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Re: Index Muni Funds - Coming soon

See this thread for more discussion: https://www.bogleheads.org/forum/viewtopic.php?f=2&t=154865 Bottom line is that most folks thinks in makes more sense to stick with the current funds. The new ETF would definitely be of interest to those who hold their invesetments at other firms and use Vang...
by stlutz
Thu Feb 26, 2015 11:54 pm
 
Forum: Investing - Help with Personal Investments
Topic: Index Muni Funds - Coming soon
Replies: 3
Views: 372

Re: Fidelity Premium

Have you considered just calling back and talking to someone else? I haven't heard anyone else say that only Fidelity "Premium" clients can have 2FA. Did you speak with someone in "electronic channel support"? Do you have a smartphone. Can you use the VIP access app? Then they do...
by stlutz
Thu Feb 26, 2015 10:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Fidelity Premium
Replies: 18
Views: 1551

Re: Treasury Direct (no TIPS or Series I) and taxes

A few comments. Please read the whole post before my comment #1 scares you off. :D 1) You would still have amortization and [less likely] OID to worry about. Because the bonds are auctioned, they are not sold at exactly par. For discount bonds, you have to pay OID if the discount is more than .25% p...
by stlutz
Thu Feb 26, 2015 2:11 am
 
Forum: Personal Finance (Not Investing)
Topic: Treasury Direct (no TIPS or Series I) and taxes
Replies: 5
Views: 586

Re: New Vanguard AMT-free National Municipal Bond Fund

It's from the index provider (S&P) that the 4.7 duration number came from: http://us.spindices.com/idsenhancedfactsheet/file.pdf?calcFrequency=M&force_download=true&hostIdentifier=48190c8c-42c4-46af-8d1a-0cd5db894797&indexId=10001824 As others have indicated, calculating duration is ...
by stlutz
Wed Feb 25, 2015 11:17 pm
 
Forum: Investing - Theory, News & General
Topic: New Vanguard AMT-free National Municipal Bond Fund
Replies: 79
Views: 7037

Re: Cost basis of inherited Muni Bond

You have to treat the market discount as interest. http://www.irs.gov/publications/p550/ch01.html#en_US_2014_publink100010016 The thing I'm not 100% sure on is that I believe you have to treat that discount as taxable interest and not tax exempt. But a better tax expert than me should opine on that ...
by stlutz
Wed Feb 25, 2015 11:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: Cost basis of inherited Muni Bond
Replies: 3
Views: 281

Re: Individual TIPS

Given the difficulty of TD and that I'm not sure if TD allows IRAs, I purchase TIPS through a brokerage 401k or IRA at auction. There is no commission or fee charged for this. Holding in a taxable account can lead to unexpected cash flow issues for taxes if high inflation occurs. Actually, at many ...
by stlutz
Wed Feb 25, 2015 11:01 pm
 
Forum: Investing - Help with Personal Investments
Topic: Individual TIPS
Replies: 13
Views: 682

Re: Individual TIPS

I have found managing a portfolio of about two dozen individual TIPS issues to be a PITA.


Hi Nisi--I've seen you make this comment in many threads and I was wondering what you find to be such a PITA. (Note: Not trying to be argumentative--I'm just curious).
by stlutz
Wed Feb 25, 2015 10:59 pm
 
Forum: Investing - Help with Personal Investments
Topic: Individual TIPS
Replies: 13
Views: 682

Re: Cost basis of inherited Muni Bond

My understanding is that the cost basis would be $10,000. However, the $733.60 would be taxable interest.

The super-interesting-and-exciting Pub. 550 is your friend: http://www.irs.gov/uac/Publication-550, ... d-Expenses
by stlutz
Wed Feb 25, 2015 3:09 pm
 
Forum: Investing - Help with Personal Investments
Topic: Cost basis of inherited Muni Bond
Replies: 3
Views: 281

Re: Target Retirement Fund over self managed portfolio

What would you warn me to consider or not overlook before switching to single 2035 fund in each of the 3 retirement accounts? I think caution is always warranted when you want to deviate from a portfolio plan. In these threads I generally endorse using a TR or Life Strategy fund over a slice-n-dice...
by stlutz
Mon Feb 23, 2015 1:21 am
 
Forum: Investing - Help with Personal Investments
Topic: Target Retirement Fund over self managed portfolio
Replies: 6
Views: 939

