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Re: Your opinions on my portfolio

Vanguard Lifestrategy Funds are NOT managed (as in "actively managed"). They are "all-in-one" funds made up of 4 indices: US Total Stock, Total Int Stock, US Total Bond, Int Bond. They maintain a fixed allocation, rebalancing for you with inflows. The expense ratio is .16% - very...
by RNJ
Sat Mar 28, 2015 9:24 am
 
Forum: Investing - Help with Personal Investments
Topic: Your opinions on my portfolio
Replies: 15
Views: 1654

Re: Value investing doesn't even beat the S&P 500

The paper was more about the "behavior gap" than it was about value investing. The paper did say that value outperformed the S&P 500 but value investors did not. This was due to the "behavior gap." The paper said that the behavior gap for value investors was less than for gr...
by RNJ
Sat Mar 28, 2015 9:13 am
 
Forum: Investing - Theory, News & General
Topic: Value investing doesn't even beat the S&P 500
Replies: 55
Views: 5788

Re: Value investing doesn't even beat the S&P 500

Just read the original article. One interesting piece for me is that with respect to whether the "value premium" is a product of risk or behavior, the author writes:

"
The two camps can argue endlessly. We have nothing to contribute to that disagreement."


Really? Nothing?
by RNJ
Sat Mar 28, 2015 7:21 am
 
Forum: Investing - Theory, News & General
Topic: Value investing doesn't even beat the S&P 500
Replies: 55
Views: 5788

Re: Your opinions on my portfolio

For a static allocation, this is what I would, and have, told family: Vanguard Lifestrategy Funds. This is a single fund solution, with the asset allocation assembled by some of the best minds in the business, and they do the rebalancing for you. Not perfect, but very, very close. Simple and elegant...
by RNJ
Sat Mar 28, 2015 6:47 am
 
Forum: Investing - Help with Personal Investments
Topic: Your opinions on my portfolio
Replies: 15
Views: 1654

New all-world Small-Cap multi-factor ETF

An answer for the non-DFA slice 'n dicers? For 60bp? Heard it on Bloomberg and couldn't resist posting.

Have at it!

http://www.latticestrategies.com/strategies/LROGSX.html


http://www.latticestrategies.com/PDFs/indexes/LatticeStrategies_LROGSX_3-23-15.pdf
by RNJ
Thu Mar 26, 2015 5:06 pm
 
Forum: Investing - Theory, News & General
Topic: New all-world Small-Cap multi-factor ETF
Replies: 4
Views: 668

Re: Municiple Fund as Emergency

We don't have an emergency fund, per se. We do think of our muni fund as a potential source of cash in case of an emergency (after a an unsecured line of credit at an absurdly low interest rate), but there is no separate accounting - it's part of our AA. With that in mind, we use Baird Intermediate ...
by RNJ
Mon Mar 23, 2015 6:29 am
 
Forum: Investing - Help with Personal Investments
Topic: Municiple Fund as Emergency
Replies: 8
Views: 1022

Re: Is it time to give-up on TIPS?

Is it time to give-up on TIPS? Having money is an excellent buffer for financial problems, as is being willing to adapt. Agree with both these points. ... Is it time to give-up on TIPS? Fully owning your own home or being willing to move are both good inflation buffers. Having discretionary spendin...
by RNJ
Sat Mar 21, 2015 10:52 am
 
Forum: Investing - Theory, News & General
Topic: Is it time to give-up on TIPS?
Replies: 113
Views: 14609

Re: Managing Endowment Funds in a Bogleheaded Way

You might try these threads. I went through a similar process this past year at a non-profit where I am on the board. After an initial decision by the finance committee to go with an advisor (1.6%, all in), I lobbied for a Vanguard all-in-one fund approach. Simplicity, diversification and cost won t...
by RNJ
Fri Mar 20, 2015 6:29 pm
 
Forum: Investing - Theory, News & General
Topic: Managing Endowment Funds in a Bogleheaded Way
Replies: 3
Views: 506

Re: PXSV has changed indexes

Just to clarify, it's not for lack of trust, respect, admiration or gratitude to certain forum members that I made my earlier comment. To the contrary, it is because of those feelings. I suppose I could just copy Robert T's allocation (for example). But the only rational justification I'd have to do...
by RNJ
Fri Mar 20, 2015 2:44 pm
 
Forum: Investing - Theory, News & General
Topic: PXSV has changed indexes
Replies: 122
Views: 9483

