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Re: Backpedaling: Rising Equity Allocation During Retiremen

"Dr. Pfau is intellectually honest. I like that."

Me, too.

It's called integrity.

Lev
by Levett
Wed Mar 04, 2015 12:44 pm
 
Forum: Investing - Theory, News & General
Topic: Backpedaling: Rising Equity Allocation During Retirement
Replies: 25
Views: 1600

Re: WHY YOU OWE YOUR FREEDOM TO JACK BOGLE

"one of our inalienable rights is the freedom to pursue happiness"

I agree.

And I thank the founders of this country, not the founder of any financial institution.

I have great respect and admiration for John Bogle. And there it stops.

Lev
by Levett
Wed Mar 04, 2015 11:13 am
 
Forum: Investing - Theory, News & General
Topic: WHY YOU OWE YOUR FREEDOM TO JACK BOGLE
Replies: 42
Views: 3178

Re: Vanguard Managed Payout to add new fund

Perhaps someone has already posted this (in a sea of threads), but just yesterday Vanguard itself posted some remarks on "alternative investing" and the comments sure didn't sound terribly enthusiastic to me. https://personal.vanguard.com/us/insights/article/itv-dickson-qa-022015 Does the ...
by Levett
Wed Mar 04, 2015 7:19 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard Managed Payout to add new fund
Replies: 26
Views: 1938

Re: Vanguard becominng more assertive with boards WSJ

I would be pleased to see such assertiveness occur.

Lev
by Levett
Wed Mar 04, 2015 7:07 am
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard becominng more assertive with boards WSJ
Replies: 9
Views: 1668

Re: Paris France help/suggestions for women

Relax. Enjoy the museums and restaurants and shops. It helps if you speak some French, but given the rapid travel between England and France via Eurostar you should do fine. Much more English spoken. The only surprise for us when we visited last time (in May) is how much cleaner London is than Paris...
by Levett
Mon Mar 02, 2015 7:22 pm
 
Forum: Personal Consumer Issues
Topic: Paris France help/suggestions for women
Replies: 22
Views: 1434

Re: Retiree Poll: Satisfaction with retirement

I am very satisfied (after 15 years).

But let's not kid ourselves: we retirees are playing the back nine.

Play it as it lies. :wink:

Lev
by Levett
Mon Mar 02, 2015 5:59 pm
 
Forum: Personal Consumer Issues
Topic: Retiree Poll: Satisfaction with retirement
Replies: 53
Views: 3548

Re: Vanguard Managed Payout to add new fund

Lady Geek, I wish to respond to your query, and hope I am not in violation of any site policy. I will not provide a link. I will simply suggest an op-ed Robert Morgenthau, the former Manhattan district attorney, published in the New York Times . The title is: "These Islands Aren't Just a Shelte...
by Levett
Sun Mar 01, 2015 6:24 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard Managed Payout to add new fund
Replies: 26
Views: 1938

Re: Vanguard Managed Payout to add new fund

When an announcement includes "diversify" and "alternative" in its title you just know it's gotta be a can't miss opportunity! :wink:

Lev
by Levett
Sun Mar 01, 2015 2:49 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard Managed Payout to add new fund
Replies: 26
Views: 1938

Re: International increase in Target Retirement & LifeStrate

And there's an obvious corollary, as well: if Vanguard can't stay the course in target and lifestrategy funds, then how can the investor possibly stay his/her course in these funds?

Lev
by Levett
Sun Mar 01, 2015 7:57 am
 
Forum: Investing - Theory, News & General
Topic: International increase in Target Retirement & LifeStrategy
Replies: 138
Views: 9664

Re: Retirement - Surprises, Solutions

furwut,

Nah. Just lots of hockey and ice fishing.

Minnesotans are a healthy lot.

Lev
by Levett
Sun Mar 01, 2015 7:43 am
 
Forum: Personal Consumer Issues
Topic: Retirement - Surprises, Solutions
Replies: 30
Views: 3643

Re: Would you buy into this state defined benefit pension?

