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Re: Global Minimum Volatility Fund

I took a look at ACWV and noticed it trades at a rather hefty premium to the global total stock market: ACWV: PE 22.78, PB 4.28 VT: PE 18.3, PB 2.0 Pretty interesting, considering that I previously read that low volatility/beta funds tend to generally have a value tilt. This is most definately not ...
by steve r
Wed Apr 23, 2014 8:49 am
 
Forum: Investing - Theory, News & General
Topic: Global Minimum Volatility Fund
Replies: 29
Views: 1842

Re: Global Minimum Volatility Fund

I think we're overstating the distinction between a minimum variance portfolio and a low beta portfolio. Actually what makes the iShares ETFs distinctive is not so much they they are running minimum variance portfolios but that the deviate from what the math tells them the minimum variance portfoli...
by steve r
Mon Apr 21, 2014 8:11 am
 
Forum: Investing - Theory, News & General
Topic: Global Minimum Volatility Fund
Replies: 29
Views: 1842

Re: Global Minimum Volatility Fund

I can see where a fund like this might be a good diversifier in the context of a portfolio in theory , in that it is designed to act differently than other asset classes. The question in this regard would seem to be whether it is different enough when you need it to be. But as a stand-alone holding...
by steve r
Sun Apr 20, 2014 7:50 pm
 
Forum: Investing - Theory, News & General
Topic: Global Minimum Volatility Fund
Replies: 29
Views: 1842

Re: Global Minimum Volatility Fund

when you say a large share, what percentage are you talking? Specifically I guess how much of your equities. As trasmuss points out the vanguard managed payout fund has about 30% of its equities in this fund. From memory I think managed payout has 65% in equities which are split 25/20/20 between To...
by steve r
Sun Apr 20, 2014 6:36 pm
 
Forum: Investing - Theory, News & General
Topic: Global Minimum Volatility Fund
Replies: 29
Views: 1842

Re: Global Minimum Volatility Fund

I own this fund for a large share of my portfolio. Previously, I owned a similar index (ACWV). That said, I strongly encourage you to read the Wiki on the space. http://www.bogleheads.org/wiki/Low_volatility_index_returns If still interested, you may also want to read the book by Falkenstein (which ...
by steve r
Sun Apr 20, 2014 9:35 am
 
Forum: Investing - Theory, News & General
Topic: Global Minimum Volatility Fund
Replies: 29
Views: 1842

Re: Portfolio Volatility is a Big Drag on Returns

grayfox wrote:Dave


So how about Vanguard Global Minimum Volatility Fund Investor Shares (VMVFX) for the stock portion of a portfolio.

The fund invests primarily in U.S. and foreign stocks that are expected to minimize volatility relative to the global equity market.

+1
by steve r
Wed Apr 16, 2014 9:49 am
 
Forum: Investing - Theory, News & General
Topic: Portfolio Volatility is a Big Drag on Returns
Replies: 25
Views: 1884

Re: Best Mortgage Type for 1st-timers: 30-YR Fixed?

If you have young kids and can afford it, you may want to consider a 15 year. It will be a real plus to have a home paid for pre-college years. As a general rule of thumb, the most competitively priced products (mean best deal for borrowers) are the 15 and 30 year mortgages. I would not do a 10, 20 ...
by steve r
Tue Mar 25, 2014 6:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: Best Mortgage Type for 1st-timers: 30-YR Fixed?
Replies: 19
Views: 1190

Re: What about Minimum Volatility Equity ETFs??

I am in this space ... but before you jump in I strongly suggest reading up on the Wiki. You need to understand the difference between low vol and min vol. I own min vol (ACWV and VMNVX). The two are related, but low vol lowers returns by loading up on utilities, min vol caps any one sector. If you ...
by steve r
Sun Mar 23, 2014 1:07 pm
 
Forum: Investing - Help with Personal Investments
Topic: What about Minimum Volatility Equity ETFs??
Replies: 3
Views: 314

Re: LED lights currently worth it personal financewise?

