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Re: 27 yr old reaches $1m net worth

Uh oh. Looks like the guy might not have been completely truthful about his wealth. Looks like the entire thing was a fraud. On Monday, Ivanov admitted to Yahoo Finance that 75-80% of his wealth consists of an inheritance that was left to him by his parents, who died several years ago ... While Iva...
by ScottW
Mon Nov 17, 2014 7:06 pm
 
Forum: Investing - Theory, News & General
Topic: 27 yr old reaches $1m net worth [Update: With lies.]
Replies: 56
Views: 11752

Re: Penny Stock Trader made a million

And though he's earned a million in trading profits, Grittani says he'd like to eventually get to the point where his personal net worth exceeds $1 million. He currently estimates he's worth $650,000...


Where did the $350K disappear to?
by ScottW
Mon Dec 16, 2013 10:22 pm
 
Forum: Investing - Theory, News & General
Topic: Penny Stock Trader made a million
Replies: 20
Views: 3448

Re: The JFK Assassination

The New York Times had an interesting video piece this morning: <snip> So, before peeking... what explanation can you come up, unconnected with the assassination, as to why a man would be standing on the parade route with an open umbrella on a clear day? I assumed it was for the same reason people ...
by ScottW
Sat Nov 23, 2013 10:36 am
 
Forum: Local Chapters and Bogleheads Community
Topic: The JFK Assassination
Replies: 42
Views: 2696

Re: Bogle vs. Markman Contest

That was a good read Taylor, thanks. By chance, what was the outcome of the 2nd $5 bet? I know the direction but I'd like to know the magnitude as well. :) I don't know if the two ever came to an agreement over the 2nd bet, but in 2010 Markman admitted to defrauding investors via a Ponzi scheme, an...
by ScottW
Wed Nov 06, 2013 2:29 pm
 
Forum: Investing - Theory, News & General
Topic: Putting Active Management to the Test
Replies: 108
Views: 13248

Re: "You're Paying Too Much For Investment Help"

Have you looked at today's Letter to the Editor section? They printed one letter from a reader in agreement with Malkiel, followed by 6 dissenters. You might be shocked to learned that 5 of the 6 were money managers. The 6th was apparently a law professor who railed about how the market would collap...
by ScottW
Mon Jun 03, 2013 1:59 pm
 
Forum: Investing - Theory, News & General
Topic: "You're Paying Too Much For Investment Help"
Replies: 20
Views: 2396

Comparison between MSCI and CRSP small/mid value indexes

A number of posters (including myself) invest in Vanguard's value index funds and have expressed concern over Vanguard's decision to switch index providers to CRSP. Before Vanguard made the switch I took a screenshot of their small- and mid-value portfolio characteristics from their institutional we...
by ScottW
Wed May 29, 2013 1:50 pm
 
Forum: Investing - Theory, News & General
Topic: Comparison between MSCI and CRSP small/mid value indexes
Replies: 8
Views: 931

Re: The new profitability factor, US and int'l evidence

Really? Here's what Yahoo Finance shows: snip I presume these are without distributions and without the advisor drag on DFA. The chart you've displayed from Yahoo Finance shows the difference in share prices, not the total return. The total return for DFSVX over the past twenty years is much higher...
by ScottW
Thu May 16, 2013 12:56 pm
 
Forum: Investing - Theory, News & General
Topic: The new profitability factor, US and int'l evidence
Replies: 169
Views: 12106

Re: U.S. stocks in freefall

AOL-Time Warner turned out to be the largest value destroying merger in history. Amazon reached its peak then, as a stock, I think without checking. It's now something like 10 times the size as a business, but not as a market capitalization. The majority of tech stocks tanked (Lucent and Cisco are ...
by ScottW
Tue Mar 26, 2013 7:40 am
 
Forum: Investing - Theory, News & General
Topic: U.S. stocks in freefall
Replies: 1073
Views: 191474

Re: Vanguard Security

Logging onto a site generates a cookie on your computer, and in the case of financial institutions, the cookie is usually a "session" cookie, meaning that it is destroyed when the browser is closed. Closing a tab generally won't close a session, but exiting the browser altogether will. Whe...
by ScottW
Thu Jan 24, 2013 2:43 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard Security
Replies: 19
Views: 777

Re: Anyone else holding Wellington/Wellesley in taxable?