Judging by your previous posts, it sure looks like you know how to think your way through these kinds of decisions. I see a lot of upside and not much downside. I agree with Valuethinker. As he points out, and as I'm sure you are aware, you don't want to get remotely involved with an Illinois-type s...
by Levett
Sun Mar 01, 2015 7:38 am
 
Forum: Investing - Help with Personal Investments
Topic: Would you buy into this state defined benefit pension?
Replies: 16
Views: 1155

Re: Retirement - Surprises, Solutions

In Minnesota you might plan on a lengthy retirement. The state has among the highest life expectancy rates in the United States.

http://en.wikipedia.org/wiki/List_of_U.S._states_by_life_expectancy

Long life!

Lev
by Levett
Sat Feb 28, 2015 11:19 am
 
Forum: Personal Consumer Issues
Topic: Retirement - Surprises, Solutions
Replies: 30
Views: 3643

Re: Not "Staying the Course"

"Investment situations" are an extension (one of many) of your life situation. And life doesn't "stay the course," however long you have lived. "Between the idea And the reality Between the motion And the act Falls the Shadow" (T. S. Eliot, "The Hollow Men") Lev
by Levett
Sat Feb 28, 2015 6:58 am
 
Forum: Investing - Theory, News & General
Topic: Not "Staying the Course"
Replies: 40
Views: 4670

Re: Retirement - Surprises, Solutions

Pleasant surprises: encountering new experiences, making new friends, drawing much closer to extended family, having genuine autonomy.

Unpleasant surprises: diagnosis of serious illness in family; colleagues passing away.

The good greatly outweighs the bad.

Lev
by Levett
Sat Feb 28, 2015 6:26 am
 
Forum: Personal Consumer Issues
Topic: Retirement - Surprises, Solutions
Replies: 30
Views: 3643

Re: International increase in Target Retirement & LifeStrate

marc asked: " How would Vanguard's bump up of international after a period of underperformance help them compete for assets?" Lipper tracks fund flows. For an extended period of time equity fund flows show a clear pattern away from domestic to international. Here's a link. http://www.lippe...
by Levett
Sat Feb 28, 2015 6:15 am
 
Forum: Investing - Theory, News & General
Topic: International increase in Target Retirement & LifeStrategy
Replies: 138
Views: 9664

Re: International increase in Target Retirement & LifeStrate

Thanks Noobvestor.

I will not put words in your mouth.

These will be my words.

Vanguard, like any another investment company, competes for assets.

This change is as much about marketing as investing (my words).

What passes for "research" is often no more than fig leaf (my words).

Lev
by Levett
Fri Feb 27, 2015 5:27 pm
 
Forum: Investing - Theory, News & General
Topic: International increase in Target Retirement & LifeStrategy
Replies: 138
Views: 9664

Re: Total Return vs Investor Return

If you compare an investment fund's return with the average investor's individual return (e.g., fund inflows/outflows) you'll see that individual investors tend to move in and out of a fund in ways that underperform the fund's return.

Lev
by Levett
Fri Feb 27, 2015 5:21 pm
 
Forum: Investing - Help with Personal Investments
Topic: Total Return vs Investor Return
Replies: 3
Views: 272

Re: Credit Card Rewards (Travel)

Some of the deals we've received using the Chase Ultimate Rewards site have been breathtaking.

We do a lot of comparison shopping with travel sites, and Chase Ultimate Rewards is hard to beat.

By the way, we also like Hyatt. :D

Lev
by Levett
Fri Feb 27, 2015 2:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: Credit Card Rewards (Travel)
Replies: 65
Views: 3929

Re: Credit Card Rewards (Travel)

We travel regularly (domestic and international), and are quite pleased with Chase Sapphire Preferred.

http://www.nerdwallet.com/blog/credit-cards/chase-sapphire-preferred-review/

In addition, the service is superb.

Lev
by Levett
Fri Feb 27, 2015 11:38 am
 
Forum: Personal Finance (Not Investing)
Topic: Credit Card Rewards (Travel)
Replies: 65
Views: 3929

Re: International increase in Target Retirement & LifeStrate

I love the term "enhances."

In my view, it's s l o w active management.

Oh, wait. It's based on RE search as in "RE consider."

Now where have I heard that before?!