I said no ... and I have spent hundreds of dollars on these things and love them. My guess is fluorescent lighting is cheaper ... but I hate it. LED is less than the old standard though.
by steve r
Sat Mar 15, 2014 12:36 pm
 
Forum: Personal Consumer Issues
Topic: LED lights currently worth it personal financewise?
Replies: 55
Views: 2498

Re: Was frugality a mistake? The downsides of saving too mu

so is this related to your thread about the guy who wants a Porsche? FWIW I have been frugal about objects but less so with experiences. Flew to Disneyworld with the kids and wife enough that they got tired of it. Cruises, trips. I buy expensive beer and consumables. Experiences that you defer may ...
by steve r
Sat Mar 15, 2014 12:33 pm
 
Forum: Personal Consumer Issues
Topic: Was frugality a mistake? The downsides of saving too much.
Replies: 115
Views: 8814

Re: Replace less than 80% of income in retirement?

At the OP's age of 31, it's way too early to focus on end-game expenses and income. The focus for the next few decades needs to be on maintaining and increasing your savings rate, though with child-rearing expenses, it may not be easy. A higher savings rate gives you more options when you're in you...
by steve r
Thu Mar 06, 2014 4:04 pm
 
Forum: Investing - Theory, News & General
Topic: Replace less than 80% of income in retirement?
Replies: 52
Views: 3308

Re: TurboTax Desktop Version

Calm Man wrote:You...actually had to pay to file the state with Desktop deluxe but only $20 plus tax.

I found this amusing ... paying a tax to pay/do taxes.
by steve r
Thu Mar 06, 2014 3:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: TurboTax Desktop Version
Replies: 8
Views: 660

Re: Fidelity Spartan international funds

If you have an EM Spartan option, it is cheaper fee wise to pair FSIIX with that fund. FWIW, my employer allows three international index funds. I have an equal amount of emerging markets and FSIIX. This does mean I am overweight EM (at least with my Fidelity account). I have six funds all with the ...
by steve r
Mon Feb 24, 2014 9:17 am
 
Forum: Investing - Help with Personal Investments
Topic: Fidelity Spartan international funds
Replies: 3
Views: 356

Re: Home office deduction = one-way ticket to being audited?

Anyone who doesn't claim a tax deduction that they are entitle to imo are either (a) nuts or (b) have books they don't want audited... :P This year there is also a simplified home office deduction, but we use too much space to use it. Or, just do not want to be audited ...... not because of the boo...
by steve r
Sat Feb 22, 2014 1:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: Home office deduction = one-way ticket to being audited?
Replies: 31
Views: 3287

Re: low volatiity strategies piece for ETF.com

Because human nature doesn’t change, there doesn’t seem to be any reason to believe that the low-volatility anomaly will not persist. It also seems that much, if not most, of the anomaly can be explained by the poor performance of high-volatility stocks, not the outperformance of low-volatility sto...
by steve r
Fri Feb 21, 2014 6:28 pm
 
Forum: Investing - Theory, News & General
Topic: low volatiity strategies piece for ETF.com
Replies: 6
Views: 555

Re: Percentage of assets at Vanguard also active vs index

100 percent index for both stocks and bonds. About a third a non-broad market index. Only about a third at Vanguard. Steve
by steve r
Wed Feb 19, 2014 2:16 pm
 
Forum: Investing - Help with Personal Investments
Topic: Percentage of assets at Vanguard also active vs index
Replies: 23
Views: 1173

Re: TaxAct versus TurboTax

So ... I finished my taxes on both TurboTax and TaxAct. TaxAct handled my backdoor Roth much more easily. I do not recall TT asking if my IRA contribution was non deductible. but, entering (book) royalties was painful on TaxAct. It asked me if I wanted to do them as schedule E or C rather than askin...
by steve r
Thu Feb 13, 2014 4:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: TaxAct versus TurboTax
Replies: 23
Views: 2049

Re: TurboTax best discount via Vanguard? Or others?

