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Re: Do you split your VEU (into VEA+VWO) & VEA (into VGK+VPL

Would you mind giving more pointer where I could find how many % is the 'qualified dividend income' within an ETF? I'm not livesoft, but what works the best for me is to just google, say, "iShares 2013 QDI" or "Vanguard 2013 QDI". These reports are sometime buried in their websi...
by stlutz
Wed Jul 23, 2014 11:37 pm
 
Forum: Investing - Help with Personal Investments
Topic: Do you split your VEU (into VEA+VWO) & VEA (into VGK+VPL)?
Replies: 19
Views: 823

Re: The article on tax efficient placement needs to be rewri

I think just focusing on the wiki article misses the point somewhat. I think we need a more fundamental rethink around this issue on this forum, as I don't think that we start from the right point when giving advice. If you look at most any "portfolio help" thread, usually by the second re...
by stlutz
Wed Jul 23, 2014 9:53 pm
 
Forum: Investing - Theory, News & General
Topic: The article on tax efficient placement needs to be rewri
Replies: 30
Views: 1577

Re: The article on tax efficient placement needs to be rewri

Really this comes down to what one considers to be "normal" interest rates. If rates now are "abnormally low" and are sure to go back up to 7 or 8% any day now, then bonds should go in tax advantaged. If sub-3% rates are the "new normal", then the old rules are wrong. I...
by stlutz
Wed Jul 23, 2014 12:35 pm
 
Forum: Investing - Theory, News & General
Topic: The article on tax efficient placement needs to be rewri
Replies: 30
Views: 1577

Re: Do you split your VEU (into VEA+VWO) & VEA (into VGK+VPL

Years ago a lot of people (including me) used VGK+VPL+VWO because Total International was a fund of funds and therefore ineligible for the foreign tax credit. I still have those holdings but started using VXUS for all going-forward investments. I suppose the slice-n-dice options could become useful ...
by stlutz
Tue Jul 22, 2014 10:41 pm
 
Forum: Investing - Help with Personal Investments
Topic: Do you split your VEU (into VEA+VWO) & VEA (into VGK+VPL)?
Replies: 19
Views: 823

Re: Vanguard Account Owners - has this happened to you?

I think the way one poster put it once is that it seems like VG has periodic issues with "account information integrity." I think a good percentage of the issues that happen get posted about here as this forum serves to some extent as the Vanguard complaint page, so it's hard to say how pr...
by stlutz
Tue Jul 22, 2014 10:37 pm
 
Forum: Investing - Help with Personal Investments
Topic: Vanguard Account Owners - has this happened to you?
Replies: 14
Views: 1920

Re: Slice and Dicers -- Plans when you can't manage it anymo

It seems to me that if one is concerned either about their own ability to mange their portfolio or beneficiaries ability to do so, using a Life Strategy or Target Retirment fund is a great way to go. The simplicity move from 3 funds to 1 is much greater than from, say, 8 funds to 3.
by stlutz
Tue Jul 22, 2014 10:33 pm
 
Forum: Investing - Help with Personal Investments
Topic: Slice and Dicers -- Plans when you can't manage it anymore?
Replies: 38
Views: 2093

Re: not all value metrics are equal

For decades, the printed stock tables in newspapers have included price/earnings ratios. Barron's still has them weekly. Price/earnings ratios have also been public knowledge. The problem with EPS is that it changes through time. The first version of EPS is when a company puts out its earnings rele...
by stlutz
Tue Jul 22, 2014 10:17 pm
 
Forum: Investing - Theory, News & General
Topic: not all value metrics are equal
Replies: 36
Views: 1593

Re: VMMXX: Finally Pulled the Trigger

I thought lots of bogleheads don't like to reinvest dividends; instead they send the dividends to Prime Money Market. What is happening to all your dividends? Are you sending them to Balanced Index Fund Admiral? I send them to my bank. Moving money between my bank and VG is simply much easier than ...
by stlutz
Tue Jul 22, 2014 1:52 am
 
Forum: Investing - Help with Personal Investments
Topic: VMMXX: Finally Pulled the Trigger
Replies: 20
Views: 2520

Re: Joel Greenblatt's "magic formula"

Much of the problem with the "magic formula" is that other researchers couldn't come anywhere close to replicating the backtested results indicated in the book. For example:

http://www.alphaarchitect.com/blog/2011 ... 83OB7EVBOI
by stlutz
Mon Jul 21, 2014 10:40 pm
 
Forum: Investing - Theory, News & General
Topic: Joel Greenblatt's "magic formula"
Replies: 22
Views: 5281

