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Re: practicing medicine in Texas...

You cost of living should be significantly lower in TX, regardless of the city, than it is in San Diego. Your state income taxes go to $0 and if you rent your property taxes are great here in TX too. The Malpractice Laws here are much better and sensible than Ca also. Your pay should be similar, pot...
by vesalius
Fri Apr 18, 2014 5:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: practicing medicine in Texas...
Replies: 38
Views: 2733

Re: Schwab Fundamental Index Funds

Their open-end fundamental index funds have tended to lag their benchmarks by a fair amount more than their ER, except in the US large cap space. On the ETFs, I'd want to wait and see what their tracking error vs. their underlying index ends up being. It looks like fundamental EM ETF PXH did even w...
by vesalius
Mon Apr 14, 2014 5:47 pm
 
Forum: Investing - Theory, News & General
Topic: Schwab Fundamental Index Funds
Replies: 11
Views: 1320

Re: Thoughts on iShares Enhanced ETF [IELG, IESM, IEIL, IEIS

How can IEMG and EEMS achieve their positive tracking error? There's noise in fund returns so my guess is luck. I'll be pleasantly surprised if 3 year TE isn't highly negative. For funds that mostly hold liquid stocks, long term positive TE might result from trading futures, lending shares, and luc...
by vesalius
Mon Apr 14, 2014 5:33 pm
 
Forum: Investing - Theory, News & General
Topic: Thoughts on iShares Enhanced ETF [IELG, IESM, IEIL, IEIS]
Replies: 16
Views: 1466

Re: Getting over huge mistakes

I want to reiterate what other stated about not becoming too spartan. You likely have already, but make sure your spouse is OK with any drastic changes because if you don't she could ultimately feel punished for what you admit are mainly your past mistakes. Leave room for a couple of date nights out...
by vesalius
Thu Apr 10, 2014 5:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Getting over huge mistakes
Replies: 30
Views: 3310

Re: Best Tax free Muni Bond fund

I prefer the Baird Institutional Intermediate Municipal Bond Fund (BMBIX), but either it or the admiral shares of Vanguard intermediate or Limited would be my next choice. The Baird Fund has a slightly lower duration and holds higher quality, safer bonds (AAA and prerefunded) than the Vanguard inter...
by vesalius
Thu Apr 10, 2014 7:53 am
 
Forum: Investing - Help with Personal Investments
Topic: Best Tax free Muni Bond fund
Replies: 4
Views: 520

Re: Which Muni Bond Fund in Taxable account ??

+1 on Baird Intermediate Municipal (BMBIX). Holds higher quality municipals than the comparable Vanguard fund.
by vesalius
Fri Apr 04, 2014 8:10 am
 
Forum: Investing - Theory, News & General
Topic: Which Muni Bond Fund in Taxable account ??
Replies: 14
Views: 1353

Re: Assistance with purchasing Fidelity funds

1. Clean up book keeping and transfer her HER Traditional IRA 2 with CHASE to fidelity. 2. Consider the iShares Core ETF's at fidelity in taxable. Free to trade and ETF's (outside of Vanguard where they are exactly the same as their corresponding MF) are equal or better than equivalent MF's in taxab...
by vesalius
Wed Apr 02, 2014 3:01 pm
 
Forum: Investing - Help with Personal Investments
Topic: Assistance with purchasing Fidelity funds
Replies: 9
Views: 865

Re: diff between "pre-refunded" and "escrowed to maturity" m

From reading the definitions only, Pre-refunded always use a safe government issued bond as the ecrowed second bond. Escrowed to Maturity bonds also use second bond issue escrow and some may use a safe government issued bond as the ecrowed second bond not all do. Government obligations, typically U....
by vesalius
Sun Mar 30, 2014 1:38 pm
 
Forum: Investing - Theory, News & General
Topic: diff between "pre-refunded" and "escrowed to maturity" munis
Replies: 3
Views: 252

Re: Dynamic Asset Allocations or do 'Valuations Matter'

