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How Smart are 'Smart Beta' ETFs? Analysis of Relative Perfor

Just saw this and thought I would put it up on the forum as a love letter to all the three-fund fans! Enjoy! I have not read yet. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2594941 Abstract: Using a comprehensive sample of 164 domestic equity Smart Beta (SB) ETFs during 2003-2014 period, I a...
by matjen
Mon Apr 27, 2015 8:33 am
 
Forum: Investing - Theory, News & General
Topic: How Smart are 'Smart Beta' ETFs? Analysis of Relative Perfor
Replies: 1
Views: 18

A Great List of Useless Financial Porn Phrases

Courtesy of Business Insider. "If you follow stock-market punditry obsessively like we do, you'll quickly notice something. A handful of analysts speak English. But the vast majority don't. Rather, they speak a language unique to the investment business. This language consists of market phrases...
by matjen
Thu Apr 23, 2015 8:47 am
 
Forum: Investing - Theory, News & General
Topic: A Great List of Useless Financial Porn Phrases
Replies: 30
Views: 3716

Re: Muni Bonds vs Muni Bond Funds

Great responses so far. I really appreciate the input. It confirms once again why I keep on telling no to FAs. I Agree 100% with the comments regarding funds mutual funds instead of individual funds. Besides, at least in my case, I am using bonds funds to reduce the risk of my portfolio, not to cha...
by matjen
Wed Apr 22, 2015 3:51 pm
 
Forum: Investing - Theory, News & General
Topic: Muni Bonds vs Muni Bond Funds
Replies: 10
Views: 732

Re: Muni Bonds vs Muni Bond Funds

I think this article by Rick Ferri would be of interest to those on this thread. http://www.rickferri.com/blog/investments/bond-funds-for-the-long-run/ Bond Funds for the Long Run "One of the most common investment questions people ask is, “Should I buy individual bonds or a bond fund?” I’ll cu...
by matjen
Wed Apr 22, 2015 11:52 am
 
Forum: Investing - Theory, News & General
Topic: Muni Bonds vs Muni Bond Funds
Replies: 10
Views: 732

Re: David Booth interviews Eugene French

Of great interest to me. Great interview. Thanks for posting Robert T. Some highlights for me: 38 minute mark: Additional new factors. Fama prefers a whole portfolio methodology rather than multiple slices of various strategies/factors 41:30 Momentum discussion. It's very real but has implementation...
by matjen
Sun Apr 19, 2015 8:55 am
 
Forum: Investing - Theory, News & General
Topic: David Booth interviews Eugene Fama
Replies: 11
Views: 1777

Fact, Fiction, and Value Investing - Asness/AQR

Thought many would enjoy this. I actually haven't read it yet. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2595747 Abstract: Value investing has been a part of the investment lexicon for at least the better part of a century. In particular the diversified systematic “value factor” or “value e...
by matjen
Fri Apr 17, 2015 5:31 pm
 
Forum: Investing - Theory, News & General
Topic: Fact, Fiction, and Value Investing - Asness/AQR
Replies: 9
Views: 1082

Re: John Bogle vs Jim Grant Debate

Thanks for posting. In the first article this immediately caught my eye: "After an exchange of barbed letters (circulated to clients of Grant fans like Ted Aronson, who manages $25 billion at Philadelphia-based AJO + Partners ), Bogle and Grant had pledged to argue whether “the cost of investin...
by matjen
Fri Apr 17, 2015 7:40 am
 
Forum: Investing - Theory, News & General
Topic: John Bogle vs Jim Grant Debate
Replies: 14
Views: 2141

Re: Favorite Boglehead Avatar?

Although I am a fan of my own Billy Jack Avatar. I think the recent "protests" during Mario Draghi's press conference makes for a couple of nice Avatars....I suppose especially if you diversify internationally. :-) http://i61.tinypic.com/6xzsrl.jpg http://i58.tinypic.com/345bxpe.png
by matjen
Thu Apr 16, 2015 3:57 pm
 
Forum: Local Chapters and Bogleheads Community
Topic: Favorite Boglehead Avatar?
Replies: 87
Views: 4795

Re: Best fish oil/omega-3 supplement?

Carlson Fish Oil. Again, not cheap but very good. Can be ordered through Amazon. http://www.amazon.com/Carlson-Finest-Liquid-Omega-3-Lemon/dp/B001LF39RO/ref=sr_1_1?s=hpc&ie=UTF8&qid=1428761775&sr=1-1&keywords=carlson+fish+oil From Dr. Peter Attia: "FISH OIL 1 tablespoon of Carls...
by matjen
Sat Apr 11, 2015 9:17 am
 
Forum: Personal Consumer Issues
Topic: Best fish oil/omega-3 supplement?
Replies: 18
Views: 1233

Re: Small Value is not tax inefficient!

