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Re: A look at the large value premium

Where does good old EFV fall, with respect to multi-metric concerns? On the MSCI website there's a pdf that says the index evaluates equities according to, "three variables: book value to price, 12-month forward earnings to price and dividend yield." How does that measure up to some of the...
by cb474
Mon Sep 22, 2014 1:37 am
 
Forum: Investing - Theory, News & General
Topic: A look at the large value premium
Replies: 16
Views: 2005

Re: U.S. stocks in freefall

I don't like knowing my portfolio has gone down in value the past week(s). However, there is some comfort that the market seems to be returning to some semblance of 'normality' by actually responding to actual conditions and events, rather than blindly climbing upward regardless. Hope I feel his wa...
by cb474
Fri Aug 08, 2014 4:51 am
 
Forum: Investing - Theory, News & General
Topic: U.S. stocks in freefall
Replies: 941
Views: 156592

Re: Vanguard's Small Cap Value Fund Expense Ratio Goes Up

You may be right that silent edits are standard practice on corporate websites. I don't know. But I really don't see anything wrong with making the edits more transparent for the sake of clarity. And I don't think it would be any more work. In the end, to me, just because everyone does something co...
by cb474
Mon May 05, 2014 11:33 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard's Small Cap Value Fund Expense Ratio Goes Up
Replies: 41
Views: 7504

Re: Vanguard's Small Cap Value Fund Expense Ratio Goes Up

^Yes, they can post whatever nonsense they want. Who said they can't? I'm not suggesting that edits be called out. I'm suggesting a timestamp on every article they post; no need to spell out any corrections. Easy to automate. I'm also sure that Vanguard will never do this--I think at least we agree...
by cb474
Mon May 05, 2014 4:24 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard's Small Cap Value Fund Expense Ratio Goes Up
Replies: 41
Views: 7504

Re: Vanguard's Small Cap Value Fund Expense Ratio Goes Up

Something like this happening once is understandable. Twice in such a similar way really reinforces the sense, for me, that at least as far as the website goes, at Vanguard the right hand doesn't know what the left hand is doing. I'm pretty unimpressed. My bank is way better at this kind of thing. ...
by cb474
Sun May 04, 2014 11:26 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard's Small Cap Value Fund Expense Ratio Goes Up
Replies: 41
Views: 7504

Re: Vanguard's Small Cap Value Fund Expense Ratio Goes Up

Updated 5/1 to correct the effective date of the expense ratio changes for the Extended Market Index Fund (all share classes, including the ETF) to 4/28, as well as to correct that the expense ratios of the Small-Cap Value Index Fund (all share classes, including the ETF) did not increase. For Smal...
by cb474
Sun May 04, 2014 11:22 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard's Small Cap Value Fund Expense Ratio Goes Up
Replies: 41
Views: 7504

Re: Vanguard's Small Cap Value Fund Expense Ratio Goes Up

[OT comments removed by admin LadyGeek] 1) I was just curious what was going on with the expense ratio. [Response to OT comments removed by admin LadyGeek] 4) I think it matters that lately Vanguard can't seem to post accurate information on their website and has to keep revising it (while not ackn...
by cb474
Sun May 04, 2014 3:27 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard's Small Cap Value Fund Expense Ratio Goes Up
Replies: 41
Views: 7504

Re: Vanguard's Small Cap Value Fund Expense Ratio Goes Up

That's interesting because Vanguard states as of April 30, 2014 states that the increase is because of BDCs. It would be nice if someone from Vanguard explained the increase. https://advisors.vanguard.com/VGApp/iip/site/advisor/research/article/ArticleTemplate.xhtml?iigbundle=IWE_NewsExpenseRatio04...
by cb474
Sat May 03, 2014 12:02 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard's Small Cap Value Fund Expense Ratio Goes Up
Replies: 41
Views: 7504