So when both stocks and bonds have relatively high valuations, like now, are we supposed to switch from bonds to stocks or stocks to bonds? Based off prior post I assume this is rhetorical, but not all stocks have high valuations. I suspect someone lending actionable credence to this methodology wo...
by vesalius
Sat Mar 29, 2014 7:49 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic Asset Allocations or do 'Valuations Matter'
Replies: 30
Views: 2089

Re: Dynamic Asset Allocations or do 'Valuations Matter'

So when both stocks and bonds have relatively high valuations, like now, are we supposed to switch from bonds to stocks or stocks to bonds? Based off prior post I assume this is rhetorical, but not all stocks have high valuations. I suspect someone lending actionable credence to this methodology wo...
by vesalius
Sat Mar 29, 2014 5:36 pm
 
Forum: Investing - Theory, News & General
Topic: Dynamic Asset Allocations or do 'Valuations Matter'
Replies: 30
Views: 2089

Re: Higher Returns at Lower Risk - please comment

Frans, the fund you recommend (VBR) is only 29% Small cap Value according to morningstar as noted here: http://portfolios.morningstar.com/fund/summary?t=VBR&region=usa&culture=en-US&ownerCountry=USA Any other ETF/Fund recommendations? You will not find many if any funds/etfs that are 10...
by vesalius
Sat Mar 29, 2014 3:03 pm
 
Forum: Investing - Theory, News & General
Topic: Higher Returns at Lower Risk - please comment
Replies: 55
Views: 5255

Re: Index weighting variations

People and organizations such as Rafi, AQR, DFA and Bridgeway are doing passive multiple factor stock sorts now. I am sure there are some I missed and more to come.

You would also have to balance how quickly your index changed in relation to the tax efficiency and cost.
by vesalius
Mon Mar 24, 2014 12:52 pm
 
Forum: Investing - Theory, News & General
Topic: Index weighting variations
Replies: 23
Views: 1226

Re: Customer service - Vanguard vs Fidelity

I moved all my holdings at Vanguard to Fidelity. Fidelity to me is the hands down winner when it comes to the overall investing and banking experience compared to Vanguard. Their website, tools, reporting,etc are superior to what Vanguard offers. Since I can own Vanguard ETFs in my fido account; it...
by vesalius
Thu Mar 20, 2014 2:28 pm
 
Forum: Investing - Theory, News & General
Topic: Customer service - Vanguard vs Fidelity
Replies: 80
Views: 6636

Re: Where to get highest value loading?

I always seem to start these kind of blind searches here, Altruist Financial Advisors recommended funds , as a decent reference point. Their number 1 recommendation, Guggenheim S&P 500 Pure Value ETF (RPV), actually beats the DFA fund in value loading. Some people take issue with the number of s...
by vesalius
Fri Feb 28, 2014 3:37 pm
 
Forum: Investing - Theory, News & General
Topic: Where to get highest value loading?
Replies: 5
Views: 478

Re: Please comment on my investment paper re maximizing retu

You've just "discovered" the magic of the "larry Portfolio" (:-)) Larry Thanks, Larry. Maybe I should call my Optimum Performance Curve the "Frans Curve"? Just incase you are unaware Larry Swedroe has been describing this type portfolio for many years now. Here on bogl...
by vesalius
Mon Feb 17, 2014 8:56 pm
 
Forum: Investing - Theory, News & General
Topic: Please comment on my investment paper re maximizing returns
Replies: 13
Views: 1003

Re: Mutual Funds vs. ETF's

One of the potentially tangible benefits of etfs outside of Vanguard are that they generally are better than Mutual funds in taxable accounts. Unlike mutual funds other than most of Vanguard's, ETFs are not forced to sell stock and raise cash to meet investor redemptions, which can result in distrib...
by vesalius
Mon Feb 17, 2014 4:27 pm
 
Forum: Investing - Theory, News & General
Topic: Mutual Funds vs. ETF's
Replies: 30
Views: 2008

Re: Health Savings Account investment choice

My advice is to read this article: Best HSA Provider for Investing HSA Money Then follow this article, How To Rollover an HSA On Your Own and Avoid Trustee Transfer Fee , to rollover your current HSA to ELFCU. If your employer makes contributions to a HSA for you, just rollover those funds yearly to...
by vesalius
Wed Feb 12, 2014 1:18 pm
 
Forum: Investing - Help with Personal Investments
Topic: Health Savings Account investment choice
Replies: 5
Views: 418

Re: Do people rebalance too quickly?