^That M* chart does not show the effects of re-invested dividends. Chart a mutual fund first to get that effect. For example, start with VISVX, then add the ETFs for comparison. Thanks Livesoft. I had forgotten about that...but honestly, didn't think it would apply if you are comparing ETF to ETF. ...
by matjen
Mon Apr 06, 2015 7:17 am
 
Forum: Investing - Theory, News & General
Topic: Small Value is not tax inefficient!
Replies: 13
Views: 1583

Re: Small Value is not tax inefficient!

Part of this is for the wrong reason; IJS costs 20 more basis points than VTI, which costs an extra 3 basis points in taxes. SLYV at 15 basis points is probably the preferred option for tracking this index nowadays. Did SLYV change benchmarks recently or something? For some reason IJS handily beats...
by matjen
Mon Apr 06, 2015 7:06 am
 
Forum: Investing - Theory, News & General
Topic: Small Value is not tax inefficient!
Replies: 13
Views: 1583

Re: Giving heirs an early inheritance.

I purchased two guaranteed life-income annuities (SPIAs) so that I could give my heirs their inheritance while I am still alive and their need is greatest. It had nothing to do with maximizing my spending. It was insurance that I would never run of money. Best wishes. Taylor Taylor that is a very i...
by matjen
Tue Mar 31, 2015 4:44 pm
 
Forum: Investing - Theory, News & General
Topic: "The Final Say on Spending Rules" - L. Siegel
Replies: 17
Views: 2609

Re: An alternative to alternative investments [QSPIX]

Thank you Robert T. for bringing this paper to my attention. I found it very interesting.
by matjen
Sun Mar 29, 2015 6:56 pm
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 319
Views: 40090

Re: Kendrick Lamar: Rapper with Boglehead Principles?

I saw him perform last summer. rap/hip_hop can get tedious live but he put on a good show. Had a backing band which made a difference.
by matjen
Thu Mar 26, 2015 10:33 am
 
Forum: Personal Consumer Issues
Topic: Kendrick Lamar: Rapper with Boglehead Principles?
Replies: 14
Views: 1610

Re: Asset Class Junkie Reads Bernstein's Skating Where Puck

Cheer up value tilters! I love Bill Bernstein and Four Pillars is the single most important finance book I have ever read, however Cliff Asness and crew have a different perspective. More here but this quote should help. ;-) https://www.bogleheads.org/forum/viewtopic.php?f=10&t=162047&newpos...
by matjen
Wed Mar 25, 2015 7:17 pm
 
Forum: Investing - Theory, News & General
Topic: Asset Class Junkie Reads Bernstein's Skating Where Puck Was
Replies: 4
Views: 723

AQR's Alternative Thinking - Long Term Outlook

Here is an article summarizing AQR's thoughts and lower a link to the PDF itself. As always, interesting stuff and not highly encouraging. The whitepaper does say that they think value/momentum tilts and long/short portfolio construction should do a bit better. So I have that going for me. ;-) http:...
by matjen
Wed Mar 25, 2015 4:17 pm
 
Forum: Investing - Theory, News & General
Topic: AQR's Alternative Thinking - Long Term Outlook
Replies: 0
Views: 316

Econtalk on Investing/Data Mining/Statistical Significance

I thought many Bogleheads would enjoy this most recent Econtalk episode. Much of it has to do with investment strategies, data mining and similar topics. http://www.econtalk.org/archives/2015/03/campbell_harvey.html Campbell Harvey of Duke University talks with EconTalk host Russ Roberts about his r...
by matjen
Tue Mar 24, 2015 1:19 pm
 
Forum: Investing - Theory, News & General
Topic: Econtalk on Investing/Data Mining/Statistical Significance
Replies: 4
Views: 503

Re: How Do You Watch Television?

