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Re: EmergDoc has Surpassed 10,000 posts!

Congratulations EmergDoc and thank you for all your contributions both here and at WCI. :sharebeer
by matjen
Tue Sep 30, 2014 6:11 pm
 
Forum: Local Chapters and Bogleheads Community
Topic: EmergDoc has Surpassed 10,000 posts!
Replies: 32
Views: 2790

Re: Will you invest in Bill Gross's new bond fund?

Pimco (PTTRX) is basically my only option for a bond fund in my 401(k). Till that changes I really have no option.
by matjen
Mon Sep 29, 2014 9:57 pm
 
Forum: Investing - Theory, News & General
Topic: Will you invest in Bill Gross's new bond fund?
Replies: 49
Views: 2214

Re: Interview I did with Michael Covel

Very nice interview Larry. Lots of good info. Thank you for sharing.
by matjen
Mon Sep 29, 2014 6:23 pm
 
Forum: Investing - Theory, News & General
Topic: Interview I did with Michael Covel
Replies: 10
Views: 988

Bond King Gross to leave Pimco for Janus

Wow. This really surprised me. I literally had to stop for a second and make sure it wasn't April 1st. What a weird development. He literally starts Monday. I also read that Bill Gross is worth more personally than Janus Capital's market cap - $2.3B vs $2.1B http://www.ft.com/intl/fastft?post=212282...
by matjen
Fri Sep 26, 2014 8:46 am
 
Forum: Investing - Theory, News & General
Topic: Bill Gross moving from PIMCO to Janus, Monday
Replies: 106
Views: 8089

Re: Illmanen and AQR style premium fund +interview I did

The Morningstar info got really weird with this fund all of a sudden. Agree with Larry.
by matjen
Thu Sep 25, 2014 6:07 pm
 
Forum: Investing - Theory, News & General
Topic: Illmanen and AQR style premium fund +interview I did
Replies: 28
Views: 1467

Re: Smartphone applications

Google Finance or Bloomberg.
by matjen
Thu Sep 25, 2014 3:13 pm
 
Forum: Personal Consumer Issues
Topic: Smartphone applications
Replies: 1
Views: 224

'Born in strife': Jack Bogle on Vanguard at 40

"Here's the memo Vanguard Group founder John Clifton "Jack" Bogle sent Vanguard Principal managers and 15+-year veteran employees to mark its 40th anniversary this morning under the title, "Vanguard Turns 40! Happy Birthday! And Thanks to our Crew!" http://www.philly.com/phi...
by matjen
Thu Sep 25, 2014 10:59 am
 
Forum: Investing - Theory, News & General
Topic: 'Born in strife': Jack Bogle on Vanguard at 40
Replies: 1
Views: 354

Re: Indoor rowing machine - worth it?

For those more interested in rowing, you may find this site and/or training program interesting. http://thepeteplan.wordpress.com/beginner-training/ "Indoor rowing training isn’t rocket science, though you might think so if you try to understand some of the training plans “on the market” for in...
by matjen
Thu Sep 25, 2014 9:26 am
 
Forum: Personal Consumer Issues
Topic: Indoor rowing machine - worth it?
Replies: 48
Views: 1908

Re: Indoor rowing machine - worth it?

^ +1 Of all the "machines" I think this is the best one-stop shop. It is the LifeStrategy of workouts. :o
by matjen
Wed Sep 24, 2014 11:01 am
 
Forum: Personal Consumer Issues
Topic: Indoor rowing machine - worth it?
Replies: 48
Views: 1908

Re: Hedge Funds & Diversification

assumer, Cliff Asness talks a bit about these exact topics in this video. On the whole, the hedge fund industry gets most of its returns from regular beta/equity exposure. However, there are probably certain types of hedge funds that would give a different type of exposure. http://www.bloomberg.com/...
by matjen
Tue Sep 23, 2014 12:42 pm
 
Forum: Investing - Theory, News & General
Topic: Hedge Funds & Diversification
Replies: 14
Views: 570

Cliff Asness on Hedge Funds, Smart Beta, etc.