"Passive" my ....ive. ;-)

Lev
by Levett
Thu Feb 26, 2015 7:22 pm
 
Forum: Investing - Theory, News & General
Topic: International increase in Target Retirement & LifeStrategy
Replies: 138
Views: 9664

Re: Subaru and Consumer Reports ratings

The family has owned four Subies since the late 90s--a Legacy sedan, 2 Foresters (one a turbo), and an Outback. I swear by them, not at them. They are Michigan Tough. The reason for the number of Subies is that I get impatient when I see a new model and trade uP. Been eye-balling the 2015 Outback. :...
by Levett
Wed Feb 25, 2015 3:53 pm
 
Forum: Personal Consumer Issues
Topic: Subaru and Consumer Reports ratings
Replies: 87
Views: 6661

Re: Kotlikoff: When Should you Take Social Security?

I sure found Larry Kotlikoff's previous book, Spend 'Til The End, an enormously useful book. :thumbsup

Lev
by Levett
Wed Feb 25, 2015 5:58 am
 
Forum: Personal Finance (Not Investing)
Topic: Kotlikoff: When Should you Take Social Security?
Replies: 9
Views: 1823

Re: Guns for hunting/defense

I eagerly await the new edition of the Bogleheads Guide to Firearms: How to Protect Your Portfolio from Confiscation.

No doubt it will be a "gem." ;-)

Lev
by Levett
Tue Feb 24, 2015 8:00 pm
 
Forum: Personal Consumer Issues
Topic: Guns for hunting/defense
Replies: 131
Views: 7024

Re: [What to do at] Market Top

"I'm speechless."

But Shiller never is!

Hi. Ho. Hi. Ho. It's off to CNBC we go! ;-)

Lev
by Levett
Mon Feb 23, 2015 8:13 pm
 
Forum: Investing - Theory, News & General
Topic: [What to do at] Market Top
Replies: 57
Views: 4942

Re: Risk--Again. The common stepping stone

A very deep thinker, Samuel Johnson, had one of his characters say of teachers of morality: " Be not too hasty ... to trust, or to admire, the teachers of morality; they discourse like angels, but they live like men." I feel much the same about "teachers" of finance and worrying ...
by Levett
Mon Feb 23, 2015 3:49 pm
 
Forum: Investing - Theory, News & General
Topic: Risk--Again. The common stepping stone
Replies: 57
Views: 3255

Re: Improving the Lifestrategy Funds

Leave them alone. They've made one recent change--likely for the better.

No further need for slice n' dice.

The ER is incredibly reasonable.

Lev
by Levett
Mon Feb 16, 2015 9:07 am
 
Forum: Investing - Theory, News & General
Topic: Improving the Lifestrategy Funds
Replies: 29
Views: 2523

Re: Pfau: Four Risks of Retirement Income

There's much to learn (and perhaps to question) if you do a little digging about the sponsorship of the paper. The outfit is called Annexus Research Institute. We are all capable of drawing our own conclusions. Lev P.S. Is it really true that folks continue to use the 4% SWR "model." Oh, m...
by Levett
Mon Feb 16, 2015 8:11 am
 
Forum: Investing - Theory, News & General
Topic: Pfau: Four Risks of Retirement Income
Replies: 31
Views: 4336

Re: TIAA-CREF dramatically increasing Expense Ratios

I am a very old-fashioned guy, especially when I'm told I'm an "owner," so it puzzles me why pious Vanguard is so mum about its compensation practices. Why it almost feels paternalistic. :wink: On the other hand, I can easily access TIAAs compensation practices and see that last year Roger...
by Levett
Sun Feb 15, 2015 6:03 pm
 
Forum: Investing - Theory, News & General
Topic: TIAA-CREF dramatically increasing Expense Ratios
Replies: 74
Views: 5326

Re: TIAA-CREF dramatically increasing Expense Ratios

" I'd read that wording as meaning that the "amount annuitized" would get the R3 fees, and nothing else." Yes, that's what it says. The amount you annuitize (and there are a good many CREF annuitants) will be charged R3 fees. However, I can't say "nothing else" unless I...
by Levett
Sat Feb 14, 2015 5:00 pm
 
