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Re: Help me understand Michael Lewis' "Flash Boys"

2. You don't need a ridiculous summary phone call about potentially relevant news. You just can't act on the news until the next synchronization time. Problems solved. Speaking of scarecrows, that time delay is all some of my competitors need to deduce what I already know (about Eskom to continue m...
by Don Christy
Fri Apr 11, 2014 3:51 pm
 
Forum: Investing - Theory, News & General
Topic: Help me understand Michael Lewis' "Flash Boys"
Replies: 166
Views: 8944

Re: Passport, TSA Pre-Check, and Global Entry

PS: TSA-Pre is AWESOME. Like traveling pre 9/11 again...
by Don Christy
Fri Apr 11, 2014 7:23 am
 
Forum: Personal Consumer Issues
Topic: Passport, TSA Pre-Check, and Global Entry
Replies: 58
Views: 2561

Re: Passport, TSA Pre-Check, and Global Entry

Can't really answer your questions, but I'm enrolled in SENTRI which allows easier crossing of the Mex / US border. Involved criminal background checks, and an in person imterview. Once TSA-Pre came along, it automatically allowed me to become TSA-Pre. Just had to enter my SENTRI number in the trust...
by Don Christy
Fri Apr 11, 2014 7:22 am
 
Forum: Personal Consumer Issues
Topic: Passport, TSA Pre-Check, and Global Entry
Replies: 58
Views: 2561

Re: Anyone else very reluctant to buy right now?

Again the black swan event was a gross exaggeration to make a point about being so rigid and tied to your plan that you would invest knowing you are going to lose a lot of money ,which you would assume you will get back by staying the course. :beer Your premises are absurd; therefore so are your co...
by Don Christy
Thu Apr 10, 2014 7:07 pm
 
Forum: Investing - Theory, News & General
Topic: Anyone else very reluctant to buy right now?
Replies: 124
Views: 12217

Re: Help me understand Michael Lewis' "Flash Boys"

Competing on speed adds no value, no pricing information to the market. Traders should compete on information, not physics. I don't see any way in which to separate information from physics, unless one is suggesting the utterly ridiculous, like every market participant gets a phone call from somebo...
by Don Christy
Tue Apr 08, 2014 8:09 pm
 
Forum: Investing - Theory, News & General
Topic: Help me understand Michael Lewis' "Flash Boys"
Replies: 166
Views: 8944

Re: Help me understand Michael Lewis' "Flash Boys"

Again, once you make a choice to have fragmented markets (which can be defended) under continuous trading (good luck outlawing it), there's no stopping the speed race. That's true, but you are assuming your conclusion, otherwise known as begging the question. Your assumption is that continuous trad...
by Don Christy
Tue Apr 08, 2014 6:18 pm
 
Forum: Investing - Theory, News & General
Topic: Help me understand Michael Lewis' "Flash Boys"
Replies: 166
Views: 8944

Re: Help me understand Michael Lewis' "Flash Boys"

However, it's also abundantly clear that HFT in general has been vastly beneficial to the markets (see, e.g., evidence in recent posts; now Don would say it's the rise of IT in the markets, but that's the same thing, since HFTs are simply the leaders of this change). Not really "Don" sayi...
by Don Christy
Tue Apr 08, 2014 1:34 pm
 
Forum: Investing - Theory, News & General
Topic: Help me understand Michael Lewis' "Flash Boys"
Replies: 166
Views: 8944

Re: Help me understand Michael Lewis' "Flash Boys"

Here's an idea http://faculty.chicagobooth.edu/eric.budish/research/HFT-FrequentBatchAuctions.pdf This paper is really quite interesting. After reading this, I believe many HFT advocates are conflating issues. Sure, we can all see and acknowledge the many benefits, including lower spreads, etc, of ...
by Don Christy
Tue Apr 08, 2014 11:50 am
 
