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Re: Vanguard CRSP index fund turnover rates (2014)

Maybe so, but I was reading Gasteneau's book on ETFs and he was discussion that active fund managers were shying away from the ETF marketplace because of the daily disclosure rule. It struck me as very difficult to front run, even if one could observe trends. I assure you many people make their liv...
by ftobin
Thu Mar 12, 2015 10:46 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard CRSP index fund turnover rates (2014)
Replies: 22
Views: 1191

Re: Vanguard CRSP index fund turnover rates (2014)

But of the hundreds of positions in a fund, how could anyone know what direction they're going with a position? The only possible consideration is if a fund is being compared to a published index and an observer detects an underweight in certain securities, but even then it's highly uncertain if th...
by ftobin
Thu Mar 12, 2015 10:09 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard CRSP index fund turnover rates (2014)
Replies: 22
Views: 1191

Re: Vanguard CRSP index fund turnover rates (2014)

I just read that WSJ article you linked to above. I don't understand how daily disclosure harms a fund via freeriding or front running. After all, the disclosure lists trades that already happened, so there's nothing one can do to harm values. I don't get it. The full trade can happen over the cour...
by ftobin
Thu Mar 12, 2015 9:39 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard CRSP index fund turnover rates (2014)
Replies: 22
Views: 1191

Re: International increase in Target Retirement & LifeStrate

As long as Vanguard is never reversing their changes without serious just cause, their constancy seems to be in their trajectory, not in one particular allocation.
by ftobin
Wed Mar 04, 2015 12:25 am
 
Forum: Investing - Theory, News & General
Topic: International increase in Target Retirement & LifeStrategy
Replies: 219
Views: 17384

Re: Taylor Larimore Honored

Thank you for all your contributions towards fellow men and women!
by ftobin
Tue Mar 03, 2015 9:32 pm
 
Forum: Investing - Theory, News & General
Topic: Taylor Larimore Honored
Replies: 59
Views: 5046

Re: Truths About Stop Losses

ShiftF5 wrote:It seemed like others could see my stop loss order, come down and touch that price (triggering my sale) and pop right back up.

Stop orders are not represented in the market, but your broker has knowledge of them.
by ftobin
Sun Mar 01, 2015 3:57 pm
 
Forum: Investing - Theory, News & General
Topic: Truths About Stop Losses
Replies: 14
Views: 1446

Re: International increase in Target Retirement & LifeStrate

No one should ever not know what they are invested in. Probably 90% of people don't know what they're really invested in, or the risks they're exposed to. If they can hand this off to an organization like Vanguard, who could estimate their tolerance with a few simple questions, all the better. Addi...
by ftobin
Sat Feb 28, 2015 5:31 pm
 
Forum: Investing - Theory, News & General
Topic: International increase in Target Retirement & LifeStrategy
Replies: 219
Views: 17384

Re: International increase in Target Retirement & LifeStrate

dbr wrote:However, this does show that there is no such thing as "invest and forget." You still should pay attention to what is going on TR fund or not.

Or not pay attention and let Vanguard manage the risk :-)
by ftobin
Sat Feb 28, 2015 12:02 pm
 
Forum: Investing - Theory, News & General
Topic: International increase in Target Retirement & LifeStrategy
Replies: 219
Views: 17384

Re: International increase in Target Retirement & LifeStrate

My takeaways: 1) Do not rely on the current allocations if you are trying to set your own targets. 2) Vanguard is moving on a path towards global market weightings, assuming this can be achieved in a low-cost manner. 3) The allocations are not off the beaten path, and just "different" than...
by ftobin
Thu Feb 26, 2015 12:37 pm
 
Forum: Investing - Theory, News & General
Topic: International increase in Target Retirement & LifeStrategy
Replies: 219
Views: 17384

International increase in Target Retirement & LifeStrategy

Vanguard announced it will increase the international equity and fixed income allocations for Vanguard Target Retirement Funds and Vanguard LifeStrategy® Funds to offer investors enhanced global diversification. Increased global diversification The international equity allocation for both types of ...
by ftobin
Thu Feb 26, 2015 8:40 am
 
Forum: Investing - Theory, News & General
Topic: International increase in Target Retirement & LifeStrategy
Replies: 219
Views: 17384

Re: Converting VG ETFs to open ended funds

I suspect there could be liquidity concerns with the pricing of shares, though I would think that would be manageable.