Re: not all value metrics are equal

And, of course, one should not that "the literature" shows that Enterprise Value to EBITDA outperforms all of the metrics Larry discusses. For example, http://csinvesting.org/wp-content/uploa ... search.pdf
by stlutz
Mon Jul 21, 2014 10:34 pm
 
Forum: Investing - Theory, News & General
Topic: not all value metrics are equal
Replies: 36
Views: 1593

Re: not all value metrics are equal

Part of the explanation is simply that the dividend yield calculation makes no assumptions about what information would have been known at the time. The yield was the yield and everyone back then saw it in their morning paper. With the other metrics, it's more complicated. To copy and paste from a p...
by stlutz
Mon Jul 21, 2014 9:33 pm
 
Forum: Investing - Theory, News & General
Topic: not all value metrics are equal
Replies: 36
Views: 1593

Re: What to do in a market correction

What, exactly, is a market correction? The traditional definition is a drop > 10% but <20% (which would be a "bear market"). The drop in 2011 was interesting because it was a "bear market" if you look at intraday prices but only a "correction" if you went by close pric...
by stlutz
Mon Jul 21, 2014 1:18 am
 
Forum: Investing - Theory, News & General
Topic: What to do in a market correction
Replies: 32
Views: 3008

Re: a close look at value and momentum

why in the world wouldn't this excess return on the long side be over-grazed almost to the point of extinction? Since momentum does not require focusing on a small corner of the market like SV, it takes a lot more money to overgraze it. Small value represents a few percent of the market, so there i...
by stlutz
Mon Jul 21, 2014 12:39 am
 
Forum: Investing - Theory, News & General
Topic: a close look at value and momentum
Replies: 259
Views: 16662

Re: a close look at value and momentum

...prominent poster and SV critic Yobria was notorious for having an allocation to RZV, then selling it at the worst possible time in 2009 before moving back to TSM. Actually, he moved out of it after its spectacular recovery from the crash. According to this thread, he still owned it in early 2010...
by stlutz
Sat Jul 19, 2014 11:01 pm
 
Forum: Investing - Theory, News & General
Topic: a close look at value and momentum
Replies: 259
Views: 16662

Re: Move Morningstar Portfolio To Vanguard

Transferring accounts is done all of the time. Depending upon what you are transferring, it can be really easy or more difficult. Asking whether you should sell off your current funds now or over time is kind of like asking whether it's safe to drive 60. It completely depends upon your situation. If...
by stlutz
Sat Jul 19, 2014 7:58 pm
 
Forum: Investing - Help with Personal Investments
Topic: Move Morningstar Portfolio To Vanguard
Replies: 5
Views: 712

Re: Gray Market woes

Also what you have is an ordinary share that has a US ADR. The ADR trades under the symbol TEO. So you may want to mention that as someone may be able to convert it to the ADR then you can sell it. This is actually the best idea so far, I think. Since this is a sponsored ADR, the conversion should ...
by stlutz
Sat Jul 19, 2014 2:52 pm
 
Forum: Investing - Theory, News & General
Topic: Gray Market woes
Replies: 20
Views: 2030

Re: Gray Market woes

And to explain to folks, a "grey market" stock basically means that there is no quotation system for it. That is why brokers won't touch it--it literally is something they can't arrange a transaction for. The grey market mainly exists to streamline (somewhat) sales of shares in closely-hel...
by stlutz
Sat Jul 19, 2014 1:51 pm
 
Forum: Investing - Theory, News & General
Topic: Gray Market woes
Replies: 20
Views: 2030

Re: Gray Market woes

As you've figured out, you're pretty much SOL in terms of selling these shares easily. The stock trades under the ticker TECO2 on the Buenos Aires Stock Exchange. The problem is, none of the brokers that offer international trading offer access to this exchange (including Fido, IB etc.) This site is...
by stlutz
Sat Jul 19, 2014 1:45 pm
 
Forum: Investing - Theory, News & General
Topic: Gray Market woes
Replies: 20
Views: 2030

Re: I guess I should buy some bonds...

