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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: 2744

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: 58
Views: 3473

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: 58
Views: 3473

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: 800

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: 2842

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: 2842

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: 2842

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: 169

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: 456

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: 1363

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: 1363

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: 1363

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: 842

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: 2000

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: 2000

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: 3517

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: 53
Views: 5040

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: 53
Views: 5040

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: 53
Views: 5040

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: 53
Views: 5040

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: 53
Views: 5040

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: 443

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: 1751

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: 2485

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: 2485

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: 5078

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: 1751

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: 1751

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: 2918

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: 2347

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: 2347

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: 1418

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: 2918

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: 2918

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: 2918

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. Woould I pr...
by matjen
Sun Aug 17, 2014 7:58 pm
 
Forum: Investing - Help with Personal Investments
Topic: Is PIMCO Bond fund 50% cash?
Replies: 26
Views: 2918

Re: Is PIMCO Bond fund 50% cash?

There is no question that PTTRX isn't an index bond fund. Having said that, I think it is fair to allocate it as an intermediate term bond fund in your AA. It is a/the major player in the bond space and many folks are just like the OP (me included) where it is the only reasonable choice for your bon...
by matjen
Sun Aug 17, 2014 7:47 pm
 
Forum: Investing - Help with Personal Investments
Topic: Is PIMCO Bond fund 50% cash?
Replies: 26
Views: 2918

Re: Coffee Beans

Get a home roaster and buy your beans mail order from sweet marias. You will never go back. http://www.sweetmarias.com/ Roasting your own coffee is really very simple and not much more complicated than making popcorn. A hot air roaster is a good way to start. Over the long run it will also save you...
by matjen
Sat Aug 16, 2014 4:00 pm
 
Forum: Personal Consumer Issues
Topic: Coffee Beans
Replies: 12
Views: 753

Re: 3 Fund Portfolio at Schwab?

Not sure what you read in the Wiki. If it is an error, please point that out so it can be corrected. Or you might have mis-interpreted what you read. Something called "total bond" is not necessarily an index fund. If it is an index fund, it will have the word "index" in the name...
by matjen
Sat Aug 16, 2014 9:03 am
 
Forum: Investing - Help with Personal Investments
Topic: 3 Fund Portfolio at Schwab?
Replies: 29
Views: 2216

Re: 3 Fund Portfolio at Schwab?

I wouldn't split it but perhaps a ratio of about 3 to 1 or 4 to 1 Int'l to Emerging. Either way little difference.
by matjen
Fri Aug 15, 2014 9:41 am
 
Forum: Investing - Help with Personal Investments
Topic: 3 Fund Portfolio at Schwab?
Replies: 29
Views: 2216

Re: Recommendation for ear buds/in ear headphones

I have had several earbud/mic products over the last several years. Some were in the $150 range. For me, it is a heavy wear/often lost type of item so I have settled on these Panasonic ones. They give me 95% of the sound of the really good sets I have had and they last just as long and cost nothing....
by matjen
Fri Aug 15, 2014 8:48 am
 
Forum: Personal Consumer Issues
Topic: Recommendation for ear buds/in ear headphones
Replies: 18
Views: 759

Re: Berkshire Hathaway A's about to hit $200k/pps

I read that Buffet made 37 Million a day in 2013... :moneybag :moneybag :moneybag :moneybag :moneybag
by matjen
Thu Aug 14, 2014 10:25 am
 
Forum: Personal Finance (Not Investing)
Topic: Berkshire Hathaway A's about to hit $200k/pps
Replies: 42
Views: 2733

Re: Tesla S

So it seems Tesla is getting some bad reviews/press in the last couple weeks regarding long term reliability. Consumer Reports just came out with some guarded language about issues it has had with their long term model. This caused me to take a look and I found that Edmunds had several pretty severe...
by matjen
Wed Aug 13, 2014 8:34 am
 
Forum: Personal Consumer Issues
Topic: Tesla S
Replies: 511
Views: 54387

Barry Ritholtz Interviews Vanguard's Brennan

This is a nice, comprehensive interview that reinforces many of our concepts. Bloomberg View columnist Barry Ritholtz interviews Jack Brennan, former Vanguard chief executive officer and current chairman emeritus. They discuss changes in investing over the last two decades. https://soundcloud.com/bl...
by matjen
Tue Aug 12, 2014 4:54 pm
 
Forum: Investing - Theory, News & General
Topic: Barry Ritholtz Interviews Vanguard's Brennan
Replies: 2
Views: 671

Re: Motorcycle for short commute?

I would look at a used scooter for commuting. A Yamaha Zuma or something like that.

http://www.yamahamotorsports.com/sport/ ... /home.aspx
by matjen
Tue Aug 12, 2014 11:57 am
 
Forum: Personal Consumer Issues
Topic: Motorcycle for short commute?
Replies: 63
Views: 3762

An Honest Stock Market Update - A good laugh

This is classic. Could be written by this community. http://www.fool.com/investing/general/2014/08/12/an-honest-stock-market-update.aspx "NEW YORK -- Stocks gained momentum on Monday, with the Dow Jones Industrial Average closing up 48 points, reversing losses from last week's decline. Experts ...
by matjen
Tue Aug 12, 2014 11:43 am
 
Forum: Investing - Theory, News & General
Topic: An Honest Stock Market Update - A good laugh
Replies: 17
Views: 2923

Re: Arnott's/RAFI 10 year 'expected' returns

steve_14 wrote:Yeah, because again I'm big on what reality tells me.


Given the recent posts directly above and the prior refutations of that pet paper of yours...it appears reality has a strong value bias. :twisted:

As always, moving forward who knows.
by matjen
Mon Aug 04, 2014 1:26 pm
 
Forum: Investing - Theory, News & General
Topic: Arnott's/RAFI 10 year 'expected' returns
Replies: 78
Views: 4844

Re: 2015 Acura MDX

You will probably find this very useful: https://www.youtube.com/watch?v=22d6oCb1XCY

He also has links to separate reviews of the Infotainment/NAV system and how it handles kid seats.
by matjen
Sat Aug 02, 2014 5:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: 2015 Acura MDX
Replies: 12
Views: 2037

Re: MOM faltering? [Momentum]

^^^ Great post(s) thx1138. I really appreciate the thoughtful manner in which you have set forth your reasoning. That you seem to agree with my perspective (though are much better at at expressing your reasoning) doesn't hurt either.
by matjen
Fri Aug 01, 2014 10:47 pm
 
Forum: Investing - Theory, News & General
Topic: MOM faltering? [Momentum]
Replies: 94
Views: 6320

Re: CFA June 2014 results

Congratulations Oscar. I am quite impressed with those who commit to this even though it isn't in their direct career path and/or education. Way to go. :sharebeer
by matjen
Thu Jul 31, 2014 9:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: CFA June 2014 results
Replies: 28
Views: 2951
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