Search found 12418 matches

by larryswedroe
Mon Jun 29, 2015 9:00 am
Forum: Investing - Theory, News & General
Topic: Puerto Rico Governor Says Island’s Debts Are ‘Not Payable’
Replies: 37
Views: 3017

Re: Puerto Rico Governor Says Island’s Debts Are ‘Not Payable’

Just because a bond fund owns PR bonds does not mean that they will suffer losses, they could own bonds that have been PRE REFINANCED, meaning they are backed by safe bonds, typically Treasuries
Larry
by larryswedroe
Thu Jun 25, 2015 9:08 am
Forum: Investing - Theory, News & General
Topic: a Look at Neuberger Berman funds, comparing to passive funds
Replies: 7
Views: 1048

Re: a Look at Neuberger Berman funds, comparing to passive funds

m personal definition of passive is that active involves judgment leading to individual security selection while passive is systematic process that is repeatable and doesn't involve judgment. So by that definition DFA, AQR, Bridgeway, Wisdom Tree, RAFI are all passive. Fama's definition was no indiv...
by larryswedroe
Mon Jun 22, 2015 11:40 am
Forum: Investing - Theory, News & General
Topic: The impact of HFTs on trading costs and liquidity
Replies: 0
Views: 237

The impact of HFTs on trading costs and liquidity

http://www.etf.com/sections/index-investor-corner/swedroe-high-frequency-trading-price-efficiency?nopaging=1 Way too much negative press about the HFTs, though some simple solutions are available to address the abuses that do occur--such as must leave a bid or offer outstanding for X period of time...
by larryswedroe
Fri Jun 19, 2015 7:36 am
Forum: Investing - Theory, News & General
Topic: incorporating non financial assets
Replies: 0
Views: 252

incorporating non financial assets

So many investors and I have found even professional advisors don't consider the non financial assets when developing investment plans http://www.etf.com/sections/index-investor-corner/swedroe-remember-nonfinancial-assets?nopaging=1 Hope you find this of interest Note if want to read about the issue...
by larryswedroe
Wed Jun 17, 2015 3:01 pm
Forum: Investing - Theory, News & General
Topic: relationship between country growth rates and stock returns
Replies: 5
Views: 789

Re: relationship between country growth rates and stock returns

First, this study only confirms what studies going back to 1900 have found, so the short period is supported by the VERY long term evidence. Second, to answer Jimkinny's question,if you can successfully forecast faster than expected GNP growth it's possible you could benefit, but not for sure becaus...
by larryswedroe
Wed Jun 17, 2015 8:04 am
Forum: Investing - Theory, News & General
Topic: relationship between country growth rates and stock returns
Replies: 5
Views: 789

relationship between country growth rates and stock returns

http://www.etf.com/sections/index-investor-corner/swedroe-high-growth-countries-no-sure-thing no different than with individual stocks, the expected growth in earnings is already built into prices. Hope you find this helpful, it's an issue I continually have to address with clients/investors Larry
by larryswedroe
Mon Jun 15, 2015 7:10 am
Forum: Investing - Theory, News & General
Topic: UK Bogleheads
Replies: 2
Views: 401

UK Bogleheads

In case any of you are interested there has been a UK version of Think, Act, and Invest Like Buffet in the works and finally set to go to printers and should be available within a few weeks. It was done in coordination with the folks at Barnett Ravenscroft Wealth Management, who also work with Sensi...
by larryswedroe
Mon Jun 08, 2015 7:44 am
Forum: Investing - Theory, News & General
Topic: performance of UITs, study on stock picking skills
Replies: 1
Views: 191

performance of UITs, study on stock picking skills

http://www.etf.com/sections/index-investor-corner/swedroe-costs-undermine-active-investment?nopaging=1

A different look at stock picking skills by looking at the performance of these funds which do no trading at all

Larry
by larryswedroe
Fri Jun 05, 2015 8:25 am
Forum: Investing - Theory, News & General
Topic: some further research on profitability factor
Replies: 0
Views: 197

some further research on profitability factor

http://www.etf.com/sections/index-investor-corner/swedroe-exploring-profitability-factor/page/0/1

Thought this would be of interest, also supports why using p/cf is important measure in value (gets loading on profitability/quality factor)

