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Vanguard lowers expense ratios

Had a message on my account today indicating that two of my funds' expense ratios had changed. 02/26/2015 Vanguard FTSE All-World ex-US Index Fund Admiral OLD: 0.15% NEW: 0.14% 02/26/2015 Vanguard Total International Stock Index Fund Admiral Shares OLD: 0.16% NEW: 0.14% As far as I can tell, Vanguar...
by johnanglemen
Thu Feb 26, 2015 2:59 am
 
Forum: Investing - Help with Personal Investments
Topic: Vanguard lowers expense ratios
Replies: 4
Views: 1485

Re: Thoughts on investing in Uber

rklezmer wrote:Thank you all. For the last question, a local company offers investments in a select number of private placements. The company is FNEX.


Thank you. I'm curious, what are the fees involved? And what's the maximum amount you can invest?
by johnanglemen
Tue Feb 24, 2015 3:58 pm
 
Forum: Investing - Help with Personal Investments
Topic: Thoughts on investing in Uber
Replies: 18
Views: 1405

Re: Thoughts on investing in Uber

40 billion is a huge valuation and, as Bogleheads, we invest wisely. However, Uber is such an intriging company. At the 40 billion valuation, who would invest in Uber at this time and why or why not? Uber is not yet public, but is currently raising more money and I'm considering an investment. Than...
by johnanglemen
Tue Feb 24, 2015 4:49 am
 
Forum: Investing - Help with Personal Investments
Topic: Thoughts on investing in Uber
Replies: 18
Views: 1405

Re: Going 60+% international? (US resident)

The more I think about this, the more I don't know what I think. Even setting aside the risk question, taxes might be enough on their own to make an all-domestic portfolio attractive. Vanguard's S&P 500 fund pays 100% qualified dividends. A full third of the dividends from their total internati...
by johnanglemen
Mon Jan 26, 2015 6:46 pm
 
Forum: Investing - Theory, News & General
Topic: Going 60+% international? (US resident)
Replies: 85
Views: 7079

Cap-weighted international

If I buy Vanguard Total Stock and Vanguard Total International in market weights right now (i.e. ~52% Total Stock and ~48% Total International), and I reinvest the dividends, and let them float, then will I always be at the cap-weighted allocation? I'm a little confused given that the International ...
by johnanglemen
Mon Jan 26, 2015 6:15 pm
 
Forum: Investing - Help with Personal Investments
Topic: Cap-weighted international
Replies: 1
Views: 235

Re: Questioning the conventional logic on dividend reinvestm

But again, why even worry about the wash sales? They seem to be very easy to correct in case they do happen, but many people here treat them like the devil. Am I missing something? Not too sure what you mean about 'correcting' a wash sale. Once it's done, it's done. And this can disrupt your TLH mo...
by johnanglemen
Tue Jan 13, 2015 11:20 pm
 
Forum: Investing - Theory, News & General
Topic: Questioning the conventional logic on dividend reinvestment
Replies: 24
Views: 2224

Re: Questioning the conventional logic on dividend reinvestm

Before retirement, I was letting dividends be re-invested automatically. Optimal returns, optimal automation, this was working fine for me. Rebalancing was never an issue, between tax-sheltered accounts and new contributions, I never had to sell anything taxable anyway to rebalance. It's really whe...
by johnanglemen
Tue Jan 13, 2015 2:25 am
 
Forum: Investing - Theory, News & General
Topic: Questioning the conventional logic on dividend reinvestment
Replies: 24
Views: 2224

Re: Questioning the conventional logic on dividend reinvestm

OP wrote: "Many bogleheads take dividends in cash" I'm not convinced that is true. All my non-taxable accounts are set to reinvest dividends automatically. All my taxable accounts are set to take dividends in cash which I reinvest in larger chunks/lots. This is to minimize having a huge n...
by johnanglemen
Mon Jan 12, 2015 2:07 am
 
Forum: Investing - Theory, News & General
Topic: Questioning the conventional logic on dividend reinvestment
Replies: 24
Views: 2224

Re: Questioning the conventional logic on dividend reinvestm

DSInvestor, one last question for you. What do you do if it turns out that you had harvested a loss within the last 30 days of the dividend payout? Do you immediately sell the new dividend in favor of a replacement fund, so that the loss is preserved? Or do you just live with the fact that the wash ...
by johnanglemen
Mon Jan 12, 2015 2:07 am
 
Forum: Investing - Theory, News & General
Topic: Questioning the conventional logic on dividend reinvestment
Replies: 24
Views: 2224