There is a right answer It's to rebalance whenever you have the cash to do so. Yale rebalances daily for example, using its cash flows Now for most investors they don't have daily flows to do that. And they incur frictions, trading costs and taxes. Thus, there is a balance between allowing drift an...
by vesalius
Mon Jan 20, 2014 8:41 pm
 
Forum: Investing - Theory, News & General
Topic: Do people rebalance too quickly?
Replies: 43
Views: 2715

Re: Best Boglehead lesson

I find that to be unfortunate because the general tendency on the board is to recommend either $1,000 or $3,000 Vanguard labled mutual funds or to recommend an ETF. It's intimidating to post one's finances on a forum, anonymous or not, but many folks can NOT afford the "low" $1K or $3K fo...
by vesalius
Mon Jan 13, 2014 4:07 pm
 
Forum: Investing - Theory, News & General
Topic: Best Boglehead lesson
Replies: 74
Views: 5154

Re: Who invests in Small Value - US & International only?

pezblanco Just a REAL WORLD example-- Since inception in 4/93 through year end 13 DFASVX live data outperformed S&P 500 by 3.85 percent a year,. And note that is about the same as the long term outperformance of SV International data is from 1/95 for DISVX (small value international) is 8.3 vs ...
by vesalius
Mon Jan 13, 2014 3:48 pm
 
Forum: Investing - Theory, News & General
Topic: Who invests in Small Value - US & International only?
Replies: 52
Views: 4453

Re: High Earners - What's Your Profession?

For half the people on the forum, I can save them the trouble of responding: They are physicians. I'm a scientist, not a physician. This doesn't appear to be the case from the answers so far...am I sensing some animosity here? I would suspect even here most physicians, and Livesoft is correct there...
by vesalius
Sun Jan 12, 2014 6:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: High Earners - What's Your Profession?
Replies: 334
Views: 22774

Re: Who invests in Small Value - US & International only?

I do. I am about 55% Short Term Treasuries and 45% Stock. That 45% stock is split up into approx 45% SV with 25% ISV and 25% EMSV. I do have a small 5% or so allocation to Developed international value through my workplace retirement account simply do to limited options there. I have been invested ...
by vesalius
Sun Jan 12, 2014 11:57 am
 
Forum: Investing - Theory, News & General
Topic: Who invests in Small Value - US & International only?
Replies: 52
Views: 4453

Re: Who invests in Small Value - US & International only?

I do. I am about 55% Short Term Treasuries and 45% Stock. That 45% stock is split up into approx 45% SV with 25% ISV and 25% EMSV. I do have a small 5% or so allocation to Developed international value through my workplace retirement account simply due to limited options there. I have been invested ...
by vesalius
Sun Jan 12, 2014 9:24 am
 
Forum: Investing - Theory, News & General
Topic: Who invests in Small Value - US & International only?
Replies: 52
Views: 4453

Re: Do you Invest in a 457 and a 403, at the same time?

My employer is a non-governmental non-profit = the 457b is at risk to creditors. Not interested. So are taxable accounts (the only other alternative). While I uitlize a non-governmental 457b, your taxable account is only at risk to your creditors. A non-governmental 457b is at risk to your employer...
by vesalius
Sat Jan 11, 2014 11:15 am
 
Forum: Investing - Theory, News & General
Topic: Do you Invest in a 457 and a 403, at the same time?
Replies: 24
Views: 1696

Re: How would you invest this cash?

I would invest according to your desired AA, use the money to rebalance your AA to whatever it is you are comfortable with, 50/50. If currently you need more fixed income to be at your desired AA of 50/50 then using a portion of the $105k in a CD is reasonable. as to whether you should go all in now...
by vesalius
Fri Jan 10, 2014 5:24 pm
 
Forum: Investing - Theory, News & General
Topic: How would you invest this cash?
Replies: 15
Views: 1365

Re: 100% Stock Portfolio in Small Cap Value??