Re: Best Use of TIPS Fund in Retirement

If the goal is to have a portion of the portfolio keep pace with inflation and maybe provide just a bit of additional return over that, the short-term TIPS fund may be a better bet than the broad market one, as that will more closely track inflation. As has been noted above, longer term TIPS will ha...
by stlutz
Sun Feb 22, 2015 4:55 pm
 
Forum: Investing - Theory, News & General
Topic: Best Use of TIPS Fund in Retirement
Replies: 17
Views: 1568

Re: Spreadsheet for backtesting (includes TrevH's data)

If I plug in GLD, I get returns dating back to 1972. But GLD didn't exist until November 2004. So how can you get returns for the years 1972 to 2004? Did you create a synthetic price series prior to 2004? Do you use a mutual fund proxy, and if so, which one? They used the actual price change in gol...
by stlutz
Sat Feb 21, 2015 3:07 am
 
Forum: Investing - Theory, News & General
Topic: Spreadsheet for backtesting (includes TrevH's data)
Replies: 642
Views: 398717

Re: Only one Schwab OneSource ETF used in Intelligent Portfo

Yes, your cash earns interest that is pegged to an index. This is based on a national average of money market deposit account rates at the $10,000 level. This average is calculated by the third party RateWatch. The rate of interest will fluctuate over time as the national average fluctuates. Good f...
by stlutz
Sat Feb 21, 2015 12:19 am
 
Forum: Investing - Theory, News & General
Topic: 22 Schwab OneSource ETF used in Intelligent Portfolios
Replies: 23
Views: 2451

Re: Only one Schwab OneSource ETF used in Intelligent Portfo

The hidden cost to watch for will be the "cash" allocation that they have. Cash investments play an important role within a well-diversified investment portfolio and serve several purposes, including greater stability, liquidity, diversification and potential inflation protection. Schwab I...
by stlutz
Fri Feb 20, 2015 11:46 pm
 
Forum: Investing - Theory, News & General
Topic: 22 Schwab OneSource ETF used in Intelligent Portfolios
Replies: 23
Views: 2451

Re: Transfer of assets into Vanguard - Cost basis info missi

By law they have 15 days after the account transfer for that infomration to come across.
by stlutz
Fri Feb 20, 2015 11:28 pm
 
Forum: Investing - Help with Personal Investments
Topic: Transfer of assets into Vanguard - Cost basis info missing
Replies: 5
Views: 339

Re: No "Value Premium" in real mutual funds

Whoa. stlutz... have I got this right...


Yes, that is what the paper from the OP argues (although with less exciting language. :) )
by stlutz
Wed Feb 11, 2015 10:51 pm
 
Forum: Investing - Theory, News & General
Topic: No "Value Premium" in real mutual funds
Replies: 32
Views: 3015

Re: No "Value Premium" in real mutual funds

I'm not quite understanding your last post. So where is the value premium supposed to exist, if not in active portfolios nor the indexes you mentioned? It exists in most significant form in stocks that are held almost entirely by individual investors. Much of the "value premium" is really...
by stlutz
Wed Feb 11, 2015 10:31 pm
 
Forum: Investing - Theory, News & General
Topic: No "Value Premium" in real mutual funds
Replies: 32
Views: 3015

Re: Advisors: should clients expect you to waive sales charg

The load pays the salesman who sold you the fund. Couldn't the advisor essentially rebate a portion of this commission to you?
by stlutz
Wed Feb 11, 2015 10:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Advisors: should clients expect you to waive sales charges?
Replies: 10
Views: 1449

Re: The Future of Global Interest Rates — Trending Lower?

In an aging world, where the supply of savings is steadily growing due to more older folks, and the demand for capital is steadily falling due to fewer younger folks, it's hard for me to see how interest rates are going to return to historical levels anytime soon. Your thoughts? I don't see it this...
by stlutz
Wed Feb 11, 2015 10:23 pm
 
Forum: Investing - Theory, News & General
Topic: The Future of Global Interest Rates — Trending Lower?
Replies: 19
Views: 1645

Re: Wells Fargo Brokerage

Do you hold ETFs or mutual funds? Keep in mind that mutual funds are $35 a trade there.
by stlutz
Wed Feb 11, 2015 6:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: Wells Fargo Brokerage
Replies: 15
Views: 1451

Re: Is Risk Real?