I believe that they both have a high turnover so that increases your tax bill Turnover can matter because higher turnover often leads to higher capital gains. Wellington, however, has not distributed any capital gains for the past four years, and shareholders have only been taxed on bond interest a...
by ScottW
Wed Jan 23, 2013 8:03 am
 
Forum: Investing - Theory, News & General
Topic: Anyone else holding Wellington/Wellesley in taxable?
Replies: 19
Views: 2379

Re: 10 Year Retrospective

Thanks for all the posts and careful analysis you've done over the years. Although you haven't posted as much over the past year or so, I got quite a bit out of the regular (and civil) debates you used to have with SmallHi and others back when I first joined the board.
by ScottW
Tue Jan 08, 2013 1:41 pm
 
Forum: Investing - Theory, News & General
Topic: 10 Year Retrospective
Replies: 25
Views: 5515

Re: WSJ: Investors Sour on Pro Stock Pickers

"What you're seeing is a recognition that our way of doing business and our way of investing is making more sense to more people," Mr. McNabb said. No, what you're seeing is people chasing performance. Some of the market indexes have outperformed active managers lately, so people are shif...
by ScottW
Fri Jan 04, 2013 7:59 am
 
Forum: Investing - Theory, News & General
Topic: WSJ: Investors Sour on Pro Stock Pickers
Replies: 6
Views: 883

Re: New book available. Get yours FREE Dec 22 & 23

I finished reading the book yesterday and posted an Amazon review this morning. I thought it was well written and surprisingly candid. Many investment how-to books are a little too "dry" for my tastes, and present the perfect scenario that you should follow based on a bunch of research stu...
by ScottW
Sun Dec 30, 2012 11:25 am
 
Forum: Investing - Theory, News & General
Topic: UPDATE: Get yours FREE this Sunday, Feb 3
Replies: 60
Views: 10607

Re: Sold my Micro-cap fund; what to buy?

I agree with Nisiprius. The only reason to buy small value is if you believe in the small and value premium, and if you're considering buying small growth as an option, you clearly don't. Look at your portfolio as a whole and decide what you want to do with it, which includes the types of asset clas...
by ScottW
Thu Dec 13, 2012 9:38 am
 
Forum: Investing - Theory, News & General
Topic: Sold my Micro-cap fund; what to buy?
Replies: 18
Views: 1461

Re: Jack Bogle: Vanguard's $2.2 trillion man

I like the irony of the advertising headline inserted halfway down the article: "15 top stock picks from star investors"
by ScottW
Fri Dec 07, 2012 2:56 pm
 
Forum: Investing - Theory, News & General
Topic: Jack Bogle: Vanguard's $2.2 trillion man
Replies: 17
Views: 2116

Re: Large Value tilt?

When you met Dr. Swensen, did you raise these same points, pound the table, insist you are correct, and that Dr. Swensen has clearly been doing something wrong over the last 25 years? Clearly your responses are based on more fact, intelligence, and results, than David Swensen knows or has achieved....
by ScottW
Mon Aug 27, 2012 8:43 am
 
Forum: Investing - Theory, News & General
Topic: Large Value tilt?
Replies: 90
Views: 6679

Re: a look at different passive strategies

pauliec84 wrote:To my knowledge Bridgeway Omni Small Cap Value fund (BOSVX), which is NOT available to retail investors.

Not only isn't it available to retail investors, but I believe only members of the Buckingham family can access it, since they essentially co-created it with Bridgeway.
by ScottW
Tue Aug 14, 2012 6:41 am
 
Forum: Investing - Theory, News & General
Topic: a look at different passive strategies
Replies: 41
Views: 3949

Re: Investors day trading within 401(k)s, IRAs.

SSSS wrote:Has anyone really been far even as decided to use even go want to do look more like? :confused

Either your cat is walking on your keyboard and posting messages to this board, or you're having a stroke.

Want to give it another shot and rephrase?
by ScottW
Tue Jul 10, 2012 10:57 am
 
Forum: Investing - Theory, News & General
Topic: Investors day trading within 401(k)s, IRAs.
Replies: 62
Views: 4014

Re: The annual Bridgeway microcap thread: BRSIX

Regarding the high expense ratio: Bridgeway has been fairly successful in generating a lot of income from security lending for this particular fund (more so than Vanguard's small company funds). I checked last year's semi-annual report, and they brought in $741 million through security lending, whic...
by ScottW
Wed May 30, 2012 11:43 am
 
Forum: Investing - Theory, News & General
Topic: The annual Bridgeway microcap thread: BRSIX
Replies: 44
Views: 3101

Re: WSJ on Starting out small and low fees...