I paid $39 for desktop version Deluxe with state at BJs club. This is where I have bought it every year for many years. If you like desktop, only the Flagship members get a better deal. Online is cheaper. This year I also tried TaxAct for a lot less. I have trouble every year with backdoor Roth on T...
by steve r
Thu Feb 13, 2014 3:52 pm
 
Forum: Personal Consumer Issues
Topic: TurboTax best discount via Vanguard? Or others?
Replies: 6
Views: 916

Re: TaxAct versus TurboTax

TaxAct excellent for me, I just download all 1099 Divs,etc. from Vanguard and other Sites I have accounts with then open on computer along with TaxAct in Browser.I just highlight each point of data in the 1099 then "copy and paste" the data into TaxAct. Is this cut and paste line for line?
by steve r
Thu Feb 13, 2014 3:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: TaxAct versus TurboTax
Replies: 23
Views: 2049

TaxAct versus TurboTax

I have been a user of TurboTax (TT) for years ... This year ... and last ... I had trouble on TT with my backdoor Roth conversion. Literally, when I imported my 1099-R (distribution) it added nothing to my tax bill, but adding my wife it did. I have no clue why, but somehow solved the problem. Other...
by steve r
Thu Feb 13, 2014 11:52 am
 
Forum: Personal Finance (Not Investing)
Topic: TaxAct versus TurboTax
Replies: 23
Views: 2049

Re: Explaining RSP outperformance over SPY

Interesting thread ...
The trend though seems long lasting ... 49 year history tested here.
http://www.bogleheads.org/forum/viewtopic.php?f=10&t=130518
by steve r
Sun Feb 09, 2014 2:15 pm
 
Forum: Investing - Theory, News & General
Topic: Explaining RSP outperformance over SPY
Replies: 19
Views: 1073

Re: 100% stock vs 95% stock

The ten year went from under 6 to 3. That drop in interest accounts for roughly on half of one percent returns per year on LTT. The weighted average nominal interest rate from '72 until today was higher than it is now. Maybe not real rate though. Adding .5 ER probably doesn't cover this, likely too...
by steve r
Mon Feb 03, 2014 9:21 am
 
Forum: Investing - Theory, News & General
Topic: 100% stock vs 95% stock
Replies: 36
Views: 2632

Re: TIAA Real Estate and asset allocation -- REIT? Bond?

I'm trying to market time this. .... I think these are all valid reasons to be careful of TREA right now. Secularly I think US CRE is still in the upcycle-- it tends to follow economic growth. But if we go back to the early 1990s, there was quite a long lag (the oversupply situation in 1990 was arg...
by steve r
Mon Feb 03, 2014 7:34 am
 
Forum: Investing - Theory, News & General
Topic: TIAA Real Estate and asset allocation -- REIT? Bond?
Replies: 64
Views: 2802

Re: 100% stock vs 95% stock

This is a classic example of the fallacies of data mining and trying to extrapolate the results into the future. Agreed. All looks at history is data mining. But not by nearly as much as you claim. The ten year went from under 6 to 3. That drop in interest accounts for roughly on half of one percen...
by steve r
Sun Feb 02, 2014 9:13 pm
 
Forum: Investing - Theory, News & General
Topic: 100% stock vs 95% stock
Replies: 36
Views: 2632

Re: What fidelity fund?

FFNOX might be something to look at. Otherwise shift to Vanguard where there are more obvious choices of passively-managed low-expense ratio funds of index funds such as the Target Retirement series. The semi-equivalent funds at Fidelity are actively-manged and have higher expense ratios; they are ...
by steve r
Sun Feb 02, 2014 4:14 pm
 
Forum: Investing - Help with Personal Investments
Topic: What fidelity fund?
Replies: 11
Views: 872

Re: Market timing when combining investing and paying down d

I would pay down (more) debt and make your tax sheltered money a touch more aggressive (unless you are already doing this). For example, if you are 30 percent bonds, reduce this with new money (make all new money stocks) and pay of debt with extra cash. Paying down debt is better than bonds. So redu...
by steve r
Sun Feb 02, 2014 4:08 pm
 
Forum: Investing - Theory, News & General
Topic: Market timing when combining investing and paying down debt
Replies: 22
Views: 1075

Re: TIAA Real Estate and asset allocation -- REIT? Bond?

