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Re: [High-frequency trading hurts regular customers]

A few years ago, Mason Hawkins, Founder of Southeastern Asset Management (SAM) / Longleaf Funds was one of very few fund managers that lobbied aggressively to rein in the practice of High Frequency Trading. His position is that HFT siphons over $20 billion per year out of the markets and does not pr...
by noyopacific
Sat Mar 29, 2014 12:31 am
 
Forum: Investing - Theory, News & General
Topic: [High-frequency trading hurts regular customers]
Replies: 107
Views: 6196

Re: Being my own contractor for a bathroom remodel?

I contacted my city's permit department today and spoke to a very nice and helpful lady. . . . I have a friend who is a full-time journeyman plumber and another who is a full-time mason and tile guy. Neither are contractors but they do better work than anyone I've ever seen. Knowing their craftsman...
by noyopacific
Fri Mar 28, 2014 10:25 pm
 
Forum: Personal Consumer Issues
Topic: Being my own contractor for a bathroom remodel?
Replies: 19
Views: 1446

Re: "Will Index Investing be the Norm?"

To paraphrase: In 1994, only 6% of U.S.-equity mutual funds and ETFs was invested in passive / index-based strategies (AKA: "Bogle's Folly.") Today index / passive funds comprise 36% of the total (actively managed equity funds have 64%.) Since 2006, index funds have experienced ever strong...
by noyopacific
Fri Mar 28, 2014 6:55 pm
 
Forum: Investing - Theory, News & General
Topic: "Will Index Investing be the Norm?"
Replies: 5
Views: 1056

Re: Load-Waived A-Share Funds Better Than Indexing?

Up to this point, I have been a die-hard Boglehead indexer . . . . . . Where can I go to answer this? If possible I'm looking for hard evidence. ? If you need hard evidence, it is pretty difficult to do better than the SPIVA Scorecard. http://us.spindices.com/documents/spiva/spiva-us-year-end-2013....
by noyopacific
Wed Mar 26, 2014 2:56 am
 
Forum: Investing - Help with Personal Investments
Topic: Load-Waived A-Share Funds Better Than Indexing?
Replies: 30
Views: 1146

Re: Sibling is a Financial Adviser, ask investing advice?

I would guess that an investment adviser's success is often more dependant on their ability to deal with people than their skill at investment analysis. The Upton Sinclair quote comes to mind: "It is difficult to get a man to understand something, when his salary depends upon his not understand...
by noyopacific
Wed Mar 19, 2014 10:51 am
 
Forum: Investing - Help with Personal Investments
Topic: Sibling is a Financial Adviser, ask investing advice?
Replies: 30
Views: 1978

Re: You Will Be Investing For Free In 5 Years - Article

Interesting that Vanguard says they could theoretically pay people to invest with them. I wonder if we'll eventually see funds with negative ERs. This is already effectively happening, at least occasionally. If you look at the past performance of Vanguard funds in comparison to the benchmarks that ...
by noyopacific
Wed Mar 19, 2014 2:53 am
 
Forum: Investing - Theory, News & General
Topic: You Will Be Investing For Free In 5 Years - Article
Replies: 21
Views: 5333

Re: Move to California means what $ ?

Thanks to all who replied. I was simply looking for input and seeing if anyone knew something I did not. bigez17, I was born in CA (SF Bay area) have lived here most of my life (and my family goes back 5 generations in CA.) I might know something that you don't know but I don't know what you know !...
by noyopacific
Wed Mar 05, 2014 6:54 pm
 
Forum: Personal Consumer Issues
Topic: Move to California means what $ ?
Replies: 55
Views: 4335

Re: California getaway

I enjoyed a getaway like this on the Mendocino coast (Fort Bragg) a few years ago in early May. But it was a bit of a haul to get there from the Bay Area, so I can't recommend it for everyone... I live in Fort Bragg and would not recommend a visit to the Mendocino Coast for a 3-day weekend getaway ...
by noyopacific
Wed Mar 05, 2014 4:15 pm
 
Forum: Personal Consumer Issues
Topic: California getaway
Replies: 42
Views: 1401

