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Re: A Little Common Core Math problem

I didn't read the entire thread, but I distinctly remember having my first exposure to algebra, variables, simultaneous equations, etc in 7th grade, and that was when I was the only student in my grade in the 8th grade Honors Algebra class. This was in 1999. I went on to take Geometry (8th), Algebra...
by Ketawa
Thu Oct 30, 2014 4:20 pm
 
Forum: Personal Consumer Issues
Topic: A Little Common Core Math problem
Replies: 97
Views: 2337

Re: I moved, so my credit score dropped by 50 points

In December, my FICO 8 score calculated by TransUnion was 778. Over the next 8 months, I applied for 7 new credit cards for signup bonuses. My FICO 8 score was 769 in August. I'm shocked that four hard pulls, at most, would cause your score to drop 50 points.
by Ketawa
Sun Oct 26, 2014 9:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: I moved, so my credit score dropped by 50 points
Replies: 14
Views: 1823

Re: New Paper ". . . and the Cross-Section of Expected Retur

The paper has been linked in this thread. Interesting that value and momentum far exceed their threshold, while market beta barely does.
by Ketawa
Mon Oct 20, 2014 10:59 am
 
Forum: Investing - Theory, News & General
Topic: New Paper ". . . and the Cross-Section of Expected Returns"
Replies: 8
Views: 709

Re: Electric Razors

I tried using DE blades with shave cream for about 2-3 months. I could never get the hang of it after trying ~20 different blades, getting nicks almost every time, and I was never impressed with the closeness of the shave. Besides, it was a huge time sink. I don't need or want to shower immediately ...
by Ketawa
Fri Oct 17, 2014 11:18 am
 
Forum: Personal Consumer Issues
Topic: Electric Razors
Replies: 26
Views: 1874

Re: Is it possible to have a favorite movie

Yes. Eternal Sunshine of the Spotless Mind.
by Ketawa
Fri Oct 17, 2014 9:42 am
 
Forum: Personal Consumer Issues
Topic: Is it possible to have a favorite movie
Replies: 82
Views: 3192

Re: How much is your fixed income investment earning?

G Fund: 2.375%
Mango/Union Plus/Santander: 6.1%
NFCU special CD: 5%
Average: 3.8%

All FDIC insured or guaranteed. :sharebeer
by Ketawa
Wed Oct 08, 2014 12:09 pm
 
Forum: Investing - Theory, News & General
Topic: How much is your fixed income investment earning?
Replies: 27
Views: 1844

Re: Should small-value investors be buying small value now?

What's the bet place to find these trailing p/e's? Morningstar only has forward looking p/e I believe. Well he did tell you it was from ETF.com... ETF.com reports that RZG (S&P 600 Pure Growth) has a P/E of 27.12 while RZV (S&P 600 Pure Value) has a P/E of 65.65. Meanwhile, RZV is far cheap...
by Ketawa
Mon Oct 06, 2014 11:47 pm
 
Forum: Investing - Theory, News & General
Topic: Should small-value investors be buying small value now?
Replies: 14
Views: 1864

Re: Highest Rate 6 month return

Mango, Union Plus, and Santander are worthwhile if you are willing to jump through the hoops. The best hands off method is: $5000 in Mango savings $5000 in Union Plus savings $50 transfer to/from Mango $500 transfer to/from Union Plus to avoid $2 fee (5.3% return at the margin for tying up an extra ...
by Ketawa
Mon Oct 06, 2014 3:21 pm
 
Forum: Investing - Help with Personal Investments
Topic: Highest Rate 6 month return
Replies: 11
Views: 1574

Re: Illmanen and AQR style premium fund +interview I did

Fidelity showing the expense ratio as 211 basis points, not 150 https://fundresearch.fidelity.com/mutual-funds/summary/00203H420 Some places list it as 211 but it is 150. AQR has waived the fee to keep it at 150. Yes, I confirmed this with a Fidelity rep. If you pull up the prospectus, I believe it...
by Ketawa
Thu Oct 02, 2014 3:45 pm
 
