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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: 18
Views: 1972

"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: 18
Views: 1972

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: 18
Views: 1972

"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: 18
Views: 1972

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: 1748

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: 20
Views: 1010

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: 1229

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: 3204

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: 1229

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: 1229

"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: 1715

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: 1215

Re: Should we switch our TIPS fund?

Taylor has often posted that while The Three Fund Portfolio is excellent for most investors, a larger portfolio "may" benefit from the addition of TIPS, REITs, and Small Cap Value. I am unsure if this is still Taylor's perspective so perhaps he can add to the thread. Best. abuss: I apprec...
by Taylor Larimore
Mon Aug 18, 2014 7:59 pm
 
Forum: Investing - Help with Personal Investments
Topic: Should we switch our TIPS fund?
Replies: 49
Views: 5335

Why I like Vanguard's Target Retirement Funds..

Bogleheads: I like Vanguard's Target Retirement Funds for these reasons: * Designed by Vanguard experts. * Morningstar's highest target fund rating (Gold). * 12 choices for suitability. * $1,000 minimum investment. * All indexed with index advantages . * No rebalancing necessary. * Automatically bec...
by Taylor Larimore
Mon Aug 18, 2014 5:16 pm
 
Forum: Investing - Theory, News & General
Topic: Bad(?) advice given about Target Date Retirement funds
Replies: 74
Views: 4723

Re: Looking back: VIPSX vs. VTIPX bond funds?

I would like to follow up with one additional question: Have you considered combining your Short Term TIPS fund with the Total Bond Market Index fund to reduce complexity and simplify your portfolio? Would this be one step closer to a Three Fund Portfolio? Best. Abuss: I own two bond funds in my re...
by Taylor Larimore
Mon Aug 18, 2014 3:15 pm
 
Forum: Investing - Help with Personal Investments
Topic: Should we switch our TIPS fund?
Replies: 49
Views: 5335

Answer to questions

dbr: I'll try to answer your questions: This leaves open the question what reasoning led to holding the intermediate duration fund in the first place. We purchased Vanguard's intermediate-term VIPSX at its inception in 2000. The reason was for inflation protection. One consideration is that Vanguard...
by Taylor Larimore
Mon Aug 18, 2014 3:07 pm
 
Forum: Investing - Help with Personal Investments
Topic: Should we switch our TIPS fund?
Replies: 49
Views: 5335

Looking back: VIPSX vs. VTIPX bond funds?

Taylor - care to share what you did in 2012 and how you feel about the decision now? Cody: My records show that I exchanged our (intermediate-term) Inflation-Protected Securities Fund (VIPSX) to the Short-Term Inflation-Protected Securities Fund (VTIPX) on 6-25-2013. The primary reason for the exch...
by Taylor Larimore
Mon Aug 18, 2014 1:24 pm
 
Forum: Investing - Help with Personal Investments
Topic: Should we switch our TIPS fund?
Replies: 49
Views: 5335

Thank you, Mr. Bogle.

Dear Mr. Bogle:

Thanks to you, Pat and I enjoyed a happier, care-free retirement than we ever imagined.

Best wishes.
Taylor
by Taylor Larimore
Mon Aug 18, 2014 12:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: What was Underestimated\Overestimated in Retirement
Replies: 48
Views: 4560

A labor of love.

Taylor & Mel: Congratulations on releasing the revised edition. I look forward to reading it. My wife and I recently had the pleasure of reading the paperback version of your 1st edition, and we couldn't have been happier with how well it explains so many valuable concepts. I've probably alread...
by Taylor Larimore
Sun Aug 17, 2014 5:19 pm
 
Forum: Investing - Theory, News & General
Topic: Paperback of The Bogleheads' Guide to Investing, 2nd Ed.?
Replies: 27
Views: 2339

Re: The Three Fund Portfolio and Total Bond Market Index Fun

Sunny: Total Bond Market Index Fund continues to be categorized as "Intermediate-Term" by both Vanguard and Morningstar. In my view, BOTH "long-term" and "intermediate-term" are misleading. This is Vanguard's Summary: This fund is designed to provide broad exposure to U...
by Taylor Larimore
Sun Aug 17, 2014 2:48 pm
 
Forum: Investing - Theory, News & General
Topic: The Three Fund Portfolio
Replies: 865
Views: 336571

Question for Accountant.

