Core Four to include a slice of a single stock?
Replies: 12
Views: 827

Re: Is the Boglehead Consensus on Long Bonds still Negative?

Hold Long term treasuries if you have a stock dominated portfolio (like 90% stock)

Increase the duration of your bonds if you have a splash of Commodities or CCFs since these risk factors have negative correlation.
by Day9
Thu Dec 11, 2014 5:30 am
 
Forum: Investing - Theory, News & General
Topic: Is the Boglehead Consensus on Long Bonds still Negative?
Replies: 29
Views: 3439

Re: Slice And Dice Alternative Retirement Investments

Collatoralized Commodity Futures have positive expected real return but probably too high of variance to justify it when you look at it in a vacuum. But you should never look at an investment in a vacuum but in the context of a portfolio. Adding a splash of CCF allows you to take on more duration ri...
by Day9
Thu Dec 11, 2014 5:26 am
 
Forum: Investing - Theory, News & General
Topic: Slice And Dice Alternative Retirement Investments
Replies: 9
Views: 1227

Re: Leverage and P/e10

Did I miss the part where you show us your stock/bond allocation, what kinds of bonds you will be holding, and basically what your portfolio will look like as a whole? You mentioned 80/20 but that seemed to be just an example from the book. If you are 100% equities there is serious risk of margin ca...
by Day9
Wed Dec 10, 2014 8:15 pm
 
Forum: Investing - Theory, News & General
Topic: Leverage and P/e10
Replies: 41
Views: 3490

Re: What is your opinion about "tilting?"

Vangurd's small funds aren't the smallest, and their value funds aren't the valuey-est, but you can't beat their low fees. I've got access to some DFA funds in my company retirement plan so I use both.
by Day9
Wed Dec 10, 2014 3:12 am
 
Forum: Investing - Theory, News & General
Topic: What is your opinion about "tilting?"
Replies: 116
Views: 9476

Re: Does splitting int'l markets increase returns?

Developed Europe has more in common with developed Asia than it does with Emerging Europe. Same is true when you swap Europe/Asia
by Day9
Mon Dec 08, 2014 11:45 pm
 
Forum: Investing - Theory, News & General
Topic: Does splitting int'l markets increase returns?
Replies: 21
Views: 1950

Re: Vanguard Flagship rep

Just want to say congrats to all of you millionaires on your success :greedy
by Day9
Mon Dec 08, 2014 5:34 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard Flagship rep
Replies: 26
Views: 5800

Re: A question about Merriman's Buy & Hold Bonds

Treasuries at exempt from state tax but you still pay federal tax. Some states like Florida and Texas have 0% or close to 0% state income tax. California has individual state income tax as high as 12.3%

Municipal Bonds are tax free
by Day9
Wed Dec 03, 2014 4:42 pm
 
Forum: Investing - Theory, News & General
Topic: A question about Merriman's Buy & Hold Bonds
Replies: 10
Views: 892

Re: How do you rebalance?

Like Jeff said I rebalance with contributions but since I buy more investments on a regular interval I selected the option for rebalancing on a regular interval
by Day9
Wed Dec 03, 2014 2:33 am
 
Forum: Investing - Theory, News & General
Topic: How do you rebalance?
Replies: 40
Views: 3267
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