Forum: Investing - Theory, News & General
Topic: Illmanen and AQR style premium fund +interview I did
Replies: 40
Views: 2278

Re: Question about Govt. TSP: G vs. F Funds

Maybe when I get around to it, I will tabulate the difference for every year. I did this, and the results were actually very surprising to me. F Fund G Fund VUSTX Combination Difference 2004 4.30% 4.30% 7.12% 5.24% 0.94% 2005 2.40% 4.49% 6.61% 5.20% 2.80% 2006 4.40% 4.93% 1.74% 3.87% -0.53% 2007 7....
by Ketawa
Wed Oct 01, 2014 4:00 pm
 
Forum: Investing - Help with Personal Investments
Topic: Question about Govt. TSP: G vs. F Funds
Replies: 59
Views: 5881

Re: Question about Govt. TSP: G vs. F Funds

The F Fund has a longer duration and benefitted from falling interest rates. It doesn't make a lot of sense to compare it to a fund that has zero duration. The F Fund also has a lot of Treasuries that yield less than the G Fund. Why would you want any of those Treasuries in your fixed income portfol...
by Ketawa
Wed Oct 01, 2014 3:08 pm
 
Forum: Investing - Help with Personal Investments
Topic: Question about Govt. TSP: G vs. F Funds
Replies: 59
Views: 5881

Re: Question about Govt. TSP: G vs. F Funds

You should learn more about how the G Fund and F Fund work before dismissing the G Fund returns as pitiful. The G Fund is a legitimate free lunch in investing. There are plenty of other threads and posts on the board about this topic.
by Ketawa
Wed Oct 01, 2014 12:13 pm
 
Forum: Investing - Help with Personal Investments
Topic: Question about Govt. TSP: G vs. F Funds
Replies: 59
Views: 5881

Re: Due diligence on RAFI Pure Small Value

I hold PXSV and PDN, as well as QICLX and QEELX. Considering moving to QSMLX for domestic SCV and adding QSPIX, but haven't made final decision. AQR funds are available with low minimums at Fidelity and TD Ameritrade, and possibly other brokerages. What is it about QSMLX that you seem to like bette...
by Ketawa
Wed Oct 01, 2014 11:06 am
 
Forum: Investing - Theory, News & General
Topic: Due diligence on RAFI Pure Small Value
Replies: 187
Views: 16496

Re: Due diligence on RAFI Pure Small Value

I hold PXSV and PDN, as well as QICLX and QEELX. Considering moving to QSMLX for domestic SCV and adding QSPIX, but haven't made final decision. AQR funds are available with low minimums at Fidelity and TD Ameritrade, and possibly other brokerages.
by Ketawa
Tue Sep 30, 2014 6:51 pm
 
Forum: Investing - Theory, News & General
Topic: Due diligence on RAFI Pure Small Value
Replies: 187
Views: 16496

Re: The volatility of premiums

If I picked any random half of the market, wouldn't the odds of my portfolio premium being negative in any given year be 50%? If so, it looks to me like value is less risky than growth and small is less risky than large, as both are ways to underperform the average less than 50% of the time. Stocks...
by Ketawa
Mon Sep 29, 2014 11:39 pm
 
Forum: Investing - Theory, News & General
Topic: The volatility of premiums
Replies: 21
Views: 1495

Re: Illmanen and AQR style premium fund +interview I did

Larry, about how much of the AQR Style Premia Fund (QSPIX) are you recommending for investors? I was thinking 10% of my equity holdings. It looks like QSPIX is available at Fidelity. I have not made any decision yet about whether I would invest in it. I have to wait until at least February 2015 anyw...
by Ketawa
Mon Sep 29, 2014 11:52 am
 
Forum: Investing - Theory, News & General
Topic: Illmanen and AQR style premium fund +interview I did
Replies: 40
Views: 2278

Re: Future equities 2% real rhetoric is hogwash

I have been reading lately quite a few people discussing future 2% real returns on equities and I just don't understand how that is possible. Corporations are out there to make a profit. When a corporation makes money it has 2 choices with it. One is to invest back in the corporation thereby increa...
by Ketawa
Mon Sep 29, 2014 11:07 am
 