I do wish your concerns about simplicity could be addressed through better interfaces for trading ETFs, making it just as simple as mutual funds.
by ftobin
Wed Feb 25, 2015 8:56 am
 
Forum: Investing - Theory, News & General
Topic: Converting VG ETFs to open ended funds
Replies: 15
Views: 723

Re: Vanguard Ultra-Short-Term Bond Fund now available

I believe this fund is aimed at institutional investors who won't be able to use money market funds with fixed share values in the future: The fund may be of interest to certain institutional investors who won't have access to a "retail" or "prime" money market fund with a fixed ...
by ftobin
Wed Feb 11, 2015 12:40 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard Ultra-Short-Term Bond Fund now available
Replies: 35
Views: 4209

Re: "What My Daughter Learned From the Stock-Market Crash"

Gropes & Ray wrote:So Rick supporting investing on margin during the stock crash? :P

It was really an expensive put he was offering to sell to his daughter.
by ftobin
Fri Feb 06, 2015 1:52 pm
 
Forum: Investing - Theory, News & General
Topic: "What My Daughter Learned From the Stock-Market Crash"
Replies: 13
Views: 3477

Re: Changing a submitted order at a broker

Dont some exchanges support a direct cancel/replace instruction, rather than having to cancel, wait for confirmation, and then submit the new order? That's kind of what he's describing, although it admittedly gets messier with market makers and off exchange considerations. Yes, cancel-replace/modif...
by ftobin
Thu Feb 05, 2015 4:25 pm
 
Forum: Investing - Theory, News & General
Topic: Changing a submitted order at a broker
Replies: 34
Views: 1593

Re: Changing a submitted order at a broker

1) Lock the record for the order if it is not completely filled already. While it is locked nothing else can update it. There is no such thing as "locking" an order in trading equities. In fact, your online broker doesn't even have control of the order -- it's placed with a market maker o...
by ftobin
Thu Feb 05, 2015 2:59 pm
 
Forum: Investing - Theory, News & General
Topic: Changing a submitted order at a broker
Replies: 34
Views: 1593

Re: Changing a submitted order at a broker

Because if you get a partial fill the remaining odd lot may be hard to get executed. But in any case "all or known" may work better than "fill or kill". A fill-or-kill (FOK) is equivalent to an all-or-none (AON) plus immediate-or-cancel (IOC). In other words, if an order can be ...
by ftobin
Thu Feb 05, 2015 1:04 pm
 
Forum: Investing - Theory, News & General
Topic: Changing a submitted order at a broker
Replies: 34
Views: 1593

Re: Changing a submitted order at a broker

AONs have much fewer regulatory protections than regular orders. I wouldn't recommend using them unless you really know what you are doing.
by ftobin
Thu Feb 05, 2015 11:24 am
 
Forum: Investing - Theory, News & General
Topic: Changing a submitted order at a broker
Replies: 34
Views: 1593

Re: Changing a submitted order at a broker

So my questions which I placed at the top of this post is to ask what your experience has been in situations like this. Does your broker allow you to change limit orders and what happens when you are in the middle of changing your order and the order executes fully or partially? From the broker's p...
by ftobin
Wed Feb 04, 2015 6:43 pm
 
Forum: Investing - Theory, News & General
Topic: Changing a submitted order at a broker
Replies: 34
Views: 1593

Re: Vanguard introduces first muni bond index fund and ETF

Some stats on this index can be found at http://us.spindices.com/indices/fixed-income/sp-national-amt-free-municipal-bond-index Highlights: Modified Duration (different from effective duration?): 4.74 years Yield to Maturity: 3.00% This index is also followed by an iShares ETF, MUB. Strangely, iShar...
by ftobin
Tue Jan 06, 2015 9:58 am
 
Forum: Investing - Theory, News & General
Topic: New Vanguard AMT-free National Municipal Bond Fund
Replies: 79
Views: 7395

Vanguard introduces first muni bond index fund and ETF

[Thread merged into here, see below. --admin LadyGeek] Vanguard Tax-Exempt Bond Index Fund marks our first tax-exempt index fund and ETF. The fund's target benchmark is the S&P® National AMT-Free Municipal Bond Index. It will offer investors exposure to investment-grade municipal bonds across t...
by ftobin
Tue Jan 06, 2015 9:20 am
 
Forum: Investing - Theory, News & General
Topic: New Vanguard AMT-free National Municipal Bond Fund
Replies: 79
Views: 7395

Re: Why donate to charity?

So the key question is simply whether you wish to donate to charity. If so, then why not send them the portion that the IRS would otherwise take? Donating to charity simply reduces your income that the government taxes. This allows you to donate 100% of your pre-tax income, and not owe any income t...
by ftobin
Wed Dec 31, 2014 2:22 pm
 
Forum: Investing - Theory, News & General
Topic: Why donate to charity?
Replies: 61
Views: 4183

Re: "Vanguard converting mutual fund accounts to brokerage?

