Search found 6149 matches

by baw703916
Fri Aug 28, 2015 2:43 pm
Forum: Investing - Help with Personal Investments
Topic: Which tax-exempt bond fund ??
Replies: 33
Views: 2610

Re: Which tax-exempt bond fund ??

Taylor, best of investment success to your friend.

Brad
by baw703916
Thu Aug 27, 2015 7:42 pm
Forum: Investing - Theory, News & General
Topic: BNY Mellon's "glitch," sounds very serious to me
Replies: 35
Views: 2876

Re: BNY Mellon's "glitch," sounds very serious to me

Actually, Guggenheim runs a number of index ETFs. None of them are interesting to me, but at least one of them, Guggenheim S&P 500 Equal Weight ETF, holds $9 billion in assets and is one of the darlings of the "anything-but-cap-weighting" crowd. As long as S&P can calculate the va...
by baw703916
Thu Aug 27, 2015 7:11 pm
Forum: Investing - Theory, News & General
Topic: BNY Mellon's "glitch," sounds very serious to me
Replies: 35
Views: 2876

Re: BNY Mellon's "glitch," sounds very serious to me

I should not have tossed in my anti-ETF rant. I should have focussed this being a pretty scary glitch, affecting about 10% of all mutual funds and ETFs, with the common factor being "which custodial bank they used." Stocks 10% down is not so bad. Mutual funds and ETFs not being able price...
by baw703916
Thu Aug 27, 2015 2:03 pm
Forum: Investing - Help with Personal Investments
Topic: Which tax-exempt bond fund ??
Replies: 33
Views: 2610

Re: Which tax-exempt bond fund ??

In answer to Taylor's OP, while there are differences between these two funds, I don't think a reasonable Boglehead could consider either of them to be a bad choice.
by baw703916
Thu Aug 27, 2015 2:00 pm
Forum: Investing - Help with Personal Investments
Topic: Which tax-exempt bond fund ??
Replies: 33
Views: 2610

Re: Good suggestions

With ETF's (I do not own any), are there not additional "fees" in the form of the bid/ask spread? Yes, although the size of the spread relative to the share price varies quite widely among ETFs. According to Vanguard, https://personal.vanguard.com/us/funds/snapshot?FundId=4391&FundInt...
by baw703916
Wed Aug 26, 2015 5:58 pm
Forum: Investing - Theory, News & General
Topic: Wash Sale Quiz!
Replies: 38
Views: 1723

Re: Wash Sale Quiz!

-Sell all shares of VTI.
-buy seven Lexi at 50% off MSRP.
-After 30 days, sell six Lexi for 75% of MSPR.
-repurchase VTI with proceeds.
by baw703916
Wed Aug 26, 2015 2:30 pm
Forum: Investing - Theory, News & General
Topic: Individual Stocks Does it Ever Make Sense?
Replies: 73
Views: 3544

Re: Individual Stocks Does it Ever Make Sense?

Since nobody seems to have noticed my previous post, here are some threads on why ex-pats often should stick to individual stocks: https://www.bogleheads.org/forum/search.php?keywords=pfic+individual+stocks&terms=all&author=&sc=1&sf=all&sr=posts&sk=t&sd=d&st=0&ch=...
by baw703916
Wed Aug 26, 2015 1:55 pm
Forum: Investing - Theory, News & General
Topic: "Stop-loss" orders to automate TLH?
Replies: 8
Views: 563

Re: "Stop-loss" orders to automate TLH?

SGM wrote:I like Will Roger's IPS. "Don't gamble. Take all your savings and buy some good stock and hold it till it goes up then sell it. If it don't go up, don't buy it."


Not many TLH opportunities there! :twisted:
by baw703916
Wed Aug 26, 2015 1:50 pm
Forum: Investing - Theory, News & General
Topic: Individual Stocks Does it Ever Make Sense?
Replies: 73
Views: 3544

Re: Individual Stocks Does it Ever Make Sense?

Read some of the ex-pat threads to see one reason why a person might be well served by owning individual stocks. A US person in another country who can't easily set up or maintain an account back in the US may be pretty much prevented from owning anything but individual stocks due to the tax laws. w...
by baw703916
Tue Aug 25, 2015 11:40 am
Forum: Investing - Help with Personal Investments
Topic: Which tax-exempt bond fund ??
Replies: 33
Views: 2610

Re: Which tax-exempt bond fund ??