Forum: Investing - Theory, News & General
Topic: Future equities 2% real rhetoric is hogwash
Replies: 45
Views: 3827

Re: Future equities 2% real rhetoric is hogwash

I have been reading lately quite a few people discussing future 2% real returns on equities and I just don't understand how that is possible. Corporations are out there to make a profit. When a corporation makes money it has 2 choices with it. One is to invest back in the corporation thereby increa...
by Ketawa
Mon Sep 29, 2014 10:13 am
 
Forum: Investing - Theory, News & General
Topic: Future equities 2% real rhetoric is hogwash
Replies: 45
Views: 3827

Re: DFA-RAFI & factor diversification within 30:30:40 portfo

Sammy_M wrote:Robert, portfoliovisualizer.com shows the following factor loads when using the Frazzini-Pederson Factors and including Quality factor. Just wondering, why the difference?


One reason is that regression on QUAL has less than a year of data.
by Ketawa
Sun Sep 28, 2014 10:32 am
 
Forum: Investing - Theory, News & General
Topic: DFA-RAFI & factor diversification within 30:30:40 portfolio
Replies: 17
Views: 2293

Re: Emerging Markets Index

According to the fact sheet for CWO: Prior to July 1, 2012, the investment objective of CWO was to replicate, to the extent possible, the performance of the MSCI Emerging Markets Index. Consequently, performance prior to July 1, 2012 for CWO may have been materially different than it would have bee...
by Ketawa
Sat Sep 27, 2014 12:43 pm
 
Forum: Investing - Theory, News & General
Topic: Emerging Markets Index
Replies: 20
Views: 973

Re: Emerging Markets Index

According to the fact sheet for CWO: Prior to July 1, 2012, the investment objective of CWO was to replicate, to the extent possible, the performance of the MSCI Emerging Markets Index. Consequently, performance prior to July 1, 2012 for CWO may have been materially different than it would have been...
by Ketawa
Sat Sep 27, 2014 12:29 pm
 
Forum: Investing - Theory, News & General
Topic: Emerging Markets Index
Replies: 20
Views: 973

Re: Emerging Markets Index

CWO is a Canadian ETF. I'm not familiar with how this works, but I would assume you can't buy it if you are a US investor. I can't buy it on TD Ameritrade. Just guessing again, but the performance difference compared to PXH might be caused by CWO being denominated in the Canadian dollar, if that is ...
by Ketawa
Sat Sep 27, 2014 12:26 pm
 
Forum: Investing - Theory, News & General
Topic: Emerging Markets Index
Replies: 20
Views: 973

Re: Illmanen and AQR style premium fund +interview I did

QSPIX distributed about 1.7% of its NAV in July. About half was STCG and about half was LTCG. It's very tax inefficient.
by Ketawa
Fri Sep 26, 2014 10:00 pm
 
Forum: Investing - Theory, News & General
Topic: Illmanen and AQR style premium fund +interview I did
Replies: 40
Views: 2278

Re: Trying to understand Uber and similar "ride sharing" ser

The only negative I have against uber/uber-x is when they do the "2.5X rate" during busy/peak periods. They do give you the option of opting out of their service so this is good but the rate should be the rate not "We are busy - but if you are willing to pay double we'll come get you...
by Ketawa
Fri Sep 26, 2014 4:46 pm
 
Forum: Personal Consumer Issues
Topic: Trying to understand Uber and similar "ride sharing" service
Replies: 54
Views: 3739

Re: Illmanen and AQR style premium fund +interview I did

I'd consider owning QSPIX if it was available to me, maybe 10% of my equity holdings. Looking at M* growth charts, it appears to zig and zag in different directions from other common asset classes. Unfortunately, this is one of the AQR funds that isn't available through TD Ameritrade, unlike the var...
by Ketawa
Fri Sep 26, 2014 3:36 pm
 
