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Re: "Its Time To End Financial Advisers 1% Fees"

It may be time to end the 1% fees, but Clements is probably right that traditional advisers will try to offer clients more services, more handholding, rather than cut their fees. Thanks for the link, Taylor. The column is a nice update on where the active/passive battle now stands and I hadn't reali...
by Fallible
Sat Jan 24, 2015 9:21 pm
 
Forum: Investing - Theory, News & General
Topic: "Its Time To End Financial Advisers 1% Fees"
Replies: 8
Views: 1780

Re: Anyone else love reading textbooks?

A delightful essay from one of my old college textbooks by Mark Van Doren, "Education by Books" ( The Nation , 1933), somewhat pertains here I think. It's about an institution, basically a university, whose sole purpose was to require students to read some of the greatest classics over fo...
by Fallible
Sat Jan 24, 2015 7:55 pm
 
Forum: Personal Consumer Issues
Topic: Anyone else love reading textbooks?
Replies: 79
Views: 2315

Re: Anyone else love reading textbooks?

... Pick your textbooks wisely: - in sciences, they go obsolete pretty quickly - not so much the basic principles, but the frontiers of discovery (even a basic physics textbook will talk about CERN and the LHC and Standard Theory). A subscription to New Scientist is helpful in this regard - in soci...
by Fallible
Sat Jan 24, 2015 5:00 pm
 
Forum: Personal Consumer Issues
Topic: Anyone else love reading textbooks?
Replies: 79
Views: 2315

Re: Anyone else love reading textbooks?

lightheir, As a professor, I could not agree more that students need to read the major/primary texts assigned at least 3 times, or they need to read *very* slowly, whichever works best for them. My specialty is Ancient Greek Philosophy, and I am so tired of students who skim, e.g. Plato's Gorgias, ...
by Fallible
Sat Jan 24, 2015 4:27 pm
 
Forum: Personal Consumer Issues
Topic: Anyone else love reading textbooks?
Replies: 79
Views: 2315

Re: Anyone else love reading textbooks?

[Re history texts: are you referring to errors of fact or just differing interpretation of events? n 1942, Columbus sailed the ocean blue. :D ;) One reputable source refers to "when the Germans bombed Pearl Harbor." Victoria I checked my quality textbook: Columbus bombed America in 1492.
by Fallible
Fri Jan 23, 2015 10:29 pm
 
Forum: Personal Consumer Issues
Topic: Anyone else love reading textbooks?
Replies: 79
Views: 2315

Re: What Experts Say About "Indexing"

Thanks for these Taylor. My favorite description of low-cost indexing is short and simple: "mathematical certainty."
by Fallible
Fri Jan 23, 2015 8:09 pm
 
Forum: Investing - Theory, News & General
Topic: What Experts Say About "Indexing"
Replies: 9
Views: 1404

Re: Anyone else love reading textbooks?

I like to read history textbooks as many contain factual errors. How do you know that many history textbooks contain factual errors? I don't doubt that many do. But how do you recognize the errors? Do you do primary historical research yourself? That must be hard to do with a full-time job as a pro...
by Fallible
Fri Jan 23, 2015 6:32 pm
 
Forum: Personal Consumer Issues
Topic: Anyone else love reading textbooks?
Replies: 79
Views: 2315

Re: Anyone else love reading textbooks?

I've saved most of my college textbooks, too, and I enjoy seeing what I highlighted back then (if the highlights aren't too faded!). If I were to read them again at length, I'd be curious to see if I would highlight the same passages. I also was a heavy highlighter of my college textbooks (plus scr...
by Fallible
Fri Jan 23, 2015 6:06 pm
 
Forum: Personal Consumer Issues
Topic: Anyone else love reading textbooks?
Replies: 79
Views: 2315

Re: Downsize, Reduce, Simplify.

