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Re: Consumer Staples > Total Index?

Investo: I used your link to the article by Patrick O'Shaughnessy on how to beat the market with Consumer Staples. Patrick O'Shaughnessy is the manager of three funds. Morningstar ranks his three funds for a maximum of three years and only for after-tax performance. This is each O'Shaughnessy funds ...
by Taylor Larimore
Wed Jul 23, 2014 10:08 pm
 
Forum: Investing - Theory, News & General
Topic: Consumer Staples > Total Index?
Replies: 4
Views: 363

401(k)s and Total Market Index Funds

I got an email today that my company is going to start offering total bond VBTLX in their 401k, I can finally 3 fund it there without having to balance with my IRA. I left the feedback in our voice of the employee that they should add exactly that fund a couple of months ago (coincidence I'm guessi...
by Taylor Larimore
Wed Jul 23, 2014 6:58 pm
 
Forum: Investing - Theory, News & General
Topic: The Three Fund Portfolio
Replies: 818
Views: 316297

"Asset Location Revisited"

rca: William Reichenstein, Ph.D., CFA is an acknowledged authority on the subject of Fund Location. Last year, during a period of even lower bond yields, Professor Reichenstein and William Meyer wrote a paper published in the Journal of Financing: This paper concludes by indicating that except in ra...
by Taylor Larimore
Wed Jul 23, 2014 5:49 pm
 
Forum: Investing - Theory, News & General
Topic: The article on tax efficient placement needs to be rewri
Replies: 30
Views: 1552

"What Has Time Taught Bill Bernstein?"

Bogleheads: Bill Bernstein is a highly regarded Boglehead contributor, adviser and financial author. John Rekenthaler, Vice President of Research for Morningstar, has written a featured article about Dr. Bernstein titled, What Has Time Taught Bill Bernstein? These are a few of Mr. Rekenthaler's insi...
by Taylor Larimore
Wed Jul 23, 2014 5:10 pm
 
Forum: Investing - Theory, News & General
Topic: "What Has Time Taught Bill Bernstein?"
Replies: 4
Views: 964

Yale's endowment and Vanguard's Balanced Index Fund

Taylor Larimore wrote: As a general rule of thumb, the more complexity that exists in a Wall Street creation, the faster and farther investors should run. -- David Swensen, Yale Chief Investment Officer Beliavsky wrote: Yale's endowment is not invested primarily in simple, passive, stock and bond in...
by Taylor Larimore
Wed Jul 23, 2014 4:35 pm
 
Forum: Investing - Theory, News & General
Topic: Is there any downside to investing in bond futures?
Replies: 73
Views: 1488

A complex Wall Street creation. What to do?

"As a general rule of thumb, the more complexity that exists in a Wall Street creation, the faster and farther investors should run." -- David Swensen, Yale Chief Investment Officer "You shouldn't buy anything too complex to explain to the average 12-year old." -- Jane Bryant Qu...
by Taylor Larimore
Wed Jul 23, 2014 3:57 pm
 
Forum: Investing - Theory, News & General
Topic: Is there any downside to investing in bond futures?
Replies: 73
Views: 1488

Re: Is there any downside to investing in bond futures?

Is there any downside to investing in bond futures? Lee: I copied this from Investopedia: Bond Futures Bond contracts are standardized, and are overseen by a regulatory agency that ensures a certain level of equality and consistency. However, this form of derivative can be risky because it involves...
by Taylor Larimore
Tue Jul 22, 2014 10:46 pm
 
Forum: Investing - Theory, News & General
Topic: Is there any downside to investing in bond futures?
Replies: 73
Views: 1488

The Three Fund Portfolio

This is a link to the Three Fund Portfolio mentioned by Julieta:

The Three Fund Portfolio

Best wishes.
Taylor
by Taylor Larimore
Tue Jul 22, 2014 9:43 pm
 
Forum: Investing - Help with Personal Investments
Topic: Advice for First-Time Investors
Replies: 19
Views: 2223

Jack Bogle's wisdom.