Forum: Investing - Theory, News & General
Topic: Help me understand Michael Lewis' "Flash Boys"
Replies: 166
Views: 8944

Re: Help me understand Michael Lewis' "Flash Boys"

Here's an idea http://faculty.chicagobooth.edu/eric.budish/research/HFT-FrequentBatchAuctions.pdf This paper is really quite interesting. After reading this, I believe many HFT advocates are conflating issues. Sure, we can all see and acknowledge the many benefits, including lower spreads, etc, of ...
by Don Christy
Tue Apr 08, 2014 10:07 am
 
Forum: Investing - Theory, News & General
Topic: Help me understand Michael Lewis' "Flash Boys"
Replies: 166
Views: 8944

Re: 2014 First quarter total return calculations

Should be easy enough to run the experiment to see what's disclosed, but I'm too lazy tonight so I'll speculate :D Thought experiment... Let's say VTI closed on 12/31/2013 at $100 and on 1/2/2014 opened down $2 and stayed there all day without further movement, up or down, thereby closing at the sam...
by Don Christy
Mon Mar 31, 2014 9:44 pm
 
Forum: Investing - Help with Personal Investments
Topic: 2014 First quarter total return calculations
Replies: 2
Views: 358

Re: Retirement pulse check

@Dutch: Full vesting with vesting service of 5 years is not uncommon. Of course the benefit amount may be very small with only 5 or so years of credited service. @OP: make sure you understand how the actual benefit is calculated at your normal retirement date, any age/service requirements for an unr...
by Don Christy
Mon Mar 31, 2014 8:03 pm
 
Forum: Investing - Help with Personal Investments
Topic: Retirement pulse check
Replies: 15
Views: 1415

Re: Multiple HSA rollover(s)

tfb wrote:
Don Christy wrote:Thanks TFB. Only if convenient, can you site a reference?

I answered the same question here:

http://thefinancebuff.com/how-to-rollov ... ment-14130

It links to IRC section 223(f)(5).


Perfect - thanks Harry!
by Don Christy
Sat Mar 29, 2014 5:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Multiple HSA rollover(s)
Replies: 4
Views: 254

Re: Multiple HSA rollover(s)

Am I parsing the meaning of "an HSA" too finely? Or is it even more simple than that, and all of the accounts represent a single HSA for this purpose? Yes. One year clock starts at the time the money leaves any HSA. You can't do another one until one year passed. You can do one rollover f...
by Don Christy
Sat Mar 29, 2014 5:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Multiple HSA rollover(s)
Replies: 4
Views: 254

Multiple HSA rollover(s)

Hi, I have read the wiki and IRS Pub 969 and don't clearly see the answer to my question. I currently have 2 HSAs, one with employer and one with Adirondack Trust (AT). I would like to close the AT and also transfer most of the employer balance to an administrator that has Vanguard funds. I'm trying...
by Don Christy
Sat Mar 29, 2014 4:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: Multiple HSA rollover(s)
Replies: 4
Views: 254

Re: HSA Questions

Dang, I hate being the guy that should have read the FAQ or the Wiki, but here I am. :oops: Thanks for pointing me to it. I am below SS max and live in a low tax state, Texas. Sounds like I will check into the yearly roll over option. WiKi: You are able to move money between HSA custodians through ...
by Don Christy
Sat Mar 29, 2014 4:39 pm
 
Forum: Investing - Help with Personal Investments
Topic: HSA Questions
Replies: 13
Views: 1112

Re: Project Euler (math related)

I fooled around with it for a while but reached the same conclusions as the consensus in the posts above. It's basically a website for programmers. If you read the discussions on the solutions its all about- " I programmed the solution in C and used 10 lines of code" "Oh yeah I progr...
by Don Christy
Sat Mar 29, 2014 12:28 pm
 
Forum: Personal Consumer Issues
Topic: Project Euler (math related)
Replies: 16
Views: 1106

Re: Were These Investment Advisors Lying or Incompetent?

