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Re: Total Market fund for Developed countries only

The plan was to overweight emerging markets at 75%/25% Developed/Emerging and I ended up using TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index Fund for the EM slice. Using VTIAX would either increase my emerging markets allocation or decrease the "tilt" from TLTE. To compen...
by Ketawa
Wed Dec 17, 2014 8:37 pm
 
Forum: Investing - Theory, News & General
Topic: Total Market fund for Developed countries only
Replies: 17
Views: 1231

Re: An alternative to alternative investments [QSPIX]

Why are you only looking at how value is defined for stocks, when half the fund is in commodities, currencies, and fixed income? Ok, I linked to a Robert T post and cited the presentation linked from it. However, the presentation has been pulled from that site, probably because it was marked "...
by Ketawa
Tue Dec 16, 2014 7:49 pm
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 201
Views: 18770

Re: Int'l small value exposure without the negative MOM?

I'm not sure what to think of all this. VFSVX (Vanguard FTSE All-world ex-US Small Cap Index Fund) has a median mkt cap of 1.5b, an average of 1.9b, and a P/B of 1.38. And it's not value- or growth-oriented (name-wise). PDN's numbers are 2.0b, 2.8b, and 1.2. It's not really that much more value-y t...
by Ketawa
Tue Dec 16, 2014 4:01 pm
 
Forum: Investing - Theory, News & General
Topic: Int'l small value exposure without the negative MOM?
Replies: 18
Views: 1956

Re: An alternative to alternative investments [QSPIX]

I had to double check that this wasn't April 1st. Thank you for your contribution to the thread. There is no plausible behavioral story that explains these premiums, especially for currencies, commodities, and bonds. Value, at least in Asness's paper, means an asset has gone down in value for five ...
by Ketawa
Tue Dec 16, 2014 1:27 am
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 201
Views: 18770

Re: An alternative to alternative investments [QSPIX]

Value, momentum, and carry are not a new reality. Those factors/strategies have been around for decades. Defensive (profitable, low volatility) is more recent, I think.
by Ketawa
Mon Dec 15, 2014 11:09 pm
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 201
Views: 18770

Re: An alternative to alternative investments [QSPIX]

So far, it seems to have been an effective diversifier to both bonds and stocks. Here are some charts comparing it to Total World Stock Market and Total Bond Market. I can't see much correlation. Past performance does not necessarily predict future results. Since inception. http://i57.tinypic.com/23...
by Ketawa
Mon Dec 15, 2014 10:39 pm
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 201
Views: 18770

Re: An alternative to alternative investments [QSPIX]

The equities that are shorted have less expected return than the market as a whole. They would have low scores on AQR's value, momentum, and/or defensive sortings. Losing the beta of those assets doesn't concern me much. Beta is cheap, and I can get more of it easily by holding a little less G Fund....
by Ketawa
Mon Dec 15, 2014 8:13 pm
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 201
Views: 18770

Re: An alternative to alternative investments [QSPIX]

Also, I assume the typical investor would have equity (e.g. index funds) and bond positions in their portfolios alongside QSPIX. Wouldn't it be more efficient to buy a factor tilted fund or funds, rather than having market index funds plus QSPIX which would essentially "back out" some of ...
by Ketawa
Mon Dec 15, 2014 3:05 pm
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 201
Views: 18770

Re: Roth versus Traditional Debate

A) In order to contribute 600K across 30 years in Roth IRA, it means that a person has to contribute 20K per year in Roth IRA?? The Roth IRA limit is ( 2X 5.5 K) = 11K below 50 years old. And, 2 X 6.5K = 13 K at 50 and above. In either case, 20 K per year contribution to Roth IRA is not possible. R...
by Ketawa
Sun Dec 14, 2014 4:02 pm
 
Forum: Investing - Theory, News & General
Topic: Roth versus Traditional Debate
Replies: 48
Views: 3296

Re: Any Momentum Investors Out There?