Re: PXSV has changed indexes

I have a concern that even the smartest among us (Robert T and Grap are two posters who I look to for advice, especially in the small/value tilting arena) are guilty, to some degree, of performance chasing. I say this because, if it weren't for the fact that the Schwab Russell Fund Small Company ET...
by RNJ
Thu Mar 19, 2015 7:15 pm
 
Forum: Investing - Theory, News & General
Topic: PXSV has changed indexes
Replies: 122
Views: 9483

Re: How much international is too much?

also on the fact that all of my fixed income, all of my personally held real estate, and my job, are US dollar denominated. This is usually considered to be an argument for investing in U.S. stocks--because you experience currency risk in your international stocks but not your domestic stocks. Just...
by RNJ
Sat Mar 14, 2015 12:54 am
 
Forum: Investing - Theory, News & General
Topic: How much international is too much?
Replies: 113
Views: 9509

Re: PXSV has changed indexes

Lest we forget, companies such as Invesco exist to make money from investors, not for them. As such, they are marketing companies masquerading as investment companies. Most of the funds in question trade by appointment, and all failed to attract enough assets to satisfy the good people at Invesco, L...
by RNJ
Sat Mar 14, 2015 12:26 am
 
Forum: Investing - Theory, News & General
Topic: PXSV has changed indexes
Replies: 122
Views: 9483

Re: Poll: Increasing international equities

Holding steady with a 50% international target.
by RNJ
Tue Mar 10, 2015 9:26 am
 
Forum: Investing - Theory, News & General
Topic: Poll: Increasing international equities
Replies: 58
Views: 4038

Re: International value: worth the fees?

PXF - Powershares RAFI Developed Mkt, ER .47
PDN - PowerShares FTSE RAFI Developed Markets ex U.S. Small Mid Portfolio, ER .5

Lots of threads on these.

Also, if you purchase value, you should plan to measure your relative returns over years/decades. Otherwise, market-cap is the way to go.
by RNJ
Mon Mar 09, 2015 11:45 am
 
Forum: Investing - Theory, News & General
Topic: International value: worth the fees?
Replies: 24
Views: 2078

Re: Bernstein: 2% investment returns over next 20 years

This is a terrific, all too brief, interview - in spite of the interviewer. In my view, OP has latched onto the least important aspect of the piece.
by RNJ
Mon Mar 09, 2015 11:38 am
 
Forum: Investing - Theory, News & General
Topic: Bernstein: 2% investment returns over next 20 years
Replies: 216
Views: 23598

Re: What's your average ER? [Expense Ratio]

Seattlenative wrote: So what is the average, AA-weighted ER of your portfolios?


.17% for an international, small and value tilted portfolio.
by RNJ
Fri Mar 06, 2015 12:39 pm
 
Forum: Investing - Theory, News & General
Topic: What's your average ER? [Expense Ratio]
Replies: 123
Views: 7650

Re: A case for long term government bonds

Two quick and unrelated questions for the guys and gals considering loading up on LT treasuries: 1) Have you not considered investing for total return (rather than income)? 2) How does the psychology of increasing or initiating, at this moment, a position in LT treasuries differ from increasing or i...
by RNJ
Sun Feb 22, 2015 1:33 am
 
Forum: Investing - Theory, News & General
Topic: A case for long term government bonds
Replies: 40
Views: 3330

Re: Best Use of TIPS Fund in Retirement

What, exactly, are you trying to accomplish by buying a TIPS ladder? The ladder was intended to annuitize a healthy portion of the portfolio and secure a comfortable floor of income with unexpected inflation protection for the next 30 years This can be accomplished with a ladder, not a fund. If you...
by RNJ
Sun Feb 22, 2015 1:14 am
 
Forum: Investing - Theory, News & General
Topic: Best Use of TIPS Fund in Retirement
Replies: 17
Views: 1697

Re: Glide Path questions

Thanks for your responses.
by RNJ
Sat Jan 31, 2015 12:04 pm
 
Forum: Investing - Help with Personal Investments
Topic: Glide Path questions
Replies: 3
Views: 1870

Glide Path questions

Hi All. My wife and I have been on a 1% per year glide path beginning 3 years ago (as per our IPS). I have made only small equity sales, and only of US holdings, over the years in order to rebalance, and have managed to offset these gains with TLHs. I have kept our portfolio mostly on track with res...
by RNJ
Wed Jan 28, 2015 11:08 pm
 
