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Re: An inefficient market creating drag on index returns

D.Edelstein: Sorry, I don't fully understand your post. Perhaps you can answer two questions: 1. Can you list the amount of additional "costs" in Vanguard's Total Stock Market Index Fund (VTSAX) beyond the 0.05% expense ratio that you are concerned about (turnover is currently 4.6%)? 2. Wh...
by Taylor Larimore
Tue Sep 02, 2014 10:06 pm
 
Forum: Investing - Theory, News & General
Topic: An inefficient market creating drag on index returns
Replies: 45
Views: 2347

"3 Investments Retirees Don't Really Need"

Bogleheads: Morningstar's Jason Stipp interviews Christine Benz. This is the end of the interview: Stipp: "Christine, you've shown time and again that a simple strategy can really be effective for retired investors. I think this is just more a proof of that." 3 Investments Retirees Don't R...
by Taylor Larimore
Tue Sep 02, 2014 6:28 pm
 
Forum: Investing - Theory, News & General
Topic: "3 Investments Retirees Don't Really Need"
Replies: 7
Views: 1271

Gentleman Rick Ferri

You are a gentleman and a scholar for interacting with your fans this way. BTW I really enjoyed the Morningstar interview podcast. BroncoCountry: You are very perceptive. I'll tell you a story about Rick Ferri that I have never told on the forum before: It was in 2002, before our third annual reuni...
by Taylor Larimore
Mon Sep 01, 2014 9:29 pm
 
Forum: Investing - Theory, News & General
Topic: Philosophy Differs From Strategy
Replies: 29
Views: 2915

Hop On; Hop Off bus tour

Carl: I have not taken this Hop on and Off Bus Tour , but it could be a very good way to see the city during a 9 hour layover. You will need to take a taxi from the airport to Bayside and return. http://www.viator.com/tours/Miami/Big-Bus-Miami-Hop-On-Hop-Off-Tour/d662-5096MIAHOHO/TR Wear cool clothi...
by Taylor Larimore
Mon Sep 01, 2014 6:38 pm
 
Forum: Personal Consumer Issues
Topic: Long Layover in Miami - Recommendations
Replies: 12
Views: 742

Re: Age in Stocks: Should you have a Reverse Glidepath?

Bogleheads:

I think it is significant that target fund experts at ALL mutual fund companies (including Mr. Bogle) recommend decreasing our stock allocation as we get older.

In 1929 the Dow plunged 89%. I would feel very vulnerable if all my portfolio was in stocks.

Best wishes.
Taylor
by Taylor Larimore
Mon Sep 01, 2014 3:21 pm
 
Forum: Investing - Theory, News & General
Topic: Age in Stocks: Should you have a Reverse Glidepath?
Replies: 21
Views: 1229

Model Portfolios in "Bogleheads Guides to Investing"

Bronco Country: Welcome to the Bogleheads Forum! Since Taylor's book was published last week, I'm assuming he's sticking with the model portfolios listed. You are correct. We discussed "tweeking" the suggested allocations in our first book, but we decided not to change what has worked well...
by Taylor Larimore
Mon Sep 01, 2014 11:23 am
 
Forum: Investing - Theory, News & General
Topic: Philosophy Differs From Strategy
Replies: 29
Views: 2915

Answer to questions.

Just so I'm clear, would it be advisable to have 100% of the tax-exempt portion of the portfolio in the TBF - as long as the AA works out that way? Correct. I'm new to the 3 fund portfolio and I've always managed the tax-exempt portion essentially separate from the taxable side (being more aggressi...
by Taylor Larimore
Sun Aug 31, 2014 3:30 pm
 
Forum: Investing - Theory, News & General
Topic: Asset Location 3 fund port
Replies: 17
Views: 786

Re: Long Layover in Miami - Recommendations

Carl:

If you are in Miami on a Saturday morning, you and your friends might join me here:

Castle Harbor Race Clinic

Best wishes.
Taylor
by Taylor Larimore
Sat Aug 30, 2014 4:27 pm
 
Forum: Personal Consumer Issues
Topic: Long Layover in Miami - Recommendations
Replies: 12
Views: 742