The Stock Market's Relentless Bid, Explained

I don't know it the authors data is accurate and am not sure this entirely explains the factors behind the extended bull market in equities but I thought it was an interesting perspective. http://finance.yahoo.com/blogs/the-exchange/the-stock-market-s-relentless-bid--explained-163536177.html
by noyopacific
Wed Mar 05, 2014 3:37 pm
 
Forum: Investing - Theory, News & General
Topic: The Stock Market's Relentless Bid, Explained
Replies: 22
Views: 2364

Re: LED bulb prices

madbrain, Plug in your electric cost and this should give you a rough cost comparison. I don't know if the lifetime ratings are accurate, and I have read that repeatedly turning fluorescents on and off shortens their life. YMMV. 60 watt incandescent 485 lumens $3.22 4,000 hours 15 watt fluorescent ...
by noyopacific
Sun Mar 02, 2014 5:30 am
 
Forum: Personal Consumer Issues
Topic: LED bulb prices
Replies: 104
Views: 8090

Re: Sold land for $35k - What would you do if you were me?

We are thinking of using some or most of this new money to purchase an inground pool or car in several years. . . One of my brothers, a Real Estate Agent, did an analysis a few years ago on the effect of inground pools on property values (in California.) He found that in the resale market, an ingro...
by noyopacific
Tue Feb 18, 2014 8:57 pm
 
Forum: Investing - Help with Personal Investments
Topic: Sold land for $35k - What would you do if you were me?
Replies: 6
Views: 700

Re: Vacation - Hawaii, Mexico, other ideas?

I've been to all three but spent the most time in Mexico. I've been to Las Vegas the least, my longest trip there was 4 days for a trade show. The idea that a Mexico vacation would be more economical is not necessarily my experience, especially after figuring in air and ground transportation costs. ...
by noyopacific
Tue Feb 18, 2014 7:47 pm
 
Forum: Personal Consumer Issues
Topic: Vacation - Hawaii, Mexico, other ideas?
Replies: 54
Views: 3178

Re: Do people rebalance to quickly?

Do people rebalance to quickly? Do things usually get further out of sync than we expect before righting themselves? Is rebalancing on a schedule totally wrong headed or efficient or just simpler? Not saying I know, posing the question. I accept that my rebalancing will probably be either be too so...
by noyopacific
Mon Jan 20, 2014 2:47 pm
 
Forum: Investing - Theory, News & General
Topic: Do people rebalance too quickly?
Replies: 43
Views: 2709

Re: Lessons from a Career in the REIT Industry

Im glad you enjoyed it. When I first took over managing our portfolio about 20 years ago, I was uncertain about including a REIT fund because I was aware of the industries checkered past. I worried that management might not have cleaned up their act yet. I'm glad I did include it. Since advances and...
by noyopacific
Sun Jan 05, 2014 9:07 pm
 
Forum: Investing - Theory, News & General
Topic: Lessons from a Career in the REIT Industry
Replies: 4
Views: 1082

Lessons from a Career in the REIT Industry

I ran across an article entitled: "Lessons I Have Learned in My Career in the REIT Industry" by Jon Fosheim; and although it was published in the spring of 2012, I thought a few Bogleheads might still find it interesting. http://realestate.wharton.upenn.edu/research/papers/full/725.pdf Fos...
by noyopacific
Sun Jan 05, 2014 2:02 am
 
Forum: Investing - Theory, News & General
Topic: Lessons from a Career in the REIT Industry
Replies: 4
Views: 1082

Re: MLPs - How to characterize?