I work in banking sector but not related to selling any financial products. when i try to open the vanguard acct online its asking me approval from my employer. Did anyone had same experience opening a vanguard brokerage account who works in banking?. what approval do they usual need from employer?...
by ftobin
Tue Dec 16, 2014 9:52 am
 
Forum: Investing - Theory, News & General
Topic: "Vanguard converting mutual fund accounts to brokerage?
Replies: 302
Views: 31915

Re: Pensions Provide Benefits at Half the Cost of 401Ks

The notion that you have to save/contribute more money in a DC plan than a DB plan for the same benefits is disingenuous. The only way this could be true is if DB plans had lower costs and/or greater returns. The money needs to come from somewhere. The reason why it seems like you need to save/cont...
by ftobin
Thu Dec 04, 2014 2:48 pm
 
Forum: Investing - Theory, News & General
Topic: Pensions Provide Benefits at Half the Cost of 401Ks
Replies: 16
Views: 1608

Re: "Vanguard converting mutual fund accounts to brokerage?

I don't understand why this change isn't viewed more positively. The change is allowing you to hold stock, bonds, etfs, and mutual funds all in the same account without having to keep it separate. There won't be any need for separate mutual fund and brokerage accounts. If all you want to buy is mut...
by ftobin
Fri Oct 10, 2014 9:50 pm
 
Forum: Investing - Theory, News & General
Topic: "Vanguard converting mutual fund accounts to brokerage?
Replies: 302
Views: 31915

Re: When people put all their eggs in the wrong basket

I was just over perusing at the Contrarian board and found a 51-year old Harvard law graduate who apparently had been very successful in his own business . He gets progressively frustrated at GTAT's Board of Directors and management for not answering questions and frustrated at his fellow Contraria...
by ftobin
Fri Oct 10, 2014 12:04 am
 
Forum: Investing - Theory, News & General
Topic: When people put all their eggs in the wrong basket
Replies: 233
Views: 31467

Re: When people put all their eggs in the wrong basket

Even a Vanguard actively-managed fund got caught up pretty severely. Vanguard Capital Value fund had 2% of its portfolio in GTAT:
Image
by ftobin
Thu Oct 09, 2014 11:40 am
 
Forum: Investing - Theory, News & General
Topic: When people put all their eggs in the wrong basket
Replies: 233
Views: 31467

Re: When people put all their eggs in the wrong basket

A lot of people are second guessing what we could have done different, and the biggest thing is that a lot of us should have been more diversified. And I think that is the biggest takeaway from all of this. Yep. Interestingly, the person you quoted is the exact same forum Administrator/Staff Member...
by ftobin
Thu Oct 09, 2014 10:17 am
 
Forum: Investing - Theory, News & General
Topic: When people put all their eggs in the wrong basket
Replies: 233
Views: 31467

Re: When people put all their eggs in the wrong basket

This post personifies the attitude over there. It was made on Sept 9. Eerily prescient. http://forum.thecontrarianinvestor.com/index.php?threads/gt-advanced-technologies-inc-gtat.69/page-320#post-20215 Not really. Investing in index funds would be a dangerous game for me: If I put all of my money i...
by ftobin
Wed Oct 08, 2014 3:08 pm
 
Forum: Investing - Theory, News & General
Topic: When people put all their eggs in the wrong basket
Replies: 233
Views: 31467

Re: Mutual Funds vs. Exchange Traded Funds (ETFs)

I then tried placing a limit order at $0.01 ABOVE the "ask" price, and Fidelity's website rejected the order because it was above the "ask" price. In short, I couldn't get it at the ask price and Fidelity's website wouldn't let me make an offer at above the ask price. As the pri...
by ftobin
Tue Oct 07, 2014 10:55 am
 
Forum: Investing - Theory, News & General
Topic: Mutual Funds vs. Exchange Traded Funds (ETFs)
Replies: 37
Views: 2908

Re: Mutual Funds vs. Exchange Traded Funds (ETFs)

d0gerz wrote:That would definitely work, although with a $25,000 minimum Vanguard Charitable isn't an option for me at the moment.