What really stunned me was how much I am going to have to pay in taxes when I retire because of RMDs. About 70% of my savings are in a 401K. I asked my accountant to estimate my tax bracket when I retire as I was about to take full SS at 70. I also have pensions. She told me I would be in the same ...
by Taylor Larimore
Sun Aug 17, 2014 1:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: What was Underestimated\Overestimated in Retirement
Replies: 48
Views: 4560

Re: Vanguard Bond funds Style change

As I understand it the manager is well aware of the risks I have just described and buys securities (such as non callable corporate bonds) which reduce those. I am reasonably sure that the managers(3) pay no attention to "risk." They simply try to mimic the fund's benchmark: Barclays U.S....
by Taylor Larimore
Sun Aug 17, 2014 1:26 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard Bond funds Style change
Replies: 19
Views: 1774

Mr. Bogle on "diversification."

Mr. Bogle said this during an Index Universe interview:
Diversification is the last refuge of the scoundrel.

Best wishes.
Taylor
by Taylor Larimore
Sun Aug 17, 2014 1:14 pm
 
Forum: Investing - Theory, News & General
Topic: WSJ: Is Your Portfolio Too Diversified?
Replies: 23
Views: 3079

Long-term care

What cost did you underestimate or overestimate when you actually retired? What did you actually spend more and less on when you stopped working full time? Rexindex: I retired 33 years ago. We really had no surprises. We were able to adjust our spending as required. We did not purchase long-term ca...
by Taylor Larimore
Sun Aug 17, 2014 8:35 am
 
Forum: Personal Finance (Not Investing)
Topic: What was Underestimated\Overestimated in Retirement
Replies: 48
Views: 4560

Recovering from a 50% decline?

So my question is would you or wouldn’t you be able be able to recover from that 50% loss when you had the 90/10 allocation but bought all of those shares during that 15 years period though the fund was beginning its glide path more into bonds? Nerdicus: No one knows if you "would or wouldn't ...
by Taylor Larimore
Sat Aug 16, 2014 11:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: Can A Target Date Fund Be Bad For Late Starters?
Replies: 5
Views: 703

Wall Street Journal article

Today's Wall Street Journal featured an article titled: "Is Your Portfolio Too Diversified? " This is a portion: Do you really need to load up with every new product that comes along? Or can a straightforward mix of stocks and bonds get you to—and through—retirement just fine? The Wall Str...
by Taylor Larimore
Sat Aug 16, 2014 10:28 pm
 
Forum: Investing - Theory, News & General
Topic: The Three Fund Portfolio
Replies: 865
Views: 336571

The Three Fund Portfolio

http://online.wsj.com/articles/is-your-portfolio-too-diversified-1408032582 Jagman: The link did not work for me. This is a portion of the article in the paper: Do you really need to load up with every new product that comes along? Or can a straightforward mix of stocks and bonds get you to—and thr...
by Taylor Larimore
Sat Aug 16, 2014 9:58 pm
 
Forum: Investing - Theory, News & General
Topic: WSJ: Is Your Portfolio Too Diversified?
Replies: 23
Views: 3079

Total Bond Market is in Intermediate-Term category

VBTIX: Vanguard Total Bond Market Index I The fixed-income Style Box position for this fund has changed from interm-term high quality to long-term high quality. Vanguard Total Bond Market Index Fund (VBTIX) is in Vanguard and Morningstar's "Intermediate-Term Category." http://quotes.morni...
by Taylor Larimore
Sat Aug 16, 2014 9:21 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard Bond funds Style change
Replies: 19
Views: 1774

Re: Total Market Bond Fund vs Intermediate Term Fund

Sunny Sarkar wrote:Interested in reading Nisiprius's post mentioned above - if someone has the link, please post.

Sunny:

This may be the Topic with Nisiprius's reply that you are looking for:

Total Bond Market vs. Intermediate-Term Bond Index

Best wishes.
Taylor
by Taylor Larimore
Fri Aug 15, 2014 7:50 pm
 
Forum: Investing - Theory, News & General
Topic: Total Market Bond Fund vs Intermediate Term Fund
Replies: 47
Views: 5789

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

Bluesplinter wrote:I guess I could get them all to sign my Kindle… My Kindle-to-physical investing book ratio is roughly 20:1 :)

Bluesplinter:

Welcome to the Bogleheads Forum!

Best wishes.
Taylor
by Taylor Larimore
Fri Aug 15, 2014 5:16 pm
 
Forum: Investing - Theory, News & General
Topic: Paperback of The Bogleheads' Guide to Investing, 2nd Ed.?
Replies: 27
Views: 2339

Performance chasing vs. stay-the-course.