What does the MLP invest in?. . . PJW I am missing your point sorry. I am not asking if I should invest, that I already know. I am sitting on a 140% LTG and have received dividends totally approximately 75% of the original purchase price. Just looking at how to characterize the investment. If your ...
by noyopacific
Fri Dec 27, 2013 7:19 pm
 
Forum: Investing - Theory, News & General
Topic: MLPs - How to characterize?
Replies: 32
Views: 1100

Re: 2014 Boglehead Predictions Thread

Ok, Ok, I'm whispering . . . There was a guy at the dinner who works for Ken Fisher Investments . . . Can you believe I was just lucky enough to be there? The guy says... (Ken F says) there will be a correction followed by a rise of 16-17%. Load up, he says! Paul This friend of Ken Fisher's employe...
by noyopacific
Fri Dec 27, 2013 11:55 am
 
Forum: Investing - Theory, News & General
Topic: 2014 Boglehead Predictions Thread
Replies: 53
Views: 4424

Re: It Was A Very Good Year

As we enter 2014, I think that Bogleheads must agree 2013 was a very good year: L. I guess it depends on where one might be on the path. If I were adding money to equity funds, I would have paid a rather high price for the shares I bought this past year. If I were adding money to bond funds, I woul...
by noyopacific
Thu Dec 26, 2013 2:42 am
 
Forum: Local Chapters and Bogleheads Community
Topic: It Was A Very Good Year
Replies: 15
Views: 3033

Re: POLL: Emotions and the Stock Market

" . . . in the short term, the stock market behaves like a voting machine, but in the long term it acts like a weighing machine."
-Benjamin Graham
by noyopacific
Mon Dec 23, 2013 2:14 am
 
Forum: Investing - Theory, News & General
Topic: POLL: Emotions and the Stock Market
Replies: 43
Views: 1698

Re: Vanguard hauls in 98% of new money in 2013?

Here is the Morningstar report that appears to be referenced in the article: http://corporate.morningstar.com/us/documents/AssetFlows/AssetFlowsDec2013.pdf I thought it was quite interesting. I suspect that the article in InvestmentNews.com may have misinterpreted the results or else the Morningstar...
by noyopacific
Thu Dec 19, 2013 7:10 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard hauls in 98% of new money in 2013?
Replies: 8
Views: 1831

Re: Fidelity undercuts Vanguard target date funds

The headline of the article strikes me as somewhat misleading. Just a couple of days ago, I had compared the Fidelity 2025 fund to Vanguard 2025 for a family member. Fidelity charges .69 for their 2025 fund while Vanguard charges .17 for the similar target date fund. Also, Fidelity has more turnover...
by noyopacific
Thu Dec 05, 2013 5:42 pm
 
Forum: Investing - Theory, News & General
Topic: Fidelity undercuts Vanguard target date funds
Replies: 31
Views: 2218

Re: Retirement Mistakes USA Today article

Rob5TCP wrote:The story looks like it was "ripped from the headlines"
of a number of Boglehead articles.

That was my thought too. I really do appreciate it when journalists manage to find such a thoughtful and reliable resource for a change!
by noyopacific
Wed Dec 04, 2013 1:44 am
 
Forum: Personal Finance (Not Investing)
Topic: Retirement Mistakes USA Today article
Replies: 7
Views: 1960

Re: Bill Bernstein: "Take risk off the table"

A few questions have come to mind: 1. Does Bill Bernstein have a written, up to date Investment Policy Statement for himself? (If he does, I'd love to read it!) 2. Are these actions in line with his IPS? 3. Is “dynamic asset allocation” another name for market timing? 4. How might one safeguard them...
by noyopacific
Tue Nov 26, 2013 4:21 pm
 
Forum: Investing - Theory, News & General
Topic: Bill Bernstein: "Take risk off the table"
Replies: 207
Views: 17010

Re: Starting over at 40 - advice?

Increasing savings rate is the most important step when trying to make up for lost time. And you have lost a LOT of time. Therefore cutting your personal expenses to the absolute minimum and saving the difference will be the most beneficial thing you can do. +1 Another way to put this is to try to ...
by noyopacific
Sun Nov 24, 2013 2:14 am
 
Forum: Investing - Help with Personal Investments
Topic: Starting over at 40 - advice?
Replies: 22
Views: 2013

Re: How do you measure up to the super-rich?