I recommend considering Fidelity Charitable with their lower $5000 initial contribution minimum -- I have an account with them as well (predates my Vanguard account).
by ftobin
Tue Oct 07, 2014 10:45 am
 
Forum: Investing - Theory, News & General
Topic: Mutual Funds vs. Exchange Traded Funds (ETFs)
Replies: 37
Views: 2908

Re: Mutual Funds vs. Exchange Traded Funds (ETFs)

On the flip side, I donate appreciated ETFs. This doesn't require the charity to have a Vanguard account. If you want to donate mutual funds, however, the recipient must have a Vanguard account. I've donated mutual funds several times, held at TD Ameritrade, Vanguard, and Fidelity, but only to dono...
by ftobin
Tue Oct 07, 2014 7:51 am
 
Forum: Investing - Theory, News & General
Topic: Mutual Funds vs. Exchange Traded Funds (ETFs)
Replies: 37
Views: 2908

Re: "Vanguard converting mutual fund accounts to brokerage?

Did you finally merge them at Fidelity? Any benefit from doing it? After my employer began allowing accounts at "preferred brokers", of which Fidelity is one of three, I did convert my account into a brokerage account on my request. There has been no benefit yet, but if I find a need to b...
by ftobin
Mon Oct 06, 2014 8:53 pm
 
Forum: Investing - Theory, News & General
Topic: "Vanguard converting mutual fund accounts to brokerage?
Replies: 302
Views: 31915

Re: "Vanguard converting mutual fund accounts to brokerage?

Fidelity used to have a dual-mode system like Vanguard, having mutual fund account separately from the brokerage. I kept a mutual fund-only account for many years after they merged their brokerage operation and fund operation. I was even allowed to create a new mutual fund-only account later when th...
by ftobin
Mon Oct 06, 2014 7:42 pm
 
Forum: Investing - Theory, News & General
Topic: "Vanguard converting mutual fund accounts to brokerage?
Replies: 302
Views: 31915

Re: "Vanguard converting mutual fund accounts to brokerage?

I wish their FAQ covered whether people can opt-opt of this. Working in the trading industry, my employer will not allow a brokerage account at Vanguard for compliance reasons (I have to use "preferred" brokers). Given what nisiprius, I definitely prefer the level of automatic-ness I can a...
by ftobin
Mon Oct 06, 2014 1:30 pm
 
Forum: Investing - Theory, News & General
Topic: "Vanguard converting mutual fund accounts to brokerage?
Replies: 302
Views: 31915

Re: An inefficient market creating drag on index returns

The Russell is well known for front running for several reasons but I don't think it is unique to the russell its just much easier to study. Front running was detected in this index because: 1. They were rebalancing once a year. 2. In the 90s it was the major small cap passive benchmark so nearly a...
by ftobin
Wed Sep 03, 2014 12:12 am
 
Forum: Investing - Theory, News & General
Topic: An inefficient market creating drag on index returns
Replies: 54
Views: 4255

Re: Philosophy Differs From Strategy

commodities tend to track inflation I'm trying to imagine a world in which that isn't true. One in which, for instance, the price of oil triples without raising other prices through its effect on transportation and manufacturing costs. Probably depends on whether the commodity is consumable. For ex...
by ftobin
Tue Sep 02, 2014 4:50 pm
 
Forum: Investing - Theory, News & General
Topic: Philosophy Differs From Strategy
Replies: 33
Views: 3512

Re: Motif Investing - own the S&P500 for less

Actually, the real secret is that there is no point in slavishly trying to track any index. The fact is that if one has enough separate holdings, it really doesn't matter too much what exactly those holdings are, or in what weights. One will end up tracking the overall market regardless. (Modulo, s...
by ftobin
Wed Aug 27, 2014 3:07 pm
 
Forum: Investing - Theory, News & General
Topic: Motif Investing - own the S&P500 for less
Replies: 93
Views: 8076

Re: Motif Investing - own the S&P500 for less

Re-investing dividends adds to the money-cost -- you can't assume that the dividends are re-invested into the same stock, if you're trying to match the index. Taking time to compare your holdings to the Index after each dividend payout or a split also time-costly. Why pick arbitrarily pick the S&...
by ftobin
Wed Aug 27, 2014 8:49 am
 
Forum: Investing - Theory, News & General
Topic: Motif Investing - own the S&P500 for less
Replies: 93
Views: 8076

Re: US Equity Benchmark Options

I understand your goal for a 3-fund portfolio, but to get more mid/small-cap coverage than the S&P 500, I'd 50/50 the Russell 1000 trackers. I think you're fine with just the S&P 500 as a fine choice too, though.
by ftobin
Thu Aug 14, 2014 5:28 pm
 
Forum: Investing - Theory, News & General
Topic: US Equity Benchmark Options
Replies: 4
Views: 262

Re: Do Ex-US funds rebalance to maintain Dev:EM ratio?