Larry
by larryswedroe
Thu Jun 04, 2015 9:22 pm
Forum: Investing - Theory, News & General
Topic: interesting blog post from Prof. Damodaran on impact of cash and debt on P/E
Replies: 5
Views: 750

Re: interesting blog post from Prof. Damodaran on impact of cash and debt on P/E

Advisor Perspectives asked me to write a piece for them on the whole issue of the CAPE 10 and is Grantham and others right about it being so high that market is overvalued
by larryswedroe
Thu Jun 04, 2015 8:29 am
Forum: Investing - Theory, News & General
Topic: interesting blog post from Prof. Damodaran on impact of cash and debt on P/E
Replies: 5
Views: 750

interesting blog post from Prof. Damodaran on impact of cash and debt on P/E

http://aswathdamodaran.blogspot.com/

For those interested in these subjects it's very worthwhile read. Damodaran is one of the leading thinkers on valuations and impact on forecasted returns
larry
by larryswedroe
Thu Jun 04, 2015 7:41 am
Forum: Investing - Theory, News & General
Topic: Michael Kitces' list of 10 best books for financial advisors
Replies: 0
Views: 490

Michael Kitces' list of 10 best books for financial advisors

https://www.kitces.com/blog/summer-reading-list-of-best-books-for-financial-advisors-2015-edition/

Thought would be of interest as many of the books impact all of us, not just investors or advisors

Best wishes
Larry
by larryswedroe
Wed Jun 03, 2015 2:50 pm
Forum: Investing - Theory, News & General
Topic: blog on study on active mgt in "inefficient" market
Replies: 6
Views: 607

Re: blog on study on active mgt in "inefficient" market

nedsaid Two things to remember, First, the more informationally inefficient the market the greater the implementation costs tend to be, so even if you can uncover information that has value it costs lot more to benefit from it. So while costs are low in informationally efficient markets like US larg...
by larryswedroe
Mon Jun 01, 2015 6:41 pm
Forum: Investing - Theory, News & General
Topic: AQR/Asness - Risk Parity Is Even Better Than We Thought
Replies: 18
Views: 1469

Re: AQR/Asness - Risk Parity Is Even Better Than We Thought

BTW-the larry portfolio can be thought of as a risk-parity type strategy, with more equal allocations to beta, size and value and also more bond risk than typical 60-40 portfolio.
Larry
by larryswedroe
Mon Jun 01, 2015 8:00 am
Forum: Investing - Theory, News & General
Topic: Research on the lottery effect in stock prices
Replies: 12
Views: 1497

Research on the lottery effect in stock prices

Thought this would be of interest as I've been discussing this for long time
Funds/investors can add value by screening these stocks out
http://www.etf.com/sections/index-investor-corner/swedroe-investors-pay-premiums-bad-bets

Larry
by larryswedroe
Fri May 29, 2015 7:33 am
Forum: Investing - Theory, News & General
Topic: Blog inspired by Barron's ranking of top mutual fund families
Replies: 1
Views: 576

Blog inspired by Barron's ranking of top mutual fund families

The February 9 edition of Barron’s contained its annual listing of “best fund families” for the past one, five and 10 calendar years. Of all the fund families on the list, Invesco was the only one that managed to make the top four in each of the periods. In fact, it was the only fund family ranked i...
by larryswedroe
Tue May 26, 2015 1:17 pm
Forum: Investing - Theory, News & General
Topic: Book recommendation
Replies: 6
Views: 1014

Re: Book recommendation

I'd recommend for anyone, and certainly if within 15 years of retirement, or even longer. Getting things right in first place is very important
Larry
by larryswedroe
Tue May 26, 2015 9:03 am
Forum: Investing - Theory, News & General
Topic: First in four part series on four big bank active funds
Replies: 5
Views: 1242

Re: First in four part series on four big bank active funds

k66
Always show net returns as they are only kind you get to keep
Larry
by larryswedroe
Mon May 25, 2015 6:09 pm
Forum: Investing - Theory, News & General
Topic: Book recommendation
Replies: 6
Views: 1014

Book recommendation

I was asked to consider writing a blurb by Jim Lange for his third edition of Retire Secure. I spent today reading the book and wanted to highly recommend it to everyone here. While addressing the many complex issues related to retirement planning, the book is very readable, and provides examples th...
by larryswedroe
Mon May 25, 2015 6:01 pm
Forum: Investing - Theory, News & General
Topic: Reducing the Black Swans
Replies: 69
Views: 7328