I'm right on the cusp of a life changing event. One possibility will be a strong move to downsize and simplify housing and other expenditures. And, on the flip side, this change would increase physical recreational activities as well as other low cost interests such as volunteering, reading, club e...
by Fallible
Fri Jan 23, 2015 3:17 pm
 
Forum: Personal Consumer Issues
Topic: Downsize, Reduce, Simplify.
Replies: 52
Views: 4991

Re: Anyone else love reading textbooks?

I don't know about the validity of this topic, but I do too enjoy reading textbooks. I think if one has a goal that requires the knowledge, that can be the powerful stimulus.. ... Agree and re topic validity, if you mean whether it's actionable, etc., the OP could change the topic title to ask what...
by Fallible
Fri Jan 23, 2015 2:49 pm
 
Forum: Personal Consumer Issues
Topic: Anyone else love reading textbooks?
Replies: 79
Views: 2315

Re: My strange little hobby [Collecting signatures]

This thread is now in the Personal Consumer Issues forum (collecting signatures). I also retitled the thread. I've got John Bogle's signature by attending the Bogleheads Conferences. I also have signatures from the Bogleheads authors who attended the conferences. Who's signature do I value the most...
by Fallible
Thu Jan 22, 2015 10:02 pm
 
Forum: Personal Consumer Issues
Topic: My strange little hobby [Collecting signatures]
Replies: 19
Views: 2382

Re: "The ABCs of Common Sense Investing"

Taylor Larimore wrote:Bogleheads:

Rick Van Ness has put Boglehead Philosophy into poetry: ...
Taylor


I think with the "ABCs" and his videos, he has also brought fun to learning, which is well known to make learning easier. Thanks Rick, and thanks Taylor.
by Fallible
Thu Jan 22, 2015 8:51 pm
 
Forum: Investing - Theory, News & General
Topic: "The ABCs of Common Sense Investing"
Replies: 11
Views: 1646

Re: Ask plumber to pay for damages?

Maybe. It just depends. Was he hired to check the flush and fill valve? Is that a part of de-winterizing? If so, he should pay. If not, you're the homeowner and the homeowner pays. JT I wondered this and also whether the OP has talked to him about it and the plumber has said he didn't check this va...
by Fallible
Thu Jan 22, 2015 7:08 pm
 
Forum: Personal Consumer Issues
Topic: Ask plumber to pay for damages?
Replies: 11
Views: 1532

Re: Gotta Be a Bear Market Coming

The economy looks strong with growth up and unemployment down. Nonetheless, I'e got to think this bull market is getting somewhat aged. While I won't resort to market-timing, I am bracing - perhaps irrationally - bracing for a major correction or bear market. Why would you resort to market timing i...
by Fallible
Thu Jan 22, 2015 6:57 pm
 
Forum: Investing - Help with Personal Investments
Topic: Gotta Be a Bear Market Coming
Replies: 64
Views: 7321

Re: My strange little hobby

My strange little hobby is finally complete. I have learned so much from three men I have never met. These three men have become mentors and people I try to emulate every day in my own personal life. Even though I was introduced to them through their writings on money, I found I learned more about ...
by Fallible
Thu Jan 22, 2015 6:43 pm
 
Forum: Personal Consumer Issues
Topic: My strange little hobby [Collecting signatures]
Replies: 19
Views: 2382

Re: How does an Efficient Market explain Buffett?

These discussions always surprise me, and confirm Bogles advice to people to invest in index funds. Most people don't understand anything about business valuation or investing, and those that do often cannot execute it. Buffett does both better than anyone else alive (or dead, for that matter). The...
by Fallible
Thu Jan 22, 2015 2:13 pm
 
Forum: Investing - Theory, News & General
Topic: How does an Efficient Market explain Buffett?
Replies: 244
Views: 11212

Re: How does an Efficient Market explain Buffett?