Taylor, I assume that "a large amount of money" will be above the Admiral threshold for both funds? Since IT TE is an "active" fund, the Admiral threshold is $50K, unlike for the new index fund, which has an Admiral minimum of $10K. So one rationale for an investor buying the new...
by baw703916
Mon Aug 24, 2015 7:15 pm
Forum: Investing - Theory, News & General
Topic: Megan McArdle, Boglehead
Replies: 6
Views: 1084

Re: Megan McArdle, Boglehead

It is an OK article. She writes about selling and holding. She does not write about buying nor tax-loss harvesting nor rebalancing. It is as if there are only two choices on a day that the market drops a lot: sell or hold. There are other things to do which she neglects. Although she was focusing o...
by baw703916
Mon Aug 24, 2015 2:21 pm
Forum: Investing - Theory, News & General
Topic: Megan McArdle, Boglehead
Replies: 6
Views: 1084

Megan McArdle, Boglehead

{to mods: although Ms. McArdle often writes about politics and economics, this column is purely about investing, so I think it is appropriate for the board] Megan McArdle: You Can't Time the Market A new column which appeared (and was written) today. It's pretty much the same advice that Bogle, Zwei...
by baw703916
Mon Aug 24, 2015 11:57 am
Forum: Investing - Theory, News & General
Topic: "Stop-loss" orders to automate TLH?
Replies: 8
Views: 563

Re: "Stop-loss" orders to automate TLH?

Just to be clear, this isn't something I intend to do (as I said in the OP). It's a "thought experiment".
by baw703916
Mon Aug 24, 2015 11:46 am
Forum: Investing - Theory, News & General
Topic: "Stop-loss" orders to automate TLH?
Replies: 8
Views: 563

Re: "Stop-loss" orders to automate TLH?

Sounds scary dangerous and something I would not do myself. Stale limit orders have a way of being taken advantage of. Just look at this morning's action. Folks who had stop-loss orders in probably had them execute in the opening minutes. The prices they got could have been well below what their or...
by baw703916
Mon Aug 24, 2015 11:36 am
Forum: Investing - Theory, News & General
Topic: "Stop-loss" orders to automate TLH?
Replies: 8
Views: 563

"Stop-loss" orders to automate TLH?

A stop-loss order (one that is triggered when the price drops below a threshold, then becomes a market order) is something I've always regarded as having little use. If prices are changing rapidly, you might end up selling for a lot less than the threshold price. But it occurred to me that in a situ...
by baw703916
Sun Aug 23, 2015 12:26 pm
Forum: Investing - Theory, News & General
Topic: Where are you in the cycle of market emotions?
Replies: 63
Views: 5087

Re: Where are you in the cycle of market emotions?

Is "Pass the popcorn!" an emotion? I found CNBC rather entertaining as reality TV in 2008. I had no intention of doing anything other than TLH and taking advantage of the lack of capital gains to streamline my portfolio (for instance switching from S&P 500 index to TSM). But watching t...
by baw703916
Fri Aug 21, 2015 1:03 pm
Forum: Investing - Theory, News & General
Topic: "Stocks for the Long Run? Really?
Replies: 29
Views: 4496

Re: "Stocks for the Long Run? Really?

Snark aside, Siegel seems to be using 30+ years as his "long run" and he's the one who wrote a book with that title.

Note that 1985-2000 was a lot better for stocks that 2000-2015. So averaging the two does appear to support Siegel's assertion.
by baw703916
Fri Aug 21, 2015 12:05 pm
Forum: Investing - Theory, News & General
Topic: "Stocks for the Long Run? Really?
Replies: 29
Views: 4496

Re: "Stocks for the Long Run? Really?

It's not even mathematically possible for TBM to give a total return of 121% over the next 15 years! That equates to an annualized return of 5.45% (which I suspect was pretty close to the yield in 2000). Today the yield is 2.13%--o the only place the other 3.3% of yield could come from is interest r...
by baw703916
Tue Aug 18, 2015 12:27 pm
Forum: Investing - Theory, News & General
Topic: Why does Bogle disparage ETFs in his book?
Replies: 35
Views: 2493

Re: Why does Bogle disparage ETFs in his book?

Also the objections that 1) liquidity can be an issue for ETFs and 2) some ETFs are heavily traded tend to cancel each other out. The fact that ETFs are heavily traded improves liquidity for those of us who don't trade frequently.
by baw703916
Tue Aug 18, 2015 12:20 pm
Forum: Investing - Theory, News & General
Topic: Why does Bogle disparage ETFs in his book?
Replies: 35
Views: 2493

Re: Why does Bogle disparage ETFs in his book?

