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Re: DFA funds with one-time fee?

The question for me is “Are DFA returns worth the additional expense both from the required investment advisor and the higher costs of the funds themselves?” While I really like what I read about DFA processes in their individual funds, I really don’t know the answer to the question for my situatio...
by matjen
Fri Jul 25, 2014 4:02 pm
 
Forum: Investing - Theory, News & General
Topic: DFA funds with one-time fee?
Replies: 6
Views: 338

Re: DFA funds with one-time fee?

As others have said, you can keep your investments and keep reinvesting the dividends without your adviser. I pay $1K a year flat-fee for both me and my wife's accounts.
by matjen
Fri Jul 25, 2014 3:47 pm
 
Forum: Investing - Theory, News & General
Topic: DFA funds with one-time fee?
Replies: 6
Views: 338

Re: NYT article on sequence of returns risk

Hello fellow Bogleheads: There is an article today in the NYT titled, "Why a Soaring Stock Market is Wasted on the Young". It is another way of telling the sequence of returns risk but I thought the graphs were very useful. (I could not put the actual article link here, if another member ...
by matjen
Fri Jul 25, 2014 12:05 pm
 
Forum: Investing - Theory, News & General
Topic: NYT article on sequence of returns risk
Replies: 4
Views: 478

Re: favorite bogleheads posts?

Longtimelurker wrote:Any post from Longtimelurker. Brilliant guy. I agree with everything he has posted.


Well played! :sharebeer
by matjen
Fri Jul 25, 2014 10:38 am
 
Forum: Local Chapters and Bogleheads Community
Topic: favorite bogleheads posts?
Replies: 33
Views: 2199

Re: Momentum Investing ?

I have also read his more fully formed, detailed, and more recent book "Rational Expectations." The book that has entire sections on tilting. In it he addresses this very question in pages 78-86. There is no doubt he thinks that factors exist and that they have excess returns and are more...
by matjen
Fri Jul 25, 2014 9:36 am
 
Forum: Investing - Theory, News & General
Topic: Momentum Investing ?
Replies: 52
Views: 3675

Re: favorite bogleheads posts?

Robert T.'s monster post "Collected Thoughts" is my favorite post of all time. Even if you prefer to just go with a 3-Fund or with LIfeStrategy rather than any type of tilt this is still a great resource.

viewtopic.php?f=1&t=7353
by matjen
Thu Jul 24, 2014 11:47 pm
 
Forum: Local Chapters and Bogleheads Community
Topic: favorite bogleheads posts?
Replies: 33
Views: 2199

Re: Momentum Investing ?

Exactly. Bernstein often writes/opines about factors perhaps decreasing a bit AND the ERP decreasing a bit. You can't just cherry pick one of them. Matjen, have you read the book? Lots of data based analysis in a single direction. When the masses can easily buy the factor or special asset, the corr...
by matjen
Thu Jul 24, 2014 9:38 pm
 
Forum: Investing - Theory, News & General
Topic: Momentum Investing ?
Replies: 52
Views: 3675

Re: Momentum Investing ?

Big John IMO Bill is saying things can change, premiums can shrink, including ERP btw, but that doesn't mean that either the factors won't continue to explain return differences or that a premium will disappear...So one has to ask what has changed to cause you to believe a premium will disappear? L...
by matjen
Thu Jul 24, 2014 10:00 am
 
Forum: Investing - Theory, News & General
Topic: Momentum Investing ?
Replies: 52
Views: 3675

CALPERS Pulls back from Hedge Funds

This reduction has been rumored and is technically still a rumor but its getting pretty close to being a fact. 40% seems like a pretty strong statement. "Public pensions from California to Ohio are backing away from hedge funds because of concerns about high fees and lackluster returns. Those h...
by matjen
Wed Jul 23, 2014 10:25 pm
 
Forum: Investing - Theory, News & General
Topic: CALPERS Pulls back from Hedge Funds
Replies: 3
Views: 584

Re: Due diligence on RAFI Pure Small Value

So far, so good. Thanks for the update Robert. Much appreciated.
by matjen
Wed Jul 23, 2014 10:05 am
 
Forum: Investing - Theory, News & General
Topic: Due diligence on RAFI Pure Small Value
Replies: 98
Views: 8023

Re: savings and staying course with investment strategy

^+1 Thank you Robert for this important and well-reasoned reminder.
by matjen
Mon Jul 21, 2014 7:11 am
 