BrigBoy wrote:With all these recent posts regarding tilts, should I?

Jack Bogle's wisdom:
"There may be better investment strategies than owning just three broad-based index funds but the number of strategies that are worse is infinite. -- Jack Bogle

Best wishes.
Taylor
by Taylor Larimore
Mon Jul 21, 2014 10:52 pm
 
Forum: Investing - Theory, News & General
Topic: With all these recent posts regarding tilts, should I?
Replies: 14
Views: 903

Individual bonds vs a bond fund?

Danny:

Our Boglehead wiki will help answer your questions:

Individual bonds vs a bond fund

Best wishes.
Taylor
by Taylor Larimore
Mon Jul 21, 2014 9:11 pm
 
Forum: Investing - Theory, News & General
Topic: Susie Orman says buy individual Munis instead of Bond funds
Replies: 13
Views: 2319

The Bogleheads wiki

Sagenick48 wrote:Taylor, thanks for the link to the Wiki, finding things in the Wiki can be intimidating, but if we all read the Wiki, there wouldn't be much to talk about in the forum! :happy

Sagenick:

You're right. In my opinion, our wiki is the best financial wiki on the internet.

Best wishes.
Taylor
by Taylor Larimore
Mon Jul 21, 2014 7:01 pm
 
Forum: Personal Consumer Issues
Topic: Which Bernstein Book?
Replies: 25
Views: 1407

Edit needed

Alg:

It is important to consider all your funds as one portfolio.

Please edit your post to show the percentage of each fund in your total portfolio. They should total 100%.

Use the "EDIT" button at the top of your last post.

Thank you and best wishes.
Taylor
by Taylor Larimore
Mon Jul 21, 2014 6:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: Advice for First-Time Investors
Replies: 19
Views: 2223

Total Market Index Fund.

"What is the Total Market?" DaufuskieNate: Vanguard's Total Market Index Fund allows an investor to own, in one fund, a tiny percentage of nearly every marketable corporation in the United States for only 0.05% (admiral shares); 0.17% (investor shares) per year. This bargain was unheard o...
by Taylor Larimore
Mon Jul 21, 2014 5:18 pm
 
Forum: Investing - Theory, News & General
Topic: To Tilt or Not to Tilt - Rick Ferri's Latest
Replies: 72
Views: 6470

Qualified Longevity Annuity Contracts (QLACs)

Bogleheads: A Single Premium Immediate Annuity (SPIA) can be a beneficial investment for many elderly investors (I own two). The insurance industry recently introduced a somewhat similar product called Qualified Longevity Annuity Contract (QLAC). Morningstar's Christine Benz describes the product he...
by Taylor Larimore
Mon Jul 21, 2014 4:53 pm
 
Forum: Investing - Theory, News & General
Topic: Qualified Longevity Annuity Contracts (QLACs)
Replies: 3
Views: 370

"Our life is frittered away with detail."

Brak:

I have one credit card.

"Our life is frittered away with detail. Simplify. Simplify." -- Henry David Thoreau

Best wishes.
Taylor
by Taylor Larimore
Mon Jul 21, 2014 4:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: Hw many credit cards to own?
Replies: 68
Views: 3586

"Beating the Market is Amazingly Hard"

Bogleheads: Jason Zweig, a respected columnist for The Wall Street Journal , wrote: Some academic research I read showed "conclusively" that, over time, small stocks would outperform big ones, value stocks would beat growth stocks, and companies that paid dividends would have better return...
by Taylor Larimore
Mon Jul 21, 2014 3:52 pm
 
Forum: Investing - Theory, News & General
Topic: To Tilt or Not to Tilt - Rick Ferri's Latest
Replies: 72
Views: 6470

Re: Downsizing to Apartment

Lon:

We rented our last house from Tennessee Williams.

When our three boys (finally) left their nest, we moved to a nearby condominium. We've been happy condo dwellers ever since.

