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by baw703916
Thu May 28, 2015 9:57 pm
Forum: Personal Consumer Issues
Topic: Selected photos of 3-week bicycle ride around the Italian Lakes
Replies: 15
Views: 701

Re: Selected photos of 3-week bicycle ride around the Italian Lakes

Beautiful pictures! Thanks for sharing them with us.
by baw703916
Thu May 28, 2015 9:45 pm
Forum: Investing - Help with Personal Investments
Topic: VXF vs FSEMX - Tax efficiency and returns [Extended market funds]
Replies: 8
Views: 389

Re: VXF vs FSEMX - Tax efficiency and returns [Extended market funds]

This recent thread compared the two funds.

http://www.bogleheads.org/forum/viewtop ... 0&t=165411

I think the biggest difference is the ETF share class for the Vanguard fund. This make all share classes of the fund more tax efficient.
by baw703916
Thu May 28, 2015 3:16 pm
Forum: Investing - Help with Personal Investments
Topic: Buying municipal bond funds now
Replies: 9
Views: 612

Re: Buying municipal bond funds now

Also, the sign for the Eaton Vance PA Muni Bond fund is EIP. It is a closed, no-load fund. http://quotes.morningstar.com/chart/fund/chart?t=ETPAX&region=usa&culture=en_US&dataParams=%7B%22zoomKey%22%3A9%2C%22version%22%3A%22US%22%2C%22showNav%22%3Atrue%2C%22defaultShowName%22%3A%22name%...
by baw703916
Thu May 28, 2015 2:35 pm
Forum: Investing - Help with Personal Investments
Topic: Buying municipal bond funds now
Replies: 9
Views: 612

Re: Buying municipal bond funds now

Here's a comparison between the Vanguard fund (VPAIX) and the Eaton Vance fund (ETPAX). http://quotes.morningstar.com/chart/fund/chart?t=ETPAX&region=usa&culture=en_US&dataParams=%7B%22zoomKey%22%3A9%2C%22version%22%3A%22US%22%2C%22showNav%22%3Atrue%2C%22defaultShowName%22%3A%22name%22%2...
by baw703916
Thu May 28, 2015 1:59 pm
Forum: Investing - Help with Personal Investments
Topic: Buying municipal bond funds now
Replies: 9
Views: 612

Re: Buying municipal bond funds now

That's a reasonable approach in your situation, but why the Eaton Vance fund? Vanguard does have a PA muni fund, which I'm sure has much lower expenses and will give a comparable return with a lot less risk.

https://personal.vanguard.com/us/funds/ ... IntExt=INT
by baw703916
Thu May 28, 2015 1:51 pm
Forum: Investing - Theory, News & General
Topic: "Are You Devoting Too Much Time (and Money) to Niche Asset Classes?"
Replies: 28
Views: 1833

Re: "Are You Devoting Too Much Time (and Money) to Niche Asset Classes?"

Taylor Larimore wrote:When I am unsure what to do I listen to experts.


You're confident in your ability to pick the right experts to listen to? ;)
by baw703916
Thu May 28, 2015 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: Cost of a "free" PhD program is around half a million? How does anyone afford this?
Replies: 86
Views: 5466

Re: Cost of a "free" PhD program is around half a million? How does anyone afford this?

While I am in the same general field as my PhD is in (health), I haven't directly dealt with my dissertation topic since my defense. What information I learned has no direct correlation to my career now. More than anything, what I developed was an ability to comprehend, research, and write on prett...
by baw703916
Thu May 28, 2015 11:39 am
Forum: Personal Finance (Not Investing)
Topic: Cost of a "free" PhD program is around half a million? How does anyone afford this?
Replies: 86
Views: 5466

Re: Cost of a "free" PhD program is around half a million? How does anyone afford this?

I'm kind of jumping into this thread late. Good discussion, and I'll add a few thoughts. In terms of IT, my impression of the field is that when a person is young being a good coder is likely the most important aspect. But I suspect that many people would burn out if they tried to write code continu...
by baw703916
Wed May 27, 2015 7:08 pm
Forum: Investing - Theory, News & General
Topic: Vanguard looking to license its ETF patent
Replies: 9
Views: 1105

Re: Vanguard looking to license its ETF patent

Hasn't the patent gotten pretty close to its expiration date in any event?
by baw703916
Thu May 21, 2015 10:17 am
Forum: Investing - Theory, News & General
Topic: Not your father's Total Bond Market Fund anymore
Replies: 86
Views: 8909