Re: Questioning the conventional logic on dividend reinvestm

Also, this is not available for ETFs to my knowledge. And is it still available for mutual funds for the upgraded brokerage accounts?
by johnanglemen
Mon Jan 12, 2015 2:03 am
 
Forum: Investing - Theory, News & General
Topic: Questioning the conventional logic on dividend reinvestment
Replies: 24
Views: 2224

Re: Questioning the conventional logic on dividend reinvestm

You do not have to send the dividends to a bank account or money market fund if you don't want to reinvest distributions. Vanguard allows you to direct the distributions to another fund. If stocks are above target, you can direct the stock dividends to your bond fund. This way you're not out of the...
by johnanglemen
Mon Jan 12, 2015 2:01 am
 
Forum: Investing - Theory, News & General
Topic: Questioning the conventional logic on dividend reinvestment
Replies: 24
Views: 2224

Questioning the conventional logic on dividend reinvestment

Many bogleheads take dividends in cash in taxable accounts because: ⋅  it avoids wash sales ⋅  it makes it possible to rebalance using the dividends (e.g. if US stock is already overweighted, you wouldn't want to further invest in it) ⋅  it's "easier" (e.g. fe...
by johnanglemen
Mon Jan 12, 2015 1:50 am
 
Forum: Investing - Theory, News & General
Topic: Questioning the conventional logic on dividend reinvestment
Replies: 24
Views: 2224

Re: Vanguard TLH - Check your confirmations!

This has happened to me repeatedly at Vanguard and I've discussed it with them at length, so they are mistaken when they say this is the first they've heard of it. From what they told me, there are many times where the order cannot be processed automatically -- such as if it's submitted during a par...
by johnanglemen
Tue Jan 06, 2015 7:14 am
 
Forum: Investing - Help with Personal Investments
Topic: Vanguard TLH - Check your confirmations!
Replies: 12
Views: 1341

Deducting margin interest while "carrying" tax-exempt bonds

I am interested in taking out a margin loan from Interactive Brokers. At sufficiently large loan amounts, they present a risk-free arbitrage opportunity to collect the spread between their interest expense and the interest paid by high-yield savings accounts. However, this only works if the interest...
by johnanglemen
Fri Jan 02, 2015 11:28 pm
 
Forum: Investing - Help with Personal Investments
Topic: Deducting margin interest while "carrying" tax-exempt bonds
Replies: 1
Views: 280

Re: Randomly-weighted stock portfolios beat the index

It is scary to me how dogmatic this forum is. All of the initial responses immediately shoot down this essay on the basis of arguments that are explicitly addressed and refuted within the essay. Does anyone here who has actually read the essay, have a rigorous rebuttal? Would love to hear grabiner's...
by johnanglemen
Mon Sep 15, 2014 9:46 am
 
Forum: Investing - Theory, News & General
Topic: Randomly-weighted stock portfolios beat the index
Replies: 28
Views: 2166

Re: Vanguard Developed Markets Index Fund

If they have called the new fund the "Tax-managed Int'l fund", but managed it exactly the same way they intend to manage it, no one would have been the wiser. And I think the previous Tax-managed Int'l Fund was not managed any differently for the past 7 years. livesoft, after precisely a ...
by johnanglemen
Tue Jul 01, 2014 4:39 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard Developed Markets Index Fund
Replies: 10
Views: 1427

Re: Selling high ER investments -- doing the right thing?

Also, $2400 of the gain is in Western Digital Corp (WDC) stock rather than a fund. I agree that that's about diversification rather than ER. $2400 is about 1% of his overall portfolio, so perhaps it would make sense to hold onto that one and sell the rest?
by johnanglemen
Fri May 23, 2014 10:37 am
 
Forum: Investing - Help with Personal Investments
Topic: Selling high ER investments -- doing the right thing?
Replies: 7
Views: 1020

Re: Selling high ER investments -- doing the right thing?

Thank you. Yes, it's a taxable account. All of the $8,000 in gains is long-term.
by johnanglemen
Fri May 23, 2014 10:34 am
 
Forum: Investing - Help with Personal Investments
Topic: Selling high ER investments -- doing the right thing?
Replies: 7
Views: 1020

Estimated taxes on capital gains later offset by losses

Let's say I realize a capital gain of $1M on January 1st. Then, 364 days later, on December 31st, I realize a capital loss of $1M.

So, no net tax owed for the year. However, was I still supposed to pay estimated tax on the $1M each quarter? Will I owe penalties for not doing so?
by johnanglemen
Mon Apr 14, 2014 9:59 pm
 
Forum: Investing - Help with Personal Investments
Topic: Estimated taxes on capital gains later offset by losses
Replies: 7
Views: 702

Prerefunded munis: exempt from state tax?