Forum: Investing - Theory, News & General
Topic: TIAA-CREF dramatically increasing Expense Ratios
Replies: 74
Views: 5326

Re: TIAA-CREF dramatically increasing Expense Ratios

I, too, am a retired TIAA-CREF person, though I made use of Vanguard, as well, in my university retirement plan. However, my sense is I may be a bit of an "exception" at this site in that I did choose to annuitize some of my CREF account. Now here's a part of the CREF tiered change that ma...
by Levett
Sat Feb 14, 2015 3:17 pm
 
Forum: Investing - Theory, News & General
Topic: TIAA-CREF dramatically increasing Expense Ratios
Replies: 74
Views: 5326

Re: TIAA-CREF dramatically increasing Expense Ratios

abuss asked about David Swensen. Here is the official announcement from TIAA: " TIAA separately announced that David F. Swensen has retired from the TIAA Board of Trustees, effective July 14th 2011, having served as a trustee since 2003. Dr. Swensen will continue to be actively involved with TI...
by Levett
Sat Feb 14, 2015 7:46 am
 
Forum: Investing - Theory, News & General
Topic: TIAA-CREF dramatically increasing Expense Ratios
Replies: 74
Views: 5326

Re: Vanguard LifeStrategy Growth (and other types) no Int'l

You have just identified one of the many limitations of portfolio watch.

Lev
by Levett
Fri Feb 13, 2015 6:35 am
 
Forum: Investing - Help with Personal Investments
Topic: Vanguard LifeStrategy Growth (and other types) no Int'l bond
Replies: 9
Views: 1205

Re: Social Security as a bond?

Here are the terms of the "debate." For me, I see no debate whatever. Social Security is not a bond.

http://paulmerriman.com/social-security-asset/

Lev
by Levett
Thu Feb 12, 2015 8:03 pm
 
Forum: Investing - Theory, News & General
Topic: Social Security as a bond?
Replies: 47
Views: 3177

Re: Social Security as a bond?

Nisiprius wrote: " What I find deeply troubling is the idea that thinking of Social Security as a bond justifies a change in recommended stock allocation for retirees." I share his concern. Such a "recommendation" (in quotes for a reason) completely overlooks the sense of real ri...
by Levett
Thu Feb 12, 2015 7:41 pm
 
Forum: Investing - Theory, News & General
Topic: Social Security as a bond?
Replies: 47
Views: 3177

Re: A question about LTC insurance that no one asks

Your concern is a legitimate one (I've witnessed two early cases of cognitive impairment), and if the history of previous responses about LTCI is any indication, you can expect not to get much more than predictable responses.

Ultimately, you will have to go with what you think best.

Good luck.

Lev
by Levett
Wed Feb 11, 2015 2:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: A question about LTC insurance that no one asks
Replies: 19
Views: 1666

Re: Wall Street Journal vs. White Coat Investor

Re "active management" (which has been condemned, without qualification , as a "lie"), let me ask who thinks Vanguard is "lying" (a term I obviously find objectionable, but which was introduced by the OP) in the following statement? What we think about investment costs,...
by Levett
Tue Feb 10, 2015 7:48 am
 
Forum: Investing - Theory, News & General
Topic: Wall Street Journal vs. White Coat Investor
Replies: 28
Views: 4567

Re: When 60/40 just isn't appropriate

John Bogle's take on "the policy portfolio":

http://www.vanguard.com/bogle_site/sp20030605.html

Lev
by Levett
Sun Feb 08, 2015 8:04 pm
 
Forum: Investing - Theory, News & General
Topic: When 60/40 just isn't appropriate
Replies: 127
Views: 13112

Re: Is Risk Real?

Paul wrote: "Perceptions of risk can vary greatly" I would put the emphasis on perceptions , not simply among individuals but within individuals. I accepted far more "risk" (as perceived or experienced) at one stage of life than I have at other stages. "Risk," however d...
by Levett
Sun Feb 08, 2015 7:45 pm
 
Forum: Investing - Theory, News & General
Topic: Is Risk Real?
Replies: 74
Views: 3826

Re: Successful investing: Is it luck or skill?

Luck, discipline, patience, and understanding yourself.