The puzzle to me--I mean this seriously, not as a rhetorical question--is how to deal with the issue that "if that happens I'll have much worse things to worry about?" If you throw out all the times a national stock market went to zero, then of course stock markets "never" go to...
by stlutz
Wed Feb 11, 2015 2:30 am
 
Forum: Investing - Theory, News & General
Topic: Is Risk Real?
Replies: 74
Views: 3815

Re: Developed Markets Index Fund has lower QDI

By comparison, iShares IEFA was 91.52%. And it includes smallcaps as well, unlike VEA.

I was going to look up Schwab's SCHF as well, but they seem to have removed any information about their ETFs from their website, which is strange.
by stlutz
Wed Feb 11, 2015 2:21 am
 
Forum: Investing - Theory, News & General
Topic: Developed Markets Index Fund has lower QDI
Replies: 6
Views: 406

Re: Vanguard Ultra-Short-Term Bond Fund now available

When this fund would be attractive is at a time when the yield curve is very flat or inverted. For those who want to follow a variable maturity strategy, this type of fund would make sense then over the other options in that case. I put this in the same bucket as the int't bond fund--have no interes...
by stlutz
Wed Feb 11, 2015 1:01 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard Ultra-Short-Term Bond Fund now available
Replies: 35
Views: 3892

Re: Barclaycard Arrival Plus

The no-fee card I just got does not have a chip.
by stlutz
Mon Feb 09, 2015 10:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Barclaycard Arrival Plus
Replies: 23
Views: 1806

Re: Amica burned me, now what...

One good site for checking out insurers. Some states regulatory bodies also publish stats on consumer complaints, so that might be worth a google search as well.

http://www.badfaithinsurance.org/indexdetaillist.html
by stlutz
Mon Feb 09, 2015 10:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Amica burned me, now what...
Replies: 43
Views: 4744

Re: buy gold in euro terms

After correcting the misstatement in my post above, let's walk through this: Suppose gold goes up 50% in Euro terms and the Euro drops by 20%. In US Dollar terms, gold will go up 20%. The reason scenario B doesn't work is because commodities are priced globally. The difference in gold returns for a ...
by stlutz
Mon Feb 09, 2015 10:15 pm
 
Forum: Investing - Theory, News & General
Topic: buy gold in euro terms
Replies: 27
Views: 1305

Re: DH and I are buying bicycles

+1 to everything lightheir has said. You should spend at least a little bit of money here. Some of the advice to buy the cheapest thing you could find would be like asking about buying a car and getting recommendations to buy a 1985 Olds Delta 88 with 674,000 miles--and make sure it has at least 3 w...
by stlutz
Mon Feb 09, 2015 9:47 pm
 
Forum: Personal Consumer Issues
Topic: DH and I are buying bicycles
Replies: 39
Views: 1589

Re: Global Minimum Volatility?

also wonder if this "daily adjustments" are potentially an improvement over a twice a year rebalance like ACWV. I am curious what others think. Since these funds are investing in large and midcap stocks, I'm not worried about frontrunning issues the way we usually are with smallcap strate...
by stlutz
Mon Feb 09, 2015 9:16 pm
 
Forum: Investing - Help with Personal Investments
Topic: Global Minimum Volatility?
Replies: 39
Views: 2775

Re: Global Minimum Volatility?

Since USMV is the only one of these funds I invest in currently, I do watch it's beta. iShares has pretty consistently reported it as being around .8. Backtesting has claimed that this number should be a little lower--we'll see after the next bear market. Based on these numbers, I've been treating m...
by stlutz
Mon Feb 09, 2015 9:11 pm
 
Forum: Investing - Help with Personal Investments
Topic: Global Minimum Volatility?
Replies: 39
Views: 2775

Re: buy gold in euro terms

Sounds like Dennis Gartman.

It means making two trades.

a) buy gold
b) make a short bet on the Euro.
by stlutz
Mon Feb 09, 2015 5:37 pm
 
Forum: Investing - Theory, News & General
Topic: buy gold in euro terms
Replies: 27
Views: 1305

Re: Is 20 different mutual funds too many to own?

I would definitely worry more about the costs. But I would also make sure you are clear to yourself the degree to which you were asked to "assist." If you haven't been given power of attorney or something like that, I would personally leave well enough alone.
by stlutz
Sun Feb 08, 2015 11:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is 20 different mutual funds too many to own?
Replies: 8
Views: 656

Re: Is it worth it? [Should I retire?]

Ron's cartoon is a great one.