I like some of the comments to the article. Sounds like many of the WSJ readers are expert stock pickers and aren't too fond of mutual funds. "Mutual funds are a Ponzi scheme ... Buy shares of major corporations that pay dividends" "Always buy under market value" (whatever that m...
by ScottW
Wed Feb 01, 2012 9:30 am
 
Forum: Investing - Theory, News & General
Topic: WSJ on Starting out small and low fees...
Replies: 8
Views: 949

Re: Gus Sauter on "staying the course"

I give Gus Sauter and the Vanguard people credit for telling investors to stay the course. They know from experience that many investors panic and sell near the bottom and later buy again after the market has risen. Other firms and brokerages may also tell investors to stay in the market but then a...
by ScottW
Mon Jan 30, 2012 7:16 pm
 
Forum: Investing - Theory, News & General
Topic: Gus Sauter on "staying the course"
Replies: 29
Views: 3718

Re: Gus Sauter on "staying the course"

Of course, he wants you to stay the course. They get paid for assets under management. Since Vanguard has plenty of bond and money market mutual funds, shifting money to "safer" investments shouldn't affect their AUM all that much, at least short-term. Of course, if people panicked and so...
by ScottW
Mon Jan 30, 2012 8:19 am
 
Forum: Investing - Theory, News & General
Topic: Gus Sauter on "staying the course"
Replies: 29
Views: 3718

Re: "John C. Bogle, The $24 Billion Man"

While we're on the subject of low expenses, I was surprised to see how cheap some of Vanguard's admiral shares are these days. In many cases, they are even less expensive than their comparable ETFs. Mid-cap value is only 10 basis points, while the total stock market is only 7. Those are numbers you ...
by ScottW
Mon Jan 23, 2012 3:39 pm
 
Forum: Investing - Theory, News & General
Topic: "John C. Bogle, The $24 Billion Man"
Replies: 9
Views: 2138

Re: Should you invest in DFA funds?

This is another example of competition for DFA, along with RAFI funds, Bridgeway funds, M*, Vanguard, traditional value index funds such as S&P and Russell, and a growing variety of factor-based value stock offerings that are on the market or on the way. I'm not convinced that RAFI is a viable ...
by ScottW
Wed Jan 18, 2012 11:05 am
 
Forum: Investing - Theory, News & General
Topic: Should you invest in DFA funds?
Replies: 72
Views: 5297

Re: Should you invest in DFA funds?

I still haven't figured out why an ETF wouldn't be appropriate for what they do. Since they are passively managed, they shouldn't need to trade for the fund itself much, reducing concerns about front-running the ETF. I've seen a few requests for DFA to create ETF versions of its funds--mostly from ...
by ScottW
Tue Jan 17, 2012 3:10 pm
 
Forum: Investing - Theory, News & General
Topic: Should you invest in DFA funds?
Replies: 72
Views: 5297

Re: Should you invest in DFA funds?

Bill isn't the only one who's confused. I'm not even sure what this article is trying to say. We're taught that Morningstar performance ratings are at best useless and at worst destructive because they encourage people to rely too heavily on past performance and churn their portfolios, hopping from ...
by ScottW
Tue Jan 17, 2012 2:31 pm
 
Forum: Investing - Theory, News & General
Topic: Should you invest in DFA funds?
Replies: 72
Views: 5297

Re: Who's the fairest of them all?

I personally wouldn't invest in PowerShares because I think they're too expensive and I don't have a great deal of confidence (respect?) for them as a company. As for Schwab's funds, ftobin is correct that their RAFI funds are being subsidized, but I believe that Schwab capped the expense ratios whe...
by ScottW
Fri Jan 13, 2012 12:09 pm
 
Forum: Investing - Theory, News & General
Topic: Who's the fairest of them all?
Replies: 78
Views: 27703

Re: Who's the fairest of them all?

I'm jumping into this thread a little late, but since the RAFI portfolio seems to be the current winner, I thought I'd share some disturbing results I saw when I reviewed Schwab's October 2011 annual report for their RAFI index funds. While their domestic funds' tracking error wasn't too egregious, ...
by ScottW
Thu Jan 12, 2012 2:34 pm
 
Forum: Investing - Theory, News & General
Topic: Who's the fairest of them all?
Replies: 78
Views: 27703

Re: yesterday's masters of the universe

You might find this post from Kenster in late 2010 to be of interest. He was responding to a thread discussing the "current" funds to be in, and he noticed that many of the names he'd seen over the years were conspicuously absent in the "new" list. Here are the missing funds, man...
by ScottW
Wed Jan 11, 2012 2:05 pm
 
Forum: Investing - Theory, News & General
Topic: yesterday's masters of the universe
Replies: 10
Views: 1607

Re: When Does Vanguard's Patent(s) Expire?