An important aspect of a genius is her or his impact. The people on Gelb's list have changed the direction of the humanity. Buffett's main achievement is a redistribution of assets from shareholders to his favorite charities. It's commendable but hardly revolutionary. Victoria It should be noted I ...
by Fallible
Wed Jan 21, 2015 9:52 pm
 
Forum: Investing - Theory, News & General
Topic: How does an Efficient Market explain Buffett?
Replies: 244
Views: 11212

Re: How does an Efficient Market explain Buffett?

... My authority is Michael J. Gelb, the author of How to think like Leonardo do Vinci . Gelb's list of the ten most revolutionary minds in history includes: - Plato - Brunelleschi - Columbus - Copernicus - Elizabeth I - Shakespeare - Jefferson - Darwin - Gandhi, and - Einstein. Victoria Not making...
by Fallible
Wed Jan 21, 2015 5:45 pm
 
Forum: Investing - Theory, News & General
Topic: How does an Efficient Market explain Buffett?
Replies: 244
Views: 11212

Re: How does an Efficient Market explain Buffett?

...But why isn't Buffett a genius?... Why isn't Ken Heebner a genius? http://s5.postimg.org/h2nmb7pkn/Captura_de_pantalla_2015_01_21_a_las_4_26_44_PM.png Answer: Because it's not 2006. (Blue: CGM Focus, Ken Heebner's fund; Orange, genius-free Vanguard Total Stock Market Index Fund). ... It's not so...
by Fallible
Wed Jan 21, 2015 5:25 pm
 
Forum: Investing - Theory, News & General
Topic: How does an Efficient Market explain Buffett?
Replies: 244
Views: 11212

Re: How does an Efficient Market explain Buffett?

As I said earlier, Buffett is more than the sum of his parts. That's what genius is. You can possibly explain one of his remarkable feats, but rarely all of it and even if all of it, there's the next remarkable one and the next and the next. Hi Fallible, I don't consider Warren Buffett a genius. He...
by Fallible
Wed Jan 21, 2015 5:11 pm
 
Forum: Investing - Theory, News & General
Topic: How does an Efficient Market explain Buffett?
Replies: 244
Views: 11212

Re: How does an Efficient Market explain Buffett?

As I said earlier, Buffett is more than the sum of his parts. That's what genius is. You can possibly explain one of his remarkable feats, but rarely all of it and even if all of it, there's the next remarkable one and the next and the next. Hi Fallible, I don't consider Warren Buffett a genius. He...
by Fallible
Tue Jan 20, 2015 10:33 pm
 
Forum: Investing - Theory, News & General
Topic: How does an Efficient Market explain Buffett?
Replies: 244
Views: 11212

Re: How does an Efficient Market explain Buffett?

I actually wasn't making an argument in question format. I was really asking questions! Regardless of whether the EMH is or is not theoretically sound, the question is if investors should behave as if the markets are efficient for the most part. I incline toward the view that they should. Very few ...
by Fallible
Tue Jan 20, 2015 8:23 pm
 
Forum: Investing - Theory, News & General
Topic: How does an Efficient Market explain Buffett?
Replies: 244
Views: 11212

Re: “How Does Aging Affect Financial Decision Making?”

I fear the problem is, your ability diminishes long before your confidence does, and also long before anyone would consider you not competent. ...L. Yes, I would also think this, although in early stages of some dementia, when there is initial awareness of declining ability, there is also resulting...
by Fallible
Tue Jan 20, 2015 5:20 pm
 
Forum: Investing - Theory, News & General
Topic: “How Does Aging Affect Financial Decision Making?”
Replies: 54
Views: 2728

Re: “How Does Aging Affect Financial Decision Making?”

With the average age in this study being early 80s, it’s best for us DIYs to prepare for some type of decline well beforehand. In other words, we should follow Taylor’s wise advice and fine example. :thumbsup I looked over the study and ended up, rightly or wrongly, with many questions. For good rea...
by Fallible
Tue Jan 20, 2015 4:16 pm
 
Forum: Investing - Theory, News & General
Topic: “How Does Aging Affect Financial Decision Making?”
Replies: 54
Views: 2728

Re: How does an Efficient Market explain Buffett?

