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Re: Anyone Switched to Vanguard Account Upgrade?

I wish Vanguard would just sell off VBS and just focus on providing the best mutual fund experience possible (which they don't). If somebody wants ETFs, those can be bought from any brokerage at a low or sometimes no cost.

Note: I prefer ETFs, at least for taxable accounts.
by stlutz
Tue Jul 29, 2014 10:43 pm
 
Forum: Investing - Theory, News & General
Topic: Anyone Switched to Vanguard Account Upgrade?
Replies: 11
Views: 1182

Re: Market not interested in inflation protection?

It really comes down to the type of debt that the Treasury chooses to issue. They issue more nominal than inflation protected debt. Insurance type products depend upon the availability of long-term bonds to make them work. If the government stopped issuing nominal debt and started selling only TIPS,...
by stlutz
Tue Jul 29, 2014 10:29 pm
 
Forum: Investing - Theory, News & General
Topic: Market not interested in inflation protection?
Replies: 18
Views: 925

Re: Tell me why I shouldn't buy individual muni bonds

First off, for retail investors the best deals in individual muni bonds are in odd lots ($5000 - $20,000 increments) in the secondary market. In transactions of this size, sometimes the buyer loses; often times it's the seller. The spread is immaterial to you as a buyer--all that matters is whether ...
by stlutz
Tue Jul 29, 2014 10:20 pm
 
Forum: Investing - Help with Personal Investments
Topic: Tell me why I shouldn't buy individual muni bonds
Replies: 28
Views: 1167

Re: Feasibility of tax arbitrage?

Of course, the ER of TSM is .05% and the ER of growth index is .09%. So, you're down to a .035% difference. :happy Issues like these will make a far bigger difference over that time span: --Will the mid/small caps add to or detract from performance of TSM? --How and when will you reblalance between ...
by stlutz
Mon Jul 28, 2014 10:55 pm
 
Forum: Investing - Theory, News & General
Topic: Feasibility of tax arbitrage?
Replies: 9
Views: 611

Re: Feasibility of tax arbitrage?

The value and growth index funds you mention are large cap funds only. So, you would no longer own the total market if you split that way. But, let's look at the potential savings. Suppose you are in the 28% bracket. So, the tax savings are 28-15 = 13%. VTSAX yields 1.82% and VIGAX yields 1.22% (I u...
by stlutz
Mon Jul 28, 2014 8:57 pm
 
Forum: Investing - Theory, News & General
Topic: Feasibility of tax arbitrage?
Replies: 9
Views: 611

Re: 401K Target Retirement Fund or Not

For starting a Roth IRA would you also get the same Vanguard TR Fund? Or purchase each mutual fund on your own to save on Expense Ratio and eventually reach Admiral Shares. Only problem with that is each Vanguard investor shares has a $3k minimum for Roth (Total Stock Market, Total International, a...
by stlutz
Mon Jul 28, 2014 8:50 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401K Target Retirement Fund or Not
Replies: 19
Views: 1008

Re: Dollar-Cost Averaging at Scottrade

If you want to DCA into VG mutual funds, the best place to do that is at Vanguard.

If you want to DCA into ETFs, then do that at a broker where you can buy the ones you want at no commission.
by stlutz
Mon Jul 28, 2014 1:28 pm
 
Forum: Investing - Help with Personal Investments
Topic: Dollar-Cost Averaging at Scottrade
Replies: 11
Views: 500

Re: Vanguard sued for charging too little

It's probably worth noting that for the past few years Vanguard has not has the lowest costs in the ETF market--Schwab has. The assumption around here has been that Schwab is not offering ETFs "at cost" but at "below cost" (although I question that assumption).
by stlutz
Sun Jul 27, 2014 11:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard sued for charging too little
Replies: 105
Views: 9703

Re: Vanguard sued for charging too little

Okay, so since I did pretty well with my understanding on my first post, let me try to go further and the more knowledgeable folks can let us know if I've gone awry. My understanding of transfer pricing cases is that the issue is generally with the subsidiaries over-charging, not under-charging. For...
by stlutz
Sun Jul 27, 2014 4:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard sued for charging too little
Replies: 105
Views: 9703

Re: Vanguard sued for charging too little

After reading a few different articles, I think I have it figured out. What Vanguard should be doing tax-wise is charging the funds market prices for the services it provides, paying taxes on those profits, and then distributing those profits back to the funds. In fact, it is doing neither. On one h...
by stlutz
Sun Jul 27, 2014 10:07 am
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard sued for charging too little
Replies: 105
Views: 9703