Forum: Investing - Theory, News & General
Topic: savings and staying course with investment strategy
Replies: 4
Views: 785

Re: To Tilt or Not to Tilt - Rick Ferri's Latest

Introduce a tilt to SCV and or MOM and you get a sneer. Introduce corporate bonds and you are an advocate of the people...whatever. Unless I missed something, I'm not aware that Taylor nor the VG Life Strategy/Target Retirement funds have adopted a tilt to corporate bonds. Around here the debate is...
by matjen
Thu Jul 17, 2014 9:01 pm
 
Forum: Investing - Theory, News & General
Topic: To Tilt or Not to Tilt - Rick Ferri's Latest
Replies: 72
Views: 6552

Re: To Tilt or Not to Tilt - Rick Ferri's Latest

Good article Rick. Thanks for posting matjen. The article emphasizes investment discipline. That is important regardless of how you invest, although the pressure to exit a strategy becomes more intense with a higher equity allocation and a down market. Tilt might add to that, but I think a more imp...
by matjen
Thu Jul 17, 2014 8:07 pm
 
Forum: Investing - Theory, News & General
Topic: To Tilt or Not to Tilt - Rick Ferri's Latest
Replies: 72
Views: 6552

Re: To Tilt or Not to Tilt - Rick Ferri's Latest

Tilting is for investors who are knowledgeable, understanding, willing to accept higher risk and pay higher fees, and most important, are extremely disciplined in implementation and maintenance. If this is you, choose your funds wisely and keep your costs as low as you can. This will give you the h...
by matjen
Thu Jul 17, 2014 7:46 pm
 
Forum: Investing - Theory, News & General
Topic: To Tilt or Not to Tilt - Rick Ferri's Latest
Replies: 72
Views: 6552

To Tilt or Not to Tilt - Rick Ferri's Latest

Thought I would add some more fuel to the fire. Thank you Rick for this concise blog post. http://www.rickferri.com/blog/investments/to-tilt-or-not-to-tilt/?utm_content=buffer03d62&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer "The research behind a small-cap and valu...
by matjen
Thu Jul 17, 2014 5:34 pm
 
Forum: Investing - Theory, News & General
Topic: To Tilt or Not to Tilt - Rick Ferri's Latest
Replies: 72
Views: 6552

Re: Persistence of SV performance

^^^^^^^ +1000
by matjen
Wed Jul 16, 2014 10:24 am
 
Forum: Investing - Theory, News & General
Topic: Persistence of SV performance
Replies: 71
Views: 3792

Re: Due diligence on RAFI Pure Small Value

If anybody is interested, here is the TellTale chart of PXSV vs VTSAX : http://i58.tinypic.com/x4rq5u.jpg :oops: From the OP by Robert T. "This is now tracked by the Powershares Fundamental Pure Value Series (PXSV) starting June 16, 2011 (note that PXSV tracked a different index before June 20...
by matjen
Tue Jul 15, 2014 6:50 pm
 
Forum: Investing - Theory, News & General
Topic: Due diligence on RAFI Pure Small Value
Replies: 98
Views: 8023

Re: Persistence of SV performance

longinvest Sdsailing I didn't make any statement about Vanguard not properly capturing anything. They capture what the fund is designed to capture. It's about fund construction parameters, not skill. The total costs of the funds mentioned you can get from M*, just look at the expense ratios. As to ...
by matjen
Tue Jul 15, 2014 5:51 pm
 
Forum: Investing - Theory, News & General
Topic: Persistence of SV performance
Replies: 71
Views: 3792

Re: Bet it ALL on Small Cap Value when you're young

Browser Why would you believe that the small value premium is result of data mining when A) there are dozens of papers showing risk stories, logical explanations for economic risks B) the data on the premium is persistent and pervasive, not only in US but around the globe, and note that the value p...
by matjen
Mon Jul 14, 2014 6:29 pm
 
Forum: Investing - Theory, News & General
Topic: Bet it ALL on Small Cap Value when you're young
Replies: 64
Views: 6118

Re: One Total Stock Market Index Fund or 3-4 Sub-Funds?

