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Re: What "actively" manged funds do you own?

Baird Intermediate Muni Bond Inst - BMBIX
by matjen
Sat Dec 20, 2014 7:34 pm
 
Forum: Investing - Help with Personal Investments
Topic: What "actively" managed funds do you own?
Replies: 31
Views: 1046

Re: An alternative to alternative investments [QSPIX]

Phew! That makes sense. Yes, in an IRA. There was no notification in my account view which seems odd to me. Perhaps my imagination but usually the fund is highlighted when that happens. Either way, thanks for setting me straight. Edit: Now, Saturday 12/20, Fidelity actually marks the position and pr...
by matjen
Fri Dec 19, 2014 7:28 pm
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 205
Views: 20262

Re: An alternative to alternative investments [QSPIX]

I hope someone fat fingered something but my Fidelity account is showing QSPIX down 11.04% today! Ugh, Schwab as well. :annoyed
by matjen
Fri Dec 19, 2014 7:12 pm
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 205
Views: 20262

Re: Relocating to Florida - Need some advice

I have always enjoyed my visits to Florida but it does have a reputation...

http://floridamanandwoman.tumblr.com/
by matjen
Fri Dec 19, 2014 9:31 am
 
Forum: Personal Consumer Issues
Topic: Relocating to Florida - Need some advice
Replies: 36
Views: 2475

Re: Another Great Asness/AQR Blog Post - Perspective

The paper is back up on the AQR site. I haven't read it again but note that it said "(Corrected December 12, 2014)" so there were likely some small changes made I am guessing.

https://www.aqr.com/cliffs-perspective/ ... e-long-run
by matjen
Sat Dec 13, 2014 2:28 pm
 
Forum: Investing - Theory, News & General
Topic: Another Great Asness/AQR Blog Post - Perspective
Replies: 38
Views: 2607

Cochrane Blog - Level, Slope and Curve for Stocks-FF/Factors

I honestly don't quite follow this since it appears it is begging the question but I am sure the factor experts/junkies on the board will be interested in this Cochrane blog and the paper it is about. http://johnhcochrane.blogspot.com/2014/12/level-slope-and-curve-for-stocks.html?spref=tw "Char...
by matjen
Thu Dec 11, 2014 9:54 am
 
Forum: Investing - Theory, News & General
Topic: Cochrane Blog - Level, Slope and Curve for Stocks-FF/Factors
Replies: 1
Views: 334

Another Great Asness/AQR Blog Post - Perspective

[I merged two threads on the same article here - admin alex] This is as great blog post that gives newbie and long term investors alike some important perspective. https://www.aqr.com/cliffs-perspective/efficient-frontier-theory-for-the-long-run "Basically, we know a lot more about volatility ...
by matjen
Thu Dec 11, 2014 8:40 am
 
Forum: Investing - Theory, News & General
Topic: Another Great Asness/AQR Blog Post - Perspective
Replies: 38
Views: 2607

Re: Bogleheads.com and FPL Capital Management

We don't already own Bogleheads.com? I do know the FPL guys, and they are good guys (DFA/Vanguard portfolio management for a flat $1K a year). However, I don't think they thought this decision through very well. If administrators would like me to talk to them to assist in the transfer of the domain...
by matjen
Sun Dec 07, 2014 9:19 am
 
Forum: Forum Issues and Administration
Topic: Bogleheads.com and FPL Capital Management
Replies: 30
Views: 2495

Re: Is it safe to leave Laptop in hotel room

^+1 Having said that, I would add that much would depend on where you are going and what level of hotel. For the past 20+ years there have been millions of road warriors (various consultant types, etc.) that travel with laptops and tablets and routinely leave them in hotel rooms. For the past 5-10 a...
by matjen
Sat Dec 06, 2014 12:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is it safe to leave Laptop in hotel room
Replies: 65
Views: 7643

Re: "Small-Cap Performance Edge on the Wane"

Thanks for answering. My work doesn't have the DFA fund available. That said, having to use an advisor rules me out. A few very important things to add. 1) If you are only looking for domestic SCV then there is really no need to go with DFA. I love DFA but the factor gurus on this board (Robert T.,...
by matjen
Sat Dec 06, 2014 7:49 am
 
Forum: Investing - Theory, News & General
Topic: "Small-Cap Performance Edge on the Wane"
Replies: 99
Views: 7199

Re: "Small-Cap Performance Edge on the Wane"

This goes to what BigJohn wrote as well. "As a result, I don't think the ERP needs past data to support that it exists while tilts are totally reliant on past data for their existence." No, No they aren't as Grap easily showed with forward returns not to mention the risk and behavioral st...
by matjen
Fri Dec 05, 2014 8:00 pm
 
Forum: Investing - Theory, News & General
Topic: "Small-Cap Performance Edge on the Wane"
Replies: 99
Views: 7199

Re: Long-short funds like QSPIX and regulations?