Correction

The main idea behind lazy portfolios: holding a relatively fixed allocation to stocks and bonds throughout your investing career. Sorry, this is not the main idea behind lazy portfolios. The main idea is to keep investing simple. Lazy portfolios, like The Three Fund Portfolio , are not designed to ...
by Taylor Larimore
Sat Aug 30, 2014 4:13 pm
 
Forum: Investing - Theory, News & General
Topic: Does anyone have 'Lazy Portfolios'?
Replies: 72
Views: 4235

Re: If you had an extra $100,000

My $100,000 would go to under-performing funds to rebalance to my desired asset allocation. In other words: Stay-the-course.

Best wishes.
Taylor
by Taylor Larimore
Sat Aug 30, 2014 3:28 pm
 
Forum: Personal Finance (Not Investing)
Topic: If you had an extra $100,000
Replies: 58
Views: 5287

"Three Proofs That Total Stock Market is Efficient"

Saying that it (Total Stock Market Index Fund) is "mathematically lowest risk for highest return" is simply untrue.


Not according to this study:

Three Proofs That TSM Is Efficient.

Best wishes.
Taylor
by Taylor Larimore
Fri Aug 29, 2014 10:07 pm
 
Forum: Investing - Theory, News & General
Topic: Does anyone have 'Lazy Portfolios'?
Replies: 72
Views: 4235

Total Market Index Guys

Rick:
An S&P 500 index fund is fine in a pinch, but I’m a total market index guy at heart.

That makes two of us (three if we include Jack Bogle).

Best wishes.
Taylor
by Taylor Larimore
Fri Aug 29, 2014 9:25 pm
 
Forum: Investing - Theory, News & General
Topic: I'd buy an S&P 500 index fund in a pinch
Replies: 45
Views: 5512

"The Best of Times. An Interview with Jonathan Clements"

Bogleheads: Jonathan Clements is one of my favorite authors and columnists. He is extremely knowledgeable about investing and not afraid to write the truth when his employer might disagree. The Best of Times. An Interview with Jonathan Clements. You can read valuable excerpts from two of Mr. Clement...
by Taylor Larimore
Fri Aug 29, 2014 11:03 am
 
Forum: Investing - Theory, News & General
Topic: "The Best of Times. An Interview with Jonathan Clements"
Replies: 3
Views: 557

"Tucker 48"

I am tempted by the Tessla.

Pizzasteve:

65 Years ago there was a fantastic new car called the "Tucker 48." Investors clamored to buy its stock. Read what happened here:

TUCKER 48

Best wishes.
Taylor
by Taylor Larimore
Fri Aug 29, 2014 10:41 am
 
Forum: Personal Finance (Not Investing)
Topic: If you had an extra $100,000
Replies: 58
Views: 5287

Re: Withdrawl from Target Retirement or Life Strategy Fund

I like the concept of the Target Retirement or Life Strategy Funds in regard to one fund--set and forget it- etc. But I am wrestling with the concept of withdrawing from that type of fund. Antiqueman: Don't "wrestle" over this. One of the benefits of a single Target or Life-Strategy fund ...
by Taylor Larimore
Fri Aug 29, 2014 10:13 am
 
Forum: Investing - Help with Personal Investments
Topic: Withdrawl from Target Retirement or Life Strategy Fund
Replies: 47
Views: 3606

Bogleheads Guide new section about TIPS

minhnusa: The second edition of our Bogleheads' Guide to Investing contains a new section devoted entirely to Treasury Inflation-Protected Securities. This is a portion: Treasury Inflation-Protected Securities As your portfolio increases in size, it's time to consider adding a different type of bond...
by Taylor Larimore
Fri Aug 29, 2014 8:18 am
 
Forum: Investing - Help with Personal Investments
Topic: Inflation Protected Securities
Replies: 14
Views: 1598

Re: Inflation Protected Securities

I need to allocate about 10% of my asset to inflation protected securities. Interesting statement. Just why do you "need" to do so? It's something I read from Boglehead book. It mentioned that I need to have 10% in inflation protected securities. minhnusa: I think you misread our book. Ca...
by Taylor Larimore
Thu Aug 28, 2014 8:10 pm
 
Forum: Investing - Help with Personal Investments
Topic: Inflation Protected Securities
Replies: 14
Views: 1598

Rebalancing The Three Fund Portfolio

b767capt wrote:If I use the 3 Fund Portfolio, wouldn't I simply rebalance between those three funds?