I found his comments on Private Equity interesting as well. Clifford Asness, co-founder and managing principal of AQR Capital Management LLC, talks about the performance of hedge funds, investor sentiment and the outlook for financial markets. Asness speaks with Bloomberg's Stephanie Ruhle at the Bl...
by matjen
Tue Sep 23, 2014 8:23 am
 
Forum: Investing - Theory, News & General
Topic: Cliff Asness on Hedge Funds, Smart Beta, etc.
Replies: 0
Views: 153

Re: Good article on style premium investing & AQR new fund

Here's bottom line The more efficient way to do this is clearly with QSPIX, and the reason is that you do save some on the ER---because the administration expenses are 20bp for each fund and that is not split in half as it is a "fixed" cost. So it is 85bp vs 150bp. As you have heard me sa...
by matjen
Mon Sep 22, 2014 7:42 pm
 
Forum: Investing - Theory, News & General
Topic: Good article on style premium investing & AQR new fund
Replies: 86
Views: 7984

Re: Bogle, Asness & Keene on Bloomberg right now

Bogle on Calpers Hedge Funds position - "some advanced form of lunacy."
by matjen
Mon Sep 22, 2014 7:12 pm
 
Forum: Investing - Theory, News & General
Topic: Bogle, Asness & Keene on Bloomberg right now-Taped Video
Replies: 2
Views: 387

Re: Bogle, Asness & Keene on Bloomberg right now

Above was the real-time link. Here is a link to the video for those interested: Asness, Bogle on Investment Strategy, Pension Funds Clifford Asness, managing and founding principal of AQR Capital Management, and John C. Bogle, founder of Vanguard Group Inc., talk about investment strategy, fund mana...
by matjen
Mon Sep 22, 2014 6:55 pm
 
Forum: Investing - Theory, News & General
Topic: Bogle, Asness & Keene on Bloomberg right now-Taped Video
Replies: 2
Views: 387

Bogle, Asness & Keene on Bloomberg right now-Taped Video

http://www.bloomberg.com/tv/livestream/

Bloomberg Markets ‏@BloombergMrkts
Cliff Asness and Jack Bogle discuss investing with @TomKeene WATCH LIVE: http://bloomberg.com/tv/livestream/ #BMMI14
by matjen
Mon Sep 22, 2014 2:31 pm
 
Forum: Investing - Theory, News & General
Topic: Bogle, Asness & Keene on Bloomberg right now-Taped Video
Replies: 2
Views: 387

Re: Premiums: Size, Value, Beta, Momentum

My advice is to invest in factor funds judiciously, perhaps 25% of an equity portfolio, be very patient, and don't plan to earn much of a premium if any after fees. Rick, I am not a believer in the benefits of factor investing but this statement still has me a bit confused. Why would anyone want to...
by matjen
Wed Sep 17, 2014 11:27 pm
 
Forum: Investing - Theory, News & General
Topic: Premiums: Size, Value, Beta, Momentum
Replies: 40
Views: 2832

Re: Car-Certified Lexus LS 460 Vs New ES 350 Vs New RX 350

I would go for the pre-owned Lexus 460 of the choices you gave. However, if buying a new car I would take a long hard look at the new Hyundai Genesis. Hyundai is poised to do to Lexus what Lexus did to the Germans. This car is getting great reviews, has a long warranty, and should be cheaper to mai...
by matjen
Wed Sep 17, 2014 10:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Car-Certified Lexus LS 460 Vs New ES 350 Vs New RX 350
Replies: 63
Views: 4143

Re: Car-Certified Lexus LS 460 Vs New ES 350 Vs New RX 350

I would go for the pre-owned Lexus 460 of the choices you gave. However, if buying a new car I would take a long hard look at the new Hyundai Genesis. Hyundai is poised to do to Lexus what Lexus did to the Germans. This car is getting great reviews, has a long warranty, and should be cheaper to main...
by matjen
Wed Sep 17, 2014 12:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Car-Certified Lexus LS 460 Vs New ES 350 Vs New RX 350
Replies: 63
Views: 4143

Re: Cliff Asness note on CALPERS firing hedge funds

I could not agree more Larry. Asness is always worthwhile and especially if you are interested in factor investing. I read the blog post and am in the middle of some of the referenced links. One of which leads to a brief presentation on how they deal with benchmarking/performance/fees in the alterna...
by matjen
Tue Sep 16, 2014 6:32 pm
 
Forum: Investing - Theory, News & General
Topic: Cliff Asness note on CALPERS firing hedge funds
Replies: 6
Views: 811

Re: CalPERS Eliminates Hedge Fund Program

I found this article very insightful. Here is a simple model for hedge fund fees: There are some people who can reliably generate alpha -- returns in excess of the market return -- but those people are rare. -It is somewhat difficult to tell who those people are; in particular, at any given time, th...
by matjen
Tue Sep 16, 2014 1:49 pm
 
Forum: Investing - Theory, News & General
Topic: CalPERS Eliminates Hedge Fund Program
Replies: 44
Views: 2887

