Search found 1121 matches

by matjen
Wed Jul 01, 2015 5:44 pm
Forum: Investing - Theory, News & General
Topic: TIPS - Did you give up?
Replies: 57
Views: 2954

Re: TIPS - Did you give up?

In May of last year I sold all my TIPS and all my REITS and put the proceeds into AQR Style Premia Alternative QSPIX . Once we are near retirement (another 8-10 years minimum according to my DW) then I will revisit TIPS.
by matjen
Wed Jul 01, 2015 4:18 pm
Forum: Investing - Help with Personal Investments
Topic: How Much Muni Is Too Much Muni?
Replies: 3
Views: 265

Re: How Much Muni Is Too Much Muni?

Question: If bonds are for safety, is there a percentage of Muni bonds that one should not exceed of the overall bond allocation? I am in a similar situation and I am not aware of any rule of thumb on percentages. However, because i have so much Muni and because my 401(k) best option is a riskier i...
by matjen
Tue Jun 30, 2015 6:51 am
Forum: Investing - Theory, News & General
Topic: "The Education of a Value Investor"
Replies: 34
Views: 4790

Re: "The Education of a Value Investor"

Buffet has his Geico and Spier has his father and his father's friends. There is no doubt he is a very smart man and has a real introspective bent which is wonderful. It just struck me that (late 1997) he was able to start his fund after only about 18 months of professional experience as an investm...
by matjen
Sun Jun 28, 2015 10:23 am
Forum: Investing - Theory, News & General
Topic: AQR/Asness: Stocks, Bonds: Bleak Outlook
Replies: 90
Views: 6940

Re: AQR/Asness: Stocks, Bonds: Bleak Outlook

I think this is a pretty good article on the general topic of future estimated returns and CAPE. http://i59.tinypic.com/bimsli.png http://www.robeco.com/en/professionals/insights/markets/graph-of-the-week.jsp "Then we have the 'but' – of which there are several. The first is the black line. It ...
by matjen
Fri Jun 26, 2015 8:48 am
Forum: Personal Consumer Issues
Topic: Annoying problem with Lollipop (new Android 5.1 OS)
Replies: 47
Views: 2908

Re: Annoying problem with Lollipop (new Android 5.1 OS)

Thanks for the update. I restarted my phone this morning and the problem is still there. I cleared the cache yesterday but didn't cure it. Since I'm no expert, what are the steps to doing a factory reset and backing up? Will I then have to download and install 5.1 again? I'm afraid the problem migh...
by matjen
Fri Jun 26, 2015 7:55 am
Forum: Personal Consumer Issues
Topic: Annoying problem with Lollipop (new Android 5.1 OS)
Replies: 47
Views: 2908

Re: Annoying problem with Lollipop (new Android 5.1 OS)

Browser, My 2013 Moto X started up just fine this morning. I left it off all night. I will say the boot process does seem a bit slower than with Kit Kat but it did start up with no application optimization stage like when I first did the upgrade. My one glitch (in general with the upgrade) is that t...
by matjen
Thu Jun 25, 2015 2:10 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

It is also entertaining. What would I do with my time if I didn't have this thread? :happy Looks like this thread has run its course. What happened to stay the course? Back to the shadows I go until some more QSPIX stuff comes out, or a new factor is invented , or a good yoga thread comes along.......
by matjen
Thu Jun 25, 2015 12:04 pm
Forum: Investing - Theory, News & General
Topic: Charles Ellis - In Defense of Active Investing
Replies: 7
Views: 1776

Charles Ellis - In Defense of Active Investing

Mostly tongue in cheek and very, very enjoyable! http://blogs.cfainstitute.org/investor/2015/06/23/in-defense-of-active-investing/ "Some who attack active investors and their self-rewarding business practices seem uncomfortable with practitioners’ ample compensation. Unrelenting attackers — app...
by matjen
Thu Jun 25, 2015 9:29 am
Forum: Personal Consumer Issues
Topic: Annoying problem with Lollipop (new Android 5.1 OS)
Replies: 47
Views: 2908