As I think of how to implement the value portion of a value-momentum portfolio I can think of a couple of ways to go about it. I might simply allocate a certain percentage of the portfolio to value etfs. An alternative would be to include value etfs in the list of etfs to be screened for momentum s...
by Ketawa
Sat Dec 13, 2014 3:34 pm
 
Forum: Investing - Theory, News & General
Topic: Any Momentum Investors Out There?
Replies: 93
Views: 6985

Re: Another Great Asness/AQR Blog Post - Perspective

It looks like there was an error in the 1975-1979 chart, pointed out earlier in the thread. Maybe a wrong sign?
by Ketawa
Sat Dec 13, 2014 2:54 pm
 
Forum: Investing - Theory, News & General
Topic: Another Great Asness/AQR Blog Post - Perspective
Replies: 38
Views: 2584

Re: Bumped out of first class at boarding - compensation?

I didn't read the entire thread, but have you seen these blog posts? How and When to File a DOT Complaint What To Do If Your Flight Is Oversold Points Guy Pointer: Anatomy of an Airline Bump (and Tips for Success) I didn't see anything specifically related to being bumped from first class or travell...
by Ketawa
Sat Dec 13, 2014 3:11 am
 
Forum: Personal Consumer Issues
Topic: Bumped out of first class at boarding - compensation?
Replies: 52
Views: 6316

Re: Split Assets Between Two Firms?

Brokerage bonuses are typically at least 20 bp. I just checked Fidelity and TD Ameritrade and they are over 20 bp at every level. It's actually even higher, since the lock-up is less than a year.

Bogleheads obsess over low ERs. Why not move your assets around and let brokerages pay you to invest?
by Ketawa
Sat Dec 13, 2014 1:44 am
 
Forum: Investing - Help with Personal Investments
Topic: Split Assets Between Two Firms?
Replies: 28
Views: 2417

Re: Amazon.com price roller coster

If you see a price drops on Amazon after you purchase an item within so many days, you can contact customer service and they will credit you the difference. I just did this tonight for a Kindle that we missed the Cyber Monday price of $99 on. We ordered Tuesday for $139. I saw tonight where they ha...
by Ketawa
Fri Dec 12, 2014 7:17 pm
 
Forum: Personal Consumer Issues
Topic: Amazon.com price roller coster
Replies: 31
Views: 4003

Re: Using EE and/or I Bonds Instead of Bond Funds

Using I Bonds in you taxable account would definitely increase your tax-deferred space. Nevertheless, using them to allow you to put growth equities in your Traditional IRA instead of bonds isn't a good move since you'd be turning what could be favorably-taxed long-term capital gains into ordinary ...
by Ketawa
Fri Dec 12, 2014 3:52 pm
 
Forum: Investing - Help with Personal Investments
Topic: Using EE and/or I Bonds Instead of Bond Funds
Replies: 48
Views: 4239

Re: Thrift Savings Plan vs Roth TSP

The Roth TSP is a good choice because you are in the 15% federal tax bracket. Once you make O-3, you will probably want some Traditional TSP contributions since you will have some income taxed at 25% if you're still single. After all, you shouldn't bank on making it to retirement. Many good people a...
by Ketawa
Fri Dec 12, 2014 9:55 am
 
Forum: Investing - Help with Personal Investments
Topic: Thrift Savings Plan vs Roth TSP
Replies: 11
Views: 1302

Re: Car Loan vs Cash Flow

That a car is a depreciating asset should have nothing to do with the decision to pay off or keep a loan. The car is merely there to secure the loan. Just look at the reverse. What if the car increased in price immediately after you bought it? How would that make it better to keep the loan? You stil...
by Ketawa
Fri Dec 12, 2014 9:45 am
 
Forum: Personal Finance (Not Investing)
Topic: Car Loan vs Cash Flow
Replies: 22
Views: 1464

Re: Any Momentum Investors Out There?