Forum: Investing - Theory, News & General
Topic: Illmanen and AQR style premium fund +interview I did
Replies: 40
Views: 2278

Re: Trying to understand Uber and similar "ride sharing" ser

I have thought about becoming an Uber driver solely to drive during the few times a year we have snow. My truck has 4wd. Last winter, we once had 6-10 inches of snow and the roads around my neighborhood weren't plowed for days. Uber raises prices during bad weather to entice more drivers to become a...
by Ketawa
Fri Sep 26, 2014 1:40 pm
 
Forum: Personal Consumer Issues
Topic: Trying to understand Uber and similar "ride sharing" service
Replies: 54
Views: 3739

Re: Due diligence on RAFI Pure Small Value

A small cap value fund doesn't have to suffer from negative momentum. QSMLX hasn't been around for very long, and there's only 15 months of data for regressions. For comparison over the same time period: VBR: 0.17 QSMLX: 0.10 BOSVX: 0.02 PXSV: -0.13 DFSVX: -0.30 RZV: -0.68 Obviously a very short tim...
by Ketawa
Thu Sep 25, 2014 3:46 pm
 
Forum: Investing - Theory, News & General
Topic: Due diligence on RAFI Pure Small Value
Replies: 187
Views: 16496

Re: Due diligence on RAFI Pure Small Value

In looking at the AQR fund in question, I don't really see why it would be a better option than PXSV. QSMLX is about as small and a little less valuey. The big differences I see are: 1. QSMLX targets momentum, PXSV has had a pretty big negative loading on momentum 2. QSMLX explicitly targets profit...
by Ketawa
Thu Sep 25, 2014 2:29 pm
 
Forum: Investing - Theory, News & General
Topic: Due diligence on RAFI Pure Small Value
Replies: 187
Views: 16496

Re: Due diligence on RAFI Pure Small Value

TD Ameritrade lets you buy AQR funds for $50 and the minimum invesment isn't $5 million. They once made a mistake and forgot to charge me, so I bought two funds for an average of $25 each. You just need to limit transactions.
by Ketawa
Thu Sep 25, 2014 10:52 am
 
Forum: Investing - Theory, News & General
Topic: Due diligence on RAFI Pure Small Value
Replies: 187
Views: 16496

Re: Due diligence on RAFI Pure Small Value

It also gets easier to justify when after 10 years of underperformance, brand new fund Z with half the ER, and a new snazzy index (fundamental, momentum, high quality pure value, small cap fund returned 20%/yr for the past 40 years. Of course only 5 stocks passed its screens:)) is announced. QSMLX ...
by Ketawa
Wed Sep 24, 2014 8:09 pm
 
Forum: Investing - Theory, News & General
Topic: Due diligence on RAFI Pure Small Value
Replies: 187
Views: 16496

Re: Mango Money as Fixed Income

Oh no I agree that it's an asset. But when I wrote my IPS, I assumed that fixed income assets would have compounding returns. Maybe that's my problem? Yes, that is the problem. Let's say that you only had enough to put $4k into the Mango account. Taking the monthly fee into account, it would earn a...
by Ketawa
Wed Sep 24, 2014 10:04 am
 
Forum: Investing - Help with Personal Investments
Topic: Mango Money as Fixed Income
Replies: 5
Views: 669

Re: Due diligence on RAFI Pure Small Value

QSMLX Top Holdings iShares Russell 2000 10.82% Jpmorgan Us Var 12/49 5.60% What's up with that? Looks inaccurate. It's not uncommon for funds like this to hold a liquid ETF in the same asset class, presumably for redemptions I would guess. From the fund's web site: Top Ten Holdings % of Net Assets ...
by Ketawa
Tue Sep 23, 2014 4:37 pm
 
Forum: Investing - Theory, News & General
Topic: Due diligence on RAFI Pure Small Value
Replies: 187
Views: 16496