Re: Not your father's Total Bond Market Fund anymore

Taylor,

Is there a reason you left out the funds that outperformed TBM in 2008? :)
by baw703916
Wed May 20, 2015 11:44 pm
Forum: Investing - Help with Personal Investments
Topic: Changing jobs and retirement plan contribuions
Replies: 1
Views: 179

Changing jobs and retirement plan contribuions

Currently I'm a Federal employee, however I'm planning to change jobs later this year. I have set things up so that I am on track to max out my TSP contribution for 2015 by the time I leave my present job. However, I've just discovered that my new job's 401(k) does offer a slary match. So I'm thinki...
by baw703916
Sun May 17, 2015 10:54 am
Forum: Investing - Help with Personal Investments
Topic: VA Municipal Bonds
Replies: 10
Views: 881

Re: VA Municipal Bonds

More recently, here's a comparison between BHV and PRVAX over the last three years. On this scale VWLUX is almost indistinguishable from PRVAX. So what happened in mid 2013? Interest rates on munis in general went up and prices went down, but the biggest effect on the price of BHV was that in May 20...
by baw703916
Sat May 16, 2015 9:29 pm
Forum: Investing - Help with Personal Investments
Topic: VA Municipal Bonds
Replies: 10
Views: 881

Re: VA Municipal Bonds

The best VA TE Bond fund is PRVAX (T. Rowe Price) which has an ER of 0.48, compared to .20 the Vanguard investor shares and .12 for Admiral. The top VA state tax rate is 5.75% These numbers mean that the higher ER is made up for by the state tax savings is the yield is at least 5%. Until about 2007 ...
by baw703916
Sat May 16, 2015 8:48 pm
Forum: Personal Finance (Not Investing)
Topic: Contingent Offer
Replies: 13
Views: 1590

Re: Contingent Offer

Unless the real estate market is really slow in your area, a 90 day contingency would be a show-stopper for me, regardless of how I felt about the real estate agent.
by baw703916
Thu May 14, 2015 5:37 pm
Forum: Investing - Help with Personal Investments
Topic: Two purchases in one day. One tax lot or two?
Replies: 17
Views: 1389

Re: Two purchases in one day. One tax lot or two?

If you were to buy a stock or ETF twice in one day, it's very unlikely the two purchase prices would be the same, so they would be separate lots. For a mutual fund, however, both purchases will happen at the NAV at close for that day, so I don't see why they would have to be separate lots. Your cust...
by baw703916
Thu May 14, 2015 5:28 pm
Forum: Investing - Theory, News & General
Topic: I'm so glad I bought bonds in taxable!
Replies: 13
Views: 3524

Re: I'm so glad I bought bonds in taxable!

Also, EmergDoc's blog is geared to physicians, who are in a very high tax bracket while working and *may* be in a lower one upon retirement. So in that case a pre-tax retirement account is likely to be even more favorable.
by baw703916
Thu May 14, 2015 12:08 am
Forum: Investing - Theory, News & General
Topic: I'm so glad I bought bonds in taxable!
Replies: 13
Views: 3524

Re: I'm so glad I bought bonds in taxable!

If you had just stocks in your taxable account, would the account have gone up enough more in value to make up the difference or more ? There are a few other considerations, actually (aren't there always?). I've already made a Roth IRA contribution for this year, and if I had realized too many capi...
by baw703916
Wed May 13, 2015 9:45 pm
Forum: Investing - Theory, News & General
Topic: Very misleading graph on stock and bonds price change.
Replies: 10
Views: 1238

Re: Very misleading graph on stock and bonds price change.

Maybe they can also graph the real return of the Aggregate bond index, neglecting dividends!
by baw703916
Wed May 13, 2015 9:29 pm
Forum: Investing - Theory, News & General
Topic: I'm so glad I bought bonds in taxable!
Replies: 13
Views: 3524

I'm so glad I bought bonds in taxable!

In 2007 I got interested in tax-exempt bonds, when they suddenly acquired the unusual (at the time) characteristic of yielding more than Treasuries. I ignored the canonical Boglehead advice on asset location and put some of my bonds in taxable. I'm happy with how my tax-exempt bonds have done since ...
by baw703916
Wed May 13, 2015 8:40 pm
Forum: Personal Finance (Not Investing)
Topic: Closing on house in less then 30 days- bad idea?
Replies: 24
Views: 2044

Re: Closing on house in less then 30 days- bad idea?