I live in California, which has the following rule concerning muni bonds: "For California tax purposes, a mutual fund may qualify to pay tax-exempt interest dividends if, at the end of each quarter, at least 50% of the funds' assets are invested in federal or California state or local obligatio...
by johnanglemen
Thu Mar 20, 2014 10:44 pm
 
Forum: Investing - Help with Personal Investments
Topic: Prerefunded munis: exempt from state tax?
Replies: 3
Views: 446

Re: Why did Vanguard High-Yield Bond Underperform So Badly?

^ Are you asking me to do more work for you to satisfy your question in the OP? The annuity is nothing but the Vanguard HY Bond fund in disguise. Yes, 352 Bonds vs. 366 Bonds, but do you really think that Michael L. Hong, CFA, Vice President, Wellington Management Company, LLP has a completely sepa...
by johnanglemen
Sun Jan 12, 2014 10:22 pm
 
Forum: Investing - Theory, News & General
Topic: Why did Vanguard High-Yield Bond Underperform So Badly?
Replies: 12
Views: 2799

Re: Why did Vanguard High-Yield Bond Underperform So Badly?

If you would like to know what a fund "returns" you might try the fund's distribution page @ VG. https://personal.vanguard.com/us/funds/snapshot?FundId=0529&FundIntExt=INT#tab=4 No, that's not precisely the same fund as the annuity subaccount I linked to. Yes, it is. https://personal....
by johnanglemen
Sat Jan 11, 2014 10:19 am
 
Forum: Investing - Theory, News & General
Topic: Why did Vanguard High-Yield Bond Underperform So Badly?
Replies: 12
Views: 2799

What am I missing when it comes to leverage?

Say I have $50 million. (This mostly works for smaller amounts too; picking a large number to demonstrate the point.) Interactive Brokers will lend me $5 million today at a blended margin interest rate of 0.652%. The interest on this is tax-deductible. PenFed will offer me a 5-year CD at 3%. The int...
by johnanglemen
Sat Jan 11, 2014 10:15 am
 
Forum: Investing - Theory, News & General
Topic: What am I missing when it comes to leverage?
Replies: 8
Views: 812

Re: No dividend for bond fund purchased on record date

I purchased before 4PM on the 31st. You did and you didn't. You placed an order before 4PM on the 31st. The purchase price was unknown at the time, so you couldn't have paid for your shares. If you didn't pay before 4PM, then you didn't own the shares before 4PM. But the conclusion in this thread (...
by johnanglemen
Tue Jan 07, 2014 8:38 am
 
Forum: Investing - Help with Personal Investments
Topic: No dividend for bond fund purchased on record date
Replies: 12
Views: 806

Re: No dividend for bond fund purchased on record date

If you purchased on 12/31, then you did not own it for a day since the purchase goes through that evening, right? Think about it another way, suppose you exchanged out on 12/31, would you expect to get the dividend through 12/31 since you owned those shares all that day? Not sure what you mean. I'm...
by johnanglemen
Tue Jan 07, 2014 8:37 am
 
Forum: Investing - Help with Personal Investments
Topic: No dividend for bond fund purchased on record date
Replies: 12
Views: 806

Re: No dividend for bond fund purchased on record date

I purchased before 4PM on the 31st. The trade date on the transaction is the 31st.
by johnanglemen
Tue Jan 07, 2014 8:33 am
 
Forum: Investing - Help with Personal Investments
Topic: No dividend for bond fund purchased on record date
Replies: 12
Views: 806

No dividend for bond fund purchased on record date

I purchased Vanguard California Muni (VCADX) on 12/31, its record date. I did not receive any distribution from it. Could someone explain-like-I'm-five what happened here exactly? I guess I might have expected one day's worth of interest since I was a shareholder of record on the 31st.
by johnanglemen
Tue Jan 07, 2014 8:14 am
 
Forum: Investing - Help with Personal Investments
Topic: No dividend for bond fund purchased on record date
Replies: 12
Views: 806

Re: Why did Vanguard High-Yield Bond Underperform So Badly?

If you would like to know what a fund "returns" you might try the fund's distribution page @ VG. https://personal.vanguard.com/us/funds/snapshot?FundId=0529&FundIntExt=INT#tab=4 That page would show you the fund has been retuning, or distributing monthly, in the 5.8% to 5.9% range, no...
by johnanglemen
Sun Jan 05, 2014 6:12 pm
 
Forum: Investing - Theory, News & General
Topic: Why did Vanguard High-Yield Bond Underperform So Badly?
Replies: 12
Views: 2799

Why did Vanguard High-Yield Bond Underperform So Badly?