Let's say you have 25 years where you can really do the things you want to do (i.e. until age 80). Are you willing to give up 2% of that time for $1200/yr. when you already have a great pension? I wouldn't.
by stlutz
Sun Feb 08, 2015 11:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is it worth it? [Should I retire?]
Replies: 57
Views: 4781

Re: Vanguard cd question [Brokered CDs]

Would I be assessed a fee when purchasing new-issue Vanguard-Brokered CD? For new-issue CDs--no. Is there a better way to accomplish this? If no risk to principal is your requirement, this is a great approach. There aren't really other good ways to accomplish this that don't involve moving money ou...
by stlutz
Sun Feb 08, 2015 10:51 pm
 
Forum: Investing - Theory, News & General
Topic: Vanguard cd question [Brokered CDs]
Replies: 51
Views: 7000

Re: How are Premiums Ranked?

Just so somebody responds to your thread. :happy

This is a good article to start from.

http://www.cbsnews.com/news/how-the-fou ... iums-work/
by stlutz
Sun Feb 08, 2015 10:46 pm
 
Forum: Investing - Theory, News & General
Topic: How are Premiums Ranked?
Replies: 2
Views: 373

Re: Is Risk Real?

I think my idea of "risk" has been far more dominated by personal events than by some expectation that some equity index may drop x% tomorrow Great point. This would all be so much easier if I knew when I would die, what health problems I'll have along the way, what might happen relations...
by stlutz
Sun Feb 08, 2015 10:38 pm
 
Forum: Investing - Theory, News & General
Topic: Is Risk Real?
Replies: 74
Views: 3815

Re: Is Risk Real?

What happens in 2008-2009 is that you start thinking about the risk of a complete economic collapse. You don't say "this is a bumpy flight," you say "those wings are flexing too far." And you say "maybe the economic system is really about to collapse." You say "2 ...
by stlutz
Sun Feb 08, 2015 10:35 pm
 
Forum: Investing - Theory, News & General
Topic: Is Risk Real?
Replies: 74
Views: 3815

Re: Barclaycard Arrival Plus

By the way, I thought the Barclay's website said that the no-fee card offers 2% on travel AND dining. Just wanted to mention that, in case you dine out much


I just checked and you are correct--I hadn't realized that. Thanks!
by stlutz
Sun Feb 08, 2015 7:32 pm
 
Forum: Personal Finance (Not Investing)
Topic: Barclaycard Arrival Plus
Replies: 23
Views: 1806

Re: John Bogle on International Investing

To me, the question is "where did the 'everyone needs international stocks' meme come from, who is promoting it, and why?" B Because I believe I can recognize a hard sell when I see it, and the push for international stocks has been disproportionate to the merits of the case Replace every...
by stlutz
Sun Feb 08, 2015 7:11 pm
 
Forum: Investing - Theory, News & General
Topic: John Bogle on International Investing
Replies: 184
Views: 14484

Re: Is Risk Real?

I agree [I think] with nisiprius. The various ways we look at risk (volatility, drawdowns, uncertainty, return dispersions etc.) all seem to be pretty much the same thing. Where a particular measure can get problematic is if you're doing LTCM-type stuff, but this is bogleheads so I don't worry much ...
by stlutz
Sun Feb 08, 2015 7:05 pm
 
Forum: Investing - Theory, News & General
Topic: Is Risk Real?
Replies: 74
Views: 3815

Re: Barclaycard Arrival Plus

I downgraded mine as well. The downgraded version does give 2% on travel-related purchases, so there is at least a case where I could use it now and then. Edit: Should have mentioned--I originally called to cancel. They suggested the downgraded version to me. They even gave me the sign-up bonus on t...
by stlutz
Sun Feb 08, 2015 6:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Barclaycard Arrival Plus
Replies: 23
Views: 1806

Re: Buy pricier health plan to participate in HSA account?

One plan is Florida Blue Cross Blue Shield and the other is United Health Care.


I think the dollars are close enough between the two after tax that I would choose based on the plan itself.
by stlutz
Sun Feb 08, 2015 5:41 pm
 
Forum: Investing - Help with Personal Investments
Topic: Buy pricier health plan to participate in HSA account?
Replies: 8
Views: 366

Re: Buy pricier health plan to participate in HSA account?