Re: Reducing the Black Swans

Spidey
The "Larry Portfolio" is uses the very same principles as Taleb, with most of the investments in basically riskless (or near riskless) investments, and the rest in the highest expected returning equity asset class--small value stocks.
Larry
by larryswedroe
Mon May 25, 2015 7:53 am
Forum: Investing - Theory, News & General
Topic: another look at dividend paying stocks and valuations
Replies: 64
Views: 4922

Re: another look at dividend paying stocks and valuations

Dug up a list of some pieces on dividend paying strategies I wrote for CBS a while back Thought it might be helpful http://www.cbsnews.com/8301-505123_162-57583663/why-invest-in-stocks-with-a-high-dividend-yield/ http://www.cbsnews.com/8301-505123_162-57555994/why-a-high-dividend-strategy-is-dangero...
by larryswedroe
Mon May 25, 2015 7:51 am
Forum: Investing - Theory, News & General
Topic: First in four part series on four big bank active funds
Replies: 5
Views: 1242

Re: First in four part series on four big bank active funds

I always use in all cases the lowest cost share basis available, for consistency purposes.
So for Vanguard, use Admiral shares (where have been available for the full period)
Larry
by larryswedroe
Sat May 23, 2015 8:51 am
Forum: Investing - Theory, News & General
Topic: another look at dividend paying stocks and valuations
Replies: 64
Views: 4922

another look at dividend paying stocks and valuations

http://www.etf.com/sections/index-investor-corner/swedroe-no-refuge-dividend-stocks Valuations do matter and popularity isn't good for an investment strategy as can change its very nature. If we get a bear market those who moved from safe bonds to dividend paying stocks as substitutes will be badly...
by larryswedroe
Fri May 22, 2015 1:53 pm
Forum: Investing - Theory, News & General
Topic: the world is "upside down"
Replies: 5
Views: 1380

the world is "upside down"

http://www.etf.com/sections/index-investor-corner/swedroe-2

Another example of why discipline is so important

hope you find it helpful
Larry
by larryswedroe
Wed May 20, 2015 8:13 am
Forum: Investing - Theory, News & General
Topic: a look at study using R-Squared to predict returns of funds
Replies: 9
Views: 1002

a look at study using R-Squared to predict returns of funds

We are seeing lots of work on this, for example active share, personally I don't think there's much if anything there
http://www.etf.com/sections/index-investor-corner/swedroe-magical-metric-isnt?nopaging=1

Hope you find of interest
Larry
by larryswedroe
Tue May 19, 2015 7:57 am
Forum: Investing - Theory, News & General
Topic: First in four part series on four big bank active funds
Replies: 5
Views: 1242

First in four part series on four big bank active funds

In an April column, New York Times reporter Nathaniel Popper noted that, over the last few years, an expanding line of mutual funds created by the likes of Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo have been drawing billions of dollars from investors looking to earn a good return...
by larryswedroe
Mon May 18, 2015 8:26 am
Forum: Investing - Theory, News & General
Topic: Another look at why it's important to globally diversify
Replies: 14
Views: 2422

Another look at why it's important to globally diversify

http://www.etf.com/sections/index-investor-corner/swedroe-diversify-globally-limit-risk?nopaging=1

The Credit Suisse Annual Handbook is a great read with the articles from Dimson, Marsh and Staunton

Hope you find this piece helpful
Larry
by larryswedroe
Fri May 15, 2015 9:18 am
Forum: Investing - Theory, News & General
Topic: My thoughts on Forbes article Active vs Passive which is better?
Replies: 13
Views: 1656

Re: My thoughts on Forbes article Active vs Passive which is better?

bottom line First, you can see the active vs. passive on bonds in the semi annual SPIVA reports. Pretty simple. And of course it's all William Sharpe's math of active investing. In aggregate active must lose. Second, same thing holds for international. You can see the results in The Incredible Shrin...
by larryswedroe
Fri May 15, 2015 8:47 am
Forum: Investing - Theory, News & General
Topic: My thoughts on Forbes article Active vs Passive which is better?
Replies: 13
Views: 1656

Re: My thoughts on Forbes article Active vs Passive which is better?