An update of my data point. In the final round of haggling on my impending purchase, the seller was willing to accept a $1k reduction in sales price in exchange for closing a week earlier. I'd say it all depends on the individuals, apparently this seller wants to get things wrapped up ASAP, and I'm ...
by baw703916
Tue May 12, 2015 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: Closing on house in less then 30 days- bad idea?
Replies: 24
Views: 2044

Re: Closing on house in less then 30 days- bad idea?

I am in the middle of buying a condo in Seattle. Yes, it's a very tight market, a couple places I was interested in were gone before I even got a chance to look at them. I think that for some sellers a quick closing may be advantageous, particularly if they need to sell and want to get their money o...
by baw703916
Mon May 11, 2015 11:44 pm
Forum: Investing - Theory, News & General
Topic: "Why Investors Should Stop Trying to Beat The Market"
Replies: 16
Views: 1929

Re: "Why Investors Should Stop Trying to Beat The Market"

JoMoney, The excerpt you quote is what I always wonder about. It certainly implies that it's not random, that many investors have a knack for doing exactly the wrong thing at the wrong time. Now maybe that wording isn't really borne out by the data, and things are like you say: people take too much ...
by baw703916
Mon May 11, 2015 10:44 pm
Forum: Investing - Theory, News & General
Topic: "Why Investors Should Stop Trying to Beat The Market"
Replies: 16
Views: 1929

Re: "Why Investors Should Stop Trying to Beat The Market"

CABob wrote:
baw703916 wrote:How can all the children be below average?

The children are average before expenses.
:P


That was my first thought, but 8% underperfomance?
by baw703916
Mon May 11, 2015 9:47 pm
Forum: Investing - Theory, News & General
Topic: "Why Investors Should Stop Trying to Beat The Market"
Replies: 16
Views: 1929

Re: "Why Investors Should Stop Trying to Beat The Market"

How can all the children be below average?
by baw703916
Mon May 11, 2015 9:43 pm
Forum: Personal Finance (Not Investing)
Topic: Jack Bogle hates ETFs?
Replies: 22
Views: 2334

Re: Jack Bogle hates ETFs?

So don't trade them too often, and only buy ones that have a meaningful place in your portfolio.

Problem solved.
by baw703916
Sun May 10, 2015 10:23 pm
Forum: Personal Finance (Not Investing)
Topic: Frugality Reinforced - The Millionaire Next Door
Replies: 84
Views: 12570

Re: Frugality Reinforced - The Millionaire Next Door

So what books should people who are too frugal read?
by baw703916
Sun May 10, 2015 11:46 am
Forum: Investing - Theory, News & General
Topic: Vanguard investors: be thankful for ETFs!*
Replies: 24
Views: 3539

Re: Vanguard investors: be thankful for ETFs!*

However, don't those formulas only consider Federal taxes? Someone in California who has a 10% state tax rate on all distributions and is paying AMT so the state taxes aren't federally deductible might be quite a bit worse off.
by baw703916
Sun May 10, 2015 10:50 am
Forum: Investing - Theory, News & General
Topic: Vanguard investors: be thankful for ETFs!*
Replies: 24
Views: 3539

Re: Vanguard investors: be thankful for ETFs!*

tfb, A few points in reply to your comments. -While VXF may have only 10% of the total assets of the Extended Market Index Fund, what's relevant in determining the effect in avoiding capital gain distributions is the number of redemption events of ETF creation units by authorized participants. The t...
by baw703916
Sun May 10, 2015 10:22 am
Forum: Investing - Theory, News & General
Topic: Swedroe: Credit Risk Not Worth It
Replies: 43
Views: 5267

Re: Swedroe: Credit Risk Not Worth It

Jim: Thanks for the reminder. This is what happened in the bond and stock markets when I was a boy. As you say, "the 1930s could happen again": YEAR ..... 5-YR. Treas .... Large Cap Stocks 1929........+3.8%..............-31.2% 1930........+6.7%..............-24.9% 1931........-2.3%..........
by baw703916
Sun May 10, 2015 10:06 am
Forum: Investing - Theory, News & General
Topic: "Should We Teach Teenagers to Trade?"
Replies: 30
Views: 2135

Re: "Should We Teach Teenagers to Trade?"