5. STAY THE COURSE mentality. Now if I had a survey to give out to everyone (including bogleheads) in 2007 many more would have answered yes to all 5, but after the bear market the results I am sure were much different. Folks ALWAYS overestimate with false confidence/ security how stable their job ...
by vesalius
Wed Jan 08, 2014 11:53 am
 
Forum: Investing - Theory, News & General
Topic: 100% Stock Portfolio in Small Cap Value??
Replies: 42
Views: 3578

Re: 100% Stock Portfolio in Small Cap Value??

Perhaps if your portfolio was 25% Small Cap Value and 75% Total Bond Market. Personally, I believe Larry Swedroe has said he holds a 'barbell' portfolio. US tax exempt munis and international small cap value. TBM would have a higher correlation with equities, you'd be better off in a US intermediat...
by vesalius
Wed Jan 08, 2014 10:58 am
 
Forum: Investing - Theory, News & General
Topic: 100% Stock Portfolio in Small Cap Value??
Replies: 42
Views: 3578

Re: finding international small cap value

Powershares FTSE RAFI Developed Markets ex-US Small-Mid Portfolio (PDN)
Schwab Fundamental International Small Company Index mutual fund (SFLIX) or ETF (FNDC)

are 3 others.
by vesalius
Wed Dec 18, 2013 12:50 am
 
Forum: Investing - Theory, News & General
Topic: finding international small cap value
Replies: 2
Views: 430

Re: Despite the headline defaults, munis doing okay

solonseneca, per prior post here on bogleheads I think you will find that is(or at least was) exactly what Larry does himself.
by vesalius
Wed Dec 11, 2013 3:33 pm
 
Forum: Investing - Theory, News & General
Topic: Despite the headline defaults, munis doing okay
Replies: 85
Views: 4001

Re: Maxing out 403b, 457, and 401a?

Erutio call into your employer and get the info from your HR Department. I am also a physician with a state university. My 457b plan is still non-governmental, which has downsides (can't be rolled over into an IRA and the contributions are not protected from bankruptcy). Hopefully your 457b plan is ...
by vesalius
Sat Dec 07, 2013 9:43 pm
 
Forum: Investing - Theory, News & General
Topic: Maxing out 403b, 457, and 401a?
Replies: 6
Views: 608

Re: Maxing out 403b, 457, and 401a?

I have a similar plans available to me, but thankfully I am not locked in on the 401a amounts. I think you have the totals wrong. The 415c limit for 2014 is a total of $52,000 ($57,500 if age 50 or older), which is the total combined contributions to the 403b ($17,500 max or $23,000 if age 50 or old...
by vesalius
Sat Dec 07, 2013 9:07 pm
 
Forum: Investing - Theory, News & General
Topic: Maxing out 403b, 457, and 401a?
Replies: 6
Views: 608

Re: RAFI Fundamental Indexes(FI) vs. Russell FIs

Thanks. This is shown over a 4 to 5.5 year period! If that's all they used to pick the method, that's some serious data mining. To me, a method shouldn't just show good historical performance, but make sense intuitively. Otherwise it's possible to test many methods, even if use a long history, and ...
by vesalius
Sat Dec 07, 2013 10:48 am
 
Forum: Investing - Theory, News & General
Topic: RAFI Fundamental Indexes(FI) vs. Russell FIs
Replies: 41
Views: 2591

Re: RAFI Fundamental Indexes(FI) vs. Russell FIs

On quarterly rebalancing to yearly reconstitution: They show this method decreases portfolio turnover even as compared to a single yearly rebalance, while decreasing tracking error and increasing return. If anyone catches this section of the paper, please post quote or the page number. summarized o...
by vesalius
Fri Dec 06, 2013 11:44 pm
 
Forum: Investing - Theory, News & General
Topic: RAFI Fundamental Indexes(FI) vs. Russell FIs
Replies: 41
Views: 2591