I'm not familiar with the man Munger is referring to in his quote. He just said: a guy that came up with EMH and won the nobel prize said that Berkshire can be explained as a 6-sigma event (after starting out as 2-sigma and revising upward). If you have a very large number of data points, a few of ...
by Fallible
Tue Jan 20, 2015 2:26 pm
 
Forum: Investing - Theory, News & General
Topic: How does an Efficient Market explain Buffett?
Replies: 244
Views: 11212

Re: BlackRock aims to beat active and passive funds

[Financial Times] Here you go. Smart beta is the new "third way" for investors. ... Actively managed US equity funds underperformed the market in greater numbers last year than at any time in a decade, while hedge funds, which have even more freedom to pick their investments, returned onl...
by Fallible
Mon Jan 19, 2015 9:33 pm
 
Forum: Investing - Theory, News & General
Topic: BlackRock aims to beat active and passive funds
Replies: 9
Views: 1221

Re: How would you respond?

Ask and you shall receive: "The Investment Subcommittee has recently approved some fund lineup changes and this will include adding a few passive funds. Please be on the lookout for additional details on these changes when it is communicated sometime during the first quarter." Looking for...
by Fallible
Mon Jan 19, 2015 7:32 pm
 
Forum: Investing - Theory, News & General
Topic: How would you respond?
Replies: 25
Views: 2884

Re: Return of the Stockpickers

With the index elephant in the room and a ghastly 2014, what else can active managers say but that things could/should get better? And what else can "Barron's" do but, after interviewing those managers, write this: "Cost is, of course, a major reason many active managers don’t outperf...
by Fallible
Mon Jan 19, 2015 6:14 pm
 
Forum: Investing - Help with Personal Investments
Topic: Return of the Stockpickers
Replies: 8
Views: 699

Re: What Book Are You Currently Reading? Part VI

Read all and then reread parts of Being Mortal by Atul Gawande, who seems to be a very special doctor and human being. I learned much more about decisions to be made when one is faced with terminal illness, about palliative care, the need for more geriatric physicians, the failures of assisted livin...
by Fallible
Mon Jan 19, 2015 12:09 pm
 
Forum: Personal Consumer Issues
Topic: What Book Are You Currently Reading? Part VI
Replies: 436
Views: 56261

Re: What Movie Have You Recently Watched?

LadyGeek wrote:You're welcome. Be sure to look for Stan Lee, who gives a brief cameo in every Marvel comic movie.


Thanks. I will not miss Stan Lee.
by Fallible
Sun Jan 18, 2015 2:01 pm
 
Forum: Personal Consumer Issues
Topic: What Movie Have You Recently Watched?
Replies: 444
Views: 52626

Re: Sound like a stock market wizard

A very good and fun read and thanks for the link. I wonder how many others have noticed as Blodget has that Warren Buffett doesn't speak this way. He might have added John Bogle and, while we're at it, Bill Bernstein, Larry Swedroe, Rick Ferri, Scott Burns, Jonathan Clements, and Jason Zweig, Taylor...
by Fallible
Sun Jan 18, 2015 12:50 pm
 
Forum: Investing - Theory, News & General
Topic: Sound like a stock market wizard
Replies: 2
Views: 689

Re: What Movie Have You Recently Watched?

Guardians of the Galaxy. A mix of Firefly and Star Wars gone bad. I would classify this as a slasher film, as the music from '70s and '80s was hacked in ways that would make the original composers turn over in their graves.* The music was also used as background for some the action scenes. Ugh. It ...
by Fallible
Sun Jan 18, 2015 12:28 pm
 
Forum: Personal Consumer Issues
Topic: What Movie Have You Recently Watched?
Replies: 444
Views: 52626

Re: How do I retire?