All: This is EXACTLY what I have been trying to do with exactly those funds. Unfortunately, many people on the Board think that we need a manager since I'm not an "expert". Never mind that I have an advanced degree in statistics... Keep in mind that the Vanguard funds employ professional ...
by Don Christy
Fri Mar 28, 2014 6:08 pm
 
Forum: Investing - Help with Personal Investments
Topic: Were These Investment Advisors Lying or Incompetent?
Replies: 90
Views: 5901

Re: Motley Fool Interview

Just rediscovered this gem as well. I joined BH about a month before this first came out. So appreciative for what I've learned here.

Could this be made a sticky?
by Don Christy
Thu Mar 27, 2014 7:30 pm
 
Forum: Investing - Theory, News & General
Topic: Motley Fool Interview
Replies: 72
Views: 18523

Re: Widow's Social Security Benefits

Tortoise Banker wrote:Terrific. I will.

Thanks you SSCritic, ObliviousInvestor, and Penguin!


Rhetorical question since I'm too lazy to create a poll:
What's the probability that someone could get this level of guidance ANYWHERE other than BH.org?

Kudos to SSCritic, ObliviousInvestor, and Penguin!
by Don Christy
Thu Mar 27, 2014 7:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: Widow's Social Security Benefits
Replies: 22
Views: 1462

Re: 2014 BOGLEHEADS CONFERENCE ANNOUNCEMENT

Last year a bunch of us who enjoy vegan food got together for dinner on the Wednesday evening for a nice vegan buffet. My wife is joining this year and we would be interested in doing this again if anyone else is interested. PS a poster got criticized last year for posting the names of the restaura...
by Don Christy
Mon Mar 24, 2014 4:25 pm
 
Forum: Investing - Help with Personal Investments
Topic: 2014 BOGLEHEADS CONFERENCE ANNOUNCEMENT
Replies: 84
Views: 10945

Re: Shark Tank

From my experience, there's certainly the possibility of something between the two scenarios. The original shareholders, or some portion of them, could have a liquidity event as part of the transaction. Or one or more managers could have a "bonus" as result of closing the deal. But I agree...
by Don Christy
Fri Mar 21, 2014 4:32 pm
 
Forum: Investing - Theory, News & General
Topic: Shark Tank [Equity Financing]
Replies: 6
Views: 913

Re: Puerto Rico bonds

Vanguard Intermediate Term Tax Exempt fund holds some Puerto Rico bonds. I believe these are the largest holdings by face value: Holding Coupon Rate Maturity Date Face Amount Market Value Puerto Rico Electric Power Authority Revenue 5.000% 07/01/2019 $35,430,000 $32,696,930 Puerto Rico Sales Tax Fin...
by Don Christy
Fri Mar 21, 2014 8:42 am
 
Forum: Investing - Theory, News & General
Topic: Puerto Rico bonds
Replies: 14
Views: 793

Re: Green Bogleheads discussing Target Stock

One other point that I don't believe has been mentioned. Let's say you buy Target stock and you were right (lucky) and make $ relative to the total market... I would argue that this outcome would be WORSE for your financial future than losing the entire Target investment quickly. If this bet pays of...
by Don Christy
Sun Mar 16, 2014 5:46 pm
 
Forum: Investing - Theory, News & General
Topic: Green Bogleheads discussing Target Stock
Replies: 36
Views: 2448

Re: 2014 BOGLEHEADS CONFERENCE ANNOUNCEMENT

The check is in the mail. Looking forward to it! I registered back in 2012 for BH10 and had to cancel last minute due to a scheduling conflict. Hoping that won't happen this time! Don Let's hope that things work out as far as scheduling goes this year and that we see you in Philly! Thanks Mel! Look...
by Don Christy
Sat Mar 08, 2014 11:04 am
 