With my eyes.
by matjen
Sun Mar 22, 2015 1:34 pm
 
Forum: Personal Consumer Issues
Topic: How Do You Watch Television?
Replies: 81
Views: 5866

Re: PXSV has changed indexes

Love the metaphor! This has been my central point when we get into these 3-fund vs. slice and dice spats. If I had a fresh lump sum or were a young high income investor I would take the middle ground moving forward and utilize a 3-fund or perhaps 4-fund portfolio that had all the factor loads/tilts...
by matjen
Wed Mar 18, 2015 1:38 pm
 
Forum: Investing - Theory, News & General
Topic: PXSV has changed indexes
Replies: 119
Views: 9351

Re: PXSV has changed indexes

For us 100% SCV tilters I'm guessing something like: 70% FNDA 30% MTUM looks pretty for factor loads? Not really. See: https://www.portfoliovisualizer.com/factor-analysis?s=y&allocation1_1=40&includeBondFactors=false&endDate=03%2F16%2F2015&allocation2_1=60&symbol1=VIVAX&symb...
by matjen
Tue Mar 17, 2015 6:44 pm
 
Forum: Investing - Theory, News & General
Topic: PXSV has changed indexes
Replies: 119
Views: 9351

Re: PXSV has changed indexes

What happened to good old iShares S&P Small-Cap 600 Value IJS?

The elephant in the room is that this is another potential reason for DFA it seems to me. They don't mess about on the indexes.
by matjen
Tue Mar 17, 2015 6:14 pm
 
Forum: Investing - Theory, News & General
Topic: PXSV has changed indexes
Replies: 119
Views: 9351

Shiller - How Scary Is the Bond Market?

Interesting new Robert Shiller article on likelihood of a bond market "crash." http://www.project-syndicate.org/commentary/bond-market-crash-contagion-by-robert-j--shiller-2015-03 "All of these yields have since moved slightly higher, but they remain exceptionally low. It seems puzzli...
by matjen
Mon Mar 16, 2015 7:42 pm
 
Forum: Investing - Theory, News & General
Topic: Shiller - How Scary Is the Bond Market?
Replies: 29
Views: 4490

Re: Muni bonds vs. Treasuries - Please explain to me like I'

ogd, thanks for explaining more about this. I don't completely get it and I won't remember it well so you'll likely have to explain again sometime. :happy If it fair to assume that muni bonds are more callable than something like the bonds in total bond market? Or treasuries? Or corporates? This is...
by matjen
Fri Mar 13, 2015 1:22 pm
 
Forum: Investing - Theory, News & General
Topic: Muni bonds vs. Treasuries - Please explain to me like I'm 5
Replies: 25
Views: 2687

Re: Any other investors with 70/30 portfolio?

I'm 49 in a matter of weeks and at 75/25 but slowly inching toward 70/30. However, I have a pretty good tilt toward SCV and 4%-5% of my portfolio is in QSPIX so one could say that my 75/25 is more risky than a 3-funder...or not.
by matjen
Fri Mar 13, 2015 11:07 am
 
Forum: Investing - Theory, News & General
Topic: Any other investors with 70/30 portfolio?
Replies: 71
Views: 8141

Re: Muni bonds vs. Treasuries - Please explain to me like I'

I think that a properly diversified and managed Muni fund can be just a bit riskier than Treasuries and, of course, also provide a tax advantage. The Vanguard fund you have selected is riskier than that. Look at how it performed in 2008 and ask yourself if you are going to be OK with that next bear ...
by matjen
Mon Mar 09, 2015 10:20 am
 
Forum: Investing - Theory, News & General
Topic: Muni bonds vs. Treasuries - Please explain to me like I'm 5
Replies: 25
Views: 2687

Re: My Vanguard Momentum Trading Blog

Typo in your Author section top right. Just an FYI.

If you follow my advice, you are own your own.
by matjen
Sun Mar 08, 2015 10:52 am
 
Forum: Investing - Theory, News & General
Topic: My Vanguard Momentum Trading Blog
Replies: 23
Views: 2458

Re: Honda fit vs VW GTI

First of all, I would not use Car and Driver to evaluate a car that I was thinking of buying. Why anyone would not use Car and Driver as a source of information is beyond me but to each his/her own. I'm not saying it is necessarily the best or only information but it is certainly a very valid data ...
by matjen
Sat Mar 07, 2015 1:49 pm
 
Forum: Personal Consumer Issues
Topic: Honda fit vs VW GTI
Replies: 54
Views: 4201

Re: Honda fit vs VW GTI

Car & Driver just issued a report on their long term Fit. I would much rather have a 2 year old GTI. 3500-4000 RPM at highway speeds in a very poorly insulated car would annoy me to no end. Still, it serves its purpose as an urban utility vehicle. http://www.caranddriver.com/reviews/2015-honda-f...
by matjen
Sat Mar 07, 2015 10:06 am
 
Forum: Personal Consumer Issues
Topic: Honda fit vs VW GTI
Replies: 54
Views: 4201

Re: What if you already have a couple million?