Re: Due diligence on RAFI Pure Small Value

Not that you asked me, but the biggest bugaboo with QSMLX is the lack of underlying index. If this fund were to trail PXSV for 10 years you'd have no idea if it were due to luck of the draw in differences of indexes or if AQR had poor implementation and "frictional costs" were dragging 2%...
by Ketawa
Tue Sep 23, 2014 2:18 pm
 
Forum: Investing - Theory, News & General
Topic: Due diligence on RAFI Pure Small Value
Replies: 187
Views: 16496

Re: Due diligence on RAFI Pure Small Value

Portfolio Visualizer doesn't incorporate profitability (PMU): Nowadays you can select the Frazzini/Pedersen data set, not just F/F research and benchmark. Then you get two additional options; QMJ (Asness) and BAB (low beta). QMJ seems to be a better idea (multiple metrics), for similar reasons as f...
by Ketawa
Tue Sep 23, 2014 9:59 am
 
Forum: Investing - Theory, News & General
Topic: Due diligence on RAFI Pure Small Value
Replies: 187
Views: 16496

Re: Due diligence on RAFI Pure Small Value

Ketawa, which of the two would be your choice in the small value space if you had to pick one? PXSV or RZV? PXSV since it is more diversified and has 4-5% higher alpha than RZV. It is currently my largest equity holding. I am skeptical of its ability to maintain a large positive alpha, so I am cons...
by Ketawa
Mon Sep 22, 2014 10:49 pm
 
Forum: Investing - Theory, News & General
Topic: Due diligence on RAFI Pure Small Value
Replies: 187
Views: 16496

Re: Due diligence on RAFI Pure Small Value

A 3 year period isn't enough time to draw meaningful conclusions. For 1995-07 to 2011-09, the longest period I have data for both the RAFI Pure Small Value Index and S&P 600 Pure Value Index, I get: HML SMB Mkt-RF Mom PMU α yearly α S&P 600 Pure Value 1.15 0.95 1.05 -0.30 0.36 -0.19 -2.3% RA...
by Ketawa
Mon Sep 22, 2014 9:35 pm
 
Forum: Investing - Theory, News & General
Topic: Due diligence on RAFI Pure Small Value
Replies: 187
Views: 16496

Re: Due diligence on RAFI Pure Small Value

It is accurate, and that is possible.
by Ketawa
Mon Sep 22, 2014 7:40 pm
 
Forum: Investing - Theory, News & General
Topic: Due diligence on RAFI Pure Small Value
Replies: 187
Views: 16496

Re: AliBaba

yes I did all right on my 1000 shares of BABA, just as expected, sold 50% made 3K, holding on to 50% little greedy with my play money, if I make another 3K I will sell another 50% of the 50% remaining, and wait for another opportunity, if it was only so easy and so quick to make so much in Vanguard...
by Ketawa
Sun Sep 21, 2014 12:44 am
 
Forum: Investing - Theory, News & General
Topic: AliBaba
Replies: 128
Views: 8494

Re: Premiums: Size, Value, Beta, Momentum

It should also be noted that the SmB (size) premium has not exited since FF published their 1993 research paper. Don't think this is quite true - if I understand what you are saying. This is what I get. 1993-2013 annualized return Vanguard 500 = 9.16% DFA US Microcap = 12.42% A 3.26% annualized ret...
by Ketawa
Tue Sep 16, 2014 9:59 pm
 
Forum: Investing - Theory, News & General
Topic: Premiums: Size, Value, Beta, Momentum
Replies: 40
Views: 2947

Re: Hamilton watches, worth the money?

I have had a Hamilton Khaki King automatic watch, H64455533, for a few years. It was $370 when I purchased it. It is a more casual style and not something I would wear with anything more formal than chinos or jeans. It is a little fast and probably gains about 1 minute per week. I have been pleased ...
by Ketawa
Mon Sep 15, 2014 10:01 am
 
Forum: Personal Consumer Issues
Topic: Hamilton watches, worth the money?
Replies: 262
Views: 13519

Re: Let me get this straight about SCV & factor diversificat

This isn't true. Look up the returns of the S&P indexes since the inception date of Vanguard's SCV and SCG funds. Both funds are closer to blended funds than true value and true growth funds. That means either is fine if you're only trying to capture the small premium while avoiding the "b...
by Ketawa
Fri Sep 12, 2014 10:55 pm
 