On the CA fund--you live there and can probably better opine on the riskiness of investing in municipalities there than most of us can. I would also suggest the Intermediate Term Government Bond fund (VSIGX). Interest would be federally taxable but state tax exempt. It looks like the combined federa...
by stlutz
Sat Jul 19, 2014 1:03 pm
 
Forum: Investing - Help with Personal Investments
Topic: I guess I should buy some bonds...
Replies: 4
Views: 699

Re: Move Morningstar Portfolio To Vanguard

Welcome to the forum! I think Vanguard's service would basically sell these funds and then buy VG funds and manage them for you from there. We will have a lot of questions for you that would be answered by adding info. to your post in this format: http://www.bogleheads.org/forum/viewtopic.php?f=1&am...
by stlutz
Sat Jul 19, 2014 11:43 am
 
Forum: Investing - Help with Personal Investments
Topic: Move Morningstar Portfolio To Vanguard
Replies: 5
Views: 712

Re: HSA woes, former employer keeps contributing

Have you tried asking the HSA custodian if they can essentially refuse the contributions?
by stlutz
Sat Jul 19, 2014 11:01 am
 
Forum: Personal Finance (Not Investing)
Topic: HSA woes, former employer keeps contributing
Replies: 11
Views: 1258

Re: If no access to DFA, Small Value worth it?

Small-Value is the corner of the market that is generally least correlated to overall market movements. If SV has low correlation (as in the late 90s early 2000s), and you rebalance regularly, it would still be worth it if there was no return premium. I'm skeptical of any return premiums but do cont...
by stlutz
Fri Jul 18, 2014 8:16 pm
 
Forum: Investing - Theory, News & General
Topic: If no access to DFA, Small Value worth it?
Replies: 20
Views: 2392

Re: recent brokered CD fluctuation

Wow--I'm surprised it's that much different! I use Fidelity and haven't seen any such weird fluctuations with the value of my CDs, but I don't check every day either. It may be that Schwab bases the price off of a real trade on days when one happens and their calcuation isn't that robust for the oth...
by stlutz
Fri Jul 18, 2014 7:22 pm
 
Forum: Investing - Theory, News & General
Topic: recent brokered CD fluctuation
Replies: 13
Views: 862

Re: recent brokered CD fluctuation

What brokerage firm are you using? Putting a price on a CD is not the same as say, a Treasury note. The T-notes trade everyday, so the price would simply be the market price (i.e. what it last traded at). With CDs, they trade infrequently and the trade prices vary a lot. As such, they will use algor...
by stlutz
Fri Jul 18, 2014 6:37 pm
 
Forum: Investing - Theory, News & General
Topic: recent brokered CD fluctuation
Replies: 13
Views: 862

Re: a close look at value and momentum

Actually the paper from the thread steve linked to was one of the most-well-worth-reading papers that has been linked to on this site in a long time. If you like to read the research, put this one on your list.
by stlutz
Thu Jul 17, 2014 9:16 pm
 
Forum: Investing - Theory, News & General
Topic: a close look at value and momentum
Replies: 259
Views: 16662

Re: a close look at value and momentum

And another interesting article on the subject of picking multiple "factors".

http://www.etf.com/publications/journal ... 1&start=10
by stlutz
Thu Jul 17, 2014 9:00 pm
 
Forum: Investing - Theory, News & General
Topic: a close look at value and momentum
Replies: 259
Views: 16662

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 stlutz
Thu Jul 17, 2014 8:30 pm
 
Forum: Investing - Theory, News & General
Topic: To Tilt or Not to Tilt - Rick Ferri's Latest
Replies: 72
Views: 6470

Re: POLL: Do you have a dedicated REIT allocation?

Show me a guy with a 5% or 10% REIT allocation, and I'll show you someone who's read a couple of dated investing books, Have to agree with steve's perspective on this one. People who are with the times would know that you instead need to hold an 8.29% allocation to Materials stocks. :D I never unde...
by stlutz
Thu Jul 17, 2014 1:04 am
 
Forum: Investing - Theory, News & General
Topic: POLL: Do you have a dedicated REIT allocation?
Replies: 123
Views: 6871

Re: Withdrawl from Target Retirement or Life Strategy Fund

Because the TR/LS fund is continually reblancing, you would essentially be withdrawing from the bond portion if there was a big stock market drop. From a withdrawls perspective, there is no advantage to separately holding the underlying funds vs. the balanced fund.
by stlutz
Thu Jul 17, 2014 12:50 am
 
Forum: Investing - Help with Personal Investments
Topic: Withdrawl from Target Retirement or Life Strategy Fund
Replies: 11
Views: 982

Re: Does anyone expect tilts to *under*perform?

These tilts work in long-term backtests. Everybody should know that. On the other hand, there is rather limited data with actual, real world, low-cost index funds In addition to my comment above, I should add that returns of the funds used in various tilts varies all over the place. And if a fund d...
by stlutz
Tue Jul 15, 2014 10:50 pm
 
Forum: Investing - Theory, News & General
Topic: Does anyone expect tilts to *under*perform?
Replies: 84
Views: 5270

Re: Does anyone expect tilts to *under*perform?