Re: CalPERS Eliminates Hedge Fund Program

They can afford them but I can only assume their results showed they could not find them consistently, which is basically the active management story. I wish they'd publish the complete results of their long experiment with hedge funds. Well here is a start....reach your own conclusions ;-) http://...
by matjen
Tue Sep 16, 2014 8:15 am
 
Forum: Investing - Theory, News & General
Topic: CalPERS Eliminates Hedge Fund Program
Replies: 44
Views: 2887

CalPERS Eliminates Hedge Fund Program

Rumored for awhile...now official. Straight from the horse's mouth. "The California Public Employees’ Retirement System (CalPERS) today announced that it will eliminate its hedge fund program, known internally as the Absolute Return Strategies (ARS) program, as part of an ongoing effort to redu...
by matjen
Mon Sep 15, 2014 6:12 pm
 
Forum: Investing - Theory, News & General
Topic: CalPERS Eliminates Hedge Fund Program
Replies: 44
Views: 2887

Asness/AQR - Smart Beta Not New, Not Beta, Still Awesome

Here is a link to the PDF which will download. Article classifies the different quant/smart beta strategies.

https://t.co/krAU0gmo1Z
by matjen
Fri Sep 12, 2014 12:56 pm
 
Forum: Investing - Theory, News & General
Topic: Asness/AQR - Smart Beta Not New, Not Beta, Still Awesome
Replies: 0
Views: 174

Re: Link to webinar I did other day for our clients

Hi Larry. Very nice talk that I would urge those who constantly watch the headlines to listen to.

Well done.
by matjen
Fri Sep 12, 2014 12:46 pm
 
Forum: Investing - Theory, News & General
Topic: Link to webinar I did other day for our clients
Replies: 2
Views: 462

Re: The importance of discipline

grap0013 wrote:I also think DFA incorporating profitability is a much less drastic change than a 35% absolute increase in international. I think Larry is alluding more to the former rather than to the latter.


As the Fonz would say...Exactamundo!
by matjen
Mon Sep 08, 2014 1:42 pm
 
Forum: Investing - Theory, News & General
Topic: The importance of discipline
Replies: 19
Views: 1367

Re: The importance of discipline

I agree that it's difficult to stick with any strategy over the long haul of several years or even decades, including the 3-fund portfolio. We're always questioning the wisdom of any strategy. That's why it's important, IMO, to keep it as simple as possible. Fewer moving parts, less complex rationa...
by matjen
Mon Sep 08, 2014 10:47 am
 
Forum: Investing - Theory, News & General
Topic: The importance of discipline
Replies: 19
Views: 1367

Re: The importance of discipline

Very important paper about the importance of sticking with one's investment strategy over the long haul. Therein lies the rub for most investors. Before embarking on any strategy more complicated than simply holding the total stock market, plus bonds and some cash, you have to sit down and have a c...
by matjen
Mon Sep 08, 2014 10:05 am
 
Forum: Investing - Theory, News & General
Topic: The importance of discipline
Replies: 19
Views: 1367

Univ of Chicago [Active Manager Luck vs. Skill] Lubos Pastor

Interesting new video on active Manager skill. Many of the topics raised here on Bogleheads are covered. Summary: 1) Managers are more skilled now than in the past... but since all are no return difference 2) Skilled managers keep most if not all fees 3) Younger managers with newer strategies may ha...
by matjen
Mon Sep 01, 2014 7:32 pm
 
Forum: Investing - Theory, News & General
Topic: Univ of Chicago [Active Manager Luck vs. Skill] Lubos Pastor
Replies: 7
Views: 851

Re: "Absolute Return" Using Index Funds?

The chart does not show the net position as the fund has equal long and short positions so what you are getting is the stock selection or factor selection component of returns. The volatility would be much higher than 3.7% if the fund was net long or short the market. Packer But it is still all equ...
by matjen
Sun Aug 31, 2014 7:47 pm
 
Forum: Investing - Theory, News & General
Topic: "Absolute Return" Using Index Funds?
Replies: 18
Views: 2009

Re: "Absolute Return" Using Index Funds?

The Vanguard Market Neutral fund is an excellent offering, definitely worth considering. From Morningstar: -- This fund was launched in 2004, but investors should focus on this fund’s track record since Vanguard took over sole management of the fund in late 2010. From that point, the fund's 4.55% a...
by matjen
Sun Aug 31, 2014 7:18 pm
 
Forum: Investing - Theory, News & General
Topic: "Absolute Return" Using Index Funds?
Replies: 18
Views: 2009

Re: What's "The Herd" doing today?