I don't. I will rather the super-rich measure up to me. Assuming that, as the article suggests: "Their typical asset allocation involves illiquid asset classes . . . but not that much. The norm is 30 per cent in fixed income and 50 per cent in public equities (not so different from those far l...
by noyopacific
Thu Nov 21, 2013 12:42 am
 
Forum: Personal Finance (Not Investing)
Topic: How do you measure up to the super-rich?
Replies: 26
Views: 2695

Re: TedTalks: The Paradox of too many fund choices

A colleague of mine got access to investment records from Vanguard, the gigantic mutual fund company of about a million employees and about 2,000 different workplaces. Vanguard has a million employees? There has to be a comma missing somewhere in that sentence. " I was quoting from the transcr...
by noyopacific
Tue Nov 19, 2013 12:36 am
 
Forum: Investing - Theory, News & General
Topic: TedTalks: The Paradox of too many fund choices
Replies: 9
Views: 1670

TedTalks: The Paradox of too many fund choices

From a recent episode of the TedTalk Radio Hour: "Misconceptions." Too many fund choices in retirement accounts may reduce employee participation: :oops: SCHWARTZ: (Too many fund choices) "produces paralysis rather than liberation. With so many options to choose from, people find it v...
by noyopacific
Mon Nov 18, 2013 12:45 am
 
Forum: Investing - Theory, News & General
Topic: TedTalks: The Paradox of too many fund choices
Replies: 9
Views: 1670

Re: Want 18% returns?

I have a friend who has been investing their retirement funds in these type of "hard money" 1st & 2nd mortgage loans to people with little verifiable income and lousy credit scores for almost ten years. She did it all through the sub-prime crisis and continues to this day. She has a co...
by noyopacific
Wed Nov 13, 2013 1:40 am
 
Forum: Investing - Theory, News & General
Topic: Want 18% returns?
Replies: 43
Views: 6965

Re: It's not different for me. Is it for you?

No passive investor ever closes their eyes and takes their hands off the wheel. There is always work to be done - rebalancing, investment of new capital, withdrawals...Rick Ferri A short digression: According to standard definitions 'passive' portfolios are not rebalanced. Hafius500, I think you ma...
by noyopacific
Sun Nov 10, 2013 1:46 am
 
Forum: Investing - Theory, News & General
Topic: It's not different for me. Is it for you?
Replies: 54
Views: 5310

Re: It's not different for me. Is it for you?

My favorite comment in Rick's excellent article was: . . . "These confident people say they have a more sophisticated, savvier approach than the common Joe, thus they have a better chance of beating the markets with active management." After a lackluster experience with professional manage...
by noyopacific
Fri Nov 08, 2013 3:21 am
 
Forum: Investing - Theory, News & General
Topic: It's not different for me. Is it for you?
Replies: 54
Views: 5310

Re: VWO seems cheap right now

From the Bogleheads Investment Philosophy: "Never try to time the market." Around here, this kind of discussion is almost blasphemy. So at the risk of joining in, I'll say that I had once considered adding a small emerging market index component to my portfolio but rejected it because I wa...
by noyopacific
Fri Nov 08, 2013 2:20 am
 
Forum: Investing - Theory, News & General
Topic: VWO seems cheap right now
Replies: 125
Views: 13158

Re: How well do you know ETFs?

from the linked article: "All mutual funds, including ETFs, are formed under the Investment Company Act of 1940. This is the law that drives everything from fund structure to distribution to trading. Ironically, there is nothing in the law that refers to ETFs directly. If you did a word search...
by noyopacific
Mon Oct 28, 2013 12:27 am
 
Forum: Investing - Theory, News & General
Topic: How well do you know ETFs?
Replies: 3
Views: 878

Re: Another knock on passive investing

I think Todd Bliman's (Fisher-Boy's) point was that passive investing may be simple in theory but it can be difficult to maintain the discipline necessary to succeed at it. This may be especially true if you watch your portfolio and are susceptible to second-guessing, panic, greed, doubt, boredom, ...
by noyopacific
Sat Oct 26, 2013 10:19 pm
 
Forum: Investing - Theory, News & General
Topic: Another knock on passive investing
Replies: 21
Views: 2516