I'm trying to market time this. 1. Green Street says in its Jan 7 press release that "Property appreciation has come to a virtual stop over the past several months, as the large increase in interest rates that occurred last summer continues to weigh on valuations." 2. TREA is nearing its ...
by steve r
Sun Feb 02, 2014 3:59 pm
 
Forum: Investing - Theory, News & General
Topic: TIAA Real Estate and asset allocation -- REIT? Bond?
Replies: 64
Views: 2802

Re: 100% stock vs 95% stock

95/5 TSM/LTT returned 10.34 (with std. dev of 17.37)
100 TSM 10.35 (18.27)

Data 1972 to 2013

90/10 (for fun) 10.33 (16.48)

85/15 10.29 (15.63)

Steve
by steve r
Sun Feb 02, 2014 1:54 pm
 
Forum: Investing - Theory, News & General
Topic: 100% stock vs 95% stock
Replies: 36
Views: 2632

Re: TIAA Real Estate and asset allocation -- REIT? Bond?

It's a fund that lives in the past. Even my Grandmother could market time this baby and you should too. Here's the bogleheads' thread on this one: http://www.bogleheads.org/forum/viewtopic.php?f=1&t=123075&newpost=1898039 T Livesoft - Thanks for the link (I think I ignored it because of the...
by steve r
Sun Feb 02, 2014 1:38 pm
 
Forum: Investing - Theory, News & General
Topic: TIAA Real Estate and asset allocation -- REIT? Bond?
Replies: 64
Views: 2802

Re: TIAA Real Estate and asset allocation -- REIT? Bond?

There's no question that investing in a REIT fund, or TIAA RE, is investing in a real, not nominal, asset class. you have to treat it as equity exposure, not bond exposure. I am convinced this is correct on the REIT front. Not to mention its leverage. TREA is 20-25% cash ... I think you could safel...
by steve r
Sun Feb 02, 2014 11:45 am
 
Forum: Investing - Theory, News & General
Topic: TIAA Real Estate and asset allocation -- REIT? Bond?
Replies: 64
Views: 2802

Re: TIAA Real Estate and asset allocation -- REIT? Bond?

I once ran correlations between TREA returns with stocks and bonds and found about an equal correlation to each. One problem with doing that is the low volatility of TREA which dampens the correlation coefficients. .... You can't ignore the big hit that TREA took in 2008 along with stocks - as did ...
by steve r
Sun Feb 02, 2014 10:05 am
 
Forum: Investing - Theory, News & General
Topic: TIAA Real Estate and asset allocation -- REIT? Bond?
Replies: 64
Views: 2802

Re: TIAA Real Estate and asset allocation -- REIT? Bond?

TREA is just a money losing vampire squid . I consider the user's phrase-borrowing here to be markedly inapt. +1 It all makes no sense. ... just another example of how Mother TIAA is subsidizing the disappointing RE investments of TREA which is a separate account, not part of TIAA. As a comparison ...
by steve r
Sun Feb 02, 2014 10:02 am
 
Forum: Investing - Theory, News & General
Topic: TIAA Real Estate and asset allocation -- REIT? Bond?
Replies: 64
Views: 2802

Re: TIAA Real Estate and asset allocation -- REIT? Bond?

I could not care less about Simon properties. So you do not care about the expenses of a ten percent holding? There fees are not reported in the expense ratio of VNQ. If you wanted an expense ratio of zero, just buy SPG. Why pay infinite times the expense with VNQ. I get, but disagree with your lac...
by steve r
Sat Feb 01, 2014 1:43 pm
 
Forum: Investing - Theory, News & General
Topic: TIAA Real Estate and asset allocation -- REIT? Bond?
Replies: 64
Views: 2802

Re: TIAA Real Estate and asset allocation -- REIT? Bond?