After getting all this great advice, I think I'm going to take a bit of time and go into work knowing there's no Sword of Damocles hanging over me.... I don't want to rush into a decision without adequately preparing first. That means talking to the right people, especially Vanguard. I've lived pre...
by Fallible
Sun Jan 18, 2015 12:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: How do I retire?
Replies: 53
Views: 4667

Re: What Movie Have You Recently Watched?

Earlier this week we watched "The Grand Budapest Hotel". A bit arch and 15 minutes too long but an unexpected pleasure. When I was young I could not bear the Austrian writer Stefan Zweig. on whose material about pre-World War II Central Europe the film is based, but director Wes Anderson ...
by Fallible
Sat Jan 17, 2015 10:01 pm
 
Forum: Personal Consumer Issues
Topic: What Movie Have You Recently Watched?
Replies: 444
Views: 52626

Re: Anti- Market Timers still seem to endorse market-timing?

Thank you everyone for your responses... they've given me a lot to think about. ... For me, I think at least into the near future I'm best off simply dollar cost averaging into my chosen allocation... and hope any big bear market comes sooner rather than later. I would think it might, given how hig...
by Fallible
Fri Jan 16, 2015 9:47 pm
 
Forum: Investing - Theory, News & General
Topic: Anti- Market Timers still seem to endorse market-timing??
Replies: 22
Views: 2722

Re: How does an Efficient Market explain Buffett?

I understand the practicality of your post, trying to distill the discussion down to "what does it mean for us". From his biographies, generally Buffett convinced friends/family/friends of family/etc.. to invest with him first, then word of mouth spread from his returns from there on. How...
by Fallible
Fri Jan 16, 2015 4:19 pm
 
Forum: Investing - Theory, News & General
Topic: How does an Efficient Market explain Buffett?
Replies: 244
Views: 11212

Re: Am I making a mistake being too conservative?

If you can reach your goals with a 40/60 portfolio, you are being prudent, not conservative. Being aggressive can bring upside more often than not, but the fat tail is what you are avoiding by sticking to your need of risk. RM I agree with the criteria (also mentioned by other posters) of reaching ...
by Fallible
Fri Jan 16, 2015 2:34 pm
 
Forum: Investing - Theory, News & General
Topic: Am I making a mistake being too conservative?
Replies: 58
Views: 7427

Re: Anti- Market Timers still seem to endorse market-timing?

Thank you everyone for your responses... they've given me a lot to think about. ... For me, I think at least into the near future I'm best off simply dollar cost averaging into my chosen allocation... and hope any big bear market comes sooner rather than later. I would think it might, given how hig...
by Fallible
Fri Jan 16, 2015 2:08 pm
 
Forum: Investing - Theory, News & General
Topic: Anti- Market Timers still seem to endorse market-timing??
Replies: 22
Views: 2722

Re: Psychology vs. Fundamentals of investing

Here's what I really said (above): You asked what some investors “see as appealing about the BH philosophy.” I replied by asking “what’s not appealing about investing to keep costs low, keep more of one’s returns, and keep life relatively simple?” I did not say low costs were the “paramount and mos...
by Fallible
Thu Jan 15, 2015 9:22 pm
 
Forum: Investing - Theory, News & General
Topic: Psychology vs. Fundamentals of investing
Replies: 61
Views: 4476

Re: How does an Efficient Market explain Buffett?

It took me a while to find this quote from Charlie Munger (Buffett's partner/closest friend) on his view: “I think it is roughly right that the market is efficient, which makes it very hard to beat merely by being an intelligent investor. But I don’t think it’s totally efficient at all. And the dif...
by Fallible
Thu Jan 15, 2015 7:10 pm
 
Forum: Investing - Theory, News & General
Topic: How does an Efficient Market explain Buffett?
Replies: 244
Views: 11212

Re: How does an Efficient Market explain Buffett?