The average high-yield bond fund returned around 7% in 2013. Could someone help me understand why Vanguard's High Yield Bond Variable Annuity returned only 4%: https://personal.vanguard.com/us/funds/snapshot?FundId=0146&FundIntExt=INT Its own benchmark, Barclays US Corp High Yield Index, returne...
by johnanglemen
Sun Jan 05, 2014 6:16 am
 
Forum: Investing - Theory, News & General
Topic: Why did Vanguard High-Yield Bond Underperform So Badly?
Replies: 12
Views: 2799

Re: How do bond dividends work?

I can only tell you about Vanguard. Regular bond funds at vanguard accrue interest daily to you. That interest does not show up in the NAV. When you sell some of your shares but keep some, the interest on the sold shares is paid to you at the end of the month when the interest on your held shares i...
by johnanglemen
Mon Dec 23, 2013 5:43 pm
 
Forum: Investing - Help with Personal Investments
Topic: How do bond dividends work?
Replies: 14
Views: 1334

How do bond dividends work?

Say I hold Vanguard Intermediate Tax-Exempt Bond Fund and it has a distribution record date of 12/31/13. I used to think that I would only receive this distribution if I held shares of the fund on this date. However, someone said recently that "Vanguard bond funds are different" -- that I ...
by johnanglemen
Mon Dec 23, 2013 3:25 pm
 
Forum: Investing - Help with Personal Investments
Topic: How do bond dividends work?
Replies: 14
Views: 1334

Re: New HSA Bank fees

Upon doing some research, it seems to me that Bancorp is the new fee winner. It has no fees so long as you keep only $1000 (rather than almost $5000, as with HSA Bank) in cash, and that cash earns an APY that is 3x higher than HSA Bank. Beyond that, you can buy Fidelity Spartan funds for just $5.99 ...
by johnanglemen
Wed Sep 18, 2013 4:22 am
 
Forum: Personal Finance (Not Investing)
Topic: New HSA Bank fees
Replies: 9
Views: 1155

Re: New HSA Bank fees

...and this amount increases yet again to $4,925 on January 1, 2014.

Also, this affects even people who have been contributing to HSAs for years, since you now must keep almost $2,000 more in your (low-interest-bearing) bank account rather than investing it.
by johnanglemen
Wed Sep 18, 2013 3:51 am
 
Forum: Personal Finance (Not Investing)
Topic: New HSA Bank fees
Replies: 9
Views: 1155

New HSA Bank fees

I received the following email. Note that the minimum account balance required to avoid fees has increased to $4850. This is quite irritating as this is my first year contributing to an HSA, so I'm legally unable to even meet this balance until next year. Is there a better HSA provider out there tha...
by johnanglemen
Wed Sep 18, 2013 3:47 am
 
Forum: Personal Finance (Not Investing)
Topic: New HSA Bank fees
Replies: 9
Views: 1155

Re: Munis vs taxable bonds

Thanks grabiner. I've always valued your opinion highly; would you mind weighing in with a specific recommendation given the facts of this decision?
by johnanglemen
Fri Sep 06, 2013 11:27 pm
 
Forum: Investing - Theory, News & General
Topic: Munis vs taxable bonds
Replies: 16
Views: 1538

Re: Munis vs taxable bonds

baw703916 wrote:I do own Vanguard High Yield tax-exempt--but only because "high yield has a completely different meaning in the case of that fund.


Can you clarify what you mean by this, since I'm in fact talking about the (taxable) Vanguard High-Yield fund here?
by johnanglemen
Fri Sep 06, 2013 2:33 pm
 
Forum: Investing - Theory, News & General
Topic: Munis vs taxable bonds
Replies: 16
Views: 1538

Re: Munis vs taxable bonds

(I should also note that Total Bond Market has an ER of 0.20% when held in the VA, versus 0.10% normally. However, all Vanguard subaccounts are slightly higher cost, e.g. Vanguard high yield bond annuity subaccount has an ER of 0.29% rather than the usual 0.23%.)
by johnanglemen
Fri Sep 06, 2013 2:30 pm
 
Forum: Investing - Theory, News & General
Topic: Munis vs taxable bonds
Replies: 16
Views: 1538

Re: Munis vs taxable bonds

To be clear, the decision isn't between bonds or stocks in my tax-sheltered account. My small tax-sheltered accounts are already maxed out on bonds. The situation is that I have a certain amount of money in an extremely low cost (flat fee, actually) variable annuity at Jefferson National. Right now,...
by johnanglemen
Fri Sep 06, 2013 2:02 pm
 