That is why I always suggest LifeStrategy and LifeCycle funds for those who don't have the bug...because it is those types that are most prone to behavioral lapses. While some are better able to identify and handle their response towards their own behavioral biases, I think the point is that everyo...
by matjen
Mon Jul 14, 2014 10:07 am
 
Forum: Investing - Theory, News & General
Topic: One Total Stock Market Index Fund or 3-4 Sub-Funds?
Replies: 19
Views: 3387

Re: mom wants to "sell" me her condo for estate planning

Research QPRTs. I think that is what you are looking for if she has a big estate.
by matjen
Sun Jul 13, 2014 11:23 am
 
Forum: Personal Finance (Not Investing)
Topic: mom wants to "sell" me her condo for estate planning
Replies: 23
Views: 2991

Re: a close look at value and momentum

As an aside, Vanguard seems to think having an advisor can add 3% to returns...LOL. Did you mean 0.3%? That's what Vanguard charges for advisory services for large accounts. Nope, I meant 3%..or at least Vanguard did! :-) I would submit that if Larry Swedroe or Rick Ferri or the dreaded evil DFA em...
by matjen
Sat Jul 12, 2014 9:56 am
 
Forum: Investing - Theory, News & General
Topic: a close look at value and momentum
Replies: 259
Views: 16844

Re: a close look at value and momentum

Matjen, You didn't answer my question: What guarantee can you offer me that 2014-2019 won't see a reversal of fortune for DFSVX? Also I forgot to mention a very important detail: The chart for DFSVX ignores the actual fee paid by its investor to his DFA-friendly advisor, as DFSVX is not available o...
by matjen
Sat Jul 12, 2014 9:17 am
 
Forum: Investing - Theory, News & General
Topic: a close look at value and momentum
Replies: 259
Views: 16844

Re: a close look at value and momentum

Matjen, You're good at picking start dates, aren't you? :wink: How about looking at the TellTale chart of DFSVX vs VTSMX which is not subject to start date bias: http://i60.tinypic.com/2ns5078.jpg So, did DFSVX outperform the market between February 25, 1994 and July 10, 2014? Yes, it did. Actually...
by matjen
Sat Jul 12, 2014 9:05 am
 
Forum: Investing - Theory, News & General
Topic: a close look at value and momentum
Replies: 259
Views: 16844

Re: a close look at value and momentum

It apparently doesn't matter that there is a fair amount of peer reviewed papers and theories taught by top notch finance profs, that practitioners have used these factors for decades, and that the historical record indicates that there has been better returns, that even Jack Bogle admits SCV has o...
by matjen
Sat Jul 12, 2014 7:55 am
 
Forum: Investing - Theory, News & General
Topic: a close look at value and momentum
Replies: 259
Views: 16844

Re: a close look at value and momentum

“The church says the earth is flat; but I have seen its shadow on the moon, and I have more confidence even in a shadow than in the church.” ― Ferdinand Magellan Unfortunately this lovely quotation is a 19th century fabrication http://oupacademic.tumblr.com/post/56463634957/misquotation-i-have-seen...
by matjen
Fri Jul 11, 2014 3:38 pm
 
Forum: Investing - Theory, News & General
Topic: a close look at value and momentum
Replies: 259
Views: 16844

Re: a close look at value and momentum

Hi Turtle, I beat Larry...I have a shade under 4% in the AQR Style Premia Fund. The rest of my portfolio is a traditional Boglehead slice and dice that utilizes core funds (Vanguard & DFA) and layers on small cap value and emerging markets. Interestingly enough, I literally just re-watched Ilman...
by matjen
Thu Jul 10, 2014 10:43 pm
 
Forum: Investing - Theory, News & General
Topic: a close look at value and momentum
Replies: 259
Views: 16844

Re: What ONE investing book or article for skeptical sibling

Impress him with what Warren Buffet thinks about gold as an investment. Here are several lengthy quotes in this link. http://www.minyanville.com/trading-and-investing/commodities/articles/Warren-Buffett-brka-gold-investing-investing/10/3/2012/id/44617 "I will say this about gold -- if you took ...
by matjen
Thu Jul 10, 2014 9:57 pm
 
Forum: Investing - Theory, News & General
Topic: What ONE investing book or article for skeptical sibling?
Replies: 30
Views: 2864

Re: What ONE investing book or article for skeptical sibling

tc101 wrote:My vote is 4 Pillars by Bernstein.


+1 or Bernstein's Investor Manifesto if you want something shorter but not quite as good.
by matjen
Thu Jul 10, 2014 5:34 pm
 
Forum: Investing - Theory, News & General
Topic: What ONE investing book or article for skeptical sibling?
Replies: 30
Views: 2864

Re: What finance experts do you follow on Twitter?