It appears to be talking quite a bit about Zegna suits...
by matjen
Wed Aug 27, 2014 7:59 pm
 
Forum: Investing - Theory, News & General
Topic: What's "The Herd" doing today?
Replies: 52
Views: 3526

Re: Emerging markets 1900-2013

For those with DFA access, DFA World ex US Targeted Val Instl (DWUSX) makes for a nice one stop shop for International and emerging markets SCV. It's ER is .79. The Morningstar Boxes indicate that its more MidCap Value than SV. I wish we had some good factor analysis for this fund (or any of the DF...
by matjen
Wed Aug 27, 2014 11:03 am
 
Forum: Investing - Theory, News & General
Topic: Emerging markets 1900-2013
Replies: 54
Views: 5405

Re: Emerging markets 1900-2013

We are not likely to know if that is going to happen before stock markets do. What is important though, which I think you are hinting at, is the very substantial event risk in the Indian subcontinent. Another attack like the Parliament or the Mumbai raids, at the wrong political moment, and there c...
by matjen
Wed Aug 27, 2014 10:10 am
 
Forum: Investing - Theory, News & General
Topic: Emerging markets 1900-2013
Replies: 54
Views: 5405

Re: Emerging markets 1900-2013

For those with DFA access, DFA World ex US Targeted Val Instl (DWUSX) makes for a nice one stop shop for International and emerging markets SCV.
by matjen
Wed Aug 27, 2014 8:26 am
 
Forum: Investing - Theory, News & General
Topic: Emerging markets 1900-2013
Replies: 54
Views: 5405

Re: Emerging markets 1900-2013

The OP's post is proof that people will read into the data whatever they want to see in the data, textbook confirmation bias. He presents data showing that developed stocks beat EM by 0.9% annualized, but then concludes there should be an EM premium of 2% annualized. Not since 1950...What do you th...
by matjen
Tue Aug 26, 2014 5:48 pm
 
Forum: Investing - Theory, News & General
Topic: Emerging markets 1900-2013
Replies: 54
Views: 5405

Re: Emerging markets 1900-2013

Wonderful and interesting post Robert. Thank you for sharing.
by matjen
Tue Aug 26, 2014 5:39 pm
 
Forum: Investing - Theory, News & General
Topic: Emerging markets 1900-2013
Replies: 54
Views: 5405

Building Best Practices in Retirement Income-Stanford Event

Building Best Practices in Retirement Income ( Sharpe, Pfau, Milevsky, etc.) Building Best PracticesThe Stanford Center on Longevity convened a conference in May 2014 to explore best practices in delivering retirement income through employer-sponsored retirement plans. The purpose was to gather a sm...
by matjen
Mon Aug 25, 2014 9:50 am
 
Forum: Investing - Theory, News & General
Topic: Building Best Practices in Retirement Income-Stanford Event
Replies: 1
Views: 445

Re: Give Your Portfolio Room To Maneuver-DFA/Bridgeway

Eric Nelson hit me up on Twitter with some responses to some thoughts. See below...clipped twitter form of course. For your Boglehead buddies: 3Yrs - DFA US Core 2 = +25.4% vs +24.9% for 70/30 Vanguard TSM/PXSV combo. IJS, IWN, VBR, DFSVX = worse Same caveat that 3 yrs (longest available for BOSVX a...
by matjen
Sat Aug 23, 2014 8:18 pm
 
Forum: Investing - Theory, News & General
Topic: Give Your Portfolio Room To Maneuver-DFA/Bridgeway
Replies: 13
Views: 1767

Re: WSJ/Zweig- The Decline and Fall of Fund Managers

"...owning index funds is neither easy nor quick: You must give up all hope of ever beating the market, resign yourself to a stupefyingly boring portfolio and wait years for the advantages of the cost savings to pile up." Beautiful line! --Peter That's why I tilt to SCV. I get that extra ...
by matjen
Fri Aug 22, 2014 7:53 pm
 
Forum: Investing - Theory, News & General
Topic: WSJ/Zweig- The Decline and Fall of Fund Managers
Replies: 21
Views: 2506

WSJ/Zweig- The Decline and Fall of Fund Managers

Active fund management is outmoded, and a lot of stock pickers are going to have to find something else to do for a living. The debate about whether you should hire an “active” fund manager who tries to beat the market by buying the best stocks and avoiding the worst—or a “passive” index fund that s...
by matjen
Fri Aug 22, 2014 5:35 pm
 
Forum: Investing - Theory, News & General
Topic: WSJ/Zweig- The Decline and Fall of Fund Managers
Replies: 21
Views: 2506

Re: Do you tip on the tax?