Nisi I think you want to buy a little bit of QSPIX! All the cool kids have a taste. 8-)
by matjen
Fri Dec 05, 2014 7:15 pm
 
Forum: Investing - Theory, News & General
Topic: Long-short funds like QSPIX and regulations?
Replies: 9
Views: 660

Re: "Small-Cap Performance Edge on the Wane"

We were discussing the failure of the "small-cap" premium over the 30 years following Banz's paper. But we're reminded that like the "Dogs of the Dow", when the original strategy wasn't working, they changed the story... Now the premium is only in "small-cap value"... ...
by matjen
Fri Dec 05, 2014 9:27 am
 
Forum: Investing - Theory, News & General
Topic: "Small-Cap Performance Edge on the Wane"
Replies: 99
Views: 7199

Re: "Small-Cap Performance Edge on the Wane"

^^^ +1 Saved me the effort which at this point I grow weary of. I can't figure out why people say this type of stuff over and over when the evidence is so easily found and so darn clear. :oops: You would think people would take it as understood when Shiller, Fama, Asness AND Bogle all agree on it. T...
by matjen
Fri Dec 05, 2014 8:26 am
 
Forum: Investing - Theory, News & General
Topic: "Small-Cap Performance Edge on the Wane"
Replies: 99
Views: 7199

Re: Bogle puts a bow on it in under 15 minutes

Great video. Thanks for the link!
by matjen
Thu Dec 04, 2014 6:27 pm
 
Forum: Investing - Theory, News & General
Topic: Bogle puts a bow on it in under 15 minutes
Replies: 21
Views: 4380

AQR Sharing its Data/Research Library

I'm sure many here will find this interesting and useful. "Specifically, AQR is posting the data behind many of our research papers, and committing to updating this data over time. You can find deeper explanations of what we're doing in our explanation article and the actual data in our online ...
by matjen
Wed Dec 03, 2014 12:43 pm
 
Forum: Investing - Theory, News & General
Topic: AQR Sharing its Data/Research Library
Replies: 0
Views: 218

Re: "Small-Cap Performance Edge on the Wane"

Data from the past 80 years says that small beats large and value trumps growth - for the disciplined, long-term investor. In fact, about six months ago Gene Fama, Robert Shiller, Cliff Asness, AND Jack Bogle all agreed on this proposition on Bloomberg. Jack just thinks there is a chance of reversi...
by matjen
Wed Dec 03, 2014 7:41 am
 
Forum: Investing - Theory, News & General
Topic: "Small-Cap Performance Edge on the Wane"
Replies: 99
Views: 7199

Re: "Small-Cap Performance Edge on the Wane"

MindBogler wrote:What are a few good choices accessible to the regular investor?


PXSV PowerShares Fundamental Pure Sm Val ETF
IJS iShares S&P Small-Cap 600 Value ETF
by matjen
Tue Dec 02, 2014 7:15 pm
 
Forum: Investing - Theory, News & General
Topic: "Small-Cap Performance Edge on the Wane"
Replies: 99
Views: 7199

Re: An alternative to alternative investments [QSPIX]

At the end of the day, it comes down to belief - what each investor believes. Staying the course is what matters. Belief is needed to stay the course. I agree that Robert T's post was excellent. However, I disagree. I think strong belief is a problem. Why? Nobody's beliefs stay fixed through time. ...
by matjen
Mon Dec 01, 2014 10:58 pm
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 205
Views: 20262

Re: An alternative to alternative investments [QSPIX]

I simply do not accept that optimizing a set of known factors in a portfolio is certain or perhaps even likely to outperform lower cost market indexes going forward. QSPIX hasn't shown that up to now and neither has IWD in my opinion. Beta may not be such a bad place to hang out after all with all ...
by matjen
Sun Nov 30, 2014 6:36 pm
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 205
Views: 20262

Re: An alternative to alternative investments [QSPIX]

For an individual investor the minimum is having $5,000,000. Ray Noooooooooooo it isn't...for like the third time on this thread alone. raywax was referring to nisiprius question on investing from AQR directly, which I expect is $5M. I hope we all know now that you can get it at Fidelity for a lot ...
by matjen
Thu Nov 27, 2014 8:52 pm
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 205
Views: 20262

Re: An alternative to alternative investments [QSPIX]

raywax wrote:For an individual investor the minimum is having $5,000,000.

