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Re: Rational Expectations Kindle

Kudos to William Bernstein for his book being the centerpiece of this week's Economist magazine's "Buttonwood" column; the Economist refers to it as a "fascinating new book". :happy
by lorneabramson
Thu Jul 17, 2014 3:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Rational Expectations Kindle
Replies: 10
Views: 1882

Re: DFA Growth funds?

This article is an interesting follow up to this string/discussion (both Vanguard and "Bogle-style buy and hold investors" are referenced in the article):

http://www.investmentnews.com/article/2 ... /130819981
by lorneabramson
Tue Aug 13, 2013 6:16 pm
 
Forum: Investing - Theory, News & General
Topic: DFA Growth funds?
Replies: 47
Views: 4976

Fantastic Jason Zweig piece

FYI, in case anyone missed this on the WSJ's website -- Eloquent re-affirmation of timeless Boglehead principles:

http://blogs.wsj.com/moneybeat/2013/06/ ... ason+zweig

[merged with existing thread - admin alex]
by lorneabramson
Tue Jul 02, 2013 11:08 pm
 
Forum: Investing - Theory, News & General
Topic: WSJ's Zweig: Saving Investors From Themselves
Replies: 23
Views: 3644

Re: good Forbes article on the Novy Marx paper

FYI, here's more info on Phil DeMuth, the contributor of the Forbes piece: http://www.phildemuth.com/investment-strategy
by lorneabramson
Fri Jun 28, 2013 10:41 am
 
Forum: Investing - Theory, News & General
Topic: good Forbes article on the Novy Marx paper
Replies: 5
Views: 1375

Re: DFA Growth funds?

FYI, Morningstar chimed in on the profitability "dimension" with this recently published overview; in addition to DFA's new funds, among others, they mention Vanguard's Dividend Appreciation ETF:

http://news.morningstar.com/articlenet/ ... ?id=598294
by lorneabramson
Thu May 30, 2013 6:28 pm
 
Forum: Investing - Theory, News & General
Topic: DFA Growth funds?
Replies: 47
Views: 4976

Re: DFA Growth funds?

FYI, Jason Zweig discusses these new funds in his Intelligent Investor column in this weekend's Wall Street Journal.
by lorneabramson
Sat Mar 02, 2013 2:25 pm
 
Forum: Investing - Theory, News & General
Topic: DFA Growth funds?
Replies: 47
Views: 4976

Re: DFA Growth funds?

The original link I provided was removed, so I am including it here. Sorry, but I apparently misunderstood the forum's policy about "naked" links. I thought the post was relatively self-explanatory; either way, I just thought DFA's launch of growth funds was interesting in the context of w...
by lorneabramson
Fri Dec 28, 2012 3:46 pm
 
Forum: Investing - Theory, News & General
Topic: DFA Growth funds?
Replies: 47
Views: 4976

Re: DFA Growth funds?

So, does their website need to be updated (now that Fama has apparently identified four, instead of three factors)?

http://www.dfaus.com/philosophy/dimensions.html
by lorneabramson
Thu Dec 27, 2012 5:56 pm
 
Forum: Investing - Theory, News & General
Topic: DFA Growth funds?
Replies: 47
Views: 4976

DFA Growth funds?

[Posting a naked link is a violation of forum policy and it was removed]
by lorneabramson
Thu Dec 27, 2012 2:54 pm
 
Forum: Investing - Theory, News & General
Topic: DFA Growth funds?
Replies: 47
Views: 4976

Blodget Bogleheads

He's been in our camp for several years-- per his book:

http://www.amazon.com/Wall-Street-Self- ... 0977743322
by lorneabramson
Wed Aug 31, 2011 9:51 am
 
Forum: Investing - Theory, News & General
Topic: Henry Blodget is a closet Boglehead?
Replies: 2
Views: 555

Accuracy and alpha

Insightful quote towards the end of the article, pertinent to this forum: "You have to be accurate,” he says. “Otherwise, you are going to pay. Alpha is zero sum. In order to earn more than the market return, you have to take money from somebody else.” " Only confirms my "Boglehead-ne...
by lorneabramson
Thu Jul 21, 2011 10:37 pm
 