I don't know why you would limit yourself to ETFs. ETFs are fine, but so are mutual funds. All the AQR momentum funds would then be viable options. To determine factor loadings, there are two options. You can use a tool like Portfolio Visualizer, or you can learn to calculate your own loadings. Port...
by Ketawa
Fri Dec 12, 2014 12:39 am
 
Forum: Investing - Theory, News & General
Topic: Any Momentum Investors Out There?
Replies: 93
Views: 6985

Re: Another Great Asness/AQR Blog Post - Perspective

All of the analysis below is done using excess returns over cash, and represent annualized realized monthly arithmetic average returns and annualized monthly standard deviations. I can't recreate that data, but I can take a quick look at the Fama/French data. For example, look at 1975-1979. 5% annu...
by Ketawa
Thu Dec 11, 2014 3:09 pm
 
Forum: Investing - Theory, News & General
Topic: Another Great Asness/AQR Blog Post - Perspective
Replies: 38
Views: 2584

Re: Another Great Asness/AQR Blog Post - Perspective

The charts are excess returns over cash.
by Ketawa
Thu Dec 11, 2014 2:52 pm
 
Forum: Investing - Theory, News & General
Topic: Another Great Asness/AQR Blog Post - Perspective
Replies: 38
Views: 2584

Re: Credit card sign-on bonuses -- worth the trouble?

Most of the time, the spending requirement is $1k or $2k in 3 months, rarely $3k. I have never seen $3k in 2 months. I'd be more surprised that people don't spend this much during their everyday lives. I could shift my cable, phone, and insurance bills to a card and get pretty close to $1k in 3 mont...
by Ketawa
Thu Dec 11, 2014 11:47 am
 
Forum: Personal Finance (Not Investing)
Topic: Credit card sign-on bonuses -- worth the trouble?
Replies: 83
Views: 5851

Re: Cash Back Credit Cards

You can't do a straight comparison of a MasterCard to an Amex. I used the Fidelity Amex as my primary credit card for a year and found that with the number of times I had to use a backup 1% visa because a merchant didn't take Amex, I only saw about 1.75% cashback, not 2%. The comparison is then 89/...
by Ketawa
Thu Dec 11, 2014 11:38 am
 
Forum: Personal Finance (Not Investing)
Topic: Cash Back Credit Cards
Replies: 28
Views: 2700

Re: A puzzle about Social Security

The niece is rational and self-interested -- i.e., she wants to maximize her chances of receiving the most money. What strategy should she ask her aunt and uncle to follow? I don't think maximizing money received is the rational course of action in this question. It begs the question of what she pl...
by Ketawa
Thu Dec 11, 2014 10:56 am
 
Forum: Personal Finance (Not Investing)
Topic: A puzzle about Social Security
Replies: 44
Views: 2903

Re: Credit card sign-on bonuses -- worth the trouble?

bnes wrote:I view this like index investing.
I can "time the market".
Or I can just take my 2% doublecash card, and never have to hassle with anything.


Credit card bonuses offer a guaranteed higher return vs cash back cards. No so for active investing vs index investing.
by Ketawa
Thu Dec 11, 2014 6:21 am
 
Forum: Personal Finance (Not Investing)
Topic: Credit card sign-on bonuses -- worth the trouble?
Replies: 83
Views: 5851

Re: Credit card sign-on bonuses -- worth the trouble?

The USAir card is my first airline specific card. Once the points hit my.dividend rewards account, if I cancel the card, the points remain right? Yes, you can keep the miles. But you might as well keep the card open for the perks. I wouldn't be surprised if it ends up being easy to convince Barclay...
by Ketawa
Thu Dec 11, 2014 12:45 am
 
Forum: Personal Finance (Not Investing)
Topic: Credit card sign-on bonuses -- worth the trouble?
Replies: 83
Views: 5851

Re: Credit card sign-on bonuses -- worth the trouble?