60/40 is my thumbnail answer assuming your expenses are under control and no major changes in your life are expected. I think you are too young to go much more conservative than that.
by matjen
Tue Mar 03, 2015 12:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: What if you already have a couple million?
Replies: 42
Views: 6724

Re: Taylor Larimore Honored

Well deserved I am sure Taylor. Congratulations!!!! :beer
by matjen
Tue Mar 03, 2015 11:17 am
 
Forum: Investing - Theory, News & General
Topic: Taylor Larimore Honored
Replies: 59
Views: 5586

Meb Faber Kindle Books - Free!

Hello Bogleheads, From time to time Meb Faber comes up in discussion. He has a new book coming out shortly which appears to be his take on the Dimson and Marsh global returns work. He let me know that two of his earlier works are currently free over at Amazon for those who are interested. Here is hi...
by matjen
Mon Mar 02, 2015 3:18 pm
 
Forum: Investing - Theory, News & General
Topic: Meb Faber Kindle Books - Free!
Replies: 1
Views: 559

Re: Nasdaq Record High....

I was victimized by Cisco (CSCO). Although many point to the obvious dot com stocks like etoys or pets.com but don't forget you can lose a bundle being in a company that has dominated its space for the past 15 years as well. Expectations were just too crazy.
by matjen
Mon Mar 02, 2015 2:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Nasdaq Record High....
Replies: 25
Views: 2033

Re: Honda fit vs VW GTI

Both great cars but there will be zero times when you are driving the GTI and wishing you had a Fit. The opposite won't be true. The GTI can do everything a Fit can do at the expense of a bit of gas mileage and a bit of reliability. But the GTI still gets very good mileage and its reliability is not...
by matjen
Sun Mar 01, 2015 12:52 pm
 
Forum: Personal Consumer Issues
Topic: Honda fit vs VW GTI
Replies: 54
Views: 4201

Re: Past, present, and future of Berkshire - Annual letter

Invest like Warren. Buffett's Alpha http://www.econ.yale.edu/~af227/pdf/Buffett%27s%20Alpha%20-%20Frazzini,%20Kabiller%20and%20Pedersen.pdf Berkshire Hathaway has realized a Sharpe ratio of 0.76, higher than any other stock or mutual fund with a history of more than 30 years, and Berkshire has a sig...
by matjen
Sat Feb 28, 2015 6:45 pm
 
Forum: Investing - Theory, News & General
Topic: Past, present, and future of Berkshire - Annual letter
Replies: 29
Views: 2807

Re: "2015 Annual Letter by Scott Burns and Kennon Grose"

Amen on the REITS point. I personally got caught out by selling all my REITS (other than what is naturally in VTI and VXUS) in two parts over the past 18 months in order to increase my fixed income percentage and to buy a slice of AQR's QSPIX. I had all the correct reasons in the world but none of t...
by matjen
Sat Feb 28, 2015 1:17 pm
 
Forum: Investing - Theory, News & General
Topic: "2015 Annual Letter by Scott Burns and Kennon Grose"
Replies: 8
Views: 1224

BEST Life Insurance Contract of All Time!

HOLY SMOKES, and here I thought my mother's variable annuity with TIAA-CREF that includes a 3% return fixed account that allows money to be withdrawn twice a year (at our discretion) and no requirement to annuitize until age 90 was a deal. This is frankly unbelievable. "The company was L’Abeill...
by matjen
Fri Feb 27, 2015 11:09 am
 
Forum: Investing - Theory, News & General
Topic: BEST Life Insurance Contract of All Time!
Replies: 0
Views: 404

Re: Luxury Car

I love hot hatches - they're the perfect all-in-one car for anyone who enjoys driving and can't justify a dedicated toy. The Focus RS is one of my 'might actually be able to afford one day' dream cars. I do find myself worrying a bit about safety concerns with driving an expensive/flashy car. Worki...
by matjen
Tue Feb 24, 2015 10:47 am
 
Forum: Personal Consumer Issues
Topic: Luxury Car
Replies: 81
Views: 5861

Cliff Asness on Ritholtz's Masters in Business

Cliff Asness from AQR has just appeared on Barry Ritholtz's Master in Business series. I haven't listened yet but I am sure it is interesting. Wanted to bring it to the Bogleheads' attention. http://www.ritholtz.com/blog/2015/02/mib-cliff-asness/?utm_source=dlvr.it&utm_medium=twitter http://www....
by matjen
Sat Feb 21, 2015 10:13 am
 
Forum: Investing - Theory, News & General
Topic: Cliff Asness on Ritholtz's Masters in Business
Replies: 2
Views: 607

Re: "The Education of a Value Investor"