Best wishes.
Taylor
by Taylor Larimore
Mon Jul 21, 2014 3:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: Downsizing to Apartment
Replies: 15
Views: 1795

Bill's Investment Gems

I am looking for a book recommendation to continue my education. Was looking at several of Bernstein's offerings (read the kindle sample for all 3) but can't decide which one to go with. V1RTUS: Bill Bernstein is a good friend and one of my favorite authors. I reviewed three of his books in my Coll...
by Taylor Larimore
Mon Jul 21, 2014 3:25 pm
 
Forum: Personal Consumer Issues
Topic: Which Bernstein Book?
Replies: 25
Views: 1407

"Idiosyncratic"

I would not be comfortable with a single dedicated SV fund in a 401K holding over 20% of my assets due to idiosyncratic risk . I don't have data on such things, but . . . dbr: I had to look up idiosyncratic at Investopedia : Definition of 'Idiosyncratic Risk': Risk that is specific to an asset or a...
by Taylor Larimore
Mon Jul 21, 2014 10:00 am
 
Forum: Investing - Theory, News & General
Topic: Stable Value Fund vs Total Bond Market
Replies: 27
Views: 2113

Re: Stable Value Fund vs Total Bond Market

sunnyday wrote:What do you prefer and why?

sunnyday:

In my opinion, a Stable Value Fund or Total Bond Market Index Fund are both excellent funds to reduce risk in a portfolio. I prefer Total Bond Market for it's higher expected return, flexibility, and sometimes better liquidity.

Best wishes.
Taylor
by Taylor Larimore
Mon Jul 21, 2014 9:34 am
 
Forum: Investing - Theory, News & General
Topic: Stable Value Fund vs Total Bond Market
Replies: 27
Views: 2113

Stock Market "mean."

The problem with reversion to the mean is naïvely believing that you know what the mean is.


By one definition, the U.S. stock market "mean" is the Total U.S. Stock Market.

Best wishes
Taylor
by Taylor Larimore
Mon Jul 21, 2014 9:28 am
 
Forum: Investing - Theory, News & General
Topic: Momentum Investing ?
Replies: 27
Views: 2256

Mr. Bogle's all-in-one package.

Why doesn't someone invent a single fund that would contain stocks in all nine style boxes, in one convenient all-in-one package?

Someone has. His name is John Bogle. His "single fund" invention is Total Stock Market Index Fund.

Best wishes.
Taylor
by Taylor Larimore
Mon Jul 21, 2014 12:32 am
 
Forum: Investing - Theory, News & General
Topic: Value Overvalued
Replies: 23
Views: 2130

More than one road to Dublin.

Finsfan wrote:Thanks everyone for the very thorough explanations about the differences between the VG TR funds and the TSP L funds.

Finsfan:

Financial experts are seldom in 100% agreement.

There is more than one road to Dublin.

Best wishes.
Taylor
by Taylor Larimore
Mon Jul 21, 2014 12:22 am
 
Forum: Investing - Theory, News & General
Topic: TSP vs Vanguard
Replies: 10
Views: 1147

Re: Do you "Tax Adjust" your Asset Allocation (Pre vs Roth,

What is your asset allocation right now, for rebalancing purposes? Is it: 50% Bond / 50% Stocks (75K each) or is it: 55% Bonds / 45% Stocks Doc7: I don't even know my best asset-allocation within 5%. I make no adjustments for (unknown) future taxes. Strive for simplicity--not complexity. Best wishe...
by Taylor Larimore
Sun Jul 20, 2014 4:02 pm
 
Forum: Investing - Theory, News & General
Topic: Do you "Tax Adjust" your Asset Allocation (Pre vs Roth, etc)
Replies: 76
Views: 3191

Rick Ferri interviews 500 Index Committee chief

Boglehead Rick Ferri wrote this article featuring his interview with David Blitzer, Chairman of the S&P 500 Index Committee:

An Interview With S&P Dow Jones Index Chief David Blitzer

Best wishes.
Taylor
by Taylor Larimore
Sun Jul 20, 2014 1:49 pm
 
Forum: Investing - Theory, News & General
Topic: Faber: S&P 500 an Active Fund in Drag
Replies: 45
Views: 3397

Re: Need Portfolio Advice

Just go three fund. AT 50/50, that would be: TSM 40% TISM 10% TBM 50% Or consider VWIUX in taxable instead of TBM in tax deferred. This is the kind of simplicity we were considering. Is there any advantage to segmenting fund types into their segments, e.g. 40% spread across S&P 500 index, mid-c...
by Taylor Larimore
Sun Jul 20, 2014 1:23 pm
 
Forum: Investing - Help with Personal Investments
Topic: Need Portfolio Advice
Replies: 9
Views: 1224

SPIAs

Bill: Thank you for this important information. Three important facts to consider: * The internal rate of return of a SPIA is meaningless. * It is the monthly/yearly guaranteed lifetime income that's important. * A SPIA provides the largest guaranteed lifetime income of any security. Best wishes. Ta...
by Taylor Larimore
Sun Jul 20, 2014 12:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: SPIA quotes from Vanguard
Replies: 8
Views: 1121

Momentum Investing ?

Bogleheads: It is informative to read this 2007 article praising (FUNDX) that had been very successful using Momentum Investing: Playing Momentum With Mutual Funds This is the current Morningstar category performance of FUNDX: 1-year = Bottom 13% 3-years = Bottom 13% 5-years = Bottom 12% 10-years = ...
by Taylor Larimore
Sun Jul 20, 2014 12:24 pm
 
Forum: Investing - Theory, News & General
Topic: Momentum Investing ?
Replies: 27
Views: 2256

S&P 500 Dow Jones Index Criteria.

Bogleheads: This is the selection criteria for the S&P 500 Dow Jones Index: The components of the S&P 500 are selected by committee. This is similar to the Dow Jones Industrial Average, but different from others such as the Russell 1000, which are strictly rule-based. When considering the el...
by Taylor Larimore
Sun Jul 20, 2014 9:15 am
 
Forum: Investing - Theory, News & General
Topic: Faber: S&P 500 an Active Fund in Drag
Replies: 45
Views: 3397

Re: Ways to lose money and destroy personal wealth by invest

Ways to lose money and destroy personal wealth.

Ignoring costs.

Best wishes
Taylor
by Taylor Larimore
Sat Jul 19, 2014 10:18 pm
 
Forum: Investing - Theory, News & General
Topic: Ways to lose money and destroy personal wealth by investing
Replies: 81
Views: 9150

Re: Need advice on a bond fund for taxable account

Here are the funds I am considering for the tax-free bonds: 70% Vang Intermediate Term Tax Free | VWITX 30% Vang California Intermediate Term Tax Free | VCITX Questions: Do these funds/allocations make sense for my objective? If not, which funds/allocations would you recommend? bluesclues: The fund...
by Taylor Larimore
Sat Jul 19, 2014 10:10 pm
 
Forum: Investing - Help with Personal Investments
Topic: Need advice on a bond fund for taxable account
Replies: 9
Views: 730

Re: RMDs on Vanguard Inherited IRA

Thank you all. Indeed, I am NOT the sole beneficiary. There are 2 other siblings, who frankly had no right to be born !!!! So it sounds like I am on my own. I am therefore I think going to view it as a nuisance account as it is about 1% of my total assets and just accelerate its removal. Calm Man: ...
by Taylor Larimore
Sat Jul 19, 2014 9:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: RMDs on Vanguard Inherited IRA
Replies: 21
Views: 1071

The Three Fund Portfolio

Alg:

Welcome to the Bogleheads Forum!

This Portfolio (spread over your taxable and IRA accounts) could be ideal:

The Three Fund Portfolio

Best wishes.
Taylor
by Taylor Larimore
Sat Jul 19, 2014 7:42 am
 
Forum: Investing - Help with Personal Investments
Topic: Advice for First-Time Investors
Replies: 19
Views: 2223

"The Bogleheads' Guide to Retirement Planning"

Lyle:

Allow me to suggest our own book: The Bogleheads' Guide to Retirement Planning.