Forum: Investing - Help with Personal Investments
Topic: 2014 BOGLEHEADS CONFERENCE ANNOUNCEMENT
Replies: 84
Views: 10945

Re: Yet another dividends question

Effilus, consider an example: The S&P starts at 1000 and for this example assume the NAV for an S&P fund is the same value as the S&P index level. At future date, the index price (and fund NAV) has risen to 1111 just before a $11 dividend is issued. The price (and fund NAV) ex-dividend g...
by Don Christy
Wed Mar 05, 2014 9:09 pm
 
Forum: Investing - Theory, News & General
Topic: Yet another dividends question
Replies: 3
Views: 235

Re: 2014 BOGLEHEADS CONFERENCE ANNOUNCEMENT

My first year attending (though not first registration :oops: ) and I'll be alone too! Looking forward to meeting you all!

Don
by Don Christy
Tue Mar 04, 2014 9:21 pm
 
Forum: Investing - Help with Personal Investments
Topic: 2014 BOGLEHEADS CONFERENCE ANNOUNCEMENT
Replies: 84
Views: 10945

Re: How much is a fair hourly fee?

leerar I don't want to get into a long debate on this, with that said As I said IMO one should pay for value received, not effort. Not to debate, but to better understand your thoughts... Unless buying a commodity service, "Value" can be challenging to define in a way that provides effect...
by Don Christy
Tue Mar 04, 2014 8:49 am
 
Forum: Investing - Theory, News & General
Topic: How much is a fair hourly fee?
Replies: 86
Views: 4844

Re: [POLL] What do Bogleheads DRINK?

A day in the life:
Water
Coffee (with soy milk*)
Cereal with soy milk (will have to try sscritic's program for leftover "milk" from cereal)
Coffee (with more soy milk)
Water
Water
Water
.
.
.
Water
Bourbon with water
Wine
Wine
Water

*I chose other for soy milk rather than milk.
by Don Christy
Tue Mar 04, 2014 12:30 am
 
Forum: Personal Consumer Issues
Topic: [POLL] What do Bogleheads DRINK?
Replies: 72
Views: 3761

Re: Tax consequences of not retitling joint accounts

If you tell the truth and follow the instructions, you will be fine. Thank you, sscritic, for this important reminder! And thank you for your many valuable contributions to this forum. I don't know why*, but I seem to get a scary CP2000 almost every year lately. My experience mirrors sscritic's... ...
by Don Christy
Mon Mar 03, 2014 11:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax consequences of not retitling joint accounts
Replies: 28
Views: 1495

Re: 2014 BOGLEHEADS CONFERENCE ANNOUNCEMENT

The check is in the mail. Looking forward to it! I registered back in 2012 for BH10 and had to cancel last minute due to a scheduling conflict. Hoping that won't happen this time!

Don
by Don Christy
Mon Mar 03, 2014 10:39 pm
 
Forum: Investing - Help with Personal Investments
Topic: 2014 BOGLEHEADS CONFERENCE ANNOUNCEMENT
Replies: 84
Views: 10945

Re: Silly Dividend Question

If you bought the stock at $19, you made a dollar. If you bought at $20, you have no gain. The dividend doesn't "make" money, it pays out money already "made". If you didn't own the investment prior to the gain, you don't benefit. Does that make sense? JT So you only "make&...
by Don Christy
Sat Mar 01, 2014 10:33 am
 
Forum: Investing - Theory, News & General
Topic: Silly Dividend Question
Replies: 8
Views: 639

Re: No Silver Bullets in Investing

BTW, it think an important point in his paper is that while valuations do matter, it's not something you can time. Rick Ferri Rick, this statement is an oxymoron and I do not agree that this was at all the point of the paper. If valuations matter, then they affect what you hold. Time is embedded in...
by Don Christy
Fri Feb 28, 2014 8:41 am
 
Forum: Investing - Theory, News & General
Topic: No Silver Bullets in Investing
Replies: 14
Views: 1992

Re: Advice on paying tax on side income

One other thought for your consideration. If you had made your original proposition to the wealthy entrepreneur, worst case he may have thought you were trying to commit tax fraud, best case he would realize you are naive with respect to taxes. In either event he may be unwilling to hire you or inve...
by Don Christy
Thu Feb 27, 2014 7:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Advice on paying tax on side income
Replies: 19
Views: 898

Re: Car Seats: Leather or Cloth with Kids?