Re: RAFI Fundamental Indexes(FI) vs. Russell FIs

have not had a chance to review this but i was interested in the Russel re balancing scheme and as it didn't appear that any consensus was reached in this thread I figured I'd share the link I stumbled upon. http://www.russell.com/indexes/documents/research/fundamental-index-innovative-rebalancing-...
by vesalius
Fri Dec 06, 2013 9:05 pm
 
Forum: Investing - Theory, News & General
Topic: RAFI Fundamental Indexes(FI) vs. Russell FIs
Replies: 41
Views: 2591

Re: Re:

Only problem is the ER on the ETFs and the trading volume Only problem? RAFI seems like a play on small/value, but I've read that it will actually move more growthy depending on valuations. Whether that is a good thing is open to debate (see any article on trying to time the Value premium), but I'm...
by vesalius
Wed Dec 04, 2013 8:28 pm
 
Forum: Investing - Theory, News & General
Topic: RAFI - Then and Now
Replies: 16
Views: 2231

Re: Simplicity

Agreed Robert. I did the same when in my 20's among other silly mistakes. Thankfully I ran across Larry Swedore's three S/V equity portfolio here before really beginning any significant taxable investing, which allowed me to undo my prior mistakes rather easily in the tax advantaged accounts. The si...
by vesalius
Tue Dec 03, 2013 10:32 am
 
Forum: Investing - Theory, News & General
Topic: Simplicity
Replies: 23
Views: 2431

Re: a look inside the profitability factor

Thanks Larry. The problem that I (and I think many of us) have with these newer factors is that they are difficult to inexpensively access. With higher ERs and advisor fees, often over 100bp, the value of these factors is questionable for most of us. Unless you are already or plan to be with an adv...
by vesalius
Mon Dec 02, 2013 1:03 pm
 
Forum: Investing - Theory, News & General
Topic: a look inside the profitability factor
Replies: 13
Views: 1240

Re: Due diligence on RAFI Pure Small Value

Happy Thanksgivings to everyone, what a great thread! Still trying desperately to find a good SV option for my 403b TD Ameritrade brokerage that does not allow me to buy ETFs, only mutual funds. The Schwab option just does not look that good. TDA lists the DFA funds, I might just try that route, bu...
by vesalius
Wed Nov 27, 2013 6:47 pm
 
Forum: Investing - Theory, News & General
Topic: Due diligence on RAFI Pure Small Value
Replies: 73
Views: 5598

Re: RAFI Fundamental Indexes(FI) vs. Russell FIs

I think the annual rebalancing rather than more frequent rebalancing is helping in some non-overt way. Maybe it's capitalizing on some mean reversion or negative momentum avoidance. I respectfully disagree with him on this one. I'd take PXSV over BOSVX. Not sure that I agree with him either. I was ...
by vesalius
Tue Nov 26, 2013 3:20 pm
 
Forum: Investing - Theory, News & General
Topic: RAFI Fundamental Indexes(FI) vs. Russell FIs
Replies: 41
Views: 2591

Re: RAFI Fundamental Indexes(FI) vs. Russell FIs

SImplified example: At reconstitution, target weight of XOM (Exxon Mobil) increases from 2% to 2.5%. Some XOM is bought in the first tranche, to move towards the 2.5% weight. But midyear, XOM sales and cash flow drop enough so that if there were an additional reconstitution, weight would be only 2....
by vesalius
Tue Nov 26, 2013 8:33 am
 
Forum: Investing - Theory, News & General
Topic: RAFI Fundamental Indexes(FI) vs. Russell FIs
Replies: 41
Views: 2591

Re: RAFI Fundamental Indexes(FI) vs. Russell FIs

but the higher profitability load makes it act more "growthy" hence less tracking error to blend indices. I may have been vague. By tracking error, I meant compared to the index the fund invests in. The Schwab fund has trailed its index by significantly more than ER. One cause can be exce...
by vesalius
Mon Nov 25, 2013 9:34 pm
 
Forum: Investing - Theory, News & General
Topic: RAFI Fundamental Indexes(FI) vs. Russell FIs
Replies: 41
Views: 2591

Re: TIPS: individual vs fund ?