What this game misses is that the real way to win is to sell advice to other people promising to help them win the game by using "proprietary dynamic strategies identifying undervalued companies poised for a breakout" or something to that effect.
by baw703916
Sat May 09, 2015 6:11 pm
Forum: Investing - Theory, News & General
Topic: Vanguard investors: be thankful for ETFs!*
Replies: 24
Views: 3539

Re: Vanguard investors: be thankful for ETFs!*

Actually you can buy fractional shares through dividend reinvestments. I haven't done this at Vanguard, but have in another account.
by baw703916
Sat May 09, 2015 4:37 pm
Forum: Investing - Theory, News & General
Topic: "Should We Teach Teenagers to Trade?"
Replies: 30
Views: 2135

Re: "Should We Teach Teenagers to Trade?"

I learned about the stock market in a school thing in 1973. The lesson I learned is that stocks can go down a lot! I actually thought for many years that a 50% drop was a typical occurrence (as in it should be expected every few years). What I didn't realize until much later is that it's possible to...
by baw703916
Sat May 09, 2015 2:33 pm
Forum: Investing - Theory, News & General
Topic: Vanguard investors: be thankful for ETFs!*
Replies: 24
Views: 3539

Re: Vanguard investors: be thankful for ETFs!*

Meanwhile, ETF shareholders are benefitting from this deal too -- Vanguard can afford to launch small ETFs with low fees because they are sharing the expenses with a well-established mutual fund (Schwab "can launch" too, but I don't quite know how they "afford" them except as lo...
by baw703916
Sat May 09, 2015 2:16 pm
Forum: Investing - Theory, News & General
Topic: Vanguard investors: be thankful for ETFs!*
Replies: 24
Views: 3539

Re: Vanguard investors: be thankful for ETFs!*

ogd wrote:P.S: here's another thing to be grateful for: that Vanguard innovations take this form that is clearly beneficial to shareholders, rather than yet another flavor of schmundamental indexing.


+1
by baw703916
Sat May 09, 2015 1:52 pm
Forum: Investing - Theory, News & General
Topic: Vanguard investors: be thankful for ETFs!*
Replies: 24
Views: 3539

Re: Vanguard investors: be thankful for ETFs!*

The only example I can think of where a Vanguard equity index fund with an ETF share class has distributed capital gains is the FTSE small cap fund in its first two years of existence. That wasn't a case of the mutual fund shares dragging down tax efficiency (the ETF shares comprise the vast majorit...
by baw703916
Sat May 09, 2015 12:58 pm
Forum: Investing - Theory, News & General
Topic: Vanguard investors: be thankful for ETFs!*
Replies: 24
Views: 3539

Vanguard investors: be thankful for ETFs!*

* ...even if you only own mutual fund shares and wouldn't dream of owning an ETF yourself. In another thread I noticed a statement that caught me by surprise, and so I decided to look into things a little further. I think this topic deserves its own thread. ETFs have an advantage over traditional &q...
by baw703916
Sat May 09, 2015 10:54 am
Forum: Investing - Theory, News & General
Topic: Swedroe: Credit Risk Not Worth It
Replies: 43
Views: 5267

Re: Swedroe: Credit Risk Not Worth It

I don't personally own corporate bonds to any significant extent. Still, I keep wondering about the following conundrum: If credit risk isn't worth it, that's equivalent to saying that the market is not giving it an adequate risk premium. So why can't an efficient market price credit risk correctly?
by baw703916
Sat May 09, 2015 10:45 am
Forum: Investing - Theory, News & General
Topic: To ETF or Not to ETF? That is the question.
Replies: 50
Views: 5660

Re: To ETF or Not to ETF? That is the question.

In my recent ETF trades, a limit order with a price inside the bid-ask spread has executed roughly 50% of the time (albeit usually not immediately).
by baw703916
Fri May 08, 2015 7:40 pm
Forum: Investing - Theory, News & General
Topic: Should You Time the Markets When Experts Can’t?
Replies: 21
Views: 2232

Re: Should You Time the Markets When Experts Can’t?

One aspect that I think is being missed in this thread. The job of mutual fund managers isn't really to outperform the market. It's to attract investors, who can be charged fees. :) Pretend for a moment that Buffett's adage "be fearful when others are greedy and greedy when others are fearful&q...
by baw703916
Fri May 08, 2015 6:13 pm
Forum: Investing - Theory, News & General
Topic: New Vanguard AMT-free National Municipal Bond Fund
Replies: 95
Views: 10360

Re: New Vanguard AMT-free National Municipal Bond Fund

If you can point me to where it says "this fund will not invest in bonds bearing interest subject to AMT" or something to that effect I would like to see it, because I cannot find it. I did find this thread from the M* board dating to early 2007 that references Vanguard's announcement htt...
by baw703916
Fri May 08, 2015 7:42 am
Forum: Investing - Theory, News & General
Topic: New Vanguard AMT-free National Municipal Bond Fund
Replies: 95
Views: 10360

Re: New Vanguard AMT-free National Municipal Bond Fund

However, the Prospectus for VG Int Term Tax Exempt states something like "you may be subject to AMT" even though I know the fund has not been subject to any AMT for quite some time. (or ever?) Vanguard made all of their TE funds except high yield and the money markets AMT free about 8-10 ...
by baw703916
Thu May 07, 2015 4:56 pm
Forum: Investing - Help with Personal Investments
Topic: Tax Loss Harvest VWIUX -> MUB?
Replies: 12
Views: 790

Re: Tax Loss Harvest VWIUX -> MUB?