You will have medical costs sometime. Most people without children have basically 0 bills until something happens and they have a whole bunch all at once. Regardless of whether you pay from the HSA immediately or take the money out later, the fact is that you can always take that money out tax free ...
by stlutz
Sun Feb 08, 2015 3:46 pm
 
Forum: Investing - Help with Personal Investments
Topic: Buy pricier health plan to participate in HSA account?
Replies: 8
Views: 366

Re: Buy pricier health plan to participate in HSA account?

What tax bracket are you in? What are your annual health expenses? Keep in mind that you can withdraw from your HSA for health expenses and pay not tax. So, if we assume a federal tax rate of 28% and a state rate of 5% and you contribute $3300, then you have $1100 in tax savings that doesn't have to...
by stlutz
Sun Feb 08, 2015 3:36 pm
 
Forum: Investing - Help with Personal Investments
Topic: Buy pricier health plan to participate in HSA account?
Replies: 8
Views: 366

Re: CD + Withdrawl Penalty vs High Interest Savings

It sounds like you are saying that if there were to be some type of big credit crisis, the Fed or government might step in and make rules making CDs less liquid than a high interest savings rate. Is this really a concern. I would imagine if things were that bad that I couldn't expect a high interes...
by stlutz
Sun Feb 08, 2015 3:20 pm
 
Forum: Investing - Help with Personal Investments
Topic: CD + Withdrawl Penalty vs High Interest Savings
Replies: 12
Views: 971

Re: What Experts Say about Individual Stocks vs. Mutual Fund

But all of the various "premiums" that we always talk about (value, size, momentum etc.) are based simply on single-metric sorts. The "value premium" is based on the idea that you just buy the highest book-to-market stocks *and do no further analysis*. I don't know that a focus o...
by stlutz
Sun Feb 08, 2015 12:50 pm
 
Forum: Investing - Theory, News & General
Topic: What Experts Say about Individual Stocks vs. Mutual Funds
Replies: 56
Views: 4822

Re: No "Value Premium" in real mutual funds

Thanks for the link. Some of the findings in the paper have been discussed before--this puts a lot of information into a consolidated place, which is helpful. Several comments: --The prior work in this area has been problematic from a couple of perspectives. One is the selection of start/end dates. ...
by stlutz
Sun Feb 08, 2015 12:37 pm
 
Forum: Investing - Theory, News & General
Topic: No "Value Premium" in real mutual funds
Replies: 32
Views: 3015

Re: When 60/40 just isn't appropriate

I would really like to know the origins of "60/40." I tried googling this and didn't find an answer. What was interesting was how almost every link that came was negative about 60/40. "Dangerous" "Outdated" "Undiversified" "Not to be trusted" "...
by stlutz
Sat Feb 07, 2015 10:05 pm
 
Forum: Investing - Theory, News & General
Topic: When 60/40 just isn't appropriate
Replies: 127
Views: 12993

Re: CD + Withdrawl Penalty vs High Interest Savings

Note that banks and credit unions can change their early withdrawal penalities and policies for existing CDs. Suppose rates go up 4% over the next year or two. At that point, it's less a matter of what the bank wants to do and more a matter of what regulators will let them do from a solvency perspec...
by stlutz
Sat Feb 07, 2015 9:53 pm
 
Forum: Investing - Help with Personal Investments
Topic: CD + Withdrawl Penalty vs High Interest Savings
Replies: 12
Views: 971

Re: Ten Year Treasuries Up 1.68 to 1.95 This Week

Now my followup question (if livesoft is reading)--what constitutes an RBD (or an RBW in this case) for bonds, where might, say, move from a savings account into bond funds?
by stlutz
Sat Feb 07, 2015 9:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: Ten Year Treasuries Up 1.68 to 1.95 This Week
Replies: 24
Views: 1953

Re: Ten Year Treasuries Up 1.68 to 1.95 This Week

So, is there no one who wants to claim that they made the perfect market-timing move and sold their treasuries a week ago? :moneybag
by stlutz
Sat Feb 07, 2015 5:15 pm
 
Forum: Investing - Help with Personal Investments
Topic: Ten Year Treasuries Up 1.68 to 1.95 This Week
Replies: 24
Views: 1953

Re: How to make this fair: gifting to kids with different me

Have you considered not giving gifts of cash at all? Maybe take the family on a vacation instead? My parents did something like that when they officially retired. Paid for me and both my brothers to go spend a week with them (and all the grandkids of course) in a group of cabins in the mountains. F...
by stlutz
Fri Feb 06, 2015 11:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to make this fair: gifting to kids with different means
Replies: 108
Views: 8878
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