Forum: Investing - Theory, News & General
Topic: Let me get this straight about SCV & factor diversification
Replies: 153
Views: 9289

Re: Let me get this straight about SCV & factor diversificat

This doesn't demonstrate that the value premium has died, more that it demonstrates using a single LCV fund is not a good way to pursue factor investing. I'll also use Portfolio Visualizer since it should be sufficient for this discussion. It should be noted that calling it a large value fund is re...
by Ketawa
Fri Sep 12, 2014 5:00 pm
 
Forum: Investing - Theory, News & General
Topic: Let me get this straight about SCV & factor diversification
Replies: 153
Views: 9289

Re: Let me get this straight about SCV & factor diversificat

And as a follow-up, using PV I looked at the factor loadings of Vanguard's LCV fund (VIVAX) vs. TSM and found that VIVAX loads 0.31 on value, while TSM loads 0.02, for the period 1993-2013 (longest available for VIVAX). Yet the returns of VIVAX and TSM were virtually the same over this 21 years (CA...
by Ketawa
Fri Sep 12, 2014 1:33 pm
 
Forum: Investing - Theory, News & General
Topic: Let me get this straight about SCV & factor diversification
Replies: 153
Views: 9289

Re: Let me get this straight about SCV & factor diversificat

Take all regressions of the Vanguard value/growth funds with a grain of salt. They used to follow S&P indexes, then switched to MSCI indexes. And now they're on CRSP indexes! I'm speaking generally here because I haven't looked at all these numbers recently, but the assorted value indexes from b...
by Ketawa
Thu Sep 11, 2014 12:02 am
 
Forum: Investing - Theory, News & General
Topic: Let me get this straight about SCV & factor diversification
Replies: 153
Views: 9289

Re: What Movie Have You [Recently] Watched?

My favorite movies that I have seen in 2014 came out in 2013. Prisoners Short Term 12 Drinking Buddies 12 Years a Slave The big blockbusters have generally been very good this summer: Guardians of the Galaxy , X-Men: Days of Future Past , new Captain America , Godzilla , Edge of Tomorrow .
by Ketawa
Tue Sep 02, 2014 10:03 am
 
Forum: Personal Consumer Issues
Topic: What Movie Have You Recently Watched?
Replies: 131
Views: 6844

Re: The Larry Portfolio - For Tilters and S&D'ers Only

I have a Larry Portfolio in the sense that I tilt as much as possible while being constricted to the TSP for some of my equities. 27 years old, 80/20 portfolio, so I answered X = -10. My main holdings in my IRA are: QICLX: AQR International Core Equity Fund QEELX: AQR Emerging Core Equity Fund PDN: ...
by Ketawa
Mon Aug 25, 2014 3:28 pm
 
Forum: Investing - Theory, News & General
Topic: The Larry Portfolio - For Tilters and S&D'ers Only
Replies: 27
Views: 3429

Re: Can a Commodities Fund be a Long-Term Investment?

But you aren't investing in commodities, you are investing in commodities futures. They behave differently. Plus, even pure commodities like gold don't have a negative expected real return, they have a zero expected real return. 1. Why would you invest in something that has a zero expected real ret...
by Ketawa
Sat Aug 23, 2014 1:43 am
 
Forum: Investing - Theory, News & General
Topic: Can a Commodities Fund be a Long-Term Investment?
Replies: 45
Views: 3062

Re: Moved from VBR to PXSV in tax Deferred this week

How often do you need to transact more than $25k at once? There's typically at least 1000 shares available at the bid or ask with a 5 cent spread, about 20 bp. Transaction fees add a whopping 3 bp to that. Whoop-de-doo.
by Ketawa
Thu Aug 21, 2014 2:59 pm
 
Forum: Investing - Theory, News & General
Topic: Moved from VBR to PXSV in tax Deferred this week
Replies: 16
Views: 1237
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