It took me a while to find this quote from Charlie Munger (Buffett's partner/closest friend) on his view: “I think it is roughly right that the market is efficient, which makes it very hard to beat merely by being an intelligent investor. But I don’t think it’s totally efficient at all. And the dif...
by Fallible
Thu Jan 15, 2015 5:15 pm
 
Forum: Investing - Theory, News & General
Topic: How does an Efficient Market explain Buffett?
Replies: 244
Views: 11212

Re: How does an Efficient Market explain Buffett?

It took me a while to find this quote from Charlie Munger (Buffett's partner/closest friend) on his view: “I think it is roughly right that the market is efficient, which makes it very hard to beat merely by being an intelligent investor. But I don’t think it’s totally efficient at all. And the dif...
by Fallible
Thu Jan 15, 2015 4:41 pm
 
Forum: Investing - Theory, News & General
Topic: How does an Efficient Market explain Buffett?
Replies: 244
Views: 11212

Re: Psychology vs. Fundamentals of investing

I consider the BH principles to be a guide, not a vow. One of the hardest to follow is "stay the course." In the context of not trying to time the market it is certainly spot on. In terms of sticking with my IPS, a little less so. I regularly get new insight from some of the people who po...
by Fallible
Wed Jan 14, 2015 9:34 pm
 
Forum: Investing - Theory, News & General
Topic: Psychology vs. Fundamentals of investing
Replies: 61
Views: 4476

Re: Psychology vs. Fundamentals of investing

Fallible: Yep, I agree that low cost, index investing is the best way to go.......generally. I also feel the market is not efficient over certain periods of time or with particular stocks at particular times. Those are the times when divergence from some of the less basic Boglehead premises occur. ...
by Fallible
Wed Jan 14, 2015 8:28 pm
 
Forum: Investing - Theory, News & General
Topic: Psychology vs. Fundamentals of investing
Replies: 61
Views: 4476

Re: Psychology vs. Fundamentals of investing

The people who truly do "set it and forget it" aren't the people who hang around on this site endlessly discussing it. This site often reminds me of the comments sections on cooking websites. Under each recipe, there will inevitably be a ton of comments that look like this: "This is ...
by Fallible
Tue Jan 13, 2015 9:17 pm
 
Forum: Investing - Theory, News & General
Topic: Psychology vs. Fundamentals of investing
Replies: 61
Views: 4476

Re: Life-Teaching Topics for my Kids

... 3. While out hiking, identifying birds and plants using guidebooks (or iPhone applications). ... I would suggest enhancing the last suggestion about ID'ing plants and birds with a wider lesson plan about the natural world, taught in the field if possible - hiking and camping - but there are ple...
by Fallible
Tue Jan 13, 2015 8:43 pm
 
Forum: Personal Consumer Issues
Topic: Life-Teaching Topics for my Kids
Replies: 42
Views: 2700

Re: Psychology vs. Fundamentals of investing

Fallible: Yep, I agree that low cost, index investing is the best way to go.......generally. I also feel the market is not efficient over certain periods of time or with particular stocks at particular times. Those are the times when divergence from some of the less basic Boglehead premises occur. ...
by Fallible
Tue Jan 13, 2015 6:23 pm
 
Forum: Investing - Theory, News & General
Topic: Psychology vs. Fundamentals of investing
Replies: 61
Views: 4476

Re: Psychology vs. Fundamentals of investing

Fallible: Yep, I agree that low cost, index investing is the best way to go.......generally. I also feel the market is not efficient over certain periods of time or with particular stocks at particular times. Those are the times when divergence from some of the less basic Boglehead premises occur. ...
by Fallible
Tue Jan 13, 2015 1:37 pm
 
Forum: Investing - Theory, News & General
Topic: Psychology vs. Fundamentals of investing
Replies: 61
Views: 4476

Re: How long to hang on to old documents?

Check out our wiki on record retention: http://www.bogleheads.org/wiki/Record_retention

Also there are many previous forum threads on tax records, mortgage papers, etc. Here's one:
viewtopic.php?t=50201
by Fallible
Tue Jan 13, 2015 12:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: How long to hang on to old documents?
Replies: 10
Views: 1020
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