Re: Annoying problem with Lollipop (new Android 5.1 OS)

Browser I have the same set up. A first generation Moto X (Developer Edition) and a few day old Lollipop install. I don't turn the phone off at night and that is obviously the easy solution for you. Regardless, I will try and remember to turn it off and will report back if I have the same issue as y...
by matjen
Thu Jun 25, 2015 9:25 am
Forum: Investing - Theory, News & General
Topic: AQR/Asness: Stocks, Bonds: Bleak Outlook
Replies: 90
Views: 6940

Re: AQR/Asness: Stocks, Bonds: Bleak Outlook

His view that you can only withdraw 2.2% real annually seems predicated on the assumption that your goal is to live off real portfolio returns and not deplete the principal. Who does that? We generally plan to deplete principal as well as earnings at a rate that won't destroy the principal complete...
by matjen
Thu Jun 25, 2015 9:07 am
Forum: Investing - Theory, News & General
Topic: AQR/Asness: Stocks, Bonds: Bleak Outlook
Replies: 90
Views: 6940

AQR/Asness: Stocks, Bonds: Bleak Outlook

For your consideration...I drink the Kool-Aid and this is one of the reasons I have a slice of QSPIX. http://news.morningstar.com/articlenet/SubmissionsArticle.aspx?submissionid=209621.xml "He maintains that both bonds and stocks are expensive—bonds in the 97th percentile and stocks in the 92nd...
by matjen
Wed Jun 24, 2015 1:35 pm
Forum: Investing - Theory, News & General
Topic: What ratio are you stocks/bonds and how old are you?
Replies: 237
Views: 14577

Re: What ratio are you stocks/bonds and how old are you?

Ages 49 and 43. 75% equity 25% fixed income
by matjen
Wed Jun 24, 2015 6:51 am
Forum: Investing - Help with Personal Investments
Topic: 30 years old / Missed the bull run
Replies: 50
Views: 8563

Re: 30 years old / Missed the bull run

Opportunity cost is a very real thing, and it speaks to the advice we often hear for people to start saving as early as possible. But honestly, I started saving what I could from my first jobs and was buying stocks during a cheap market. And I netted, say, 50% that someone like you didn't net. But ...
by matjen
Mon Jun 22, 2015 9:56 pm
Forum: Local Chapters and Bogleheads Community
Topic: Happy Birthday to Mel [Lindauer]
Replies: 36
Views: 2235

Re: Happy Birthday to Mel [Lindauer]

Happy Birthday Mel. Keep on keeping on. :sharebeer
by matjen
Mon Jun 22, 2015 6:48 pm
Forum: Investing - Theory, News & General
Topic: Possible new lazy portfolio?
Replies: 7
Views: 1899

Re: Possible new lazy portfolio?

I like them. Had never heard of VMVFX. Of course, they could use a splash of QSPIX for a bit of flavor. :twisted:
by matjen
Sun Jun 21, 2015 1:58 pm
Forum: Investing - Theory, News & General
Topic: Are Grantham and Hussman Correct About Valuations? [US stock market, Larry article]
Replies: 18
Views: 1956

Re: Are Grantham and Hussman Correct About Valuations? [US stock market, Larry article]

I agree with Packer and Buffett's take as well but I also wonder if it is more just wishful thinking on my part. What is the argument that says interest rates are sort of irrelevant or not that powerful in the analysis? Does Shiller make that argument?
by matjen
Fri Jun 19, 2015 4:32 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

The main diversification being in periods of inflationary recessions when neither stocks nor bonds perform particularly well (re. Illmanen et al article in JPM on Macroeconomic sensitivities: How investments respond to difference economic environments). Robert . I pulled this last sentence out beca...
by matjen
Fri Jun 19, 2015 3:58 pm
Forum: Investing - Theory, News & General
Topic: Younger and better educated invest in International...
Replies: 7
Views: 2126

Younger and better educated invest in International...