Also the fee for TREA is about .90% compared to VG REIT fees of .10% to. 24%. The fee comparison is garbage ... SPG (Simon Property Group) has additional expenses not included in the 0.10? Also, the Sharpe ratio suggests a much higher return on a risk adjusted basis for TIAA Real Estate I own both.
by steve r
Sat Feb 01, 2014 11:37 am
 
Forum: Investing - Theory, News & General
Topic: TIAA Real Estate and asset allocation -- REIT? Bond?
Replies: 64
Views: 2802

TIAA Real Estate and asset allocation -- REIT? Bond?

http://imageshack.com/a/img703/7861/vb84.jpg I found this chart interesting. It compares TIAA Real Estate Account (TREA) with a REIT index and a investment grade bond fund. (Total Bond fund looked somewhat similar). So I thought I would start another thread ... Some points * TREA lacks REIT lock vo...
by steve r
Sat Feb 01, 2014 10:36 am
 
Forum: Investing - Theory, News & General
Topic: TIAA Real Estate and asset allocation -- REIT? Bond?
Replies: 64
Views: 2802

Re: The Gun-Slinger Portfolio

Starting the portfolio in 1975 and comparing to a non commodity, gold and micro cap portfolio with some LTT, SC, and EM paints quite a different picture. You only go off the gold standard once.
by steve r
Thu Jan 30, 2014 6:44 pm
 
Forum: Investing - Theory, News & General
Topic: The Gun-Slinger Portfolio
Replies: 18
Views: 2330

Re: The Gun-Slinger Portfolio

I kind of like the underlying idea, but HATE... Gold then versus now is a different animal ... you only go off the gold standard once. That said it will provide some diversification. Emerging Markets ... China and India only go from pure communism once ... investing in China then is like investing ...
by steve r
Thu Jan 30, 2014 6:39 pm
 
Forum: Investing - Theory, News & General
Topic: The Gun-Slinger Portfolio
Replies: 18
Views: 2330

Re: When Will The Market Crash Again?

The market will crash on Monday (... or some unspecified thereafter).
by steve r
Sun Jan 26, 2014 12:24 pm
 
Forum: Investing - Theory, News & General
Topic: When Will The Market Crash Again?
Replies: 16
Views: 1698

Re: VWO seems cheap right now

RODC

Also, I am curious how it compares with simple annual strategy ... for example, at TIAA CREFF I can set it for rebalance on my birthday and avoid falling victim to behavioral finance stuff ... (which I view as a weakness to RBD as you sort of have to guess the close prior to close).
by steve r
Sat Jan 25, 2014 1:34 pm
 
Forum: Investing - Theory, News & General
Topic: VWO seems cheap right now
Replies: 125
Views: 13168

Re: VWO seems cheap right now

Rodc .. almost should be a separate post.

What is overbalance w/out RBD ... is it simply going to 53% on annual basis on band basis?
by steve r
Sat Jan 25, 2014 12:58 pm
 
Forum: Investing - Theory, News & General
Topic: VWO seems cheap right now
Replies: 125
Views: 13168

Re: Opening an IRA: Is Backdoor Roth my best choice?

+1 The comparison is with a non- deductible IRA. You should -- if you can -- do 2013 and 2014 backdoor. Pick some well balanced target retirement date fund (date way out in the future). Set it, forget it until you have more assets in their. Which will either happen (good income years and contributio...
by steve r
Sat Jan 25, 2014 9:04 am
 
Forum: Investing - Help with Personal Investments
Topic: Opening an IRA: Is Backdoor Roth my best choice?
Replies: 12
Views: 931

Re: Hypothetical Reallocation Strategy

I would suggest that she (or you) post her details using the template: http://www.bogleheads.org/forum/viewtopic.php?t=6212 But also list the gains (long-term and short-term) for each taxable position. +1 Generic Advice 1) Stick with her Roths. (Very good) 2) She should not be 80 percent in health ...
by steve r
Fri Jan 24, 2014 2:01 pm
 
Forum: Investing - Help with Personal Investments
Topic: Hypothetical Reallocation Strategy
Replies: 4
Views: 339

Re: Glad I own bonds today!