Ray


Noooooooooooo it isn't...for like the third time on this thread alone.
by matjen
Thu Nov 27, 2014 8:02 pm
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 205
Views: 20262

Re: An alternative to alternative investments [QSPIX]

This makes sense to me, Larry. But if it boils down to subjective belief, then you could potentially say the same about any mutual fund with a high ER if one believes that the fund's manager is good enough, no? You are clearly far more knowledgeable than the average investor and your subjective fee...
by matjen
Tue Nov 25, 2014 7:01 pm
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 205
Views: 20262

Re: An alternative to alternative investments [QSPIX]

Some observations... 1: Very few people have the assets to commit $5m to an alternative fund. 2: So if people are to access this fund, they need an advisor. 3: Its great news that there are advisors on this board who offer ARQ funds!!!!! Yay! 4: 1.5% ER + ~0.5% Advisor Fee + ~0.5% transaction &...
by matjen
Sun Nov 23, 2014 8:10 pm
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 205
Views: 20262

Re: An alternative to alternative investments [QSPIX]

Biggest issue for us ordinary DIY Bogleheads is the $5 million minimum investment. Incorrect. On page one of this thread Tramper Al actually placed an order at Fidelity (see his post below). Also, if you have any type of adviser relationship (even low cost/virtual) then you can get access to this f...
by matjen
Sun Nov 23, 2014 5:21 pm
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 205
Views: 20262

Re: An alternative to alternative investments [QSPIX]

Disclosure: I have a significant personal investment in the fund and it was approved by the investment policy committee of my firm, Buckingham, as a 401(k) plan option. Are you sure Larry its not typo, 3% is considered noise and not significant personal investment. Fair point I suppose. I think wha...
by matjen
Thu Nov 20, 2014 2:45 pm
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 205
Views: 20262

Re: An alternative to alternative investments [QSPIX]

Thanks Larry. Great article on my favorite fund to follow! For those interested, here is some more info on the fund/investing strategy: Antii Ilmanen presentation: Beyond the Equity Premium http://video.cfainstitute.org/services/player/bcpid3577743869001?bckey=AQ~~,AAABE5oc3_E~,Leu10fA0D1sc9Dh9wz3oy...
by matjen
Wed Nov 19, 2014 11:22 pm
 
Forum: Investing - Theory, News & General
Topic: An alternative to alternative investments [QSPIX]
Replies: 205
Views: 20262

Re: Paid off our Mortgage this evening!

Congratulations!!! :sharebeer
by matjen
Mon Nov 17, 2014 8:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: Paid off our Mortgage this evening!
Replies: 75
Views: 8891

Re: Uber Car and the real cost of driving

Thought this would interest many on this thread. I think the golden era of Uber/Lyft drivers making $ may have passed but there are still people doing this part time effectively. All sorts of strategy goes into it and there are now apps that do business intelligence on your driving sessions. http://...
by matjen
Thu Nov 13, 2014 11:56 am
 
Forum: Personal Consumer Issues
Topic: Uber Car and the real cost of driving
Replies: 32
Views: 2967

Is active fund management an industrial sized rip off?

I thought this was a great article regarding the dangers of active management. I especially like the part where it is compared to the Confidence Con. In addition there is a link to one of the Sensible Investing videos which have been mentioned on this forum on multiple occasions. http://monevator.co...
by matjen
Sat Nov 08, 2014 9:09 am
 
Forum: Investing - Theory, News & General
Topic: Is active fund management an industrial sized rip off?
Replies: 4
Views: 794

Re: 22, I want to be rich, looking for a high reward fund

I can't believe others have left out this great piece of advice...marry a rich girl/partner! Great way to get rich quick assuming you are marrying for the right reasons (e.g. not to be rich).
by matjen
Thu Nov 06, 2014 6:15 pm
 
Forum: Investing - Help with Personal Investments
Topic: 22, I want to be rich, looking for a high reward fund
Replies: 67
Views: 6441