People who are younger and better educated invest more in international stocks... :wink: We examine the international equity allocations of 3.8 million individuals in 296 401(k) plans over the 2005-2011 period. We find enormous cross-individual variation, ranging from zero to over 75%, and strong co...
by matjen
Fri Jun 19, 2015 10:56 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

. Another relevant paper by Fama-French http://www.chicagobooth.edu/news/pdf/Tilted%20Portfolios%20Hedge%20Funds%20and%20Portable%20Alpha%20200605.pdf Robert . Great article and contribution Robert T. Without getting too far over my skis I would say the key sentence is "The simple answer, deve...
by matjen
Fri Jun 19, 2015 9:30 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

The fees are another big issue for me. I am reluctant to pay 1% for a known strategy with a skilled implementer (Sequoia) so why should I pay 1.5% to strategy that is not totally known and the implementer who has a short track record with this strategy and had a blow up in one of his funds (AQR Abs...
by matjen
Thu Jun 18, 2015 4:57 pm
Forum: Investing - Help with Personal Investments
Topic: Change of heart on bonds
Replies: 29
Views: 4358

Re: Change of heart on bonds

What livesoft is saying is exactly the way I experienced it personally. You can criticize it as "Beardstown Ladies" accounting* if you like, but what I found as my portfolio grew is that I really didn't mind losses as such , but I really hated seeing a lower total at the end of the year t...
by matjen
Wed Jun 17, 2015 9:59 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: A second look at QSPIX

...The prospectus says that the estimate assumes 5% annual return..." Although Nisi wrote it, I want to call it out. The 5% assumed return is what raises the estimated cost it seems to me. The tyranny of compounding costs. backpacker it appears I have been hoisted with my own petard! :-) http:...
by matjen
Wed Jun 17, 2015 9:37 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

It doesn't take much to turn a great fund into a mediocre fund or a mediocre fund into a bad fund. Take the recent brouhaha over PXSV switching from the RAFI pure small value index to the Russell pure small value index. The fund has always been a small value fund. It has always had "the same s...
by matjen
Wed Jun 17, 2015 9:23 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

[AQR] should be able to describe what the fund does with roughly the precision of, say, a typical Vanguard index fund. If they can't or won't do that, it's because they think that this fund is more than just a bundle of simple factor strategies. In which case, we have no idea whether that "mor...
by matjen
Wed Jun 17, 2015 8:38 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: A second look at QSPIX

nisiprius wrote:...The prospectus says that the estimate assumes 5% annual return..."


Although Nisi wrote it, I want to call it out. The 5% assumed return is what raises the estimated cost it seems to me.
by matjen
Tue Jun 16, 2015 5:24 pm
Forum: Investing - Theory, News & General
Topic: Obtaining Exposure to Quality / Profitability Factor
Replies: 47
Views: 3257

Re: Obtaining Exposure to Quality / Profitability Factor

....Personally, I prefer core funds with exposure to many factors, e.g. the AQR multi-style funds. I like to tilt as much as possible within my equities while still adhering to market weights for domestic/developed/emerging. Accordingly, my Roth IRA consists of QSMLX/QICLX/QEELX along with QSPIX, a...
by matjen
Mon Jun 15, 2015 5:57 pm
Forum: Investing - Help with Personal Investments
Topic: Portfolio for a conservative early retiree
Replies: 12
Views: 1680

Re: Portfolio for a conservative early retiree

I agree with Taylor's post above. Especially if you want to go the market cap, traditional index approach. But as Taylor may have anticipated, I have to put my 2 cents in for the Larry Portfolio because it seems to me that what you are thinking of implementing is little different from a risk/volatil...
by matjen
Mon Jun 15, 2015 7:41 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

I have owned a chunk of QSPIX since May of 2014. Figured I would get in early and have been quite pleased. Even if it just does OK, it is entertaining at a minimum. Happily, it has been doing much better than OK. Fingers crossed moving forward. :mrgreen:
by matjen
Sat Jun 13, 2015 12:23 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

Wonderful list and I want to sincerely thank you for all your input on this thread lack_ey #4 is obviously an unknown but is insightful it seems to me.
by matjen
Fri Jun 12, 2015 11:25 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

Angst wrote:
lack_ey wrote:Nothing special about 10%; it could be 5% or whatever else.