Re: Vanguard's Small Cap Value Fund Expense Ratio Goes Up

That's interesting because Vanguard states as of April 30, 2014 states that the increase is because of BDCs. It would be nice if someone from Vanguard explained the increase. https://advisors.vanguard.com/VGApp/iip/site/advisor/research/article/ArticleTemplate.xhtml?iigbundle=IWE_NewsExpenseRatio04...
by cb474
Fri May 02, 2014 5:12 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard's Small Cap Value Fund Expense Ratio Goes Up
Replies: 41
Views: 7504

Re: Vanguard's Small Cap Value Fund Expense Ratio Goes Up

The ER went down to .09% for every Vanguard style fund, except Vanguard value, which went up to .12%. I can't believe that CSRP charges more for their small value index than for their small growth index. I wonder if there is an error in Vanguard's system somewhere? Especially since no one has found...
by cb474
Tue Apr 29, 2014 4:35 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard's Small Cap Value Fund Expense Ratio Goes Up
Replies: 41
Views: 7504

Re: POLL: the WORST financial advice you've given/received?

But the main problem is that they are asking lots of people for advice, and then following a little of all of the advice (they can't tell the difference between good and bad advice). As a result, their financial strategy is incoherent... the proverbial "too many cooks in the kitchen" (and...
by cb474
Tue Apr 29, 2014 1:55 am
 
Forum: Investing - Theory, News & General
Topic: POLL: the WORST financial advice you've given/received?
Replies: 61
Views: 15316

Re: Vanguard's Small Cap Value Fund Expense Ratio Goes Up

Thanks for all the responses. As others note, my attention was drawn to the change in ER on the balance and holdings page of the website, where a little note popped up indicating that the ER on VSIAX/VBR had changed (gone up), as well as on VTSAX (went down). * My colleague Kevin Grogan (and co auth...
by cb474
Tue Apr 29, 2014 1:42 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard's Small Cap Value Fund Expense Ratio Goes Up
Replies: 41
Views: 7504

Re: POLL: the WORST financial advice you've given/received?

I don't think I've ever given someone financial advice that I subsequently felt was bad advice. But I do feel like it's almost always a bad idea to give people financial advice. I've found people just don't want it. It provokes a lot of anxieties and usually I get proverbially punched in the face fo...
by cb474
Mon Apr 28, 2014 4:58 am
 
Forum: Investing - Theory, News & General
Topic: POLL: the WORST financial advice you've given/received?
Replies: 61
Views: 15316

Vanguard's Small Cap Value Fund Expense Ratio Goes Up

I just saw that the expense ratio on VBR/VSIAX, Vanguard's small cap value fund, has gone up from .10% to .12%. (Not sure what, if any, change there was for the investor shares.) That surprised me. I haven't seen the ER on a Vanguard fund go up before. It's not much of a difference, but still not th...
by cb474
Mon Apr 28, 2014 4:50 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard's Small Cap Value Fund Expense Ratio Goes Up
Replies: 41
Views: 7504

Re: heartbleed - widespread internet security problem

If anyone tried to draw money from a mutual fund account, you'd get a confirmation of them linking a bank account to your mutual fund account before they could transfer the funds. At least I think it works that way at Vanguard. And you get a confirmation at your old address if someone tries to chan...
by cb474
Thu Apr 17, 2014 3:52 am
 
Forum: Personal Consumer Issues
Topic: heartbleed - widespread internet security problem
Replies: 175
Views: 27281

Re: heartbleed - widespread internet security problem

Let us not forget that Vanguard has not resissued the certificate for their site. It's almost two years old. And given the mixed, unclear messages Vanguard posted about whether or not they were ever vulnerable in any way to the SSL bug, I'm not feeling great about this. I think out of an abundance o...
by cb474
Tue Apr 15, 2014 9:21 pm
 
Forum: Personal Consumer Issues
Topic: heartbleed - widespread internet security problem
Replies: 175
Views: 27281

Re: heartbleed - widespread internet security problem

<snip>Vanguard's site now no longer makes any claim that Vanguard never was vulnerable. It just says, effectively, that the site is not now vulnerable.<snip> Vanguard's web site includes: You may have heard about the "Heartbleed" security flaw that has exposed some websites to attackers. ...
by cb474
Sat Apr 12, 2014 8:16 pm
 