Bogle's mention that (in 2009) there were hundreds of ETFs but only a couple dozen that followed broad market indices I find somewhat disingenuous. While there may be a lot of ETFs out there that aren't worth owning, if you look at asset-weighting, things look a lot different! Here's the top ten SPY...
by baw703916
Sun Aug 16, 2015 9:20 pm
Forum: Investing - Theory, News & General
Topic: Does higher volatility make long-term bonds + stocks better than intermediate-term bonds + stocks?
Replies: 54
Views: 3626

Re: Does higher volatility make long-term bonds + stocks better than intermediate-term bonds + stocks?

@Kevin M Why is TSM assumed by everyone to be efficient, but you don't think TBM is? Why do the rules of cap weighting apply to stocks but not bonds? One possible reason is that the equity market cap of companies is determined by a consensus value of market participants. The total par value of thei...
by baw703916
Sun Aug 16, 2015 6:42 pm
Forum: Investing - Help with Personal Investments
Topic: TSP I Fund vs. No International Exposure
Replies: 6
Views: 587

Re: TSP I Fund vs. No International Exposure

It's also possible that the I Fund my start tracking a broader index at some point in the future (but don't ask me to predict when that might happen). It has been discussed by the FRTIB, and thought to be impractical at the moment.
by baw703916
Sun Aug 16, 2015 5:59 pm
Forum: Investing - Theory, News & General
Topic: Slice and dice: optimal for high-risk-tolerant investors?
Replies: 44
Views: 2337

Re: Slice and dice: optimal for high-risk-tolerant investors?

Taylor, The Ferri and Benke article is making a completely different comparison, namely between the three fund portfolio and portfolios consisting of active funds. Nobody to my knowledge has been considering any active funds in this thread at all! Rather it's a comparison between a three fund index ...
by baw703916
Sun Aug 16, 2015 1:32 pm
Forum: Investing - Theory, News & General
Topic: Does higher volatility make long-term bonds + stocks better than intermediate-term bonds + stocks?
Replies: 54
Views: 3626

Re: Does higher volatility make long-term bonds + stocks better than intermediate-term bonds + stocks?

In a deflationary bear market, government bonds (in particular bonds issues by the government that controls the world's reserve currency--at the moment Treasuries) are good things to own. As has been mentioned, a stagflation scenario is the Achilles heel of long term government bonds--in the 1970s b...
by baw703916
Tue Aug 04, 2015 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: "A different kind of retirement calculator"
Replies: 32
Views: 4535

Re: "A different kind of retirement calculator"

Someone who had a $750,000 portfolio in 1975 almost certainly had a much larger portfolio in 1973!
by baw703916
Tue Jul 28, 2015 10:10 pm
Forum: Investing - Theory, News & General
Topic: "A Random Walk Down Wall Street"
Replies: 14
Views: 1901

Re: "A Random Walk Down Wall Street"

That may be true in many circumstances, but I think you can beat the market when most people are simply too terrified to do anything at all, other than bail out. Buying stocks in early 2009 was 50% off from their value in mid 2007. Algorithmically, it's obvious that the return from January 2009 to D...
by baw703916
Mon Jul 20, 2015 8:14 pm
Forum: Investing - Theory, News & General
Topic: Bloomberg: S&P sets new record in 53% of years
Replies: 1
Views: 559

Bloomberg: S&P sets new record in 53% of years

So, are you nervous about investing because the S&P has reached a new all-time high this year? Well, it turns out it has done that a little more than half the years of its existence. The 2001-2012 dry spell was actually was actually the atypical situation. http://www.bloomberg.com/news/articles/...
by baw703916
Fri Jul 17, 2015 10:02 pm
Forum: Investing - Theory, News & General
Topic: "Does Past Performance Matter?"
Replies: 9
Views: 1009

Re: "Does Past Performance Matter?"

This is kind of a strawman topic given that it only compares active equity funds, which I don't own and have no interest in owning. A better topic on which to write a report might be: "Does past performance matter when comparing passive equity funds (or quasi-passive bond bunds) to one another?...
by baw703916
Fri Jul 17, 2015 9:53 pm
Forum: Investing - Theory, News & General
Topic: Jason Zweig, Behavioral Finance: What Good Is It, Anyway?
Replies: 21
Views: 3053

Re: Jason Zweig, Behavioral Finance: What Good Is It, Anyway?