Clifford Asness
@Cimmerian999

Jesse Livermore
@Jesse_Livermore

Amir Sufi
@profsufi

Robert J Shiller
@RobertJShiller
by matjen
Thu Jul 10, 2014 11:44 am
 
Forum: Personal Finance (Not Investing)
Topic: What finance experts do you follow on Twitter?
Replies: 35
Views: 4518

Re: What finance experts do you follow on Twitter?

Ben Carlson
@awealthofcs

For humor:
Downtown Josh Brown
@ReformedBroker
by matjen
Thu Jul 10, 2014 10:09 am
 
Forum: Personal Finance (Not Investing)
Topic: What finance experts do you follow on Twitter?
Replies: 35
Views: 4518

Re: Post your Morningstar Box Style

18 18 17
8 8 7
10 9 5

75 equities/25 fixed income
42US/33Int'l
by matjen
Wed Jul 09, 2014 10:24 pm
 
Forum: Investing - Help with Personal Investments
Topic: Post your Morningstar Box Style
Replies: 25
Views: 2048

Re: a close look at value and momentum

Just like the equity risk premium unless you believe bonds provide higher long run returns. rrpve Beat me to it, that statement only shows the bias of the writer I just don't see the equity premium for stock vs bonds as even close to the same. Basic investing 101 always starts with the fact that th...
by matjen
Wed Jul 09, 2014 7:51 am
 
Forum: Investing - Theory, News & General
Topic: a close look at value and momentum
Replies: 259
Views: 16844

Re: stocks about to plunge

I agree with Nisi. Although this type of post isn't usually looked upon with great favor in this forum, I think it is interesting and I like the way you use it to double-check a buy & hold mentality rather than just outright time the market in and out. Please keep us posted when things get a bit...
by matjen
Tue Jul 08, 2014 6:40 pm
 
Forum: Investing - Theory, News & General
Topic: stocks about to plunge
Replies: 39
Views: 7676

Re: a close look at value and momentum

Larry, I know you've long been an advocate of SCV/High Quality Bonds to minimize overall risk yet still allow for some upward mobility. Are you now starting to advocate a slightly different strategy? I'll be perfectly honest, I've seen alot of these momentum threads recently, much of them focused o...
by matjen
Tue Jul 08, 2014 3:42 pm
 
Forum: Investing - Theory, News & General
Topic: a close look at value and momentum
Replies: 259
Views: 16844

Re: One Total Stock Market Index Fund or 3-4 Sub-Funds?

I would say this argument of TSM vs. slice/ dice should have a MAJOR disclaimer of "assuming one can stay the course". If one is TSM vs. another who is slice and dice, but can't stay the course I think it would be obvious who would do better and vice versa. It is the ability to stay the c...
by matjen
Tue Jul 08, 2014 3:38 pm
 
Forum: Investing - Theory, News & General
Topic: One Total Stock Market Index Fund or 3-4 Sub-Funds?
Replies: 19
Views: 3387

Re: One Total Stock Market Index Fund or 3-4 Sub-Funds?

That is why I always suggest LifeStrategy and LifeCycle funds for those who don't have the bug...because it is those types that are most prone to behavioral lapses. While some are better able to identify and handle their response towards their own behavioral biases, I think the point is that everyo...
by matjen
Tue Jul 08, 2014 3:19 pm
 
Forum: Investing - Theory, News & General
Topic: One Total Stock Market Index Fund or 3-4 Sub-Funds?
Replies: 19
Views: 3387

Re: One Total Stock Market Index Fund or 3-4 Sub-Funds?

Well I certainly agree with the whole simplicity line, etc. I also think that utilizing the latest and most established finance theories is worthwhile for those who have the interest...though certainly not necessary. That is why I always suggest LifeStrategy and LifeCycle funds for those who don't h...
by matjen
Tue Jul 08, 2014 2:04 pm
 
Forum: Investing - Theory, News & General
Topic: One Total Stock Market Index Fund or 3-4 Sub-Funds?
Replies: 19
Views: 3387

Re: One Total Stock Market Index Fund or 3-4 Sub-Funds?

^ Regarding: He is handily disproving your black and white opinions over a 10+ year period. No, he isn't. Firstly, in the OP Taylor never claims, nor supports the claim, that a non-titled portfolio will outperform a titled portfolio over a random 10+ year period. So your straw man isn't really rele...
by matjen
Tue Jul 08, 2014 12:26 pm
 
Forum: Investing - Theory, News & General
Topic: One Total Stock Market Index Fund or 3-4 Sub-Funds?
Replies: 19
Views: 3387

Re: One Total Stock Market Index Fund or 3-4 Sub-Funds?