Forum: Personal Consumer Issues
Topic: heartbleed - widespread internet security problem
Replies: 175
Views: 27281

Re: heartbleed - widespread internet security problem

I really disagree with those that assert there's some reason Vanguard needs to be cagey about how their system works and whether or not it was vulnerable. Yes it's complicated how these things work, as many have said, but the answer is not complicated. As others have noted Fidelity has been very str...
by cb474
Fri Apr 11, 2014 8:51 pm
 
Forum: Personal Consumer Issues
Topic: heartbleed - widespread internet security problem
Replies: 175
Views: 27281

Re: heartbleed - widespread internet security problem

from Vanguard: Heartbleed was discovered in OpenSSL, the data encryption standard used by a majority of websites around the world—including vanguard.com—to transmit information securely. It lets attackers steal confidential data without being noticed, including passwords, bank account information, ...
by cb474
Fri Apr 11, 2014 5:21 am
 
Forum: Personal Consumer Issues
Topic: heartbleed - widespread internet security problem
Replies: 175
Views: 27281

Re: heartbleed - widespread internet security problem

So while it's alway a good time to review security practices. I think people should be clear that this is not your typical password problem, where one site is compromised and then that messes you up on any other site that uses the same password. Again, as news stories have noted, two thirds of the ...
by cb474
Thu Apr 10, 2014 2:17 am
 
Forum: Personal Consumer Issues
Topic: heartbleed - widespread internet security problem
Replies: 175
Views: 27281

Re: heartbleed - widespread internet security problem

I also called Vanguard today and they also told me, as someone above said, that their system is not subject to the OpenSSL bug. The person I spoke with was not very knowledgeable though and did not transfer me directly to the technical website people. He was unwilling to disclose whether they use W...
by cb474
Wed Apr 09, 2014 9:15 pm
 
Forum: Personal Consumer Issues
Topic: heartbleed - widespread internet security problem
Replies: 175
Views: 27281

Re: heartbleed - widespread internet security problem

We have a lengthy discussion on passwords here: Another reason why you should never reuse passwords... - it's chock full of suggested techniques and other helpful information. It's true as many people have been reiterating here that the best practice is not to use the same password for more than on...
by cb474
Wed Apr 09, 2014 8:32 pm
 
Forum: Personal Consumer Issues
Topic: heartbleed - widespread internet security problem
Replies: 175
Views: 27281

Re: heartbleed - widespread internet security problem

This site indicates vanguard may not be impacted. http://filippo.io/Heartbleed/ Just to repeat what I said above, the filippo site is not useful and can be very misleading. It returns the same response ("all good, whatever-website-you-entered seems fixed or unaffected") for websites that ...
by cb474
Wed Apr 09, 2014 8:23 pm
 
Forum: Personal Consumer Issues
Topic: heartbleed - widespread internet security problem
Replies: 175
Views: 27281

Re: heartbleed - widespread internet security problem

There is yet another heartbleed checker, which I think is much more useful than the first two, here: http://possible.lv/tools/hb/ The Lastpass checker seems unable to really tell if a site is or (especially) was vulnerable in many cases (treating sites with old certificates, but which were never vul...
by cb474
Wed Apr 09, 2014 6:24 am
 
Forum: Personal Consumer Issues
Topic: heartbleed - widespread internet security problem
Replies: 175
Views: 27281

Re: "Buy the haystack" -- Jack Bogle quote

But, I do want to add that for folks who are brand new to managing invesments or don't have the interest or inclination to deal with it, a simpler framework (that doesn't have too much tracking error) might be of benefit. When people hear value/small premium and jump into it without fully comprehen...
by cb474
Thu Mar 13, 2014 8:12 pm
 
Forum: Investing - Theory, News & General
Topic: Small Cap Tilting
Replies: 84
Views: 9300