If the irrational part of your brain tells you to sell when the market drops and buy when it has gone way up, you should smack it upside the head, and tell it to go back to watching cat videos. :twisted:
by baw703916
Sat Jul 11, 2015 12:04 am
Forum: Investing - Theory, News & General
Topic: How do you do the Larry Portfolio?
Replies: 48
Views: 3800

Re: "Three Fund Portfolio" outperforming complicated portfolios

With a 90% allocation to stocks, my question would be how well it's doing after the next market correction Not so hot, but a 2nd grader has quite a few decades left to recover from those. (His own personal allocation is 45% stocks, for what it's worth.) It must be for a second grader with a low ris...
by baw703916
Tue Jul 07, 2015 2:44 pm
Forum: Investing - Theory, News & General
Topic: Bloomberg - "The Hugely Profitable, Wholly Legal Way to Game the Stock Market" (Front running index fund purchases)
Replies: 43
Views: 4596

Re: Bloomberg - "The Hugely Profitable, Wholly Legal Way to Game the Stock Market" (Front running index fund purchases)

Unfortunately our company retirement plans only use Russell indexes or S&P 500 indexes. Fortunately, the ER's are around 0.1%. I don't think the front running is costing me anywhere near what I'm saving on expenses. Is R1000 available? There's actually less money indexed to that than the R2000 ...
by baw703916
Tue Jul 07, 2015 11:33 am
Forum: Investing - Theory, News & General
Topic: Does An All ETF Portfolio Make Sense?
Replies: 40
Views: 3333

Re: Does An All ETF Portfolio Make Sense?

I view them as basically the same (I buy and hold) but I have always had a question and hopefully it can be answered here: When looking at Vanguard MF/ETFs I noticed that the ETFs always significantly lower expense ratios. Why is that? Am I missing something? Vanguard's ETFs generally have the same...
by baw703916
Tue Jul 07, 2015 10:12 am
Forum: Investing - Theory, News & General
Topic: Does An All ETF Portfolio Make Sense?
Replies: 40
Views: 3333

Re: Does An All ETF Portfolio Make Sense?

nisiprius wrote:the deafening volume of hype surrounding ETFs...


You appear to have forgotten the "tune out the noise" part of the Boglehead dogma! ;)
by baw703916
Wed Jul 01, 2015 10:27 pm
Forum: Investing - Theory, News & General
Topic: The Fund Name is Not Enough
Replies: 24
Views: 2455

Re: The Fund Name is Not Enough

Well, after seeing the performance of ORVAX (Oppenheimer Rochester Virginia) in 2008, I would hope one wouldn't need to know that it held Puerto Rico bond to steer clear. Here's is a comparison to PRVAX (T. Rowe Price Virginia), which is a quite good Virginia fund I owned until very recently. http:/...
by baw703916
Tue Jun 30, 2015 8:13 pm
Forum: Investing - Theory, News & General
Topic: TIPS - Did you give up?
Replies: 113
Views: 11965

Re: TIPS - Did you give up?

abuss368 wrote:
I should have worded differently: I was referring to discussion and advice Vanguard publishes.


OK, I wondered about if that was what you meant.

My solution is to just ignore advice, even from Vanguard.:)
by baw703916
Tue Jun 30, 2015 5:07 pm
Forum: Investing - Theory, News & General
Topic: TIPS - Did you give up?
Replies: 113
Views: 11965

Re: TIPS - Did you give up?

Vanguard has removed the Intermediate TIPS fund and does not really address this asset class any longer. Did VIPSX go away? I see it listed in Vanguard's fund lineup and don't see any announcement of it being liquidated. I own LTPZ. I'm not sure why I would give up on TIPS. They're doing their job ...
by baw703916
Mon Jun 29, 2015 10:00 pm
Forum: Investing - Theory, News & General
Topic: Does your state muni bond fund hold PR debt? My MN fund does
Replies: 5
Views: 767

Re: Does your state muni bond fund hold PR debt? My MN fund does

Here's the portion of interest from Puerto Rico for Vanguard's Tax exempt bond funds and tax-managed balanced fund: 2014 TE money market 0.04% short term TE 0.15% limited term TE 0.13% intermediate term TE 0.66% long term TE 1.43% high yield TE 2.81% TE balanced 0.50% 2013 TE money market 0.02% shor...
by baw703916
Sun Jun 28, 2015 2:33 pm
Forum: Forum Issues and Administration
Topic: Forum Software Upgrade at 4 PM Eastern TODAY [Complete]
Replies: 9
Views: 1413