Cloth or synthetic leather. It can be cruelty free. Why use animal skin?

I have synthetic "leather" in VW Jetta Sportwagen and like it.
by Don Christy
Thu Feb 27, 2014 6:54 pm
 
Forum: Personal Consumer Issues
Topic: Car Seats: Leather or Cloth with Kids?
Replies: 46
Views: 2254

Re: True Detective anyone?

I am really enjoying the show myself. It is really picking up speed! If you guys are fans you should read http://io9.com/the-one-literary-reference-you-must-know-to-appreciate-1523076497 I found it an interesting read. Wife and I are enjoying series. Also read the above linked article which led me ...
by Don Christy
Tue Feb 25, 2014 11:27 pm
 
Forum: Personal Consumer Issues
Topic: True Detective anyone?
Replies: 61
Views: 5189

Re: Home remodel - need confirmation that we can afford it

Question for consideration - Can we afford to renovate our home? Our financial advisor says we are very well positioned for the expense, but I am very conservative and would like secondary confirmation before moving forward. We can certainly afford a budget overage if its necessary. Of course I hop...
by Don Christy
Tue Feb 25, 2014 10:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Home remodel - need confirmation that we can afford it
Replies: 51
Views: 3152

Re: Risks and costs of Tax Loss Harvesting

I don't understand what the big argument is. You don't need to be out of the market to TLH, so who cares what the expectation is? I probably would not choose to TLH if I had to be out of the market, especially after a RBD. But That's not how I TLH. I identify reasonably similar (for me) funds and ex...
by Don Christy
Mon Feb 24, 2014 11:25 pm
 
Forum: Investing - Theory, News & General
Topic: Risks and costs of Tax Loss Harvesting
Replies: 18
Views: 1482

Re: Boglehead quotes

cinghiale wrote:"We don't see things as they are; we see them as we are." Anais Nin


Your signature, is a good one...
by Don Christy
Sun Feb 23, 2014 11:42 am
 
Forum: Investing - Theory, News & General
Topic: Boglehead quotes
Replies: 23
Views: 2102

Re: Poll: Which of these abbreviations do you understand?

I would expect at least 10% of bogleheads not to be able to read this and follow instructions. I am heartened that the non-response rate is running at less than 6% (4/68) as I post - this assumes that everyone knows what a REIT is even if they have never heard of the IRS. The percentage is slowly a...
by Don Christy
Sat Feb 22, 2014 10:54 am
 
Forum: Investing - Theory, News & General
Topic: Poll: Which of these abbreviations do you understand?
Replies: 66
Views: 2183

VG Seminar: Spending strategies for your retirement years

Just received an email invitation to a Vanguard Webinar: Spending strategies for your retirement years You can probably register at their site, don't want to use email link in case it was personalized. Here's the description. While saving for retirement is important, you also need to understand how ...
by Don Christy
Thu Feb 20, 2014 1:52 pm
 
Forum: Investing - Theory, News & General
Topic: VG Seminar: Spending strategies for your retirement years
Replies: 7
Views: 1213

Re: Great Finance History Book

Just bought it. Thanks for the tip!
by Don Christy
Sat Feb 15, 2014 12:16 pm
 
Forum: Investing - Theory, News & General
Topic: Great Finance History Book
Replies: 33
Views: 4167

Re: What is your definition of "Wealthy?"