You'd have heard more of that if you had told us earlier that you meant nominal (not risk-adjusted) performance. The first post after your original post ask you about that, but you waited a long time to say you meant nominal. Actually, that's what proved to be the most interesting part of this thre...
by stlutz
Mon Jul 14, 2014 10:03 am
 
Forum: Investing - Theory, News & General
Topic: Does anyone expect tilts to *under*perform?
Replies: 84
Views: 5270

Re: Does anyone expect tilts to *under*perform?

Okay, so I'll expose my agenda now. :happy I thought about making my point in the ongoing value/momentum thread, but didn't want to do a thread hijack. There really isn't anyone here who expects various tilts to under-perform on a longer term basis (taking fees out of the equation at the moment). An...
by stlutz
Sun Jul 13, 2014 10:52 pm
 
Forum: Investing - Theory, News & General
Topic: Does anyone expect tilts to *under*perform?
Replies: 84
Views: 5270

Re: Does anyone expect tilts to *under*perform?

I'm assuming when you say outperform or underperfom, it's risk-adjusted expected return. Not the actual expected return. If latter, then taking more risky stocks should outperform. For example, small stocks have higher expected return because it's risky. No, I meant actual, absolute, unadjusted ret...
by stlutz
Sun Jul 13, 2014 10:04 pm
 
Forum: Investing - Theory, News & General
Topic: Does anyone expect tilts to *under*perform?
Replies: 84
Views: 5270

Re: Does anyone expect tilts to *under*perform?

So, for example, is anyone tilting to large-cap growth? That would be evidence that someone is taking the opposite side of the small-value bet. I think all someone has to do to answer your question is tell us that they are doing something like this.


Thanks, Kevin. That's a great way to put it.
by stlutz
Sun Jul 13, 2014 5:18 pm
 
Forum: Investing - Theory, News & General
Topic: Does anyone expect tilts to *under*perform?
Replies: 84
Views: 5270

Re: Short-Term CDs vs Saving Account on Ally

If one wants a rate lock for <1 year, they can just use their "no penalty" 11 month CD which usually yields about the same as the money market fund.
by stlutz
Sun Jul 13, 2014 4:00 pm
 
Forum: Investing - Theory, News & General
Topic: Short-Term CDs vs Saving Account on Ally
Replies: 5
Views: 876

Re: Does anyone expect tilts to *under*perform?

Just to clarify what I was originally asking. My focus is on whether anyone expects various tilts (smalll/value/momentum/profitability etc) to underperform over the long haul. I read a paper once on the DFA site where Fama stated that over any 15 year period, tilting to value gives you an 85% chance...
by stlutz
Sun Jul 13, 2014 3:58 pm
 
Forum: Investing - Theory, News & General
Topic: Does anyone expect tilts to *under*perform?
Replies: 84
Views: 5270

Re: Vanguard LifeStrategy Moderate Growth Fund through 401(k

I'm confused. Is this a one-time opportunity to invest without commission for 3 months or is it a permanent opportunity to trade without commissions for anyone who signs up in the next 3 months? In other words, if you invest your current balance into LS, what will you be putting your new contributio...
by stlutz
Sun Jul 13, 2014 1:02 am
 
Forum: Investing - Help with Personal Investments
Topic: Vanguard LifeStrategy Moderate Growth Fund through 401(k)
Replies: 35
Views: 2206

Re: Does anyone expect tilts to *under*perform?

FWIW, year-to-date they are all underperforming. :D
by stlutz
Sun Jul 13, 2014 12:51 am
 
Forum: Investing - Theory, News & General
Topic: Does anyone expect tilts to *under*perform?
Replies: 84
Views: 5270

Does anyone expect tilts to *under*perform?

In the incessant back and forth over various tilts/smart beta/active bets (pick your favorite phrase), we have people who: a) Say that they expect such strategies to outperform, some going so far as to say that there are no circumstances in which they shouldn't be expected to do so; b) That free lun...
by stlutz
Sun Jul 13, 2014 12:47 am
 
Forum: Investing - Theory, News & General
Topic: Does anyone expect tilts to *under*perform?
Replies: 84
Views: 5270

Re: updated thoughts on BMBIX?