For those interested in Spier and Pabrai, I just came across a very good website called 5 Good Questions that has lengthy interviews with finance pros. http://fivegoodquestions.co/about Here are the links to a dual interview with them: http://fivegoodquestions.co/season-1/s1e8 http://fivegoodquestio...
by matjen
Thu Feb 19, 2015 1:24 pm
 
Forum: Investing - Theory, News & General
Topic: "The Education of a Value Investor"
Replies: 29
Views: 3961

Re: An alternative to alternative investments [QSPIX]

. Of the four 'styles' in the style premium fund (value, momentum, defensive, carry), 'carry' correlations with the market seem to increase at the wrong time. For example - see Figure 2 at the end of this paper http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2298565 , and here is an extract from...
by matjen
Wed Feb 18, 2015 8:01 am
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 319
Views: 40090

Re: Does anyone like the new Toyota/Lexus grilles?

I really like the Lexus grills...especially the mesh sport lines. I find the Camry grill ugly.
by matjen
Mon Feb 16, 2015 11:14 pm
 
Forum: Personal Consumer Issues
Topic: Does anyone like the new Toyota/Lexus grilles?
Replies: 61
Views: 4153

Re: SIGN PETITION FOR Jack Bogle's Presidential Medal of Fre

Signed awhile ago. Jack Bogle deserves it.
by matjen
Mon Feb 16, 2015 11:01 pm
 
Forum: Local Chapters and Bogleheads Community
Topic: SIGN PETITION FOR Jack Bogle's Presidential Medal of Freedom
Replies: 182
Views: 12453

Re: Tesla S

"and have the most satisfying car owning experience ever" And then there is Edmunds and Consumer Reports. http://www.edmunds.com/tesla/model-s/2013/long-term-road-test/wrap-up.html Bottom Line: The Model S is a fast, comfortable and technologically brilliant luxury sedan, but numerous pro...
by matjen
Mon Feb 16, 2015 6:50 pm
 
Forum: Personal Consumer Issues
Topic: Tesla S
Replies: 656
Views: 82459

Re: "The Education of a Value Investor"

. What continues to amaze me is the power of an index approach (across any market segment). Guy Spier outlines the rigor of his investment process, which is significant, involving talking with some of the best investors in the world about investment ideas, checklists, behavioral work arounds etc. I...
by matjen
Sun Feb 15, 2015 6:12 pm
 
Forum: Investing - Theory, News & General
Topic: "The Education of a Value Investor"
Replies: 29
Views: 3961

Re: Time to finally purchase nice bedding - thoughts?

Check out some of the new premium online retailers for bedding. parachute is a good one. http://www.parachutehome.com/
by matjen
Fri Feb 13, 2015 6:15 pm
 
Forum: Personal Consumer Issues
Topic: Time to finally purchase nice bedding - thoughts?
Replies: 25
Views: 2222

Re: Buffett/Hedge Fund Bet - Protege Partners' Excuses!

So the Fund of funds that made the (so far and most likely permanently) ill fated million dollar bet with Warren Buffett has come out with a letter. For all of you who like to spot goal post moving, whining, and excuses...here is the letter and an apologetic take on it from a Yahoo finance contribu...
by matjen
Thu Feb 12, 2015 5:05 pm
 
Forum: Investing - Theory, News & General
Topic: Buffett/Hedge Fund Bet - Protege Partners' Excuses!
Replies: 34
Views: 2667

Re: Your Future According to Yale Star Robert J. Shiller

^^^^^+100

Think how much something like a cell phone or a smart phone has done for billions of people around the world. Many who live in countries that have very poor wiring infrastructure. Seems to me this is much more important than a moon shot.
by matjen
Thu Feb 12, 2015 2:04 pm
 
Forum: Investing - Theory, News & General
Topic: Your Future According to Yale Star Robert J. Shiller
Replies: 86
Views: 10640

Buffett/Hedge Fund Bet - Protege Partners' Excuses!

So the Fund of funds that made the (so far and most likely permanently) ill fated million dollar bet with Warren Buffett has come out with a letter. For all of you who like to spot goal post moving, whining, and excuses...here is the letter and an apologetic take on it from a Yahoo finance contribut...
by matjen
Thu Feb 12, 2015 1:54 pm
 
Forum: Investing - Theory, News & General
Topic: Buffett/Hedge Fund Bet - Protege Partners' Excuses!
Replies: 34
Views: 2667

Re: How do slice and dicers rebalance?

I rebalance/adjust AA glide path with new money. Monthly 401(k) contributions and dividends. Once a year I take a closer look to make any larger adjustments.
by matjen
Wed Feb 11, 2015 8:46 am
 
Forum: Investing - Theory, News & General
Topic: How do slice and dicers rebalance?
Replies: 14
Views: 722
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