Forum: Investing - Theory, News & General
Topic: Hedge funds serve a social purpose?
Replies: 10
Views: 1300

CFA since '96, CFP since '03.
by lorneabramson
Wed May 11, 2011 12:04 pm
 
Forum: Investing - Theory, News & General
Topic: How many CFA charterholders have we here?
Replies: 53
Views: 8030

Admiral shares

FYI, I am an investment advisor, and in addition to being in contact with my firm's Vanguard RIA contact about this issue, I sent a personal note to CEO Bill McNabb, requesting that they similiarly lower the Admiral share class minimums for non-retail (i.e., advisor) clients. Frankly, I don't unders...
by lorneabramson
Wed Dec 22, 2010 12:47 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard reduces costs, eliminates Signal Share minimums
Replies: 32
Views: 6712

Malkiel Alphashares

With all due respect to Prof. Malkiel, I think the article should have made this disclosure:

http://www.alphashares.com/team.html#BMalkiel
by lorneabramson
Fri Dec 17, 2010 4:40 pm
 
Forum: Investing - Theory, News & General
Topic: Malkiel opinion piece WSJ/China
Replies: 24
Views: 2394

Is DFA behind this in some way (given the CRSP/University of Chicago connection)?
by lorneabramson
Sat Nov 27, 2010 11:10 am
 
Forum: Investing - Theory, News & General
Topic: "Investable Indexes"
Replies: 11
Views: 1353

I hope the next step is that Vanguard addresses the disparity they created by lowering the Admiral share class minimum to $10k from $100k, but only for those fundholders who purchase/own their shares directly thru Vanguard. As an advisor, I don't have the option of utilizing Vanguard for brokerage/c...
by lorneabramson
Tue Nov 23, 2010 10:48 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard reduces costs, eliminates Signal Share minimums
Replies: 32
Views: 6712

Here's an article I wrote on socially responsible index/passive asset class funds, for what its worth:

http://finance.yahoo.com/news/Investing ... 0.html?x=0
by lorneabramson
Wed Oct 20, 2010 9:50 am
 
Forum: Investing - Help with Personal Investments
Topic: Help with Starting Socially Responsible Investment
Replies: 57
Views: 4817

Article on bond premium/discounts

Written by two iShares Blackrock fixed income strategists, so take with the appropriate grain of salt (though its quite technical):

http://www.indexuniverse.com/publicatio ... ounts.html
by lorneabramson
Tue Aug 31, 2010 3:45 pm
 
Forum: Investing - Theory, News & General
Topic: Why is BND still trading at a premium?
Replies: 8
Views: 1537

DFA to launch a commodity fund

http://news.morningstar.com/articlenet/article.aspx?id=349066 Morningstar notes DFA is "agnostic" on commodities, and simply responding to client demand; however, its somewhat intriguing in light of this recent Prof. Ken French interview: http://www.americaninvestment.com/investor-resource...
by lorneabramson
Thu Aug 19, 2010 5:07 pm
 
Forum: Investing - Theory, News & General
Topic: DFA to launch a commodity fund
Replies: 7
Views: 1768

Doc -- I stand corrected -- Thank you!
by lorneabramson
Fri Jun 18, 2010 8:28 pm
 
Forum: Investing - Theory, News & General
Topic: Schwab cuts fees on their ETF's
Replies: 43
Views: 4391

Pays to read the fine print

Re: Schwab ETF's - do note they have a 12b-1, currently waived thru November 2011, so current total expense ratios may be subject to change/increase. Following is from their prospectus: "The fund has adopted a Distribution and Shareholder Services (12b-1) Plan pursuant to which the fund is subj...
by lorneabramson
Fri Jun 18, 2010 7:28 pm
 
Forum: Investing - Theory, News & General
Topic: Schwab cuts fees on their ETF's
Replies: 43
Views: 4391

Monish Pabrai on indexing/Vanguard

Scroll to minute 17:00 http://www.forbes.com/2010/04/09/pabrai-buffett-munger-intelligent-investing-video.html A well known active manager extolling the virtues of index funds. While some may argue with his specific fund recommendations, it's the bigger picture argument/endorsement that's most impor...
by lorneabramson
Mon Apr 12, 2010 12:27 pm
 