Thanks Taylor. Maintaining a total market portfolio is simple, just not easy. You have to accept that markets don't move in reliable patterns, that institutional investors haven't left anyone a free lunch in some corner of the market, and that overweighting the hot asset class is a bad idea. These ...
by matjen
Tue Jul 08, 2014 11:52 am
 
Forum: Investing - Theory, News & General
Topic: One Total Stock Market Index Fund or 3-4 Sub-Funds?
Replies: 19
Views: 3387

Re: POLL: How Old is Your Newest Motor Vehicle? -- REVISED

Well I finally just bought a new car last week. Up until that point my newest car was a 2003 model.
by matjen
Mon Jul 07, 2014 7:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: POLL: How Old is Your Newest Motor Vehicle? -- REVISED
Replies: 51
Views: 2987

Re: updated thoughts on BMBIX?

Thanks for your reply. I am considering adding it for the better credit quality, but you point out some downsides, notably the higher ER. I also still struggle with how to balance the higher credit quality with the significantly lower number of total holdings. I have been thinking a lot about my bo...
by matjen
Mon Jul 07, 2014 11:29 am
 
Forum: Investing - Theory, News & General
Topic: updated thoughts on BMBIX?
Replies: 19
Views: 1816

Re: a close look at value and momentum

The S&P500 isn't the appropriate benchmark for that fund. The Russell 1000 and 1000 growth are. Regardless, it is still down a bit over its lifetime.

XNAS:AMOMX:24,871.78 ARCX:IWB:25,355.59 ARCX:IWF:25,054.58
by matjen
Mon Jul 07, 2014 10:46 am
 
Forum: Investing - Theory, News & General
Topic: a close look at value and momentum
Replies: 259
Views: 16844

Re: a close look at value and momentum

I still don't get how one index's into momentum. Wouldn't the momentum factor require a lot of portfolio turnover? If momentum and value are negatively correlated, then how in the world do you build an index of value & momentum factors?! With ER's that are very high 0.5%+ aren't most of the exp...
by matjen
Mon Jul 07, 2014 9:09 am
 
Forum: Investing - Theory, News & General
Topic: a close look at value and momentum
Replies: 259
Views: 16844

Re: Luggage recommendation

Eagle Creek. Pricey but it will be the last bag you buy. You can get these prices discounted.

http://shop.eaglecreek.com/rolling-luggage/l/112

http://shop.eaglecreek.com/polycarbonate-luggage/l/117
by matjen
Mon Jul 07, 2014 7:28 am
 
Forum: Personal Consumer Issues
Topic: Luggage recommendation
Replies: 34
Views: 2127

Re: I am thinking of buying Ooma or Magicjack need help deci

I have had Ooma for 5-7 years with no problems whatsoever.
by matjen
Wed Jul 02, 2014 9:12 am
 
Forum: Personal Consumer Issues
Topic: I am thinking of buying Ooma or Magicjack need help deciding
Replies: 52
Views: 2958

Re: Hit our number, should we change our asset allocation?

Since I am in a similar position, one other thing to consider is whether you really are 75/25 currently. Are you taking into account your mortgage(s)? Before I started to move significantly more to fixed income with its poor return outlook, I paid down and then off my mortgage. Although many would b...
by matjen
Mon Jun 30, 2014 9:46 am
 
Forum: Investing - Help with Personal Investments
Topic: Hit our number, should we change our asset allocation?
Replies: 34
Views: 2748

Re: Hit our number, should we change our asset allocation?

How stable are your jobs and will they continue to pay well? Is there a stable pension involved? If the answer is "very stable" and "yes" and "yes" then I think 75/25 to 60/40 is fine. If the answer is the jobs are cyclical, we may grow tired of them sooner than expecte...
by matjen
Mon Jun 30, 2014 8:15 am
 
Forum: Investing - Help with Personal Investments
Topic: Hit our number, should we change our asset allocation?
Replies: 34
Views: 2748

Re: Merton: 401(k) retirement plans face crisis

In the real world we have these constructs called 'society' and 'civilization'. Their job is precisely to arbitrate these issues. Solutions are inevitably messy and not pure. That too is part of civilization. I LOVE this sentence. If people would keep it in mind, it would make much of the nonsense ...
by matjen
Fri Jun 27, 2014 7:58 am
 
Forum: Investing - Theory, News & General
Topic: Merton: 401(k) retirement plans face crisis
Replies: 188
Views: 16966
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