I tip on the total bill and always 20% with usually a small % rounding up. I almost always pay for meals with a credit card and I just find this easiest and the couple bucks extra will help the server much more than hurt me.
by matjen
Fri Aug 22, 2014 1:54 pm
 
Forum: Personal Consumer Issues
Topic: Do you tip on the tax? [Restaurants]
Replies: 124
Views: 5121

Re: Give Your Portfolio Room To Maneuver-DFA/Bridgeway

That short time period is because that is only how long those Bridgeway funds have been around. He obviously wanted to use Bridgeway for some reason... :wink:
by matjen
Fri Aug 22, 2014 12:03 pm
 
Forum: Investing - Theory, News & General
Topic: Give Your Portfolio Room To Maneuver-DFA/Bridgeway
Replies: 13
Views: 1767

Give Your Portfolio Room To Maneuver-DFA/Bridgeway

Eric Nelson wrote a quick little post recently comparing a traditional SCV barbell tilt to a more balanced tilt. I thought it may be of interest to some. I'm guessing it was meant to be a shot across Larry Swedroe's bow given that he chose the Bridgeway funds. Perhaps just a coincidence. "To co...
by matjen
Fri Aug 22, 2014 11:23 am
 
Forum: Investing - Theory, News & General
Topic: Give Your Portfolio Room To Maneuver-DFA/Bridgeway
Replies: 13
Views: 1767

Re: Is PIMCO Bond fund 50% cash?

I respectfully disagree. I would like to know how my various funds will behave in certain crisis scenarios ( such as economic recession, interest rate hike, foreign country sovereign debt crisis etc). This is why I checked its contents to begin with, and was surprised that it was listed as "50...
by matjen
Fri Aug 22, 2014 7:41 am
 
Forum: Investing - Help with Personal Investments
Topic: Is PIMCO Bond fund 50% cash?
Replies: 26
Views: 2923

Re: When did you hear of Bill Miller and Legg Mason Value Tr

I claim that because excitement over an apparent trend builds exponentially, most of the people who hear about a trend, hear about it late in the process when it is almost over. To test this hypothesis, I would like you to think back as best you can and see whether you can remember the approximate ...
by matjen
Thu Aug 21, 2014 10:47 pm
 
Forum: Investing - Theory, News & General
Topic: When did you hear of Bill Miller and Legg Mason Value Trust?
Replies: 32
Views: 2374

Re: When did you hear of Bill Miller and Legg Mason Value Tr

I claim that because excitement over an apparent trend builds exponentially, most of the people who hear about a trend, hear about it late in the process when it is almost over. To test this hypothesis, I would like you to think back as best you can and see whether you can remember the approximate ...
by matjen
Thu Aug 21, 2014 10:33 pm
 
Forum: Investing - Theory, News & General
Topic: When did you hear of Bill Miller and Legg Mason Value Trust?
Replies: 32
Views: 2374

Re: 2015 Volvo XC-60 vs. Acura RDX

You will probably find this helpful. https://www.youtube.com/watch?v=uDKnCtIcQX8
by matjen
Thu Aug 21, 2014 9:42 am
 
Forum: Personal Consumer Issues
Topic: 2015 Volvo XC-60 vs. Acura RDX
Replies: 21
Views: 1456

Re: Is PIMCO Bond fund 50% cash?

My impression is that PIMCO Total Bond Fund not only has a higher ER (0.46%) than Vanguard Total Bond Fund (0.08% for Admiral), but is much more risky than Vanguard Total Bond Fund. PIMCO's expected return is higher because its risks are higher. It is more like a stock-bond blend fund in its risk p...
by matjen
Wed Aug 20, 2014 10:29 pm
 
Forum: Investing - Help with Personal Investments
Topic: Is PIMCO Bond fund 50% cash?
Replies: 26
Views: 2923

Re: Is PIMCO Bond fund 50% cash?

Due to its size, Pimco uses derivatives overlay strategies to position its portfolio and gain targeted market exposure. It's essentially using cash equivalents + derivatives, and this isn't necessarily swinging for the fences. The Oppenheimer chart is pretty typical for that firm. And if I am inves...
by matjen
Tue Aug 19, 2014 3:41 pm
 
Forum: Investing - Help with Personal Investments
Topic: Is PIMCO Bond fund 50% cash?
Replies: 26
Views: 2923

Re: Is PIMCO Bond fund 50% cash?

I held it for years as a fixed income component, but it's really hard to get a handle on leveraged positions. It's easier to accept when it seemed to be magic extra return, but now that they seem to have lost the secret sauce it would cause me concern if it was my only option available. Would I pre...
by matjen
Sun Aug 17, 2014 8:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: Is PIMCO Bond fund 50% cash?
Replies: 26
Views: 2923
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