Re: Forum Software Upgrade at 4 PM Eastern TODAY

Hope the upgrade goes smoothly, thanks for all you do!
by baw703916
Sun Jun 28, 2015 12:57 pm
Forum: Investing - Theory, News & General
Topic: The next Lehman - this week? [Greek default]
Replies: 237
Views: 26225

Re: The next Lehman - this week? [Greek default]

livesoft wrote:Here is a fun read from today on hedge funds invested in Greek debt: http://www.nytimes.com/2015/06/29/busin ... reece.html


I plan to stick to my course of not investing in hedge funds. :)
by baw703916
Sun Jun 28, 2015 12:21 pm
Forum: Investing - Theory, News & General
Topic: An Argument for Long Term Treasury Bonds
Replies: 62
Views: 5199

Re: An Argument for Long Term Treasury Bonds

watchnerd wrote:Is there a good fund/ETF for 10-year Treasuries?


TENZ (PIMCO) is one possibility. There may be an iShares offering also.
by baw703916
Sun Jun 28, 2015 12:15 pm
Forum: Investing - Theory, News & General
Topic: The next Lehman - this week? [Greek default]
Replies: 237
Views: 26225

Re: The next Lehman - this week? [Greek default]

In reference to Taylor Larimore's previous post: Bogleheads: I wonder how many of us realize that the Gross Domestic Product of Greece is less than the State of Washington and its population is less than the State of Florida?... This forum reaches a world-wide audience. For balance, the Economy of ...
by baw703916
Sun Jun 28, 2015 11:46 am
Forum: Investing - Theory, News & General
Topic: Why long term treasury bonds?
Replies: 20
Views: 3370

Re: Why long term treasury bonds?

That's correct, there is only the ETF and institutional share classes.
by baw703916
Sun Jun 28, 2015 11:34 am
Forum: Investing - Theory, News & General
Topic: The next Lehman - this week? [Greek default]
Replies: 237
Views: 26225

Re: The next Lehman - this week? [Greek default]

One thing that a lot of people seem to have missed is that apart from Greece, the peripheral countries in Europe have gotten their finances in order pretty significantly over the past few years. Here's 10 year bond yields as of 6/26/2015 for sovereign debt of some countries. A higher yield indicates...
by baw703916
Sat Jun 27, 2015 12:40 pm
Forum: Investing - Help with Personal Investments
Topic: Where to Begin [Tax Efficient Mutual Funds for Some Inheritance]
Replies: 15
Views: 1433

Re: Tax Efficient Mutual Funds for Some Inheritance

Total bond isn't very tax efficient, so you would want to put this in the IRA. To the extent you will buy bonds in taxable, either a purely Treasury fund (if your state has income tax, the interest on Treasuries is exempt from state tax) or Intermediate term Tax-exempt Bond is preferable. These two ...
by baw703916
Mon Jun 22, 2015 10:05 pm
Forum: Investing - Theory, News & General
Topic: When saving money becomes an irrational obsession
Replies: 146
Views: 24781

Re: When saving money becomes an irrational obsession

Here's a challenge for everyone: what advice would you give to a young person if you knew their tendency was to oversave, rather than spend? The first question is why a person oversaves: 1) If it's to provide more money for heirs and charity, then I wouldn't consider that irrational. 2) At least on...
by baw703916
Mon Jun 22, 2015 8:34 pm
Forum: Investing - Theory, News & General
Topic: When saving money becomes an irrational obsession
Replies: 146
Views: 24781

Re: When saving money becomes an irrational obsession

EmergDoc wrote:I wrote a post on that a few years ago:

http://whitecoatinvestor.com/enough-is-enough/


Emerdoc,

That was insightful and apropos. Thanks for reposting those excerpts! (The rest of the column is well worth reading, I encourage others to take a look).
by baw703916
Mon Jun 22, 2015 4:26 pm
Forum: Investing - Theory, News & General
Topic: When saving money becomes an irrational obsession
Replies: 146
Views: 24781

Re: When saving money becomes an irrational obsession

Here's a challenge for everyone: what advice would you give to a young person if you knew their tendency was to oversave, rather than spend? Marry someone who can teach them how to spend :) Seriously - this is what happened to me. After I got married I used to joke that I put all the money into our...
by baw703916
Mon Jun 22, 2015 4:00 pm
Forum: Investing - Theory, News & General
Topic: When saving money becomes an irrational obsession
Replies: 146
Views: 24781

Re: When saving money becomes an irrational obsession

So here's something interesting. When I went to the article, there were links to three other articles on the G&M website, all of which had a common theme: stop spending so much and save more! Serious question: if your most likely failure mode (in personal finance or some other area) is in the op...

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