Holding a fund to its duration is NOT the same as holding an individual TIPS to maturity. In tax advantaged, I would hold individuals. In taxable, I would gravitate to the fund due to cash-flow concerns with individuals. Aside from someone with a low marginal tax rate, when is it advisable to hold ...
by vesalius
Fri Nov 08, 2013 10:29 am
 
Forum: Investing - Theory, News & General
Topic: TIPS: individual vs fund ?
Replies: 9
Views: 880

Re: DFA - Where's the alpha?

Due diligence keep in mind that for the large blends the portfolios are the same basically, that's a commodity, a pure index. So the bigger the percentage you have of those the smaller the differences will be. The more you tilt a portfolio to small value and then include allocations to assets like ...
by vesalius
Sat Nov 02, 2013 12:46 pm
 
Forum: Investing - Theory, News & General
Topic: DFA - Where's the alpha?
Replies: 96
Views: 8661

Re: DFA - Where's the alpha?

I'm curious if people feel the advisor/DFA versus DIY/VG decision is at all affected by whether the assets to be invested are predominantly in taxable or tax deferred accounts. To me, it seems the more an individual interested in slicing and dicing is in taxable accounts the more one might consider...
by vesalius
Thu Oct 31, 2013 12:50 pm
 
Forum: Investing - Theory, News & General
Topic: DFA - Where's the alpha?
Replies: 96
Views: 8661

Re: DFA - Where's the alpha?

Take-home for investors: Ignore both DFA's extra fees and its superior trading practices and focus on loadings. Those factors just cancel out. But unless you need especially extreme loadings for your portfolio, you can achieve those loadings with publicly available ETFs and mutual funds. This is a ...
by vesalius
Thu Oct 31, 2013 11:32 am
 
Forum: Investing - Theory, News & General
Topic: DFA - Where's the alpha?
Replies: 96
Views: 8661

Re: Moving all of your funds out of Vanguard

Vanguard has 14k and Fidelity 40k employees for less assets invested than Vanguard. Expect higher costs with Fidelity. I believe in Jack's CMH, the cost matters hypothesis. Maybe back in the 80's and 90's, but he can easily have similar or cheaper cost at Fidelity these days and for the most part b...
by vesalius
Tue Oct 29, 2013 7:33 am
 
Forum: Investing - Theory, News & General
Topic: Moving all of your funds out of Vanguard
Replies: 75
Views: 6902

Re: Moving all of your funds out of Vanguard

Vanguard has 14k and Fidelity 40k employees for less assets invested than Vanguard. Expect higher costs with Fidelity. I believe in Jack's CMH, the cost matters hypothesis. Maybe back in the 80's and 90's, but he can easily have similar or cheaper cost at Fidelity these days and for the most part b...
by vesalius
Mon Oct 28, 2013 7:11 pm
 
Forum: Investing - Theory, News & General
Topic: Moving all of your funds out of Vanguard
Replies: 75
Views: 6902

Re: Schwab's new Fundamental ETFs

Perhaps some of it, but I think most is simply luck / random variation. IIRC PDN, among other funds, benefited from a single very lucky rebalance early on that skewed its alpha. (And you can see the alpha estimate is much less dramatic in the regression starting in 2010.) Also, PDN has higher alpha...
by vesalius
Fri Oct 18, 2013 6:36 am
 
Forum: Investing - Theory, News & General
Topic: Schwab's new Fundamental ETFs
Replies: 62
Views: 7284

Re: ETF Trade Winds Changing in Emerging Markets

I have DGS in tax advantaged and I am considering FlexShares Morningstar Emerging Markets Factor Tilt Index ETF (TLTE) in taxable when I need to purchase there.
by vesalius
Fri Oct 11, 2013 2:45 pm
 
Forum: Investing - Theory, News & General
Topic: ETF Trade Winds Changing in Emerging Markets
Replies: 7
Views: 1083
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