Bogle101 wrote:
barnaclebob wrote:Maybe we'll start seeing 100% bond allocation threads...


lol


+2 LOL

Followed by "Should I use leverage on my bond holdings?"
by steve r
Fri Jan 24, 2014 1:32 pm
 
Forum: Investing - Theory, News & General
Topic: Glad I own bonds today!
Replies: 56
Views: 4505

Re: Shifting towards total stock index

I would wait. By doing so, you will 1) save $300 in taxes. 2) do the math a second time in October, if you still like the idea ... you are probably committed to the new portfolio and will be able to stay the course. That said, if the market goes down some more, and you can lock in 3,000 in losses (m...
by steve r
Fri Jan 24, 2014 9:34 am
 
Forum: Investing - Help with Personal Investments
Topic: Shifting towards total stock index
Replies: 25
Views: 1692

Re: Why shouldn't REIT's be a large % of your portfolio?

I thought .... The data is the data. .... In your opinion, do you think the 1.7x volatility of VGSIX over VTSMX over the last ten years is just sampling variation, and is consistent with the idea that REITs have an underlying volatility that is stable over time? Good question .... I think you and I...
by steve r
Fri Jan 24, 2014 9:22 am
 
Forum: Investing - Theory, News & General
Topic: Why shouldn't REIT's be a large % of your portfolio?
Replies: 67
Views: 6493

Re: Your thoughts - WSJ: A New Era in the Bond Market

These bond discussions puzzle me. Most readers on this site believe markets are fairly efficient. Yet, many have now a bond market timer. The actions of the Fed ... people note ... distorts the market ... yet many trillions of dollars MORE in treasuries are bought by those other than the Fed ... are...
by steve r
Thu Jan 23, 2014 3:50 pm
 
Forum: Investing - Theory, News & General
Topic: Your thoughts - WSJ: A New Era in the Bond Market
Replies: 30
Views: 4592

Re: Why shouldn't REIT's be a large % of your portfolio?

I thought I would post some data based on Simba's backtest data (now Juno) 1972-2013 Return - CAGR (and Standard Deviation) Total Stock Market 10.35 and 18.3 REIT 11.65 and 18.2 Int (w/ EM) 10.44 and 22.9 So, I think you can safely say REITS are not more volatile (historically): As far as diversific...
by steve r
Thu Jan 23, 2014 10:11 am
 
Forum: Investing - Theory, News & General
Topic: Why shouldn't REIT's be a large % of your portfolio?
Replies: 67
Views: 6493

Re: POLL: Investing vs. pay down mortgage feelings

I posted that I have done the math and happy. But the truth is, I have been more aggressive in investing BECAUSE I paid down my house, then refinanced at really low shorter term mortgage. That savings was huge. Owning a larger percent in stocks is a plus. Whether I own more or less stocks is unknown...
by steve r
Tue Jan 21, 2014 1:50 pm
 
Forum: Investing - Help with Personal Investments
Topic: POLL: Investing vs. pay down mortgage feelings
Replies: 79
Views: 3836

Re: Fidelity vs TIAA-CREF

I am in both as well. I like your Fidelity options only because of fractionally lower expenses ratios. I also like the DFA emerging value option ... but that would be a small holding and I would not own it if I wanted to hold only 4 funds. There are good reasons to hold only 4 funds -- primarily sim...
by steve r
Tue Jan 21, 2014 1:35 pm
 
Forum: Investing - Help with Personal Investments
Topic: Fidelity vs TIAA-CREF
Replies: 6
Views: 846

Re: Ric Edelman "times have changed" claim

animule wrote:I don't own bonds expecting to make a fortune on them - I own them to manage downsize risk. This was not even mentioned by him.

+1
by steve r
Tue Jan 21, 2014 9:29 am
 
Forum: Investing - Theory, News & General
Topic: Ric Edelman "times have changed" claim
Replies: 24
Views: 3604
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