Forum: Investing - Help with Personal Investments
Topic: Glide Path questions
Replies: 3
Views: 1870

Re: Why Is "Deflation" A Bad Thing??? How To Prepare/Profit

On my highway drive home I pass a number of gas stations. Yesterday, I found myself passing station after station, looking for for the lowest price. I finally came to my exit and thought,"I'll fill up tomorrow. It'll most likely be cheaper anyway." Now imagine that that kind of thinking se...
by RNJ
Mon Jan 12, 2015 8:35 am
 
Forum: Investing - Theory, News & General
Topic: Why Is "Deflation" A Bad Thing??? How To Prepare/Profit?
Replies: 87
Views: 6488

Re: A mortgage prepayment puzzler

Thank you all for your very thoughtful and helpful responses. These responses undid the tightening knot in my brain: Keep it simple. :happy Simple way to look at it is, if you make a $20k prepayment you never pay interest on that $20k again. Yes, the monthly payment stays the same. But as others hav...
by RNJ
Thu Jan 08, 2015 2:43 pm
 
Forum: Investing - Theory, News & General
Topic: A mortgage prepayment puzzler
Replies: 15
Views: 1663

A mortgage prepayment puzzler

Here we go: Let's say I purchased a home one year ago with a 30 year fixed rate mortgage at 5% (the rate isn't material) for $200,000. This year I decide to prepay (let's say) $20,000. If I understand correctly, my monthly payments will remain the same until the loan is payed off in (let's say) year...
by RNJ
Thu Jan 08, 2015 8:27 am
 
Forum: Investing - Theory, News & General
Topic: A mortgage prepayment puzzler
Replies: 15
Views: 1663

Asness: "Efficient Frontier Theory for the Long Run"

Here is a terrific article from Cliff Asness on market theory and the time it may take to realize "expected returns." Clear language, excellent illustrations. A must read (IMHO).

https://www.aqr.com/cliffs-perspective/efficient-frontier-theory-for-the-long-run
by RNJ
Thu Dec 11, 2014 8:41 am
 
Forum: Investing - Theory, News & General
Topic: Another Great Asness/AQR Blog Post - Perspective
Replies: 38
Views: 2883

Re: VSS / IDV reallocation [which one to taxable?]

Have you considered PowerShares FTSE RAFI Dev Mkts ex-US ETF (PXF) as an alternative to IDV and/or EFV?

http://www.bogleheads.org/forum/viewtopic.php?t=44133
by RNJ
Wed Dec 10, 2014 10:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: VSS / IDV reallocation [which one to taxable?]
Replies: 10
Views: 1251

Re: Timing a tax-loss harvest

Hi All. I have a loss to "harvest" (boy do I love that euphemism) in PXF (Powershares FTSE RAFI Dev Mkts ETF). In my view, the natural TLH partner is EFV (iShares MSCI EAFE Value ETF), some of which I already own. My question is this: As the yield of EFV is higher than that of PXF, should...
by RNJ
Wed Dec 03, 2014 8:32 am
 
Forum: Investing - Help with Personal Investments
Topic: Timing a tax-loss harvest
Replies: 5
Views: 637

Re: Timing a tax-loss harvest

Perhaps if you do not want to worry about figuring out your personal qualified dividend story on these shares, you should do something so that you hold whatever shares give you a dividend for the 61 days minimum required time period. Or if you cannot hold for the 61 days, then make sure you are not...
by RNJ
Tue Dec 02, 2014 2:20 pm
 
Forum: Investing - Help with Personal Investments
Topic: Timing a tax-loss harvest
Replies: 5
Views: 637

Timing a tax-loss harvest

Hi All. I have a loss to "harvest" (boy do I love that euphemism) in PXF (Powershares FTSE RAFI Dev Mkts ETF). In my view, the natural TLH partner is EFV (iShares MSCI EAFE Value ETF), some of which I already own. My question is this: As the yield of EFV is higher than that of PXF, should ...
by RNJ
Tue Dec 02, 2014 1:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: Timing a tax-loss harvest
Replies: 5
Views: 637

Re: A 'really good book' you did NOT enjoy

1) Moby Dick. Every word. Twice.