Market cap determines weight.
by ftobin
Thu Aug 14, 2014 9:42 am
 
Forum: Investing - Theory, News & General
Topic: Do Ex-US funds rebalance to maintain Dev:EM ratio?
Replies: 12
Views: 699

Re: Grade Vanguard's performance: is 77% an A?

I'm very curious to know which funds underperfomed their peer group. I also would love to see the same numbers broken down into active vs. indexed.
by ftobin
Thu Aug 14, 2014 9:33 am
 
Forum: Investing - Theory, News & General
Topic: Grade Vanguard's performance: is 77% an A?
Replies: 10
Views: 787

Re: Mutual-fund-only accounts more secure, in one way?

I'll take that answer to mean you know of no such cases, where somebody's brokerage account was hijacked and email intercepted to prevent them finding out same day (if paying attention). I'd be extremely surprised of a site like TD Ameritrade didn't know of circumstances when brokerage accounts wer...
by ftobin
Wed Aug 13, 2014 7:53 pm
 
Forum: Investing - Theory, News & General
Topic: Mutual-fund-only accounts more secure, in one way?
Replies: 17
Views: 1646

Re: Mutual-fund-only accounts more secure, in one way?

The last sentence though is key. Are there real examples of people having their accounts hijacked and email intercepted to prevent them knowing? I submit that compromising your email is a first step towards compromising other accounts. Also, I recommend not underestimating the savviness of attacker...
by ftobin
Wed Aug 13, 2014 5:01 pm
 
Forum: Investing - Theory, News & General
Topic: Mutual-fund-only accounts more secure, in one way?
Replies: 17
Views: 1646

Re: Mutual-fund-only accounts more secure, in one way?

Which is a very real risk, hijacked brokerage accounts, hijacking of email accounts to block confirms, or people just not paying attention to email to look at confirms? Not a flippant question, since I personally can protect myself from the first, by paying attention, if the second isn't true. Hija...
by ftobin
Wed Aug 13, 2014 3:48 pm
 
Forum: Investing - Theory, News & General
Topic: Mutual-fund-only accounts more secure, in one way?
Replies: 17
Views: 1646

Re: Mutual-fund-only accounts more secure, in one way?

'Pump and dump' using hijacked accounts is an interesting idea but I don't think it's that plausible unless you know the victims don't monitor their email (for confirmations) or email could also be taken over (which is back to the other ways you could steal from somebody by taking over email also)....
by ftobin
Wed Aug 13, 2014 1:23 pm
 
Forum: Investing - Theory, News & General
Topic: Mutual-fund-only accounts more secure, in one way?
Replies: 17
Views: 1646

Re: Mutual-fund-only accounts more secure, in one way?

You understand the situation well.
by ftobin
Wed Aug 13, 2014 7:56 am
 
Forum: Investing - Theory, News & General
Topic: Mutual-fund-only accounts more secure, in one way?
Replies: 17
Views: 1646

Re: Vanguard computer security

Like other financial institutions, Vanguard is regularly targeted— hundreds of thousands of times a day —by cyber criminals who want that data. One word: WHOA! To be honest, these are probably not actually login attempts, but likely just probes of web services, looking for holes. Anyone's website g...
by ftobin
Mon Aug 11, 2014 3:01 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard computer security
Replies: 67
Views: 4057

Re: Dilbert Creator: If everyone indexed...

I think that Scott Adams' thesis is that if the costs did not go to the leeches, they would accrue to the investors. I also think that's what he was trying to point out, but I disagree with it. The "leeches" would be investing the money as well -- the money they "leech" doesn't ...
by ftobin
Fri Aug 08, 2014 9:23 am
 
Forum: Investing - Theory, News & General
Topic: Dilbert Creator: If everyone indexed...
Replies: 28
Views: 3410

Re: Dodge & Cox - Global Bond Fund on the way

nisiprius wrote:The point is that BNDX, the orange line, did NOT drop.

Ah, I had only noticed the black VTI lines, not the more subtle BNDX line.
by ftobin
Fri Aug 01, 2014 3:29 pm
 
Forum: Investing - Theory, News & General
Topic: Dodge & Cox - Global Bond Fund on the way
Replies: 46
Views: 7426

Re: Dodge & Cox - Global Bond Fund on the way

nisiprius wrote:Image

I think you've posted VTI, Total US Stock Market. This would probably affect the Emerging Markets Bond index, VWOB, which I do see dropping.
by ftobin
Fri Aug 01, 2014 2:34 pm
 
Forum: Investing - Theory, News & General
Topic: Dodge & Cox - Global Bond Fund on the way
Replies: 46
Views: 7426
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