Vanguard originally filed a utility patent (6,879,964) in March 2001 for VIPERs, but then filed an amended patent (7,337,138) March 28, 2005. Utility patents are good for 20 years from the filing date, so they either expire March 2021 or March 2025. I'm not sure if amended patents reset the lifespan...
by ScottW
Fri Jan 06, 2012 3:33 pm
 
Forum: Investing - Theory, News & General
Topic: When Does Vanguard's Patent(s) Expire?
Replies: 23
Views: 2407

Where are they now?

Soon Debbie will show up in a New York Times article about 40-somethings who cannot retire early. Her husband will have left her, her kids will be getting free school lunches, she will have zero saved for retirement (lost it all in the crash....), she won't have a job (never had a legitimate one an...
by ScottW
Wed Sep 14, 2011 10:14 am
 
Forum: Investing - Theory, News & General
Topic: Real estate in 2005, A great read
Replies: 28
Views: 3519

Re: nisprius

This, again is combining a real risk factor (equity risk) with a couple of historical patterns as if they were on the same terms. So we're all on the same page, is it your view that all equity is equal and it makes no difference what segments of the market you get it from? I think most people would...
by ScottW
Wed Sep 14, 2011 7:39 am
 
Forum: Investing - Theory, News & General
Topic: FA article "Rethinking Small Caps"
Replies: 116
Views: 9616

Lbill wrote:Vanguard does offer BRSVX, but it might not be like BOSVX. For example, it looks like it has about 10% in REIT holdings.

BRSVX is Bridgeway's actively managed small value fund. Their passive small value fund (BOSVX), is not, to the best of my knowledge, available to retail investors.
by ScottW
Tue Aug 23, 2011 10:11 am
 
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Market Plunge May Not Have Been A Bad Idea
Replies: 45
Views: 7176

So as Enron dropped, it became a better value? Sometimes things fall for a reason. I see your point, but that logic doesn't hold up with diversified mutual funds. If all holdings in a fund drop for a good reason and should be sold, it wasn't an investment you should have purchased in the first plac...
by ScottW
Fri Jul 22, 2011 10:51 am
 
Forum: Investing - Theory, News & General
Topic: Sell limit on ETF
Replies: 12
Views: 1197

Re: few thoughts

First to add to what was said earlier--at one point if my memory serves Fairholme held just TWO stocks. I don't think that's correct. Before starting Fairholme he worked at Smith Barney for a couple of years managing a portfolio for a handful of wealthy clients. During this time, in 1994, he owned ...
by ScottW
Tue Jun 14, 2011 9:36 am
 
Forum: Investing - Theory, News & General
Topic: Value investing
Replies: 34
Views: 7430

Taylor, your statement is a little misleading. Morningstar currently ranks Fairholme in the bottom 1% of LV funds for <i>over the past four months</i>. At the end of 2010, just a few months ago, it fell within the top 1% of funds for the year. If Fairholme had an extraordinary run and then crashed a...
by ScottW
Thu Apr 28, 2011 1:54 pm
 
Forum: Investing - Theory, News & General
Topic: "Fund of the Decade"
Replies: 26
Views: 5244

I'm not sure the results show that American Funds have added no value, either--it looks like more of a stalemate. As Amarone mentioned, they beat both Vanguard and DFA in two out of four categories. As for emerging markets, New World isn't a "pure" emerging markets fund, and invests in com...
by ScottW
Fri Apr 15, 2011 8:05 am
 
Forum: Investing - Theory, News & General
Topic: Has Larry Swedroe been fair on American Funds?
Replies: 32
Views: 4284

Re: stratton

b) they have bad experiences with retail money as it flees in bear markets and that becomes a BIG problem when trading very small stocks. I'd like to comment on this. I'm now sure how other fund companies fare, but hot money and performance chasing is a huge problem at Bridgeway. I don't own any of...
by ScottW
Wed Apr 13, 2011 8:47 am
 
Forum: Investing - Theory, News & General
Topic: interview on Seeking Alpha
Replies: 31
Views: 4682

Re: Rick

Does its relative lack of holdings (86) bother you? I'd presume you'd not consider this a sufficient number of stocks for you to use it as your personal U.S. allocation. Larry uses their new BOSVX fund that is not available to retail investors. He used the ticker for their actively managed fund (BR...
by ScottW
Fri Apr 08, 2011 8:11 pm
 
Forum: Investing - Theory, News & General
Topic: interview on Seeking Alpha
Replies: 31
Views: 4682

Does the CFO have an incentive to push this assumption as high as possible? The higher the expected rate of return, the less money the company has to contribute to meet its future obligations. If the actual return is lower and they find themselves short, well, upper management will have probably mo...
by ScottW
Tue Apr 05, 2011 10:52 am
 