Forum: Investing - Theory, News & General
Topic: Munis vs taxable bonds
Replies: 16
Views: 1538

Re: Munis vs taxable bonds

Fair enough. Say the comparison is Vanguard Total Bond Market Admiral vs Vanguard California Intermediate-Term Admiral. Time horizon is 40 years. Highest federal + state (CA) tax.
by johnanglemen
Fri Sep 06, 2013 2:57 am
 
Forum: Investing - Theory, News & General
Topic: Munis vs taxable bonds
Replies: 16
Views: 1538

Munis vs taxable bonds

Is there any point in holding taxable bonds in tax-sheltered accounts rather than munis in taxable accounts if you are 100% sure that you will be in the highest tax bracket at withdrawal time?
by johnanglemen
Fri Sep 06, 2013 12:16 am
 
Forum: Investing - Theory, News & General
Topic: Munis vs taxable bonds
Replies: 16
Views: 1538

Re: Does a variable annuity make sense for me?

Yes, a variable annuity is worth it in your case. And you'll likely want to use Jefferson National's flat-fee annuity rather than Vanguard's. The fee will most likely be smaller depending on how much you're investing. Wow - this is a fascinating product. It's so low-cost that I'm wondering why more...
by johnanglemen
Tue Jul 16, 2013 12:41 am
 
Forum: Investing - Theory, News & General
Topic: Does a variable annuity make sense for me?
Replies: 20
Views: 1345

Re: Does a variable annuity make sense for me?

Yes, a variable annuity is worth it in your case. And you'll likely want to use Jefferson National's flat-fee annuity rather than Vanguard's. The fee will most likely be smaller depending on how much you're investing.
by johnanglemen
Mon Jul 15, 2013 8:09 pm
 
Forum: Investing - Theory, News & General
Topic: Does a variable annuity make sense for me?
Replies: 20
Views: 1345

Re: Good day to tax-loss harvest munis?

I guess these investments are not quite equivalent since the ETF has a longer duration than the mutual fund. The discount on the ETF today though is still quite shocking.
by johnanglemen
Mon Jun 24, 2013 1:22 pm
 
Forum: Investing - Help with Personal Investments
Topic: Good day to tax-loss harvest munis?
Replies: 1
Views: 223

Good day to tax-loss harvest munis?

I've been meaning to tax loss harvest a loss in Vanguard California Intermediate Muni (VCADX). I note that the SPDR Cali Muni ETF (CXA) is down a whopping 4.3% today even though its IIV is only down about 0.5%....... Aside from the horrible questions this raises in my mind about market efficiency, w...
by johnanglemen
Mon Jun 24, 2013 1:20 pm
 
Forum: Investing - Help with Personal Investments
Topic: Good day to tax-loss harvest munis?
Replies: 1
Views: 223

Re: Is it okay for me to sell now?

avalpert wrote:It is too late to sell and not receive the dividend - for dividend purposes owners as of the ex-dividend day (today) will receive the dividend.


But the page just says it was "declared" today. That's different, no?
by johnanglemen
Fri Jun 21, 2013 12:03 am
 
Forum: Investing - Help with Personal Investments
Topic: Is it okay for me to sell now?
Replies: 6
Views: 1270

Is it okay for me to sell now?

Say I bought VSS 30 days ago and now I want to tax loss harvest it. I see from Vanguard's dividend site (https://personal.vanguard.com/us/insights/article/june-dividends-062013) that VSS has declared a dividend as of today that will be in part qualified. If I sell today, will I still end up getting ...
by johnanglemen
Thu Jun 20, 2013 1:07 pm
 
Forum: Investing - Help with Personal Investments
Topic: Is it okay for me to sell now?
Replies: 6
Views: 1270

Re: Taxable or tax-exempt bonds?

But I'm still going to be taxed on the taxable bond when I withdraw from the annuity eventually...
by johnanglemen
Wed Jun 19, 2013 12:26 pm
 
Forum: Investing - Help with Personal Investments
Topic: Taxable or tax-exempt bonds?
Replies: 5
Views: 415

Re: Taxable or tax-exempt bonds?

I don't understand how to reconcile your two answers? Say I expect to be in a 39.6 bracket forever. If that's the case, why should I expect taxable funds in tax-advantaged accounts to beat tax-exempt funds?
by johnanglemen
Wed Jun 19, 2013 11:23 am
 
Forum: Investing - Help with Personal Investments
Topic: Taxable or tax-exempt bonds?
Replies: 5
Views: 415
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