2) The Psychoanalytic Theory of Neurosis, Otto Fenichel.
by RNJ
Tue Sep 09, 2014 7:46 pm
 
Forum: Personal Consumer Issues
Topic: A 'really good book' you did NOT enjoy
Replies: 229
Views: 12892

Re: What pct of stocks is needed to offer decent inflation p

Zero. You could buy 100% TIPS. I think this path is too often overlooked. It addresses directly the question posed and does so in as close to a risk-free way as possible. I have read a thousand posts about needing stocks to help to keep up with inflation........my goal is preservation of capital wi...
by RNJ
Mon Sep 08, 2014 8:40 am
 
Forum: Investing - Theory, News & General
Topic: What pct of stocks is needed to offer decent inflation prote
Replies: 32
Views: 2679

"The Cost of Chasing Returns" from St Louis Fed

A few months ago, we highlighted research showing how much chasing returns in equity mutual fund investing can reduce performance, noting that this behavior had cost investors around 2 percent per year over the period 2000-2012. New research over a longer period of time shows similar results. http:...
by RNJ
Sat Aug 09, 2014 11:53 pm
 
Forum: Investing - Theory, News & General
Topic: "The Cost of Chasing Returns" from St Louis Fed
Replies: 6
Views: 893

Re: Favorite portfolio tracking software

What specifically do you want to track? I've been using Google Docs for about a year, tracking 11 accounts across two brokerage firms. I update dividends and interest once per month and add transactions as they occur.
by RNJ
Sat Jul 19, 2014 8:20 pm
 
Forum: Investing - Theory, News & General
Topic: Favorite portfolio tracking software
Replies: 14
Views: 1984

Re: Emerging Markets: making up 5% of your equities?

I've read that holding any amount of emerging markets less than 5% of your total equities isn't going to do very much in terms of helping soften potential falls in US equities . I believe you are referring to a potential diversification benefit in holding a dedicated EM allocation. A quick look at ...
by RNJ
Sun Jul 13, 2014 9:50 am
 
Forum: Investing - Help with Personal Investments
Topic: Emerging Markets: making up 5% of your equities?
Replies: 47
Views: 3826

Re: Must-haves and Legal Needs for a Millionaire

One more thought: Though the numbers would vary, the advice given would be reasonable for anyone with a baby on the way, a job he/she depends on, and a few bucks stashed away.
by RNJ
Thu Jul 10, 2014 12:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: Must-haves and Legal Needs for a Millionaire
Replies: 17
Views: 5111

Re: List of Worst financial advice (what not to do):

If you have a strong conviction about a stock you should go "all-in."
by RNJ
Wed Jul 09, 2014 10:11 am
 
Forum: Personal Finance (Not Investing)
Topic: List of Worst financial advice (what not to do):
Replies: 144
Views: 16897

Re: Emerging Markets: making up 5% of your equities?

I've read that holding any amount of emerging markets less than 5% of your total equities isn't going to do very much in terms of helping soften potential falls in US equities . I believe you are referring to a potential diversification benefit in holding a dedicated EM allocation. A quick look at ...
by RNJ
Wed Jul 09, 2014 10:08 am
 
Forum: Investing - Help with Personal Investments
Topic: Emerging Markets: making up 5% of your equities?
Replies: 47
Views: 3826

Re: Must-haves and Legal Needs for a Millionaire

With a baby on the way you need to do some estate planning, so find yourself an experienced trusts and estates (T & E) attorney - not an attorney who does trust and estate work along with personal injury cases and real estate closings. You want someone who specializes in T & E in your state ...
by RNJ
Tue Jul 08, 2014 11:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: Must-haves and Legal Needs for a Millionaire
Replies: 17
Views: 5111

Re: Question on Vanguard Balanced Funds

The LifeStrategy funds are more diversified, including allocations to international stock and bond indexes. I sit on the investment committee of a nonprofit and think the LifeStrategy funds are an excellent choice. VG Wellington, Wellesley and even STAR funds are other reasonable options, as well - ...
by RNJ
Tue Jul 08, 2014 8:58 pm
 
Forum: Investing - Help with Personal Investments
Topic: Question on Vanguard Balanced Funds
Replies: 10
Views: 1282

Re: updated thoughts on BMBIX?

I did some research on this fund last year. The charts below show portfolio characteristics for each year since 2005 from available SEC reports. Quality has been declining as the fund's assets have grown (in fact, proportion of AAA has declined linearly with total assets under management). As the c...
by RNJ
Tue Jul 08, 2014 6:12 am
 
Forum: Investing - Theory, News & General
Topic: updated thoughts on BMBIX?
Replies: 19
Views: 2042

Re: updated thoughts on BMBIX?