Yes. Rebalancing the three funds once or twice a year to your desired asset-allocation plan is all there is to it.

Best wishes.
Taylor
by Taylor Larimore
Thu Aug 28, 2014 7:25 pm
 
Forum: Investing - Theory, News & General
Topic: The Three Fund Portfolio
Replies: 873
Views: 342374

"The Boglehead Investment Philosophy" is nearly timeless.

abuss368 wrote:Is anyone aware if The Bogleheads a) will be updating the Retirement Guide and b) plan on writing any additional books or updates?

Abuss:

I am unaware of additional Boglehead books or updates. The Boglehead Investment Philosophy is nearly timeless.

Best wishes.
Taylor
by Taylor Larimore
Thu Aug 28, 2014 3:07 pm
 
Forum: Investing - Theory, News & General
Topic: "The Bogleheads' Guide to Investing -- Second Edition"
Replies: 42
Views: 6290

International allocation ?

ababs wrote:25% equity in international? Or should it be 25% of the whole portfolio?

ababs:

Always use "percent of equity" when allocating international stocks.

Best wishes
Taylor
by Taylor Larimore
Thu Aug 28, 2014 10:16 am
 
Forum: Investing - Theory, News & General
Topic: Asset Location 3 fund port
Replies: 17
Views: 786

These "gems."

Tortoise Banker wrote:I really, really, really like these gems. What a nice treat!

Tortoise Banker:

I really, really, really appreciate your post.

Thank you and best wishes.
Taylor
by Taylor Larimore
Wed Aug 27, 2014 10:28 pm
 
Forum: Investing - Theory, News & General
Topic: "The Bogleheads' Guide to Investing -- Second Edition"
Replies: 42
Views: 6290

BOGLEHEAD CONTEST -- S&P 500 Index at record 2000

Bogleheads: Today the S&P 500 Index closed at 2000.12 -- a major milestone and all-time record high. We have six Bogleheads and one Wall Street Guru who forecast 2000 at year-end: 1 JoMoney 2000.02 2 Bank of America 2000.00 2 r60rider 2000.00 2 Brian96 2000.00 2 RPC1976 2000.00 2 artthomp 2000.0...
by Taylor Larimore
Wed Aug 27, 2014 5:17 pm
 
Forum: Investing - Theory, News & General
Topic: BOGLEHEAD CONTEST -- S&P 500 Index at record 2000
Replies: 4
Views: 866

Re: Help with portfolio

NKOTB:

Welcome to the Bogleheads Forum!

We need more information if we are to give you informed suggestions. Please edit your post as described in the link below (use the "EDIT" button at the top of your window).

ASKING PORTFOLIO QUESTIONS

Thank you and best wishes.
Taylor
by Taylor Larimore
Mon Aug 25, 2014 8:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with portfolio
Replies: 2
Views: 224

Re: My Portfolio, Simplicity vs Expense Ratio Optimization

A.J.: Thank you for editing your post. You have a somewhat complicated portfolio, but it seems to me that you have done an excellent job structuring it. Your portfolio enjoys a plan that is diversified, low-cost and tax-efficient. You have also considered how it should be passed on to your wife if n...
by Taylor Larimore
Mon Aug 25, 2014 5:23 pm
 
Forum: Investing - Help with Personal Investments
Topic: My Portfolio, Simplicity vs Expense Ratio Optimization
Replies: 7
Views: 985

Happy marriages.

AO:

And thank you for your response. I wish you and your bride a long and happy marriage (as mine was).

Best wishes.
Taylor
by Taylor Larimore
Mon Aug 25, 2014 4:48 pm
 
Forum: Personal Consumer Issues
Topic: Zegna Suits
Replies: 197
Views: 8937

Bogleheads, Zegna Suits, and a $12 watch.