Re: Another knock on passive investing

Count me in on the group that doesn't understand his point. I think Todd Bliman's (Fisher-Boy's) point was that passive investing may be simple in theory but it can be difficult to maintain the discipline necessary to succeed at it. This may be especially true if you watch your portfolio and are su...
by noyopacific
Sat Oct 26, 2013 3:57 am
 
Forum: Investing - Theory, News & General
Topic: Another knock on passive investing
Replies: 21
Views: 2516

Re: Longleaf Funds

Thanks for the analysis of Longleaf. The "Small-Cap" fund had been a part of our portfolio for almost 20 years. I say small-cap in quotes because it has been a mid-cap fund for at least 10 years. In Morningstar's style boxes, it is classified a mid-cap blend. We bought Longleaf because of ...
by noyopacific
Sat Oct 19, 2013 11:09 pm
 
Forum: Investing - Theory, News & General
Topic: Longleaf Funds
Replies: 14
Views: 1623

Re: Jack Bogle says rebalancing is overhyped?!

Yes! Rebalancing as a means to capture any bonus from reversion to mean is way (WAY, WAAY) overhyped. In my experience, rebalancing only produces a "bonus" when one is adding risk after a downward correction in equities prices. When one is rebalancing to reduce risk after a surge in equiti...
by noyopacific
Thu Oct 10, 2013 11:29 pm
 
Forum: Investing - Theory, News & General
Topic: Jack Bogle says rebalancing is overhyped?!
Replies: 83
Views: 8193

Re: Solar- How do these #s look?

Anil, The "payback period" is a convenient way for salespeople to present the economics of a photovoltaic (PV) system. I don't think this is a meaningful way to consider the investment decision. The approach I used on ours was to determine the rate of return that a stream of "income&q...
by noyopacific
Wed Oct 09, 2013 9:43 pm
 
Forum: Personal Consumer Issues
Topic: [Considering solar power] - How do these #s look?
Replies: 32
Views: 2055

Re: A house appraisal

I'm thinking of selling my house next year. Word has it that I cannot get a realtor's estimate of my house's value unless I am ready to list it (which I am not). Aside from Zillow, Trulia, etc. are there ways to get a house's reasonably accurate value estimate? Thanks. Real estate agents in my area...
by noyopacific
Tue Oct 08, 2013 6:28 pm
 
Forum: Personal Finance (Not Investing)
Topic: A house appraisal
Replies: 13
Views: 1287

Re: Taking ownership of investing kind of like giving birth?

If managing one's own portfolio is to be compared to having a "natural" birth, then perhaps having an advisor handle it for you could be compared to having a Cesarean section. It may require less effort and produce less pain at the beginning, however the recovery period will be longer and ...
by noyopacific
Tue Oct 08, 2013 2:31 pm
 
Forum: Investing - Help with Personal Investments
Topic: Taking ownership of investing kind of like giving birth?
Replies: 14
Views: 777

Re: WSJ Article and Podcast about the Bogleheads

After finding out from the WSJ podcast that the Bogleheads don't have a secret handshake, someone suggested that we offer a prize for the Boglehead who develops the best secret handshake! Get your thinking caps on! :D I had wondered if the reporter had only failed to break the veil of secrecy and w...
by noyopacific
Mon Oct 07, 2013 8:02 pm
 
Forum: Investing - Theory, News & General
Topic: WSJ Article and Podcast about the Bogleheads
Replies: 37
Views: 4355

Re: Anyone else freaking about the state of the market?

As our fearless leader Jack Bogle says, "Stay the course" Mr Bogle is also reputed to have said: "I don't believe in market timing. I've been around this business darn near a half-century, and I know I can't do it successfully.-- In fact, I don't even know anyone who knows anyone who...
by noyopacific
Mon Oct 07, 2013 7:49 pm
 
Forum: Investing - Theory, News & General
Topic: Anyone else freaking about the state of the market?
Replies: 95
Views: 7436

Re: "When does a 100% stock portfolio make sense?"