I don't have a definition, I have a description of what in my opinion a wealthy person can afford to do. A wealthy person - has the financial resources to pursue his passions. - works only on the things he is interested in. - pays for the services he does not like to perform himself. - pays for the...
by Don Christy
Sat Feb 01, 2014 9:27 am
 
Forum: Personal Finance (Not Investing)
Topic: What is your definition of "Financially Wealthy?"
Replies: 110
Views: 9662

Re: Help diving into a confusing world and subject

Welcome! I'm sure you'll get lots of good advice from others, so I'll just kick it off by suggesting you review: Getting Started in the wiki. And it sounds like you are already on the right track for a good approach... Living below your means, DIY Roth IRA, low cost index funds, ... At this stage, t...
by Don Christy
Sat Jan 04, 2014 12:06 pm
 
Forum: Investing - Theory, News & General
Topic: Help diving into a confusing world and subject
Replies: 7
Views: 364

Re: Bogleheads 2014 Hedge fund contest

Life Fund: A short ride down a long road...

Long
XRX
AMBC

Short
DDD
RSH

Don
by Don Christy
Wed Jan 01, 2014 8:14 pm
 
Forum: Investing - Theory, News & General
Topic: Bogleheads 2014 Hedge fund contest
Replies: 132
Views: 8773

Re: BOGLEHEAD CONTEST -- 2 more trading days.

Congratulations to Peppers, our 2013 winner.

I've been in 3 years, and had my best finish yet at 15. Have been in top half every year! Time to start marketing my newsletter!

Code: Select all
Year  guess     rank  players
2013 1718.19   15   433
2012 1357.90  188   410
2011 1380.90  181   389
by Don Christy
Tue Dec 31, 2013 5:50 pm
 
Forum: Investing - Theory, News & General
Topic: BOGLEHEAD CONTEST -- 2 more trading days.
Replies: 43
Views: 2605

Re: Bogleheads 2014 Hedge fund contest

dmcmahon wrote:Fund name: Quantitative Teasing

Long: AAPL and WDAY
Short: AMZN and TSLA

(Alas Twitter isn't in the R3000.)


Drat, that was going to be my fund name! Oh well, good luck and here's a vote for best name!
Don
by Don Christy
Tue Dec 31, 2013 5:31 pm
 
Forum: Investing - Theory, News & General
Topic: Bogleheads 2014 Hedge fund contest
Replies: 132
Views: 8773

Re: Things to do in January?

My list for January includes 1. Review IPS 2. Rebalance portfolio as necessary 3. Sell Vanguard Int Term TE bond fund and buy PenFed 5yr CDs 4. Fund Backdoor Roths for DW and self 5. Make estimated tax payment 6. Transfer HSA funds from employer affiliated bank 7. Change 401(k) and 457(f) deferrals ...
by Don Christy
Fri Dec 27, 2013 10:56 am
 
Forum: Investing - Theory, News & General
Topic: Things to do in January?
Replies: 27
Views: 3171

Re: New PenFed CD rates!

Most of my bond allocation sits in the Vanguard Intermediate Term Tax Exempt bond fund (Admiral). I expect to be in the 33% federal tax bracket with no state taxes. So my TE yield would be 3.67%. With PenFed 5 year CD, yield will be 2.03. How many folks have moved funds from intermediate term tax e...
by Don Christy
Fri Dec 27, 2013 9:26 am
 
Forum: Investing - Theory, News & General
Topic: New PenFed CD rates!
Replies: 313
Views: 33214

Re: Bill Bernstein: "Take risk off the table"

EDITED to add, Happy Thanksgiving to those in the US. Happy Thursday to everyone else. I am very thankful for the advice and education I've received from the incredible BogleHead posters. Maybe I'm thinking abut this too naively, but here's how I view whether changes to allocation based on market v...
by Don Christy
Thu Nov 28, 2013 8:18 am
 
Forum: Investing - Theory, News & General
Topic: Bill Bernstein: "Take risk off the table"
Replies: 207
Views: 17035
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