All royalties are donated to The National Constitution Center whose first chairman was John Bogle.

Best wishes.
Taylor
by Taylor Larimore
Sat Jul 19, 2014 7:27 am
 
Forum: Investing - Help with Personal Investments
Topic: Books or Articles for AA in Retirement
Replies: 8
Views: 415

Suggestions

sign_of_life: Welcome to the Bogleheads Forum! Your question about picking funds for a new taxable account comes at just the right time. This is because it is very important to start-out in taxable accounts using only tax-efficient funds that can be held 'forever.' Two tax-efficient and low-cost fun...
by Taylor Larimore
Fri Jul 18, 2014 2:52 pm
 
Forum: Investing - Help with Personal Investments
Topic: Looking to optimize allocations and add a taxable account
Replies: 4
Views: 592

"A Portfolio Checkup in 6 Steps"

Bogleheads: In this special midyear presentation, Morningstar's Christine Benz demonstrates how to gauge the viability of your current plan, evaluate positioning, troubleshoot risk factors, and much more. A Portfolio Checkup in 6 Steps [Link fixed by admin LadyGeek] Makes one appreciate The Three Fu...
by Taylor Larimore
Fri Jul 18, 2014 2:10 pm
 
Forum: Investing - Theory, News & General
Topic: "A Portfolio Checkup in 6 Steps"
Replies: 4
Views: 838

Re: Non-tilters ?

LFKB wrote:
Taylor Larimore wrote:LFKB:

How do "non-tilters" vote?

Best wishes.
Taylor


You can't vote! Sorry Taylor.

LFKB:

There is more than one road to Dublin.

Best wishes.
Taylor
by Taylor Larimore
Fri Jul 18, 2014 11:48 am
 
Forum: Investing - Help with Personal Investments
Topic: What Do You Tilt to Outside of the Three Fund (at least 4%)?
Replies: 25
Views: 1381

Non-tilters ?

LFKB:

How do "non-tilters" vote?

Best wishes.
Taylor
by Taylor Larimore
Thu Jul 17, 2014 5:13 pm
 
Forum: Investing - Help with Personal Investments
Topic: What Do You Tilt to Outside of the Three Fund (at least 4%)?
Replies: 25
Views: 1381

Stay-the-course.

Homer:

Your post at the very bottom (unknown at the time) of an awful bear market advising Bogleheads to stay-the-course, helped thousands of us do just that.

Thank you and best wishes.
Taylor
by Taylor Larimore
Thu Jul 17, 2014 2:18 pm
 
Forum: Investing - Theory, News & General
Topic: I'm a genius!
Replies: 16
Views: 4273

Rebalancing

Will: Look at all your funds as one portfolio (except for tax-efficiency). If the stock fund in your taxable account goes up or down, you rebalance by buying or selling the stock fund in your IRA by the same amount. I know they are not exactly the same stock fund, but it is your overall stock/bond a...
by Taylor Larimore
Thu Jul 17, 2014 2:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: New guy, portfolio check up
Replies: 16
Views: 1916

Re: Vanguard Inter-Term Bond Index (VBILX)

Would anyone holding assets in this fund care to comment on its overall performance over the past year? Did it, or has it been meeting your goal in this area of your portfolio? It appears to be a stable longer term bond index fund. Thanks! Marklearnsbogle: This fund does exactly what it is supposed...
by Taylor Larimore
Wed Jul 16, 2014 9:36 pm
 
Forum: Investing - Help with Personal Investments
Topic: Vanguard Inter-Term Bond Index (VBILX)
Replies: 9
Views: 1004

Re: Asset allocation

Can you please tell me where you go to compare funds on a graph like this, a specific website? Thank you.

island

I think http://www.morningstar.com is what you are looking for. Start by putting a fund name or ticker symbol in the the "Quote" box at the top.