Hi all, I am shopping for outfit for my upcoming wedding. I like ZEGNA line, their suits are very comfortable and made in Italy from good Egyptian or Australian fabrics, The outfit from Zegna would run me about $4500, is this too pricy? I tried on Armani, Boss, Canelli, but these definitely do not ...
by Taylor Larimore
Mon Aug 25, 2014 3:52 pm
 
Forum: Personal Consumer Issues
Topic: Zegna Suits
Replies: 197
Views: 8937

"A Tale of Two Fund Giants"

How would one analyze the claim "American Funds Outperform?"

bnes:

This article in the Wall Street Journal will help answer your question:

A TALE OF TWO FUND GIANTS

Best wishes.
Taylor
by Taylor Larimore
Mon Aug 25, 2014 3:15 pm
 
Forum: Investing - Theory, News & General
Topic: How would one analyze the claim "American Funds Outperform"
Replies: 4
Views: 680

Format needs adjustment

AJ44: It is difficult to analyze your portfolio as presented. Please edit your post (use the "Edit" button) to show the percentage of each fund in your TOTAL portfolio. Percentages should total 100%. Use the percentage of each fund (of the TOTAL portfolio) in the Target and Life Cycle fund...
by Taylor Larimore
Mon Aug 25, 2014 2:21 pm
 
Forum: Investing - Help with Personal Investments
Topic: My Portfolio, Simplicity vs Expense Ratio Optimization
Replies: 7
Views: 985

The simple, lazy, Three Fund Portfolio

I very much value a simple, lazy portfolio.

Supersaver:

If so, I suggest you look at The Three Fund Portfolio with its many advantages and its endorsement by dozens of investment authorities.

viewtopic.php?f=10&t=88005

Best wishes.
Taylor
by Taylor Larimore
Mon Aug 25, 2014 1:34 pm
 
Forum: Investing - Help with Personal Investments
Topic: Buy & Hold Forever Blue Chip Stocks???
Replies: 73
Views: 3859

Mel's playful jokes

I hope Taylor finds it amusing, too!

I do.

Best wishes.
Taylor
by Taylor Larimore
Mon Aug 25, 2014 9:16 am
 
Forum: Investing - Theory, News & General
Topic: "The Bogleheads' Guide to Investing -- Second Edition"
Replies: 42
Views: 6290

Vanguard out paces DFA Small Cap Value

This is a recent post on Morningstar's Boglehead Forum: TOPIC: Vanguard small cap value etf out paces DFA’s small cap value over past ten years! Vanguard’s small cap value etf, VBR out paces DFA’s small cap value over past ten years as of 7/31/2014. Despite DFA’s patient trading, momentum filters, p...
by Taylor Larimore
Sun Aug 24, 2014 10:05 pm
 
Forum: Investing - Theory, News & General
Topic: Slice n Dicers: How much have you outperformed?
Replies: 20
Views: 2468

"Getting Started"

Goplan: Welcome to the Bogleheads Forum! Before selecting funds for your portfolio (the last step in the investment process) it is important to understand how Bogleheads invest successfully. We have prepared this link for new investors like yourself: GETTING STARTED After reading the article and its...
by Taylor Larimore
Sun Aug 24, 2014 9:39 pm
 
Forum: Investing - Help with Personal Investments
Topic: [Help with] The Three Fund Portfolio
Replies: 2
Views: 582

Thanks to Jack Bogle we can buy very diversified index funds

Supersaver: When I started investing 50 years ago, the S&P 500 was under 20. Today, it is close to 2,000 (not including dividends). There were no index fund mutual fund for investors then, but thanks to Jack Bogle you can buy the S&P 500 stocks and the total U.S. stock market today!! Best wi...
by Taylor Larimore
Sun Aug 24, 2014 5:18 pm
 
Forum: Investing - Help with Personal Investments
Topic: Buy & Hold Forever Blue Chip Stocks???
Replies: 73
Views: 3859

Mr. Bogle's creation now #1

dickenjb wrote:One word (or ticker really) - VTSAX. That is what I have my kids invested in.

dickenjb:

Mr. Bogle's Total Stock Market Index Fund (VTSAX) is now the largest mutual fund in the world (with good reason).