Re: Explaining muni bond spreads

Let me talk my book a bit and remind Bogleheads that Baird Intermediate Muni Bond Institutional BMBIX is an alternative muni fund to the Vanguard offerings and I would think splits the difference between Larry's points and Rick's points. I also believe it is BAM approved (according to Jared Kizer......
by matjen
Tue Nov 04, 2014 12:39 pm
 
Forum: Investing - Theory, News & General
Topic: Explaining muni bond spreads
Replies: 40
Views: 3751

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

Larry, do you know the target factor tilts for the AQR Core, Intl Core and two Style Premia funds? M* shows equities in the Style Premia funds are 75% international. Does that seem correct? This isn't factor tilts but it is style percentages so may be helpful to you. https://funds.aqr.com/our-funds...
by matjen
Sun Nov 02, 2014 10:45 am
 
Forum: Investing - Theory, News & General
Topic: Illmanen and AQR style premium fund +interview I did
Replies: 71
Views: 6761

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

Well after October AQR's Style Premia Fund QSPIX is now up YTD compared to Vanguard's Market Neutral VMNFX. It is also up since date of inception which is the better measure it seems to me. Incredibly short time frames of course but more interesting than looking at Total Stock Mkt compared to say S&...
by matjen
Sat Nov 01, 2014 7:49 am
 
Forum: Investing - Theory, News & General
Topic: Illmanen and AQR style premium fund +interview I did
Replies: 71
Views: 6761

Re: Intermediate Bond ETF's

iShares National AMT-Free Muni Bond MUB
iShares ST National AMTFree Muni Bnd SUB
by matjen
Wed Oct 29, 2014 3:50 pm
 
Forum: Investing - Help with Personal Investments
Topic: Intermediate Bond ETF's
Replies: 9
Views: 835

Barron's on Schwab [CEO prefers Indexing for 401ks]

The CEO of Schwab seems to be a true Boglehead. http://online.barrons.com/articles/inside-schwab-1414216834?tesla=y&mod=djemb_mag_h (subscription probably needed to access from this link) "After the great migration from defined-benefit to defined-contribution plans ushered in by 401(k) plan...
by matjen
Sat Oct 25, 2014 8:10 am
 
Forum: Investing - Theory, News & General
Topic: Barron's on Schwab [CEO prefers Indexing for 401ks]
Replies: 16
Views: 2321

Re: Tesla S

There are two types of folks: one who own Tesla and have the most satisfying car owning experience ever. Where car gets newer by day, spend no time adding energy to it, and enjoy the ride. Then there are people who have not owned the car and think that this car can never suit them and how can folks...
by matjen
Sat Oct 25, 2014 7:50 am
 
Forum: Personal Consumer Issues
Topic: Tesla S
Replies: 556
Views: 64943

Re: Tesla S

I really have no dispute with the posts directly above. I just sometimes cringe at the deification of the car and/or experience. If someone wants to tell me it is the best thing since sliced bread I am hard pressed to disagree when it comes to incredibly important things like speed, safety, space/ut...
by matjen
Thu Oct 23, 2014 8:54 am
 
Forum: Personal Consumer Issues
Topic: Tesla S
Replies: 556
Views: 64943

Re: Tesla S

"so I found myself driving for 1.5 to 2.5 hours then stopping for 45 minutes to an hour to charge the car." This actually sound miserable to me. I would think the newness of the car/toy (meant in the best sense of the word) and your first time being in those particular locations added quit...
by matjen
Thu Oct 23, 2014 8:02 am
 
Forum: Personal Consumer Issues
Topic: Tesla S
Replies: 556
Views: 64943

Re: Reporter doing story on PIMCO in 401k

I actually spoke to her. I have Pimco as my only intermediate term bond fund option. I have a high yield option, a crappy stable value option and then also the T. Row Price Spectrum which they call a multi-sector bond option. Morningstar gives it a good rating FWIW but the fact of the matter is that...
by matjen
Wed Oct 22, 2014 8:34 am
 
Forum: Investing - Theory, News & General
Topic: Reporter doing story on PIMCO in 401k
Replies: 8
Views: 1167

New Paper ". . . and the Cross-Section of Expected Returns"

I don't have access to the full paper but others might and it sounds like it should interest those doubting any future factors or probably and recent ones or perhaps any factors at all... http://www.nber.org/papers/w20592?utm_campaign=ntw&utm_medium=email&utm_source=ntw Hundreds of papers an...
by matjen
Mon Oct 20, 2014 8:06 am
 