Re: Small Cap Tilting

Although we have probably provided some interesting information (or at least our takes on it) I doubt that continuing this is all that productive or valuable so I’ll give it a rest after this post. Yes, we probably have gone over our take on the questions at hand enough times. I think I mostly agre...
by cb474
Wed Mar 12, 2014 6:39 pm
 
Forum: Investing - Theory, News & General
Topic: Small Cap Tilting
Replies: 84
Views: 9300

Re: "Buy the haystack" -- Jack Bogle quote

The amount of time spent thinking of investing as "Science" (NOT), and searching for things like needles in a haystack that can stick you in the rear end, could be more productive if the time is devoted to search for ways to maximize our earning-power - thus maximizing our savings rate. Y...
by cb474
Wed Mar 12, 2014 6:31 pm
 
Forum: Investing - Theory, News & General
Topic: Small Cap Tilting
Replies: 84
Views: 9300

Re: Small Cap Tilting

Thanks for your thoughts on the makeup of the two funds. A couple remarks: IMO the shifts you see in VTMSX are a combination of the market shifts in general with the added variable of the tax management trading screens. That’s a unique variable for this type of fund. I think you get some momentum ef...
by cb474
Tue Mar 11, 2014 8:15 pm
 
Forum: Investing - Theory, News & General
Topic: Small Cap Tilting
Replies: 84
Views: 9300

Re: Small Cap Tilting

See the question I posed to Landy above. How can I respond? What difference do the comparative factor loadings make when VSMAX was attempting to replicate the MSCI index, or R2K prior to that? That has nothing to do with the product available today. That's why analyzing the historic factor loadings...
by cb474
Mon Mar 10, 2014 8:06 pm
 
Forum: Investing - Theory, News & General
Topic: Small Cap Tilting
Replies: 84
Views: 9300

Re: Benjamin Graham thinks current S&P valuations are reason

I was responding, as your quote from me shows, to someone who was talking about moving a certain portion of their investments into cash (rather than just equities and bonds) if PE10 > 25. I assumed cash meant cash (something like a money market account or simply a regular bank account), not 3 month ...
by cb474
Sun Mar 09, 2014 7:47 pm
 
Forum: Investing - Theory, News & General
Topic: Benjamin Graham thinks current S&P valuations are reasonable
Replies: 54
Views: 7696

Re: Small Cap Tilting

So my point was that choosing the inception date of VTMSX as the point from which to make comparisons (and implicitly the present as the relevant end point) is entirely arbitrary and doesn't mean anything . I've repeatedly said that the return comparison does not matter. Decompose the returns and y...
by cb474
Sat Mar 08, 2014 8:13 pm
 
Forum: Investing - Theory, News & General
Topic: Small Cap Tilting
Replies: 84
Views: 9300

Re: Help comparing factor loads on VTMSX (Tax-Managed Small

Thanks for the further thoughts, berntson. It does seem to get more and more complicated, the more one learns about it. People who are skeptical about the small and value premiums often say that it's one thing to contruct hypothetical possibilities, based on academic research, using indices devised ...
by cb474
Sat Mar 08, 2014 7:37 pm
 
Forum: Investing - Theory, News & General
Topic: Help comparing factor loads on VTMSX (Tax-Managed Small Cap)
Replies: 4
Views: 609

Re: Help comparing factor loads on VTMSX (Tax-Managed Small

Thanks for the thoughts berntson! That's very helpful. Yes, I also noticed that the same anomalies to VTMSX's value load can be seen in other S&P 600 funds over the same timer period, like IJR. So I suppose my question is more generally about how to compare S&P 600 funds to MSCI and (now) CR...
by cb474
Fri Mar 07, 2014 11:04 pm
 
Forum: Investing - Theory, News & General
Topic: Help comparing factor loads on VTMSX (Tax-Managed Small Cap)
Replies: 4
Views: 609

Re: Small Cap Tilting

cb474 - good post, I mostly agree with what you have to say, however, I was making a very specific point about the comparison of the two blend funds and was leaving the value/growth element out of it. That is why I said the comparison including VISGX & VISVX wasn't the point. However, what I wr...
by cb474
Fri Mar 07, 2014 7:53 pm
 