I agree that so-called "beating the market" is a foolish objective.

Lev
by Levett
Thu Feb 05, 2015 6:58 am
 
Forum: Investing - Theory, News & General
Topic: Successful investing: Is it luck or skill?
Replies: 26
Views: 2567

Re: Good Wines

Try J. Lohr (Riverstone Chardonnay, Los Osos Merlot, Seven Oaks Cabernet). It's pretty easy, where I live, to find these wines in the $10-$12 range.

Lohr has more upscale brands, but the above will easily pass muster if you are entertaining.

Lev
by Levett
Sat Jan 31, 2015 7:24 am
 
Forum: Personal Consumer Issues
Topic: Good Wines
Replies: 54
Views: 4394

Re: What experts say about $5,000 watches

Me, I have one of them Swiss Army watches to match my Swiss Army knife. Trouble is, once I retired the Swiss Army watch and the Swiss Army knife kinda sit there on my dresser lookin' fairly lonely. Well, wait. I take that back. In a pinch, I use the Swiss Army knife to open up a bottle of wine when ...
by Levett
Mon Jan 26, 2015 7:40 am
 
Forum: Personal Consumer Issues
Topic: Best watch for around $5,000?
Replies: 920
Views: 180124

Re: WHAT EXPERTS SAY

Happy Birthday, Taylor.

Lev
by Levett
Sun Jan 25, 2015 3:13 pm
 
Forum: Investing - Theory, News & General
Topic: What Experts Say [about various investing topics]
Replies: 51
Views: 3624

Re: Efficient markets: luck v. skill

" to meet my future financial needs, and within reason wants, without taking undue risk." Precisely. I've been investing since 1968, and have been retired for 15 yrs (almost). And I've met my objectives (with room to spare) by using what Milevsky calls "product allocation." And s...
by Levett
Fri Jan 23, 2015 5:11 pm
 
Forum: Investing - Theory, News & General
Topic: Efficient markets: luck v. skill
Replies: 37
Views: 2642

Re: The "Less Than" a Million $ Club

Here's the most recent analysis I've been able to find of Vanguard's review of its own 401-K accounts:

https://personal.vanguard.com/us/insights/article/401k-balances-062014

Draw your own conclusions. :wink:

Lev
by Levett
Tue Jan 20, 2015 7:45 am
 
Forum: Personal Consumer Issues
Topic: The "Less Than" a Million $ Club
Replies: 73
Views: 11591

Re: Get ready for lower SWR

Here's the most recent (I think) analysis by the CDC.

http://www.cdc.gov/nchs/data/databriefs/db168.htm

Lev
by Levett
Tue Jan 13, 2015 7:07 am
 
Forum: Personal Finance (Not Investing)
Topic: Get ready for lower SWR
Replies: 13
Views: 2083

Re: Parking in Philly?

Study all parking signs carefully. Philly is a parking TRAP.

Lev
by Levett
Mon Jan 12, 2015 8:03 pm
 
Forum: Personal Consumer Issues
Topic: Parking in Philly?
Replies: 2
Views: 402

Re: At Vanguard Active beats Passive

It is, indeed, a strange piece of fluff. (I say this as one who invests in both so-called "active" and "passive.) Three whole years the article says! Amazing. :wink: In my investment lifetime (using the article's measure) I have had 15 3-year investment periods. Gotta go see how I did...
by Levett
Fri Jan 09, 2015 4:57 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard's stockpickers outperform.... [news article]
Replies: 61
Views: 3635

Re: "Vanguard Group execs say deflation a real risk..."

But surely you will admit that Kocherlakota is a noble name. Seriously.

Lev
by Levett
Fri Jan 09, 2015 12:41 pm
 
Forum: Investing - Theory, News & General
Topic: "Vanguard Group execs say deflation a real risk..."
Replies: 61
Views: 6311

Re: "Vanguard Group execs say deflation a real risk..."

Stepping off the curb is also a "real risk."

Look both ways! :wink:

Lev
by Levett
Fri Jan 09, 2015 12:05 pm
 
Forum: Investing - Theory, News & General
Topic: "Vanguard Group execs say deflation a real risk..."
Replies: 61
Views: 6311
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