If you're looking for a AA and above ETF, using a combination of SHM and TFI will do the trick (you'll likely need to use both to get the duration you want). However, why not just use a mix of VG Intermediate Term Tax Exempt and an Intermediate Treasury Fund to raise your overall credit quality? Aft...
by stlutz
Mon Jul 07, 2014 7:55 pm
 
Forum: Investing - Theory, News & General
Topic: updated thoughts on BMBIX?
Replies: 19
Views: 1808

Re: Does corporate credit risk add value

In various threads I always tend to echo Larry's basic approach not to take a bunch of credit risk with fixed income, but given that we also have a Wellesley thread going on right now, it's probably worth noting that two things Larry frequently opposes (high dividend stocks and intermediate to long-...
by stlutz
Sun Jul 06, 2014 10:24 pm
 
Forum: Investing - Theory, News & General
Topic: Does corporate credit risk add value
Replies: 71
Views: 4080

Re: Momentum funds

If you believe in the factors/premium/anomalies (whatever you want to call them), it seems that it makes sense to diversfy among them. I think it's a reasonable bet that at least one of them will not work going forward for whatever reason(s). Nowadays you get get all kinds of exposures for under 20 ...
by stlutz
Sun Jul 06, 2014 10:16 pm
 
Forum: Investing - Help with Personal Investments
Topic: Momentum funds
Replies: 11
Views: 1086

Re: Can no longer purchase Admiral Shares at Schwab

Admiral Shares still show up as being purchasable though my 401K's brokerage option (not Schwab).
by stlutz
Sun Jul 06, 2014 6:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: Can no longer purchase Admiral Shares at Schwab
Replies: 27
Views: 2298

Re: Vanguards Devil's Advocate

"Value Investing" is the category you are looking for. A great into. is Ben Graham's book, "The Intelligent Investor." (http://www.amazon.com/The-Intelligent-Investor-Definitive-Investing/dp/0060555661/ref=sr_1_2?ie=UTF8&qid=1404685079&sr=8-2&keywords=value+investing)...
by stlutz
Sun Jul 06, 2014 6:20 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguards Devil's Advocate
Replies: 55
Views: 7117

Re: expense ratio of VTMGX is lower than VPADX or VEUSX

No and no.

Total International was also a fund of funds until several years back.
by stlutz
Sat Jul 05, 2014 7:37 pm
 
Forum: Investing - Theory, News & General
Topic: expense ratio of VTMGX is lower than VPADX or VEUSX
Replies: 3
Views: 471

Re: Book Recommendation for BONDS

Annette Thau's The Bond Book is the "standard" book in this category, particularly if you are looking to understand concepts more than mathematical formulas.
by stlutz
Sat Jul 05, 2014 12:00 am
 
Forum: Investing - Theory, News & General
Topic: Book Recommendation for BONDS
Replies: 3
Views: 341

Re: High Dividends in Developed Markets Fund

I am wondering if the Vodafone dividend ended up being "qualified dividend" under US tax laws or not. Could this Vodafone dividend be part of the cause of the fund not having 100% qualified dividends after the 'merger' with the tax-managed int'l fund? Don't know the actual answer to your ...
by stlutz
Fri Jul 04, 2014 7:24 pm
 
Forum: Investing - Help with Personal Investments
Topic: High Dividends in Developed Markets Fund
Replies: 14
Views: 1191

Re: Having Doubts About My 60/40 Allocation

I think we're getting a little over the top here. The Vanguard Target Retirement 2040 has a, you guessed it, 90/10 allocation. So, somebody with at least some financial smarts agrees with this approach and a lot of people who are trusting VG to make their allocations for them have the exact allocati...
by stlutz
Fri Jul 04, 2014 9:26 am
 
Forum: Investing - Help with Personal Investments
Topic: Having Doubts About My 60/40 Allocation
Replies: 43
Views: 3072

Re: One Year Follow Up -- Where have I failed!

The Target 2035 Fund seems to match what you want almost exactly. It is 16% fixed income. 30% of stocks are international. I don't see that you are making any compromises with this. For that matter, you could do the same with the non-emergency fund portion of your Roth IRA.
by stlutz
Fri Jul 04, 2014 1:29 am
 
Forum: Investing - Help with Personal Investments
Topic: One Year Follow Up -- Where have I failed!
Replies: 17
Views: 2371

Re: Can no longer purchase Admiral Shares at Schwab

Maybe they feel if they had more of your business directly at Vanguard they would make more profit and maintain or lower costs..


Seems like it would raise costs. Servicing accounts costs money.
by stlutz
Fri Jul 04, 2014 1:19 am
 
Forum: Investing - Help with Personal Investments
Topic: Can no longer purchase Admiral Shares at Schwab
Replies: 27
Views: 2298
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