Until someone can give me a better rationale than just a hunch for what percentage of QSPIX one ought to include in their portfolio, I find it hard to justify anything.


5.17% is your answer... :annoyed
by matjen
Fri Jun 12, 2015 9:58 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

Are those LifeStrategy returns based on simulated returns or the actual returns of the funds? They used to have an allocation to a Vanguard tactical asset allocation fund which timed the market poorly. Excellent point. Not sure what Robert T. did but it was in response to this thread which also inc...
by matjen
Fri Jun 12, 2015 9:19 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

If posters are going to be skeptical about QSPIX at least look at the data a little for yourself first rather than just jerking your knees with a canned "it won't work" response. That's all I'm asking. Some people actually want to talk about the nuts and bolts of the fund rather than ever...
by matjen
Thu Jun 11, 2015 11:01 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

AQR said what the fund would've done in the past and now it's doing it in real life and people still don't like it. This fund could be around in 20 years performing the same way and some people will still be skeptical. You really think we're crazy for not immediately buying into a new fund's hype? ...
by matjen
Thu Jun 11, 2015 8:05 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

I think that it would be a travesty to claim that a recommendation to invest in QSPIX, a highly active fund that costs 30 times the cost of Vanguard's Total Stock Market Index Fund, is inspired by Jack Bogle . No. It is investing advice inspired by people associated with AQR, many of them being inv...
by matjen
Wed Jun 10, 2015 9:16 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

I've seen a 7% figure thrown around in several places but haven't yet seen where that comes from. It's in Larry Swedroe's article here, for example: http://www.advisorperspectives.com/newsletters14/How_AQRs_New_Fund_Adds_Value.php Let's call BS on 7% and say it is 5% or 6% nominal (9.17% as of 5/29...
by matjen
Wed Jun 10, 2015 1:56 pm
Forum: Investing - Theory, News & General
Topic: Fizzy swans: decompression sickness as an analogy for investing risk?
Replies: 15
Views: 1814

Re: Fizzy swans: decompression sickness as an analogy for investing risk?

This is why calling recessions and stock market crashes is really hard and nobody seems to be able to do it despite really smart people looking at the problem. I think this is the point where we all stop and point fingers at the ECRI recession call. LOL, haven't thought about that in awhile. Lakshm...
by matjen
Wed Jun 10, 2015 11:31 am
Forum: Investing - Theory, News & General
Topic: REITs - why the volatility?
Replies: 44
Views: 3757

Re: REITs - why the volatility?

This whole thread can't be about some confusion that there are stocks that can just be bought and held as if they were bonds can it? How would such an idea ever get loose and be allowed to run around? We save that for the QSPIX threads ;-) Like Nisi said, REITS are stocks and stocks are volatile. I...
by matjen
Wed Jun 10, 2015 11:13 am
Forum: Investing - Theory, News & General
Topic: Recommended Reading--by Lasse Pedersen
Replies: 2
Views: 646

Re: Recommended Reading--by Lasse Pedersen

Thanks for the review Larry. I have read all of the quantitative parts of it and have so far really enjoyed it. The interview with Asness is quite good. One part that really struck a chord with me was his answers regarding the difference between running real money and academia. This type of stuff co...
by matjen
Wed Jun 10, 2015 9:43 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

I would say that Robert T. had a balanced review earlier that reached a conclusion that you can get the factor loads desired in a less expensive and complicated manner by just being long (and tilted to factors) if your assets are situated in tax sheltered accounts. If the vast majority of your asse...
by matjen
Tue Jun 09, 2015 10:18 pm
Forum: Investing - Help with Personal Investments
Topic: Total:Tilt ratios for Small/Emerging/TIPS
Replies: 29
Views: 2097