Forum: Investing - Theory, News & General
Topic: New Paper ". . . and the Cross-Section of Expected Returns"
Replies: 8
Views: 780

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

QSPIX down 2.1% today. I thought it was supposed to have about half the volatility of equities. Wonder what gives? yep. YTD it is up 1.78%. vs the vanguard market neutral fund is up 2.36%. this is rather surprising given that the vanguard fund just does long/short equities whereas the aqr fund is s...
by matjen
Sat Oct 18, 2014 9:53 am
 
Forum: Investing - Theory, News & General
Topic: Illmanen and AQR style premium fund +interview I did
Replies: 71
Views: 6761

Re: Masters in business interview I did with Barry Ritholtz

Larry, I enjoy and appreciate your contributions to this site and I really enjoyed the interview and have read most of your books. One question I have concerns your statements about RAFI in the interview. The statement concerning the RAFI returns being explained by French Fama. Cliff Asness spent s...
by matjen
Wed Oct 15, 2014 11:08 am
 
Forum: Investing - Theory, News & General
Topic: Masters in business interview I did with Barry Ritholtz
Replies: 13
Views: 1272

Re: Masters in business interview I did with Barry Ritholtz

Great interview Larry. Would encourage those interested to listen to the long version. Lots of good stuff in the extra period.
by matjen
Sun Oct 12, 2014 12:35 pm
 
Forum: Investing - Theory, News & General
Topic: Masters in business interview I did with Barry Ritholtz
Replies: 13
Views: 1272

Re: Spreadsheet for Rebalancing Bands

A forum member asked me about my own rebalancing spreadsheet. I made a generic version and put it on Google sheets for anyone who'd like to have a look: Rebalancing Bands template I also linked to it on the wiki. I hope someone might find it useful. There are other good spreadsheets on the wiki pag...
by matjen
Sat Oct 11, 2014 2:00 pm
 
Forum: Investing - Theory, News & General
Topic: Spreadsheet for Rebalancing Bands
Replies: 18
Views: 2019

Re: Recommend a NAS HD

Apparently not everyone is as happy as you are: http://www.amazon.com/Cloud-6TB-Personal-Storage-WDBCTL0060HWT-NESN/product-reviews/B00KU686L4/ref=cm_cr_dp_qt_hist_one?ie=UTF8&filterBy=addOneStar&showViewpoints=0 But I'm sure this is like all the other hard drive products from all the hard ...
by matjen
Sat Oct 11, 2014 11:47 am
 
Forum: Personal Consumer Issues
Topic: Recommend a NAS HD
Replies: 17
Views: 856

Re: Recommend a NAS HD

I recently purchased a Western Digital MyCloud NAS and am quite happy. $150 for 2 TB http://www.amazon.com/Cloud-WDBCTL0020HWT-2TB-Personal-Storage/dp/B00EVVGAFI/ref=sr_1_1?ie=UTF8&qid=1413044250&sr=8-1&keywords=mycloud Review: http://www.cnet.com/products/wd-my-cloud-2-tb/ http://www.pc...
by matjen
Sat Oct 11, 2014 11:20 am
 
Forum: Personal Consumer Issues
Topic: Recommend a NAS HD
Replies: 17
Views: 856

Re: John Hussman, smart guy, should you listen to his foreca

You would have thought Hussman would have crushed it this week. I think he was up 11 bps.
by matjen
Fri Oct 10, 2014 5:29 pm
 
Forum: Investing - Theory, News & General
Topic: John Hussman, smart guy, should you listen to his forecasts
Replies: 76
Views: 8575

Re: Wine - how to keep it from not spoiling?

There are gadgets like vacuum pumps and gas canisters but I think the easiest and most effective method is to just re-cork the bottle and place in refrigerator standing up rather than on its side. If red, remove it 30 minutes before serving.
by matjen
Fri Oct 10, 2014 11:12 am
 
Forum: Personal Consumer Issues
Topic: Wine - how to keep it from not spoiling?
Replies: 57
Views: 3056

Which Factor has Outperformed in Dollar Bull Markets?

Interesting blog post for those looking at Momentum. It does have a market timing flavor of course but still interesting. "Momentum was the strongest-performing factor with a median annualized gain of 12.61%. Momentum rose in each occurrence. After a double take, momentum was even able to perfo...
by matjen
Fri Oct 10, 2014 7:27 am
 
Forum: Investing - Theory, News & General
Topic: Which Factor has Outperformed in Dollar Bull Markets?
Replies: 1
Views: 376
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