Supersaver: Check this out:

The Three Fund Portfolio

Best wishes.
Taylor
by Taylor Larimore
Sun Aug 24, 2014 2:44 pm
 
Forum: Investing - Help with Personal Investments
Topic: Buy & Hold Forever Blue Chip Stocks???
Replies: 73
Views: 3859

stocks or mutual funds?

Buy and hold forever Blue Chip Stocks? Supersaver: I think it is nearly always a mistake to hold individual stocks instead of a diversified mutual fund. Mike Piper explains: By investing in a broadly-diversified mutual fund (for instance, Vanguard’s Total Stock Market Index Fund, which includes ove...
by Taylor Larimore
Sun Aug 24, 2014 1:21 pm
 
Forum: Investing - Help with Personal Investments
Topic: Buy & Hold Forever Blue Chip Stocks???
Replies: 73
Views: 3859

Bill Miller did not beat the total U.S. market 15 years in a

From Bill Sharpe's The Arithmetic of Active Management: " Properly measured , the average actively managed dollar must underperform the average passively managed dollar, net of costs." So, did Bill Miller "really" beat the market for 15 years in a row.....???? 1210: Mr. Miller b...
by Taylor Larimore
Sat Aug 23, 2014 2:31 pm
 
Forum: Investing - Theory, News & General
Topic: When did you hear of Bill Miller and Legg Mason Value Trust?
Replies: 32
Views: 2322

Re: Paperback of The Bogleheads' Guide to Investing, 2nd Ed.

Mel & Taylor, Do you know if/when this will be available as a Kindle MatchBook? I'd like both the hardcover and the kindle versions, but as a Boglehead, I'm too cheap to spring for both at full price. :D Targ: Sorry, I don't know the answer to your question. Perhaps the public library will have...
by Taylor Larimore
Fri Aug 22, 2014 3:40 pm
 
Forum: Investing - Theory, News & General
Topic: Paperback of The Bogleheads' Guide to Investing, 2nd Ed.?
Replies: 34
Views: 3101

Moving comments

Victoria: I have a friend who recently moved from Oregon to Maine. She offers this advice: * Check your homeowners policy which may insure goods being moved. This way you avoid expensive moving insurance. * Check who pays "deductible" on the movers insurance. * If you are not a smoker, and...
by Taylor Larimore
Fri Aug 22, 2014 11:42 am
 
Forum: Personal Consumer Issues
Topic: Quote from a mover: Please comment
Replies: 46
Views: 3772

Three co-authors of The Bogleheads' Guide to Investing

I'd say if you just want the overriding message, then don't buy the new book because the overall message hasn't changed. However, if you want to use it as a reference for various tax laws, contribution limits, our views on ETFs and back-door Roths, etc., then you'd want the new book. As the third c...
by Taylor Larimore
Thu Aug 21, 2014 11:08 pm
 
Forum: Investing - Theory, News & General
Topic: "The Bogleheads' Guide to Investing -- Second Edition"
Replies: 42
Views: 6290

"A labor of love."

Logicteach:

Welcome to the Bogleheads Forum!

I am sure that Mel and Michael are as pleased as I am that you found our book helpful. It was a "labor of love" for the Bogleheads and others.

Best wishes.
Taylor
by Taylor Larimore
Thu Aug 21, 2014 3:35 pm
 
Forum: Investing - Theory, News & General
Topic: "The Bogleheads' Guide to Investing -- Second Edition"
Replies: 42
Views: 6290

Re: "The Bogleheads' Guide to Investing -- Second Edition"

Srinivasan777in wrote:Thanks for summarizing. I felt like I read the entire book :)

Srinivasan:

The Gems are 1 page; the book has 310 pages. :happy

Best wishes.
Taylor
by Taylor Larimore
Thu Aug 21, 2014 11:18 am
 
Forum: Investing - Theory, News & General
Topic: "The Bogleheads' Guide to Investing -- Second Edition"
Replies: 42
Views: 6290

"The Bogleheads' Guide to Investing -- Second Edition"