Forum: Investing - Theory, News & General
Topic: Monish Pabrai on indexing/Vanguard
Replies: 2
Views: 889

I still believe its always easier/more obvious in hindsight. Perhaps a couple of years from now, it will have been "obvious" one should have taken a leveraged bet in his/her convictions & shorted the Chinese real estate market and US Treasuries - rather than sticking with a buy-and-hol...
by lorneabramson
Thu Apr 08, 2010 1:14 pm
 
Forum: Investing - Theory, News & General
Topic: Michael Burry Op-Ed in today's New York Times
Replies: 19
Views: 4092

Michael Burry Op-Ed in today's New York Times

http://www.nytimes.com/2010/04/04/opini ... ef=opinion Not to take anything away from Dr. Burry, but the ultimate question is whether one has the ability to REPEATEDLY profit from such foresight.
by lorneabramson
Sun Apr 04, 2010 10:16 am
 
Forum: Investing - Theory, News & General
Topic: Michael Burry Op-Ed in today's New York Times
Replies: 19
Views: 4092

Additional comment: #3 interesting (prompted by hiring Nuveen for their muni bond ETF's, I presume); #4 seems similiar to recent Vanguard and DFA proxy changes 3. To approve a “manager of managers” structure for all SPDR Funds, which would permit the SPDR Funds to hire and replace sub-advisers witho...
by lorneabramson
Wed Jan 27, 2010 8:09 pm
 
Forum: Investing - Theory, News & General
Topic: State Street SPDRS proxy - proposed changes
Replies: 1
Views: 511

Here's Risk Metrics/KLD's take on the survey/article -- Note they mention another survey of sustainability indexes of which I was not previously aware.

http://blog.kld.com/kld/passive-esg-str ... -universe/
by lorneabramson
Wed Jan 06, 2010 3:51 pm
 
Forum: Investing - Theory, News & General
Topic: Nearly Index "Socially Responsible" Investing
Replies: 39
Views: 6659

Just to add to this discussion/string, here's a survey of current SRI/ESG index and passive asset class funds I wrote:

http://www.indexuniverse.com/sections/f ... l?Itemid=5
by lorneabramson
Sun Jan 03, 2010 10:44 am
 
Forum: Investing - Theory, News & General
Topic: Nearly Index "Socially Responsible" Investing
Replies: 39
Views: 6659

Excellent job

Thank you for these notes!!
by lorneabramson
Mon Nov 02, 2009 12:46 pm
 
Forum: Investing - Theory, News & General
Topic: BH-8 Reunion notes
Replies: 18
Views: 3185

Martin Wolf, chief economics editor of the FT, also had some interesting comments/perspective on inflation in his piece yesterday:
http://www.ft.com/cms/s/0/cf6ae1e4-9ca5 ... abdc0.html (not sure if you can access without a subscription)
by lorneabramson
Wed Sep 09, 2009 7:21 pm
 
Forum: Investing - Theory, News & General
Topic: Inflation fears
Replies: 33
Views: 3804

I have a lot of respect for them, too, even though I am committed to index/passive funds. And, I have also always wondered if they use appropriate index benchmarks -- Their international fund typically has emerging market stocks -- nothing wrong with this per se, of course, but they compare the fund...
by lorneabramson
Sat Aug 29, 2009 9:19 am
 
Forum: Investing - Theory, News & General
Topic: Dodge & Cox
Replies: 29
Views: 6199

Thanks Fixer -- FYI, per page 25 of DFA's most current Semi Annual report (April 30, 2009), their US Vector Portfolio has securities lending collateral equal to 29.3% of the total net investment assets (with common stocks = 99.5%, repo agreement at Deutsche Bank = 0.2%). Thus, total combined percent...
by lorneabramson
Thu Aug 20, 2009 1:33 pm
 
Forum: Investing - Theory, News & General
Topic: DFA versus Vanguard securities lending
Replies: 6
Views: 1503