Best wishes.
Taylor
by Taylor Larimore
Wed Jul 16, 2014 8:53 pm
 
Forum: Investing - Help with Personal Investments
Topic: Asset allocation
Replies: 6
Views: 538

The Three Fund Portfolio

ready2retire:

Welcome to the Bogleheads Forum!
Rolling over IRA, around $525,000 into Vanguard Funds. Thinking about a 55/45 stock to bond allocation.

You might consider The Three Fund Portfolio.

Best wishes.
Taylor
by Taylor Larimore
Wed Jul 16, 2014 8:40 pm
 
Forum: Investing - Help with Personal Investments
Topic: Asset allocation
Replies: 6
Views: 538

Re: Help please with first steps on my investing journey

Cortez:

Welcome to the Boglehead Forum.

Your first reply was from Paul Keck who wrote Roadmap for Investing Success.

I can't imagine a better answer to your question than Paul's free online book.

Best wishes.
Taylor
by Taylor Larimore
Wed Jul 16, 2014 4:32 pm
 
Forum: Investing - Help with Personal Investments
Topic: Australian newbie needs your help with starting investing
Replies: 11
Views: 1168

fund placement

Is it a no brainer for us to have a portion of our bond allocation in a tax exempt fund based on our tax bracket? At this point we do have enough room in retirement accounts for our bonds. whisper11: Yes, with very few exceptions it is a "no brainer." Place taxable bonds in tax-exempt acc...
by Taylor Larimore
Wed Jul 16, 2014 4:18 pm
 
Forum: Investing - Help with Personal Investments
Topic: New to Forum- please provide opinions on existing AA
Replies: 34
Views: 2581

Mr. Bogle's 63rd Anniversary.

Bogleheads:

My link to the Wall Street Journal article doesn't work. Here's another of Jack's articles which is just as good:

To: My Fellow Vanguard Veterans and Principals. My 63rd Anniversary

Best wishes.
Taylor
by Taylor Larimore
Wed Jul 16, 2014 3:33 pm
 
Forum: Investing - Theory, News & General
Topic: "The Incredibly Shrinking Financial System" by Jack Bogle
Replies: 10
Views: 1602

"The Incredibly Shrinking Financial System" by Jack Bogle

Bogleheads:

Our mentor, Jack Bogle, tells us what he thinks is ahead:

The Incredibly Shrinking Financial System

Best wishes.
Taylor
by Taylor Larimore
Wed Jul 16, 2014 3:25 pm
 
Forum: Investing - Theory, News & General
Topic: "The Incredibly Shrinking Financial System" by Jack Bogle
Replies: 10
Views: 1602

Humility

I favor a more generalized humility about what we know John Bogle has as much humility as any great person. This quote is from the last page of Bogle on Mutual Funds : Finally, make your own careful judgments about all of the investment advice that you receive--including, dare I say, even the well-...
by Taylor Larimore
Wed Jul 16, 2014 11:49 am
 
Forum: Investing - Theory, News & General
Topic: Article: Conversation with John Bogle - Part II
Replies: 11
Views: 1451

The value of expert opinions.

I'd much prefer have eminent people in the field post here (Ferri, Swedroe, Bernstein, Wade Pfau, the Coffeehouse guy (forgot his name), even John C. Bogle from time to time, etc.) post here, even if they have a theoretical conflict of interest, than drive them away with petty criticism. We'd be mu...
by Taylor Larimore
Wed Jul 16, 2014 11:37 am
 
Forum: Investing - Theory, News & General
Topic: Persistence of SV performance
Replies: 71
Views: 3786

"Three Proofs That TSM Is Efficient"

Of course TSM is not the most efficient portfolio.

Read this:

Three Proofs That TSM Is Efficient

Best wishes.
Taylor
by Taylor Larimore
Wed Jul 16, 2014 10:21 am
 
Forum: Investing - Theory, News & General
Topic: Bet it ALL on Small Cap Value when you're young
Replies: 64
Views: 6094
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