Bogleheads: Vanguard recently completed a study comparing performance-chasing with buy-and-hold by comparing the returns and risk-adjusted performance of each strategy to determine if taking action based on past performance is worthwhile. These are excerpts: "Buy-and-hold strategy has outperfor...
by Taylor Larimore
Fri Aug 15, 2014 4:43 pm
 
Forum: Investing - Theory, News & General
Topic: Performance chasing vs. stay-the-course.
Replies: 4
Views: 572

Re: The Three Fund Portfolio allocations

This is better, why not change the graphic to reflect what the BH founders "recommend" ... closer to a 40/20/40? The Three Fund Portfolio was never meant to have a fixed allocation. There is no such thing as a recommended allocation. It depends on each investor's unique goal(s); time-fram...
by Taylor Larimore
Thu Aug 14, 2014 1:52 pm
 
Forum: Investing - Theory, News & General
Topic: The Three Fund Portfolio
Replies: 865
Views: 336571

Traditional Versus Roth

It's surprising to me that Bogleheads who triumph getting money into a backdoor Roth IRA at all costs would be so negative about the benefits of a Roth 401k option. Meg: Most Bogleheads are not "negative" about the benefits of the Roth 401k option. The quote below is from our wiki: After-...
by Taylor Larimore
Thu Aug 14, 2014 12:08 pm
 
Forum: Investing - Theory, News & General
Topic: Stop Passing Up This Great Deal - In Money Magazine
Replies: 80
Views: 10930

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

I am looking at the 2nd edition of the publication on Amazon and I notice that only the hardcover and e-reader versions are available. Does anyone know if it is being published in paperback form? Link is here: http://www.amazon.com/Bogleheads-Guide- ... 118921283/ Thanks! evilityb: I am unaware of ...
by Taylor Larimore
Thu Aug 14, 2014 11:37 am
 
Forum: Investing - Theory, News & General
Topic: Paperback of The Bogleheads' Guide to Investing, 2nd Ed.?
Replies: 27
Views: 2339

Fifteen Advantages of Index Funds

Bogleheads: The Three Fund Portfolio contains three index funds. Below are 15 reasons I prefer index funds: 1. Low cost: Research has shown that " low-cost " is the best predictor of future returns. Index funds have much lower costs than most managed funds. 2. Higher returns: Index funds (...
by Taylor Larimore
Wed Aug 13, 2014 6:16 pm
 
Forum: Investing - Theory, News & General
Topic: The Three Fund Portfolio
Replies: 865
Views: 336571

15 Reasons to use index funds

Johnny: I cannot answer all your questions, but here's why Bogleheads like indexing: 1. Low cost : Research has shown that "low-cost" is the best predictor of future returns. Index funds have much lower costs than most managed funds. 2. Higher returns: Index funds (on average) have higher ...
by Taylor Larimore
Wed Aug 13, 2014 5:16 pm
 
Forum: Investing - Theory, News & General
Topic: a number of questions on indexing
Replies: 20
Views: 2742

Target Fund glide paths.

I can never change. Well thats easy. Target Retirement X. X being which makes the most sense after I compare the glide paths in a lot of detail. ASUGrad: Don't get hung-up on "glide paths." Target Funds should normally be in tax-advantaged accounts. This means that you can easily exchange...
by Taylor Larimore
Wed Aug 13, 2014 3:46 pm
 
Forum: Investing - Help with Personal Investments
Topic: If only one Vanguard fund to invest in - what's your call?
Replies: 67
Views: 9159

Re: Total Market Bond Fund vs Intermediate Term Fund

Can someone provide some concrete examples (real or hypothetical) that illustrate when the TBM vs. Intermediate would be better or worse or lead to noticeably different outcomes? ChicagoMedStudent: These are total returns during the 2008 bear market: +5.1% Total Bond Market (VBMFX) +4.9% Intermedia...
by Taylor Larimore
Wed Aug 13, 2014 3:38 pm
 
Forum: Investing - Theory, News & General
Topic: Total Market Bond Fund vs Intermediate Term Fund
Replies: 47
Views: 5789

Re: Vanguard brokerage ?

mikemath: I have used a Bache, Merrill Lynch and Vanguard Brokerage. All my funds are now Vanguard funds and I deal directly with Vanguard (no intermediate broker)--a major improvement. Best wishes. Taylor Is not Vanguard a broker (sort of a middleman)? Digweed: Vanguard is primarily a mutual fund ...
by Taylor Larimore
Wed Aug 13, 2014 11:50 am
 
Forum: Investing - Theory, News & General
Topic: Most Hated Brokerage Firm? [or one that you love]
Replies: 74
Views: 7151

The best investment decision.