Yeah, I'm getting the 80k IHG bonus. These are my 6th and 7th active Chase cards. I already have CSP and am going to try to get around the annual fee, but if I fail I'll just cancel and get it again in a couple years.
by Ketawa
Thu Dec 11, 2014 12:11 am
 
Forum: Personal Finance (Not Investing)
Topic: Credit card sign-on bonuses -- worth the trouble?
Replies: 83
Views: 5851

Re: Credit card sign-on bonuses -- worth the trouble?

Let me know. I cancelled it today, but if you are looking to do this, you will probably want to cancel before you find out from me if my plan worked. I won't know until I apply again shortly before the increased bonus goes away. I cancelled the Chase Freedom on December 6. I checked Credit Karma to...
by Ketawa
Wed Dec 10, 2014 11:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Credit card sign-on bonuses -- worth the trouble?
Replies: 83
Views: 5851

Re: sizeable negative balaance on credit card--how to access

What bank is it? Maybe you should call them to ask their policy. I had a small negative balance on a Barclays card, let it sit for a month, and they automatically sent me a check after my next statement closed.
by Ketawa
Wed Dec 10, 2014 10:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: sizeable negative balaance on credit card--how to access?
Replies: 24
Views: 2713

Re: 'Might Vanguard Founder Jack Bogle Be Wrong for a Change

sorry for my ignorance but I don't know how to attach a graph here, but by comparing vanguard balanced index fund which is 60/40 (without international) with the life strategy moderate growth (another 60/40 with international), the vanguard balanced fund is a clear winner. That shows me that you do...
by Ketawa
Wed Dec 10, 2014 10:26 pm
 
Forum: Investing - Theory, News & General
Topic: 'Might Jack Bogle Be Wrong for a Change?' [Int'l holdings]
Replies: 49
Views: 4155

Re: Small Cap vs Latin America fund

Then I guess you should be investing in bonds, which are at the opposite end of the spectrum from small caps and Latin America stocks.
by Ketawa
Wed Dec 10, 2014 1:42 pm
 
Forum: Investing - Help with Personal Investments
Topic: Small Cap vs Latin America fund
Replies: 5
Views: 249

Re: Cash Back Credit Cards

If you travel a lot and like having only one card: Barclaycard Arrival Plus World Elite Mastercard - 2.2% CB when used for travel If you prefer something lower effort with no annual fee: Fidelity Amex - 2% CB ... Note that the 2.2% benefits of the World Elite card require you use your points on tra...
by Ketawa
Wed Dec 10, 2014 11:41 am
 
Forum: Personal Finance (Not Investing)
Topic: Cash Back Credit Cards
Replies: 28
Views: 2700

Re: Small Cap vs Latin America fund

You should invest it in accordance with your Investment Policy Statement. Learn about the Bogleheads investment philosophy.
by Ketawa
Wed Dec 10, 2014 11:10 am
 
Forum: Investing - Help with Personal Investments
Topic: Small Cap vs Latin America fund
Replies: 5
Views: 249

Re: What is your opinion about "tilting?"

I tilt very heavily. The only box I checked was "I tilt, and I think there are many adequate tools for the job, including Vanguard funds."
by Ketawa
Wed Dec 10, 2014 11:03 am
 
Forum: Investing - Theory, News & General
Topic: What is your opinion about "tilting?"
Replies: 114
Views: 7602

Re: Refi FHA Mortgage to PenFed 5/5 ARM?

IMO paying $40k extra towards principal and refinancing is a no-brainer, assuming you can rebuild your emergency fund and won't run into problems with a successful refinance. At the margin, you will save $570 x 12 = $6840 per year after "investing" $40k, which is a 17% annual return. Doing...
by Ketawa
Tue Dec 09, 2014 12:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Refi FHA Mortgage to PenFed 5/5 ARM?
Replies: 2
Views: 280

Re: USAA Discount for Driving Research, 5% off Auto Insuranc

Be careful. USAA periodically has a third party contact you to "discuss insurance needs." Google this and you will find many instances of increased rates after talking to this third party. Many on the interwebs feel that this questioning is designed to increase rates, and many report that...
by Ketawa
Tue Dec 09, 2014 9:48 am
 