Re: Sshwab vs. Vanguard for index funds

I couldn't quite tell from the post, but if you are looking for target date funds, definitely Vanguard. If you are looking to do index mutual funds, Vanguard. Their cheaper Admiral class shares are not available at Schwab. If you prefer ETFs, it really doesn't matter as you can buy Vanguard ETFs at ...
by stlutz
Sun Jul 27, 2014 12:08 am
 
Forum: Investing - Help with Personal Investments
Topic: Sshwab vs. Vanguard for index funds
Replies: 15
Views: 1606

Re: Experimenting with LibreOffice Calc [Importing fund pric

I stumbled upon it


Thanks! Downloaded it and it works great on my machine.
by stlutz
Sat Jul 26, 2014 3:51 pm
 
Forum: Investing - Theory, News & General
Topic: Experimenting with LibreOffice Calc [Importing fund prices]
Replies: 15
Views: 663

Re: Old people and financial advisors - a family tale

...he was the only person who had shown my great uncle any caring and kindness when his wife, my great aunt, died, and had even come by to help around the house. He told me that he trusted this advisor more than anyone else and that he was his "friend." The extent to which we "buy fr...
by stlutz
Sat Jul 26, 2014 2:10 pm
 
Forum: Investing - Help with Personal Investments
Topic: Old people and financial advisors - a family tale
Replies: 75
Views: 5467

Re: One of the simplest rational reasons why some should til

If you look at the Fama French data, or even just the Simba spreadsheet, the value premium has been larger in down markets than up markets. In other words, the historical return premium has in part come from realized risk being less than that of the market as a whole. If one expects the future to be...
by stlutz
Sat Jul 26, 2014 1:18 pm
 
Forum: Investing - Theory, News & General
Topic: One of the simplest rational reasons why some should tilt
Replies: 42
Views: 3684

Re: Is stated SEC yield before expense ratio?

SEC Yield is after the expense ratio. The way you can confirm is to compare the yield on investor shares vs. admiral shares. The yield difference is exactly the same as the ER difference.
by stlutz
Sat Jul 26, 2014 1:08 pm
 
Forum: Investing - Help with Personal Investments
Topic: Is stated SEC yield before expense ratio?
Replies: 8
Views: 533

Re: equal asset location and rebalancing

In order to get back to 50:50, I would have to sell $3750 of TSM in each account, and buy $3750 of bonds in each account. But selling $3750 of TSM in the taxable account will create, on average, a capital gain of about $280 which creates taxes of $42 or more. Are we seriously worrying about $42 of ...
by stlutz
Fri Jul 25, 2014 9:24 pm
 
Forum: Investing - Theory, News & General
Topic: equal asset location and rebalancing
Replies: 6
Views: 560

Re: Profiting from Unprofitable Companies

Of course, if you define value by price/earnings, then these companies get lumped into the small growth category, the dreaded "black hole" of investing! (Cue ominious music). In fact, they have had higher expected returns I never get this. A backtest shows that group A outpeformed group B ...
by stlutz
Fri Jul 25, 2014 2:46 am
 
Forum: Investing - Theory, News & General
Topic: Profiting from Unprofitable Companies
Replies: 15
Views: 1170

Re: Advice proceeding with 100% taxable portfolio.

I estimate the amount I can save per year is probably only in the 15-20k range which is why this isn't as straightforward for me as just maxing 401k/roth/and then dumping the rest into taxable. I don't think I can swing maxing the 401k, a roth, and then still have a good chunk for taxable. $15-20K ...
by stlutz
Thu Jul 24, 2014 11:00 pm
 
Forum: Investing - Help with Personal Investments
Topic: Advice proceeding with 100% taxable portfolio.
Replies: 24
Views: 1591

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

Of course, if you just want to hold things at market weight, VEU holds large and small caps in both developed and emerging markets. Easy and done.


I think you mean VXUS--it is a true total market international fund and is really the standard for that type of investment.
by stlutz
Thu Jul 24, 2014 9:40 pm
 
Forum: Investing - Help with Personal Investments
Topic: Do you split your VEU (into VEA+VWO) & VEA (into VGK+VPL)?
Replies: 37
Views: 1683

Re: Advice proceeding with 100% taxable portfolio.