Forum: Investing - Theory, News & General
Topic: Small Cap Tilting
Replies: 84
Views: 9300

Re: Small Cap Tilting

Found this thread comparins VTMSX and VSMAX/NAESX: http://www.bogleheads.org/forum/viewtopic.php?f=1&t=114788 A couple interesting points made in posts by nisiprius. First, VTMSX seems to have had a burst of outperformance soon after it's inception, but in subsequent years the two have tracked v...
by cb474
Thu Mar 06, 2014 10:59 pm
 
Forum: Investing - Theory, News & General
Topic: Small Cap Tilting
Replies: 84
Views: 9300

Help comparing factor loads on VTMSX (Tax-Managed Small Cap)

The question came up in another thread about how Vanguard's Tax-Managed Small Cap fund (VTMSX) rarely gets discussed in the context of tilting portfolios. I was interested in comparing VTMSX (based on the S&P 600) to Vanguard's Small Cap Value fund VBR/VISVX/VSIAX (now based on the CRSP) and to ...
by cb474
Thu Mar 06, 2014 9:54 pm
 
Forum: Investing - Theory, News & General
Topic: Help comparing factor loads on VTMSX (Tax-Managed Small Cap)
Replies: 4
Views: 609

Re: Small Cap Tilting

The OP is considering a size tilt. Maybe I’m having a middle aged moment but I didn’t notice a single mention of Vanguard’s Tax Managed Small Cap fund VTMSX in this thread. Especially for a taxable account, a VG investor that has 10K, wants a blend fund (but not an ETF) to tilt to SmB and wants a c...
by cb474
Thu Mar 06, 2014 9:34 pm
 
Forum: Investing - Theory, News & General
Topic: Small Cap Tilting
Replies: 84
Views: 9300

Re: Small Cap Tilting ???

Oh, it's a small growth fund. A real live fund with rebalancing costs and liquidity constraints. You know what very much isn't a fund? Abstract, reconstructed, liquidity unconstrained, costlessly rebalanced Fama French data. If that's your criteria, there are no small growth funds. ... Indeed he ha...
by cb474
Thu Mar 06, 2014 12:02 am
 
Forum: Investing - Theory, News & General
Topic: Small Cap Tilting
Replies: 84
Views: 9300

Re: Small Cap Tilting

kerplunk wrote:My numbers are without reinvesting dividends. I included the dividends in the total, however.

That, obviously, effects some funds more than others and doesn't equally reflect the total potential actual returns of the different funds. I'm not sure I understand the value of your method of comparison.
by cb474
Wed Mar 05, 2014 10:32 pm
 
Forum: Investing - Theory, News & General
Topic: Small Cap Tilting
Replies: 84
Views: 9300

Re: Small Cap Tilting

I did a small amount of research on this, only to have found, to my surprise, that small-cap blend has performed the worst. 05/28/1998 to 03/05/2014 (Approximately 16 years) Growth of $10,000... $36,387.91 Vanguard Small-Cap Growth Index Fund Investor Shares (VISGX) $29,074.34 Vanguard Small-Cap Va...
by cb474
Wed Mar 05, 2014 10:20 pm
 
Forum: Investing - Theory, News & General
Topic: Small Cap Tilting
Replies: 84
Views: 9300

Re: Source of data

I don't even, in fact, understand where the figures come from. Vanguard's SV and SG funds have an inception date of 1998, how can they have 15 yr return data that ends in 2000? cb474: The figures I listed originated from Morningstar's style data -- not from Vanguard fund returns. Best wishes Taylor...
by cb474
Wed Mar 05, 2014 9:30 pm
 
Forum: Investing - Theory, News & General
Topic: Small Cap Tilting
Replies: 84
Views: 9300

Re: Small Cap Tilting ???

I think Taylor's point was that tilting hasn't always worked as expected or as academic studies may suggest it is likely to, even over what are to most investors extended time periods. The question was predicated on using VG funds exclusively, and we all know that many experts believe that VG funds...
by cb474
Wed Mar 05, 2014 9:02 pm
 
Forum: Investing - Theory, News & General
Topic: Small Cap Tilting
Replies: 84
Views: 9300

Re: Small Cap Tilting ???