Forum: Personal Finance (Not Investing)
Topic: USAA Discount for Driving Research, 5% off Auto Insurance
Replies: 3
Views: 518

USAA Discount for Driving Research, 5% off Auto Insurance

Only drivers with policies in Arizona, Idaho, Texas, Virginia, and Washington are eligible, among other restrictions. Link to the program here . Plug a device into the OBD-II port of your car and get an automatic 5% off your insurance premiums. I'm thinking about enrolling. They claim that it can't ...
by Ketawa
Mon Dec 08, 2014 8:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: USAA Discount for Driving Research, 5% off Auto Insurance
Replies: 3
Views: 518

Re: How do brokerage accounts work?

TD Ameritrade will give you 60 days of free trades if you transfer $2000 to them. Transfer $1000 in mutual funds/ETFs and deposit another $1000 for the individual stocks. Or just transfer your entire account.
by Ketawa
Mon Dec 08, 2014 3:30 pm
 
Forum: Investing - Help with Personal Investments
Topic: How do brokerage accounts work?
Replies: 28
Views: 1502

Re: Credit card sign-on bonuses -- worth the trouble?

AMEX has a limit of 4 credit cards per person. This includes personal and business credit cards. There is no limit on charge cards. I currently have AMEX Platinum, Blue Cash Preferred, Platinum Delta SkyMiles, and Hilton HHonors. I have received bonuses from all of them except the Hilton HHonors, wh...
by Ketawa
Mon Dec 08, 2014 1:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Credit card sign-on bonuses -- worth the trouble?
Replies: 83
Views: 5851

Re: A less common risk to emerging markets value tilting

It appears that DFA has concluded that the value premium has been absent in this asset class for the last 5 years, or at least it has not been captured by DFEVX, their value fund, based on the outperformance of its core fund. Hence investors are getting impatient and the fund has been rolled into t...
by Ketawa
Mon Dec 08, 2014 1:59 am
 
Forum: Investing - Theory, News & General
Topic: A less common risk to emerging markets value tilting
Replies: 32
Views: 2103

Re: Credit card sign-on bonuses -- worth the trouble?

madbrain wrote:Let me know.


I cancelled it today, but if you are looking to do this, you will probably want to cancel before you find out from me if my plan worked. I won't know until I apply again shortly before the increased bonus goes away.
by Ketawa
Sat Dec 06, 2014 11:42 am
 
Forum: Personal Finance (Not Investing)
Topic: Credit card sign-on bonuses -- worth the trouble?
Replies: 83
Views: 5851

Re: Credit card sign-on bonuses -- worth the trouble?

Do you mean I can't be a current cardholder for that same Chase card, or current cardholder of any Chase card, in order to be eligible for the bonus ? I currently have the Chase Freedom and Slate and they have been dormant for years. And I certainly haven't applied for any Chase card in over 2 year...
by Ketawa
Sat Dec 06, 2014 11:10 am
 
Forum: Personal Finance (Not Investing)
Topic: Credit card sign-on bonuses -- worth the trouble?
Replies: 83
Views: 5851

Re: "Small-Cap Performance Edge on the Wane"

The way academics usually describe factors is a difference in arithmetic means, which certainly makes the math easier, but the more relevant number for investors is the difference in the geometric means for comparing two long only strategies. I don't think that is correct. How it is easier when eve...
by Ketawa
Sat Dec 06, 2014 2:36 am
 
Forum: Investing - Theory, News & General
Topic: "Small-Cap Performance Edge on the Wane"
Replies: 99
Views: 7188

Re: Credit card sign-on bonuses -- worth the trouble?