Regarding the relative riskiness, you can look at performance in 2008 or 2013 to get a sense. The relatively low durations of the long-term TE funds probably understate their riskiness somewhat. Year Fund CapRtn IncRtn TotRtn ---- ----- ------ ------ ------ 2008 VWIUX -4.15% 4.08% -0.07% 2008 VWLUX...
by baw703916
Thu May 07, 2015 10:44 am
Forum: Investing - Help with Personal Investments
Topic: Tax Loss Harvest VWIUX -> MUB?
Replies: 12
Views: 790

Re: Tax Loss Harvest VWIUX -> MUB?

Have you bought any shares in the past six months (with reinvested dividends, for example)? If you sell those shares at a loss, your deductible loss will be reduced by the amount of the dividends paid on those shares. If you made a large purchase in December, waiting to sell until June might improv...
by baw703916
Wed May 06, 2015 8:09 pm
Forum: Investing - Help with Personal Investments
Topic: Tax Loss Harvest VWIUX -> MUB?
Replies: 12
Views: 790

Re: Tax Loss Harvest VWIUX -> MUB?

Ah good point I suppose i could mix a short and a long term bond to get a home-made intermediate mix. But it wouldn't be tax exempt right? I am debating VWALX too (Vanguard High-Yield Tax-Exempt Fund Admiral Shares ER 0.12) also but not sure I want that added risk. I heard this fund can almost act ...
by baw703916
Wed May 06, 2015 6:05 pm
Forum: Investing - Help with Personal Investments
Topic: Tax Loss Harvest VWIUX -> MUB?
Replies: 12
Views: 790

Re: Tax Loss Harvest VWIUX -> MUB?

MUB has a duration more similar to VWLUX than VWIUX (i.e. it has a longer duration and presumably more sensitivity to interest rates. So you may want to think whether a longer duration is something you feel comfortable with. I'm not sure I can think of a better alternative though. The new Vanguard T...
by baw703916
Tue May 05, 2015 12:16 am
Forum: Investing - Theory, News & General
Topic: Gross: stockbug alert, future investment returns will be miniscule
Replies: 67
Views: 5559

Re: Gross: stockbug alert, future investment returns will be miniscule

It's interesting that whatever the situation, the "action item" in any of Gross's columns is usually to invest in bond funds. :)
by baw703916
Sun May 03, 2015 2:34 pm
Forum: Investing - Theory, News & General
Topic: Do Active Bond Funds Beat Index Bond Funds?
Replies: 27
Views: 2077

Re: Do Active Bond Funds Beat Index Bond Funds?

Would it perhaps be more accurate to say that certain "active" bond funds, especially the low-cost Vanguard ones, are essentially crypto-indexes? For example, the Vanguard Tax-Free "active" funds are less expensive than the iShares or SPDR Muni ETFs. Would it be accurate to say ...
by baw703916
Sun May 03, 2015 12:31 pm
Forum: Investing - Theory, News & General
Topic: Bill Bernstein Rational Expectations
Replies: 16
Views: 3324

Re: Bill Bernstein Rational Expectations

In short, i guess my question is are there any articles/books that do a good job of obtaining a fair value for every asset class ( US stocks, international, small, small value, reits, etc.) soI could decide to adjust accordingly? I would go by the historical averages over as long a time period as y...
by baw703916
Sat May 02, 2015 10:05 pm
Forum: Investing - Help with Personal Investments
Topic: Selling covered vs. noncovered Vanguard MF shares?
Replies: 3
Views: 232

Re: Selling covered vs. noncovered Vanguard MF shares?

If you don't specify which shares you sell, shares are sold FIFO, at whatever basis they have (average cost if you use it, otherwise the purchase price of the share). If you bought 1000 shares at $9 two years ago, and 1000 shares at $11 six months ago, and you sell 1000 shares today at $11 using av...

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