I had not seen the thread you linked. Thank you for that. I had seen a few threads more recently than that, but this thread was before I joined the forums. Many of the most valuable threads on these topics are much older than the one I linked to, so doing a search on the topics that interest you is...
by cb474
Wed Mar 05, 2014 7:59 pm
 
Forum: Investing - Theory, News & General
Topic: Small Cap Tilting
Replies: 84
Views: 9300

Re: Small Cap Tilting ???

I plan on using one of Vanguards 3 Small Cap funds. The decision I am having a hell of a time with is determining between Small Growth, Small Blend, or Small Value. Paden: You may find these small-cap figures interesting . Morningstar annualized returns for various periods ending 6-30-00: Style ......
by cb474
Wed Mar 05, 2014 7:07 pm
 
Forum: Investing - Theory, News & General
Topic: Small Cap Tilting
Replies: 84
Views: 9300

Re: Small Cap Tilting

Also, off hand, keep in mind that if you tilt 20% to small using Vanguard funds, as you suggest, these funds don't in fact capture 100% of the small cap premium, so your portfolio, in this sense, would not actually be tilted 20% to small. You could hold 100% VSMAX (Vanguards U.S. admiral shares sma...
by cb474
Tue Mar 04, 2014 9:43 pm
 
Forum: Investing - Theory, News & General
Topic: Small Cap Tilting
Replies: 84
Views: 9300

Re: Small Cap Tilting

Paden, You should really spend some time reading the many threads here that already exist on the topic of small and value tilting (and look at the wiki also). Some of the things being said in this thread (about midcaps being the same as small, about the small and value premiums not existing) are bei...
by cb474
Tue Mar 04, 2014 8:51 pm
 
Forum: Investing - Theory, News & General
Topic: Small Cap Tilting
Replies: 84
Views: 9300

Re: Benjamin Graham thinks current S&P valuations are reason

If I am limiting my returns so be it. ... My point and it appears swaption was thinking something similar, is that you seem to think that you are sacrificing potential returns in exchange for mitigating your risk, when PE10 is greater than 25. But I think that my be an entirely false assumption, wi...
by cb474
Tue Mar 04, 2014 7:33 pm
 
Forum: Investing - Theory, News & General
Topic: Benjamin Graham thinks current S&P valuations are reasonable
Replies: 54
Views: 7696

Re: Benjamin Graham thinks current S&P valuations are reason

There seems to be a somewhat vocal contingent on this forum that appears to look at PE10 as an indicator in isolation. I seem to recall several threads that focused a great deal on the fact that PE10 was >25, with many folks completely ignoring the relatively low yields (and, thus, high valuation) ...
by cb474
Mon Mar 03, 2014 11:15 pm
 
Forum: Investing - Theory, News & General
Topic: Benjamin Graham thinks current S&P valuations are reasonable
Replies: 54
Views: 7696

Re: Fund Factor Tilting Data

Thanks berntson, that's very helpful. I think I'm starting to get it. So a fund with a smb of 1.0 would capture 100% of the small premium. And if the small premium happens to have a 2% CAGR, then you'd be getting 2% additional return over the market/beta returns. Is that right? Also is "Mkt-Rf&...
by cb474
Sun Mar 02, 2014 1:07 am
 
Forum: Investing - Theory, News & General
Topic: Fund Factor Tilting Data
Replies: 60
Views: 5544

Re: Fund Factor Tilting Data

Thanks for the explanation. That makes sense. I had seen those two sites at different times (although I didn't actually realize they were different sites, because they have kind of similar looks). But I was finding your spreadsheet layout handy for looking at a bunch of funds at once and comparing t...
by cb474
Sat Mar 01, 2014 7:54 pm
 
Forum: Investing - Theory, News & General
Topic: Fund Factor Tilting Data
Replies: 60
Views: 5544
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