Re: Total:Tilt ratios for Small/Emerging/TIPS

It's still curious why there's more discussions involving IJR than IJS. Are there more people talking about tilting to small cap instead of small cap value? No one talks about tilting to just small cap for the most part. I'm not sure what you are looking at but it is very common for people to list ...
by matjen
Tue Jun 09, 2015 9:02 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

And now they have a NEW fund, that they've backtested well against 2000 and 2008, only the next crisis won't be anything like 2000 or 2008, and their strategy (whatever it is), may not work well in the NEXT crisis. You just don't know... This may express some of my discontent with using factor bets...
by matjen
Tue Jun 09, 2015 8:39 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

Personally, I am surprised that the angle of attack against the style premia fund hasn't also gone in certain other ways, as I can think of other reasons to dislike what's going on that haven't been much of the focus. I am waiting to see if people will bring them up; if not, I'll mention them later...
by matjen
Tue Jun 09, 2015 8:34 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

For what it's worth, if it loaded on value and momentum, it probably should have made a bunch of money in 2000-2002 (good times for value). In any case, a lot of strategies and asset classes did pretty well through the period, just not the broad cap-weighted equities because tech exploded. LOL. In ...
by matjen
Tue Jun 09, 2015 12:22 pm
Forum: Investing - Theory, News & General
Topic: Asset Pricing Courses with John Cochrane - U of C Booth
Replies: 1
Views: 295

Asset Pricing Courses with John Cochrane - U of C Booth

For those interested and capable. May be a day late on this but thought I would post just in case. Learn about all the things we argue about regarding 3-Fund and slice and dice factor tilts! https://www.coursera.org/course/assetpricing In this part I, we’ll quickly learn or review time-series in con...
by matjen
Tue Jun 09, 2015 10:55 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

I'll repeat what Ronen Israel says above... Note that every crisis is different... Their strategy will apparently work well if 2000 or 2008 repeats... But the next crisis will NOT be a repeat of 2000 or 2008. Certainly true. It is senseless to argue about the unknown future. Implicit in your respon...
by matjen
Tue Jun 09, 2015 10:28 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

...pulling boilerplate language out of the prospectus... No, it isn't boilerplate. That's the whole point. The risk disclosure of, say, Vanguard Managed Payout fund is qualitatively different from that in Vanguard Total Stock Market Fund, and the risk disclosure of QSPIX is qualitatively different ...
by matjen
Tue Jun 09, 2015 10:05 am
Forum: Investing - Theory, News & General
Topic: Vanguard - Four Fund Portfolio
Replies: 103
Views: 10378

Re: Vanguard - Four Fund Portfolio

Since abuss368 is now trolling the QSPIX thread I thought I would troll here...with actual performance and facts not speculation and FUD. If you are thinking LifeStrategy or adding a few more funds to it why not just go with the esteemed Robert T.'s portfolio? 7 funds I think. Is it that you like wo...
by matjen
Tue Jun 09, 2015 9:49 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

It has been less than a decade (2007) since the last Quant meltdown, during which a majority of levered Quant funds got hammered. There is a good book "The Quants" covering this episode. I read it years ago, but don't recall the details. What are the chances there won't be another quant m...
by matjen
Tue Jun 09, 2015 8:19 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

Like I clearly stated: "so they are left with pulling boilerplate language out of the prospectus and speculating about end of the world scenarios." :oops: Why does QSPIX put this "boilerplate language" in its prospectus? For marketing purpose? Of course not. It does it because t...
by matjen
Tue Jun 09, 2015 8:06 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 377
Views: 30522

Re: QSPIX - thoughts on interesting fund

Like I clearly stated: "so they are left with pulling boilerplate language out of the prospectus and speculating about end of the world scenarios." :oops:

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