Google found someone on this site whose signature read that getting out of ML was the best investment decision he ever made. Milano: I have often said on this forum: "Getting out of Merrill Lynch and moving all our investments to Vanguard was the best investment decision we ever made." Bes...
by Taylor Larimore
Tue Aug 12, 2014 6:47 pm
 
Forum: Investing - Theory, News & General
Topic: Most Hated Brokerage Firm? [or one that you love]
Replies: 74
Views: 7151

Re: Robin Williams -- "Dead Poet's Society"

I had "Dead Poets Society" on my list of films to watch. Now, it will be a more sad, but also a more profound, experience. Victoria Victoria: I seldom have time to watch movies anymore, but "Dead Poets Society" was one of the best movies I've enjoyed. How tragic to lose such a k...
by Taylor Larimore
Tue Aug 12, 2014 6:41 pm
 
Forum: Personal Consumer Issues
Topic: Robin Williams
Replies: 42
Views: 4614

The Three Fund and Core Four portfolios

I would highly recommend The Three Fund Portfolio as noted by Taylor Larimore and also The Core Four by Rick Ferri. nkje1: This is a link to The Three Fund Portfolio: http://www.bogleheads.org/forum/viewtopic.php?f=10&t=88005 This is a link to the Core Four Portfolio: http://www.bogleheads.org/...
by Taylor Larimore
Tue Aug 12, 2014 4:16 pm
 
Forum: Investing - Theory, News & General
Topic: Starting a Lazy Portfolio Now
Replies: 21
Views: 3512

Vanguard Target Fund

If only one Vanguard fund to invest in - what's your call? Toons: My "call" is a suitable Vanguard Target Fund with its many advantages: * Constructed by Vanguard Experts. * Twelve stock/bond choices * Very diversified * Very low-cost * Automatic rebalancing * Becomes more conservative wi...
by Taylor Larimore
Tue Aug 12, 2014 2:19 pm
 
Forum: Investing - Help with Personal Investments
Topic: If only one Vanguard fund to invest in - what's your call?
Replies: 67
Views: 9159

"Costs of Joining."

After considerable searching, I finally found "The Costs of Joining." 7.2 Costs of Joining Your individual experience and knowledge of the market will determine which program is best suited for you. Program openings are limited to ensure an adequate student to instructor ratio. We are dedi...
by Taylor Larimore
Tue Aug 12, 2014 1:29 pm
 
Forum: Investing - Theory, News & General
Topic: A financial “guru” for world travelers?
Replies: 18
Views: 1978

Re: A financial “guru” for world travelers?

M_to_the_G:

When an investment sounds too good to be true, it nearly always is.

I can't imagine a Boglehead sending money to "The Wandering Trader."

Best wishes.
Taylor
by Taylor Larimore
Tue Aug 12, 2014 9:40 am
 
Forum: Investing - Theory, News & General
Topic: A financial “guru” for world travelers?
Replies: 18
Views: 1978

"True Cost to Own"

As I'm trying to decide on a budget, and whether to pay cash I think I should take depreciation into account. Is depreciation predictable in most of these cars? If I want to keep the car about 5 years I can afford a total depreciation of $10,000 to $12,000 or about $2,000 to $2,500 per year during ...
by Taylor Larimore
Tue Aug 12, 2014 9:17 am
 
Forum: Personal Consumer Issues
Topic: Which 4 door with 250+ hp
Replies: 80
Views: 5217

Portfolio format

Traveler:

You will find it easier to analyze your portfolio if you show the percentage allocation of each fund in your total portfolio (not in each account). Percentages should add to 100%.

I appreciate your reply.

Best wishes
Taylor
by Taylor Larimore
Mon Aug 11, 2014 10:53 pm
 
Forum: Investing - Help with Personal Investments
Topic: Please reivew my fund placement
Replies: 3
Views: 349

An excellent portfolio!

My primary question is - is this a rational design given the options i have available? Any suggestions or tweaks? Traveller: In my opinion, you have structured a very rationally designed portfolio. It is very low-cost, all indexed, diversified, tax-efficient, and simple to understand and maintain. ...
by Taylor Larimore
Mon Aug 11, 2014 10:20 pm
 
Forum: Investing - Help with Personal Investments
Topic: Please reivew my fund placement
Replies: 3
Views: 349

Mel's sage advice

b] many many thanx to mel/taylor who were champions of those 3% fixed rate i-bonds way back then.... [/b] it was so long ago i think it was both mel/taylor but it may have been one or the other.... if anyone knows, please clarify ... Greenspam: It was Mel, not I, who alerted us to I-bonds. Boglehea...
by Taylor Larimore
Mon Aug 11, 2014 8:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: I-bonds have doubled !!! thanx mel/taylor
Replies: 26
Views: 4365

Three Fund Allocation

Captainperson: Welcome to the Bogleheads Forum! Do most people do 33.33% of each of the 3 funds index in their portfolio? Your asset-allocation between the three funds depends on your goals, time-frame, risk-tolerance, and personal financial situation. Use this link (in the Opening Post) to help mak...
by Taylor Larimore
Mon Aug 11, 2014 6:59 am
 
Forum: Investing - Theory, News & General
Topic: The Three Fund Portfolio
Replies: 865
Views: 336571
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