Bogleheads: These are quotes from our latest Bogleheads' Guide to Investing--Second Edition: From the "FORWARD" written by Jack Bogle: "Two especially notable characteristics mark the Boglehead culture: One is rationality . These individual investors are awash in common sense, intoler...
by Taylor Larimore
Wed Aug 20, 2014 11:54 pm
 
Forum: Investing - Theory, News & General
Topic: "The Bogleheads' Guide to Investing -- Second Edition"
Replies: 42
Views: 6290

Fund placement

The three-fund portfolio tells us we should hold Total Bond Market index in a tax-advantaged account like an IRA while we hold Total Stock/Total International Market index in a taxable account. imgritz: My Three Fund Portfolio post states: "Place Total Bond Market in tax-advantaged account(s)....
by Taylor Larimore
Wed Aug 20, 2014 8:23 pm
 
Forum: Investing - Theory, News & General
Topic: Why only stocks in a taxable account at retirement?
Replies: 26
Views: 1846

Legg Mason Value Trust now in Bottom 1%

Boglheads: After fifteen straight years beating the S&P 500 Index, Legg Mason Value Trust (LMNVX) is now in the BOTTOM 1% of its category (large blend) for 10-year returns. Our mentor, Jack Bogle, calls this "Reversion to the Mean." Bogleheads can read about it here: The Telltale Chart...
by Taylor Larimore
Wed Aug 20, 2014 4:54 pm
 
Forum: Investing - Theory, News & General
Topic: When did you hear of Bill Miller and Legg Mason Value Trust?
Replies: 32
Views: 2322

Re: Long term bond tilting?

pulcinella: I have a fair amount of experience with bonds, having worked as an executive in two bond issuing agencies. Briefly, this is what I have learned: * No one understands all there is to know about bonds. * Bonds are very efficient. Higher yield almost always reflects higher risk. There is no...
by Taylor Larimore
Tue Aug 19, 2014 10:01 am
 
Forum: Investing - Theory, News & General
Topic: Long term bond tilting?
Replies: 14
Views: 1262

Re: 100% lifestrategy - good idea for a hands-off investor?

Slinky:

Welcome to the Bogleheads Forum!

In my opinion, your first post with its chart and commentary contains nearly everything we need to know to be successful investors.

Very unusual for a first-time poster.

Thank you and best wishes.
Taylor
by Taylor Larimore
Tue Aug 19, 2014 8:46 am
 
Forum: Investing - Help with Personal Investments
Topic: 100% lifestrategy - good idea for a hands-off investor?
Replies: 28
Views: 3304

Robert's Bond Analysis

Robert:

Thank you for a very impressive bond analysis.

Best wishes.
Taylor
by Taylor Larimore
Tue Aug 19, 2014 7:55 am
 
Forum: Investing - Theory, News & General
Topic: Long term bond tilting?
Replies: 14
Views: 1262

Re: Long term bond tilting?

Is there a reason why someone might want to tilt a total bond market fund with long term bonds? Is there a place for them in a long term 'stay the course' approach (even in today's low interest rate environment)? There seem to be many of these LT funds at VG, as I had been looking munis for my taxa...
by Taylor Larimore
Mon Aug 18, 2014 10:39 pm
 
Forum: Investing - Theory, News & General
Topic: Long term bond tilting?
Replies: 14
Views: 1262

"Robin Williams' estate plan: Good, but not great"

Bogleheads:

This article may be of interest (especially for Californians):

Robin Williams' estate plan: Good, but not great

Best wishes.
Taylor
by Taylor Larimore
Mon Aug 18, 2014 10:31 pm
 
Forum: Investing - Theory, News & General
Topic: "Robin Williams' estate plan: Good, but not great"
Replies: 4
Views: 1754

Re: Why no transaction alerts from Vanguard/others?

Browser:

Are you sure you are not alerted by Vanguard? I am alerted, and have been for many years.

Best wishes.
Taylor
by Taylor Larimore
Mon Aug 18, 2014 9:32 pm
 
Forum: Personal Finance (Not Investing)
Topic: Why no transaction alerts from Vanguard/others?
Replies: 16
Views: 1234
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