Forum: Investing - Theory, News & General
Topic: Pension plan forecasted returns - calling WBern
Replies: 21
Views: 3268

IMHO, very disappointing that Vanguard took this approach versus adding a passive/index EM value fund. Keep in mind that they wouldn't add a value fund without adding a growth counterpart (Vanguard doesn't buy into value premium, and if anything, many of their directors seem to prefer growth judgin...
by ScottW
Mon Mar 28, 2011 12:23 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard Files for New Active EM Fund
Replies: 19
Views: 4957

Of course, you are only dealing with Vanguard here because they hold the patent on the ETF+Mutual Fund shenanigans . huh?...what do you mean? Vanguard was the first company to create ETFs that were just a different class of an existing open-ended mutual fund. They applied for and were granted a pat...
by ScottW
Thu Feb 17, 2011 1:44 pm
 
Forum: Investing - Theory, News & General
Topic: Index ETF vs Mutual Fund MER
Replies: 21
Views: 2746

Re: few thoughts

That is one reason we prefer the fund families of DFA and Bridgeway---more constant exposure to the asset class we want exposure to. Larry, are you just referring to the Ultra-Small Market fund (BRSIX) when you mentioned Bridgeway, or are there other funds you like? Everything aside from BRSIX and ...
by ScottW
Thu Feb 17, 2011 1:28 pm
 
Forum: Investing - Theory, News & General
Topic: RAFI Funds
Replies: 31
Views: 3739

Re: Should price wag value or vice versa, RAFI strategies...

Think about VBR for a minute. Since it's cap weighted it gives the highest weighting to the most expensive small cap value stocks. So basically it overweights the growiest small cap value stocks. I never understood this logic. Take two companies: "A" has $1 million in annual earnings, whi...
by ScottW
Thu Jan 27, 2011 9:01 pm
 
Forum: Investing - Theory, News & General
Topic: Should price wag value or vice versa, RAFI strategies...
Replies: 23
Views: 2705

Re: Why all the praises for DB pension plans?

But the reality is the typical employer has gone from contributing maybe 10-12% of payroll to a DB pension plan to contributing maybe 3% of your pay to a 401K (provided that you are putting in 6% of pay). I agree that pension plans are not feasible unless job security is very high, and you can spen...
by ScottW
Thu Jan 20, 2011 9:48 am
 
Forum: Investing - Theory, News & General
Topic: Why all the praises for DB pension plans?
Replies: 38
Views: 3830

ETFs and Vanguard ETFs are two different things. There's debate over whether the dual-class structure helps or hurts tax efficiency. Also, the ETF class accounts for 80% of the total assets, so it's unlikely the mutual fund portion can have that adverse of an effect. In a recent interview, Vanguard...
by ScottW
Mon Jan 10, 2011 7:58 am
 
Forum: Investing - Theory, News & General
Topic: 2nd year of cap gains distribution for VSS (int small cap)
Replies: 11
Views: 1639

You don't know what it is at this moment? > Both funds are characterized by 3 factors, right? You can't compare the aggregate of the 3 for DFA vs the aggregate of the 3 for Vanguard _at this moment_? You can determine what the loading factors were during a certain period of time in the past, but yo...
by ScottW
Wed Dec 08, 2010 10:57 am
 
Forum: Investing - Theory, News & General
Topic: Comparing VT and DFA 100 red portfolio?
Replies: 33
Views: 3213

Pete, Before we decide that Core funds are useless because they are identical to the Total Stock Market, let's compare TSM against small value during the same time period. http://i56.tinypic.com/8wib9u.jpg The Core funds behaved similarly to TSM because small and value behaved similarly. When the tw...
by ScottW
Mon Nov 22, 2010 7:47 am
 
Forum: Investing - Theory, News & General
Topic: "Small Caps vs. Large ?"
Replies: 58
Views: 5791

When an individual writes a book about a strategy that promises extraordinary returns, you can tell that the strategy isn't effective at generating reliable and consistent profits. But....selling a book to naive investors is an excellent strategy that produces reliable and consistent profits. The B...
by ScottW
Wed Nov 17, 2010 2:18 pm
 
Forum: Investing - Theory, News & General
Topic: call options
Replies: 8
Views: 890

I read the paper ddb linked to, and didn't find it to have much substance. For one thing, he never really clarified what he meant by "asset allocation". Does he mean the domestic stock market in aggregate versus bonds or cash? Stocks by style or market cap? Domestic versus international? I...
by ScottW
Tue Nov 02, 2010 10:10 am
 
Forum: Investing - Theory, News & General
Topic: Importance of Asset Allocation
Replies: 27
Views: 2516
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