Fixer -- these are income/assets, not value of lending (collateral)/assets, right?
by lorneabramson
Thu Aug 20, 2009 12:55 pm
 
Forum: Investing - Theory, News & General
Topic: DFA versus Vanguard securities lending
Replies: 6
Views: 1503

Thanks -- Actually curious about lending thresholds/policies (both DFA and Vanguard seem to have the same 33 1/3% threshold), as well as historical data on actual lending/total portfolio percentages.
by lorneabramson
Thu Aug 20, 2009 12:53 pm
 
Forum: Investing - Theory, News & General
Topic: DFA versus Vanguard securities lending
Replies: 6
Views: 1503

DFA versus Vanguard securities lending

Does anyone know of any reports/research from third parties which reviews the securities lending policies/practices of Vanguard & DFA (or any other major index/passive asset class managers, i.e., Barclays)? Rick or Larry, any insight??
by lorneabramson
Thu Aug 20, 2009 12:42 pm
 
Forum: Investing - Theory, News & General
Topic: DFA versus Vanguard securities lending
Replies: 6
Views: 1503

Malkiel and Buffett

More interesting perspective from today's San Francisco Examiner:
http://www.examiner.com/x-7944-Warren-B ... ee-on-much
by lorneabramson
Sun Jul 05, 2009 8:48 pm
 
Forum: Investing - Theory, News & General
Topic: Burton Malkiel interviewed in this week's Barrons - fyi
Replies: 22
Views: 3952

INTERVIEW WITH BURTON MALKIEL: The influential author of the 1973 bestseller; A Random Walk Down Wall Street, again makes the case for low-cost index funds. AS A YOUNG INVESTMENT BANKER AT SMITH BARNEY in 1959, Burton Malkiel proposed that the firm ramp up its over-the-counter trading. His idea got ...
by lorneabramson
Sat Jul 04, 2009 9:29 am
 
Forum: Investing - Theory, News & General
Topic: Burton Malkiel interviewed in this week's Barrons - fyi
Replies: 22
Views: 3952

Burton Malkiel interviewed in this week's Barrons - fyi

Defends EMH (no surprise, of course), particularly in light of Justin Fox's book, and discusses China/AlphaShares.
by lorneabramson
Fri Jul 03, 2009 10:31 pm
 
Forum: Investing - Theory, News & General
Topic: Burton Malkiel interviewed in this week's Barrons - fyi
Replies: 22
Views: 3952

Boglehead CFA and CFP

I am a CFA and CFP. Ditto to Rick Ferri's comments. I consider myself a "recovering securities analyst" -- used to follow bank stocks for an institutional buy-side firm in San Francisco. Then I saw the proverbial light!
by lorneabramson
Fri Jun 26, 2009 9:38 am
 
Forum: Personal Finance (Not Investing)
Topic: How many Bogleheads are CPAs or CFPs?
Replies: 21
Views: 3902

Roubini video clip

Interesting comments about his own personal investments :)
by lorneabramson
Tue Dec 23, 2008 1:41 pm
 
Forum: Investing - Theory, News & General
Topic: The Mother of all GLOOM and DOOM posts
Replies: 413
Views: 70690

For Rick Ferri

Hey Rick -- I count only 9 out 20 markets up; not 11 (I'll take 9 though!). Just making sure I'm reading your data correctly: (It is worth noting that while overall June prices were down based on a national average, home prices were up in 11 of 20 cities, and UP year-to-date in three growing areas)
by lorneabramson
Thu Sep 25, 2008 6:05 pm
 
Forum: Investing - Theory, News & General
Topic: Home prices are down 15.4% from a year ago
Replies: 68
Views: 11784

Mr. Bogle -- What are your thoughts on Burton Malkiel's current focus on China, and how does this reconcile (or not reconcile) with Efficient Markets Theory? Do you believe China should be "overweighted" versus its market capitalization weighting in emerging markets indexes (just as many d...
by lorneabramson
Tue Jul 29, 2008 11:10 am
 
Forum: Investing - Theory, News & General
Topic: Got a Question for Jack Bogle? Q&A with Jack at DH VII
Replies: 39
Views: 11594

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