Tom Yes and it triggered me to do an analysis of their funds, which should be up live next Friday at ETF.com And the whole premise of the article, re active share, IMO doesn't hold water. Here's my thoughts and the research on the issue http://www.etf.com/sections/index-investor-corner/swedroe-disse...
by larryswedroe
Fri May 15, 2015 7:43 am
Forum: Investing - Theory, News & General
Topic: My thoughts on Forbes article Active vs Passive which is better?
Replies: 13
Views: 1656

My thoughts on Forbes article Active vs Passive which is better?

Thought the Bogleheads would find this piece of interest. It discusses many of the flaws in arguments you hear favoring active management

http://www.etf.com/sections/index-investor-corner/swedroe-active-arguments-disproved?nopaging=1

Best wishes
Larry
by larryswedroe
Mon May 11, 2015 10:31 am
Forum: Investing - Theory, News & General
Topic: Reducing the Black Swans
Replies: 69
Views: 7328

Re: Reducing the Black Swans

mpt Actually it's more important (beneficial) for those in retirement where cutting tail risk importance increases due to order of returns matters more. Thus more important to not have big losses early. So you want to find ways to cut the tail risk. And I can tell you that those in retirement when 2...
by larryswedroe
Fri May 01, 2015 12:31 pm
Forum: Investing - Theory, News & General
Topic: the missing value premium
Replies: 34
Views: 3505

the missing value premium

Have gotten many questions about this so wrote the following which thought would be of interest to the Bogleheads http://www.etf.com/sections/index-investor-corner/swedroe-0 Best wishes Larry PS in case not aware those who are interested in my musings you can also find them at mutualfunds.com
by larryswedroe
Wed Apr 29, 2015 2:56 pm
Forum: Investing - Theory, News & General
Topic: Analysis of TIAA-CREF Active vs. DFA and Vanguard
Replies: 8
Views: 997

Re: Analysis of TIAA-CREF Active vs. DFA and Vanguard

fwiw I listed all the funds that had the full period results, which for example TILGX a fund suggested by woofwoof doesn't have. So it wasn't included because doesn't have 10 year results. No cherry picking to support some predisposed hypothesis. I chose a closest comparable fund, Even giving TIAA b...
by larryswedroe
Wed Apr 08, 2015 7:11 pm
Forum: Investing - Theory, News & General
Topic: My first quarter review of 2015's sure things
Replies: 12
Views: 3158

My first quarter review of 2015's sure things

I know many of found these to be of interest so here's the link http://www.etf.com/sections/index-investor-corner/swedroe-%E2%80%98sure-things%E2%80%99-that-didn%E2%80%99t-pan-out-in-qtr And interested can follow my musings at ETF.com and find the collection of posts in the sections tab under index ...
by larryswedroe
Fri Mar 20, 2015 11:04 am
Forum: Investing - Theory, News & General
Topic: Where is Larry Swedroe
Replies: 18
Views: 4451

Re: Where is Larry Swedroe

I am writing regularly for three sites http://www.etf.com/ including column today, usually three times a week and can find all the columns here http://www.etf.com/sections/index-investor-corner if interested in looking back I also write for http://www.mutualfunds.com And also for Advisor Perspective...
by larryswedroe
Fri Mar 06, 2015 6:51 pm
Forum: Investing - Theory, News & General
Topic: Thought you might enjoy taking this quiz
Replies: 3
Views: 1330

Thought you might enjoy taking this quiz

http://www.etf.com/sections/index-investor-corner/swedroe-take-quiz-on-who-said-what

Hope you find it interesting

Best wishes
Larry

PS_ still follow the board and answer PMs so if have questions feel free to PM or email
by larryswedroe
Thu Nov 27, 2014 9:45 am
Forum: Investing - Theory, News & General
Topic: Why finance research is often wrong - the jelly bean problem
Replies: 262
Views: 28173

Re: Why finance research is often wrong - the jelly bean pro

CFM I don't see anything inconsistent either. Leeraar Again I don't see anything inconsistent with what we wrote in the article and what I have said here. I have clearly stated that finance/economics isn't like the physical sciences but that you can apply the basic principles of the scientific metho...
by larryswedroe
Thu Nov 27, 2014 9:34 am
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 319
Views: 43169

Re: An alternative to alternative investments [QSPIX]

fyi
Would add that turnover might not be as high as one might think because of netting of positions. By that I mean let's say a stock would be a buy based on value factor but a sell based on momentum factor. The fund would net the two positions and not trade.
Larry

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