According to "Vanguard portfolio allocation models", a 100% stock portfolio from 1926-2012 the average annual return was 10%. For a 70% stock, 30% bond portfolio, the average annual return was 9.1%. Less than 1% difference in return for a lot more safety. https://personal.vanguard.com/us/...
by noyopacific
Thu Oct 03, 2013 8:48 am
 
Forum: Investing - Theory, News & General
Topic: "When does a 100% stock portfolio make sense?"
Replies: 61
Views: 5100

Re: Motley Fool ONE Feedback

I don't think that you'll find very many Motley Fool fans here. My impression is that Motley Fool is an enterprise dedicated to promoting the idea that their participants have a good chance of outperforming the market. I doubt they would survive long promoting the boring notion that active investors...
by noyopacific
Tue Sep 24, 2013 5:15 am
 
Forum: Investing - Theory, News & General
Topic: Motley Fool ONE Feedback
Replies: 19
Views: 2390

Re: Father left my Mother Suddenly, Need advice

Wilked: You made a statement that carries a lot of weight: Half of savings removed (down to the penny). Your dad is not void of character. Hopefully, your parents will be able to work together for the betterment of everyone. I'll second Taylors comments and add: I don't think that Wilked ever said ...
by noyopacific
Mon Sep 23, 2013 7:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: Father left my Mother Suddenly, Need advice
Replies: 64
Views: 9627

Re: Young Guys Making Good Money

My 28 year-old nephew was a high school dropout (he did pass his GED) but has a job where earns slightly over $100K + health insurance with a decent retirement plan. He took a different path than anyone I've seen here. He does concrete & asphalt testing and inspection, primarily for highway cons...
by noyopacific
Mon Sep 23, 2013 6:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Young Guys [and Gals] Making Good Money
Replies: 241
Views: 22486

Re: [giving friends and family investment advice]

Good if sobering article. I made a post awhile back about my disappointing experiences in giving advice (only when it was requested) to friends & family. http://www.bogleheads.org/forum/viewtopic.php?f=10&t=117790 One of my favorite replies was from Rick Ferri who's advice I always appreciat...
by noyopacific
Mon Sep 23, 2013 4:28 pm
 
Forum: Personal Finance (Not Investing)
Topic: [giving friends and family investment advice]
Replies: 25
Views: 2279

Re: inactively managed mutal funds

So you buy shares of an index fund which consists of stock in hundreds of different companies in proportions that mirror a "market index" like S&P 500 which I believe is also called a benchmark? A "benchmark" index would be whatever market index is used to compare the perfor...
by noyopacific
Sat Sep 21, 2013 10:20 pm
 
Forum: Investing - Theory, News & General
Topic: inactively managed mutal funds
Replies: 21
Views: 1116

Re: inactively managed mutal funds

. . . I wanted to know what it means for a mutual fund to be indexed to the S&P 500 (or some other market index). I get that they earn better returns because they have lower fees and that they are tracking/mirroring the performance of a market index but I don't understand what that means. \? To...
by noyopacific
Sat Sep 21, 2013 9:52 pm
 
Forum: Investing - Theory, News & General
Topic: inactively managed mutal funds
Replies: 21
Views: 1116

Re: Quitting job and living tax free off dividends?

If one were going reject the notion that markets might be even slightly efficient, and that the price of a security could have some relationship with a business's value, financial strength, future earnings and dividend paying potential, why not just put it all in AT&T? Based on the dividend yiel...
by noyopacific
Sat Sep 21, 2013 6:13 pm
 
Forum: Investing - Help with Personal Investments
Topic: Quitting job and living tax free off dividends?
Replies: 19
Views: 4348

Re: 2nd Car for local driving-suggestions please

Two friends who are car mechanics recommended a Honda or Toyota. I bought a used Chevy Malibu with low miles because it was "such a good deal." It feels solid and handles fine but I have spent even more to maintain it than I paid for it. It wasn't such a good deal after all. Next time, I'd...
by noyopacific
Sat Sep 21, 2013 5:16 pm
 
Forum: Personal Consumer Issues
Topic: 2nd Car for local driving-suggestions please
Replies: 35
Views: 2264
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