The only reason I am breaking my portfolio into taxable/non-taxable is because I have somewhat different investment horizons for each account. Over 30 years for Roth, and probably withdrawals for major purchases here and there for the taxable. If your plan is to use your taxable account for shorter...
by stlutz
Thu Jul 24, 2014 9:36 pm
 
Forum: Investing - Help with Personal Investments
Topic: Advice proceeding with 100% taxable portfolio.
Replies: 24
Views: 1591

Re: Mutual fund account with Vanguard or MerrillEdge?

No, one needs to deposit cash apparently. I don't think so. Their site says, "Funding must come from an external, non-Fidelity source via any standard monetary transfer method ( a standard Transfer of Assets form , check, electronic funds transfer, ADM deposit, etc.). But, you can always call ...
by stlutz
Thu Jul 24, 2014 7:11 pm
 
Forum: Investing - Help with Personal Investments
Topic: Mutual fund account with Vanguard or MerrillEdge?
Replies: 31
Views: 1177

Re: Mutual fund account with Vanguard or MerrillEdge?

Wait a minute, I thought of a solution to that problem


ACAT transfer?
by stlutz
Thu Jul 24, 2014 6:50 pm
 
Forum: Investing - Help with Personal Investments
Topic: Mutual fund account with Vanguard or MerrillEdge?
Replies: 31
Views: 1177

Re: APY difference between Ally Savings and Ally Money Marke

Until the last couple of months they have always been the same for as long as I can remember.
by stlutz
Thu Jul 24, 2014 6:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: APY difference between Ally Savings and Ally Money Market
Replies: 3
Views: 345

Re: favorite bogleheads posts?

This nisiprius thread is my personal all-time favorite:

viewtopic.php?t=83364
by stlutz
Thu Jul 24, 2014 6:26 pm
 
Forum: Local Chapters and Bogleheads Community
Topic: favorite bogleheads posts?
Replies: 50
Views: 3922

Re: Mutual fund account with Vanguard or MerrillEdge?

A pretty complete list of available deposit bonuses is available here:

http://www.hustlermoneyblog.com/best-brokerage-bonuses/
by stlutz
Thu Jul 24, 2014 6:17 pm
 
Forum: Investing - Help with Personal Investments
Topic: Mutual fund account with Vanguard or MerrillEdge?
Replies: 31
Views: 1177

Re: Temptations and Dangers of Higher-Yielding Funds

The one error people make a lot is is using division instead of subtraction when comparing yields. VG Intermediate Term Treasury yields 1.67% while IT Investment Grade yields 2.60.% Both have comparable durations. When looking at this, too many people say that Investment Grade yields over 50% more t...
by stlutz
Thu Jul 24, 2014 6:09 pm
 
Forum: Investing - Theory, News & General
Topic: Temptations and Dangers of Higher-Yielding Funds
Replies: 11
Views: 961

Re: Can someone explain market cap weighting in bond funds?

What's the advantage of not just buying a straight up muni index? Diversification. Index muni ETFs have to limit themselves to bonds that have relatively good liquidity. The Vanguard fund doesn't have to limit themselves to bonds that trade frequently. As a result, the VG fund hold twice as many di...
by stlutz
Thu Jul 24, 2014 6:00 pm
 
Forum: Investing - Theory, News & General
Topic: Can someone explain market cap weighting in bond funds?
Replies: 6
Views: 297

Re: Mutual fund account with Vanguard or MerrillEdge?

Merrill Edge is a discount broker and you will not have a "fianancial advisor" assigned to you. If you are going to use Merrill Edge, you should use ETFs since the trades will be cheaper, particularly if you will qualify for free trades there (which apply to ETFs but not mutual funds). Act...
by stlutz
Thu Jul 24, 2014 5:55 pm
 
Forum: Investing - Help with Personal Investments
Topic: Mutual fund account with Vanguard or MerrillEdge?
Replies: 31
Views: 1177

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: 37
Views: 1683

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: 75
Views: 4029

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: 75
Views: 4029

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: 37
Views: 1683

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: 17
Views: 2632

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: 2256

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: 1845

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: 2674

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: 5318

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: 1845

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: 1845

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: 3072

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: 17262

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: 17262

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: 723

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: 2050

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: 2050

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: 2050

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: 712

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: 723

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: 1266

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: 2456
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