Thanks for your reply. I am considering adding it for the better credit quality, but you point out some downsides, notably the higher ER. I also still struggle with how to balance the higher credit quality with the significantly lower number of total holdings. I have been thinking a lot about my bo...
by RNJ
Mon Jul 07, 2014 5:16 pm
 
Forum: Investing - Theory, News & General
Topic: updated thoughts on BMBIX?
Replies: 19
Views: 2042

Re: How are you doing through the first half of 2014?

Rodc wrote:7.25% not counting contributions (or more correctly, XIRR type return, not annualized, YTD)

60/40 more or less


Just to clarify, you essentially halved the xirr result (Jan - June)? Thanks!
by RNJ
Wed Jul 02, 2014 9:16 am
 
Forum: Investing - Theory, News & General
Topic: How are you doing through the first half of 2014?
Replies: 91
Views: 10326

Re: Using 100% Stable Value as bond allocation

dbr wrote:I don't know anything specific, but it would seem to me that investing most of what one has in a single stable value fund is risk one would not want to take. If it is 100% of 20% of a portfolio that is one thing, but for someone 75% bonds and all in one SV fund, I am not so sure.


Agree.
by RNJ
Tue Jul 01, 2014 2:56 pm
 
Forum: Investing - Help with Personal Investments
Topic: Using 100% Stable Value as bond allocation
Replies: 31
Views: 2931

Re: The Three Fund Portfolio

Taylor Larimore wrote:Mastermike:

Your mother could be an excellent candidate for The Three Fund Portfolio.

Taxable account:
30% Total Stock Market Index Fund
10% Total International Index Fund

IRA:
60% Total Bond Market Index Fund

The Three Fund Portfolio

Best wishes.
Taylor


^ This.
by RNJ
Sat Jun 28, 2014 12:20 am
 
Forum: Investing - Help with Personal Investments
Topic: A Larry Style Portfolio for my mother
Replies: 15
Views: 1287

Re: New Lazy Portfolio: "Trinity Portfolio"

I would like to submit my portfolio for inclusion in the "Lazy Portfolio" section of the website under the name "Trinity Portfolio." The concept is simple and scalable based on a Master AA of Equities/Bonds. Bonds Portfolio: 40% in Inflation Protected 40% in TBM 20% Cash Equitie...
by RNJ
Sun Jun 08, 2014 9:40 am
 
Forum: Investing - Theory, News & General
Topic: New Lazy Portfolio: "Trinity Portfolio"
Replies: 28
Views: 2226

Re: "Hedge Fund Investors Aren't as Dumb as They Look"

If underperformance relative to the S&P 500 is an acceptable exchange for lower volatility, why not just hold less beta and more bonds or cash? Diversification. You can lower volatility and get superior risk adjusted returns unavailable to those picking just between stock and bond indexes if yo...
by RNJ
Sat May 31, 2014 2:34 am
 
Forum: Investing - Theory, News & General
Topic: "Hedge Fund Investors Aren't as Dumb as They Look"
Replies: 5
Views: 992

"Hedge Fund Investors Aren't as Dumb as They Look"

From Bloomberg: The article begins: "There's been a lot of discussion recently about why hedge fund managers get paid so much money. Curiously little of this discussion has involved asking the people who pay hedge funds all that money what they're paying hedge funds all that money for. Presumab...
by RNJ
Fri May 30, 2014 11:49 pm
 
Forum: Investing - Theory, News & General
Topic: "Hedge Fund Investors Aren't as Dumb as They Look"
Replies: 5
Views: 992

Re: Advice on current portfolio

So what do I do about the other funds I have in the 401k? Sell them off and buy more Blackrock /Vanguard midcap/pimpco to get closer to my AA without International and then go for a Roth IRA at vanguard? --Yup. There are no tax consequeces, and 401k providers usually don't charge you for switching....
by RNJ
Fri May 30, 2014 2:33 pm
 
Forum: Investing - Help with Personal Investments
Topic: Advice on current portfolio
Replies: 11
Views: 799

Re: Advice on current portfolio

MALOX (BlackRock Global Allocation, er .78 - - http://portfolios.morningstar.com/fund/summary?t=MALOX&region=usa&culture=en-US) could serve nicely as your only holding. Very simple, globally diversified 70/30 allocation - if a tad expensive. You could do a lot worse.

Good luck!
by RNJ
Thu May 29, 2014 4:22 pm
 
Forum: Investing - Help with Personal Investments
Topic: Advice on current portfolio
Replies: 11
Views: 799
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