Do you know how long one has to be an ex-card member to collect those bonuses ? I have a few Chase card that I haven't used in years, including one Freedom card. They are among my oldest accounts, so my credit score would take a hit presumably if I closed them. Chase policy is that it has to be at ...
by Ketawa
Sat Dec 06, 2014 2:23 am
 
Forum: Personal Finance (Not Investing)
Topic: Credit card sign-on bonuses -- worth the trouble?
Replies: 83
Views: 5851

Re: Credit card sign-on bonuses -- worth the trouble?

Only you can decide if it's worth the investment of time and effort. You really need to keep track of the credit card company terms and stay up to speed on the most recent bonuses. There are blogs and forums devoted to this: flyertalk, Million Mile Secrets, and The Points Guy, for example. I have ap...
by Ketawa
Sat Dec 06, 2014 12:21 am
 
Forum: Personal Finance (Not Investing)
Topic: Credit card sign-on bonuses -- worth the trouble?
Replies: 83
Views: 5851

Re: "Small-Cap Performance Edge on the Wane"

It is available in one (some?) 529 plan(s). However, there is no need to invest in DFA SCV. There are other options discussed in other threads. I would recommend starting with the Robert T sticky. What French data are you looking at? When I look at the French portfolios formed by size 1982-2013 annu...
by Ketawa
Sat Dec 06, 2014 12:05 am
 
Forum: Investing - Theory, News & General
Topic: "Small-Cap Performance Edge on the Wane"
Replies: 99
Views: 7188

Re: "Small-Cap Performance Edge on the Wane"

Morningstar. Relative to the S&P 500, it have a beta of 1.12 in the last 15 years. Portfolio visualizer uses a different beta based on Fama-French instead of CAPM based beta that Morningstar uses. You can tell that it is not counting the small cap factor as beta because it reported a R squared ...
by Ketawa
Fri Dec 05, 2014 3:10 pm
 
Forum: Investing - Theory, News & General
Topic: "Small-Cap Performance Edge on the Wane"
Replies: 99
Views: 7188

Re: "Small-Cap Performance Edge on the Wane"

Since inception on 12/23/1981, DFA US Micro Cap Portfolio (DFSCX) has returned 12.16% while the S&P 500 has returned 11.74%, a difference of 0.42%. When you consider that DFSCX has expenses of 0.52%, these small caps have outperformed by about 0.9%. However, I don't think anyone should pay an a...
by Ketawa
Fri Dec 05, 2014 1:34 pm
 
Forum: Investing - Theory, News & General
Topic: "Small-Cap Performance Edge on the Wane"
Replies: 99
Views: 7188

Re: Economics of credit card branding

Visa Signature and World Elite MasterCard have better benefits like insurance or concierge services than the lower tier cards. These benefits cost money and have to be supported by higher intercharge rates. Here is one example: http://www.tdbank.com/personalcreditcard/signature-vs-platinum-compariso...
by Ketawa
Fri Dec 05, 2014 11:27 am
 
Forum: Personal Finance (Not Investing)
Topic: Economics of credit card branding
Replies: 7
Views: 1070

Re: "Small-Cap Performance Edge on the Wane"

We were discussing the failure of the "small-cap" premium over the 30 years following Banz's paper. But we're reminded that like the "Dogs of the Dow", when the original strategy wasn't working, they changed the story... Now the premium is only in "small-cap value"... ...
by Ketawa
Fri Dec 05, 2014 10:45 am
 
Forum: Investing - Theory, News & General
Topic: "Small-Cap Performance Edge on the Wane"
Replies: 99
Views: 7188

Re: Where do you tilt (your 3-fund portfolio)?

I am all tax advantaged. My allocation is not fixed percentages except for 20% in the G Fund. My specific allocation percentages are determined by: 1. G Fund in TSP 2. Emerging markets in IRA 3. Remainder of IRA is AQR funds and ETFs, about 50/50 domestic/international (including emerging markets) 4...
by Ketawa
Wed Dec 03, 2014 4:46 pm
 
Forum: Investing - Theory, News & General
Topic: Where do you tilt (your 3-fund portfolio)?
Replies: 42
Views: 3468
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