Search found 788 matches

by vesalius
Mon Jul 02, 2018 3:12 pm
Forum: Investing - Theory, News & General
Topic: Vanguard to offer non-Vanguard ETFs commission-free
Replies: 245
Views: 32054

Re: Vanguard to offer non-Vanguard ETFs commission-free

Nate79 wrote: Mon Jul 02, 2018 2:53 pm
walletless wrote: Mon Jul 02, 2018 2:42 pm It'll be interesting to see if DFA funds will be in this list, especially since they're not inverse funds.. but DFA wants to only sell their funds through an advisor. That would be a disruptor if allowed!
DFA has ETFs?
Yes by proxy, they manage John Hancocks Multifactor ETFs
JHMD Multifactor Developed International ETF
JHML Multifactor Large Cap ETF
JHMM Multifactor Mid Cap ETF
JHSC Multifactor Small Cap ETF

as well as several other sector ETFs.
by vesalius
Wed May 09, 2018 2:58 pm
Forum: Personal Finance (Not Investing)
Topic: Best cash-back credit card right now?
Replies: 204
Views: 47573

Re: Best cash-back credit card right now?

Wanted simple, ApplePay compatible with no fees and cards that automatically deposited cash back into an account or deducted from my bill.n Less muss/less fuss In my wallet: USAA Limitless Cashback Rewards 2.5% on everything PenFed Platinum Cash Rewards Visa 5% on gas/diesel Kept in the drawer or online for specific purchases PenFed Premium Travel Rewards American Express - 5x points on Airfare Amazon Rewards Visa - 5% cash-back for Prime members Citi Double Cash Mastercard 2% on everything - use for large purchases when I think I can take advantage of their great price match feature. Bought a TV online with a very reputable site and then price matched against a much lower price advertised online to get an additional $500 back on the purcha...
by vesalius
Sun Feb 11, 2018 12:22 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1753
Views: 291444

Re: QSPIX - thoughts on interesting fund

Taylor Larimore wrote: Sun Feb 11, 2018 11:50 am
Random Walker wrote: Sat Feb 10, 2018 6:23 pm I wonder how many of us Bogleheads appreciate that a typical 60% TSM / 40% TBM portfolio has at least 90% of its risk wrapped up in a single factor.

Dave
Dave:

In my view, anyone who owns "60% TSM (Total U.S. Stock Market" and "40% TBM (Total U.S. Bond Market)" already has nearly all U.S. "factors" in their portfolio.
Taylor:

In my view, one statement does exclude the other and both statements are correct.

Respectfully,
Vesalius
by vesalius
Wed Jan 17, 2018 3:31 pm
Forum: Investing - Theory, News & General
Topic: International Small-cap Value Funds ??
Replies: 99
Views: 24070

Re: International Small-cap Value Funds ??

lazyday wrote: Wed Jan 17, 2018 3:19 pm
jhfenton wrote: Wed Jan 17, 2018 7:38 amVSS has actually outperformed its index by 30 bp per year over the last 3 years. (VSS did not do as well tracking in its first few years.)
Impressive.

VWO is only behind by .1%, less than the ER. 10 year return is more impressive, .09% in spite of higher ER in the past.
Both Vanguard and Blackrock/iShares are really on top of securities lending. Some of the BlackRock etfs overall are free to own or pay the shareholder to own them as a result.
by vesalius
Sat Dec 30, 2017 1:48 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: The Tax Efficiency Of Long -Short Strategies
Replies: 4
Views: 1076

Re: Larry Swedroe: The Tax Efficiency Of Long -Short Strategies

At AQR these are the new funds developed to take advantage of this potential Tax savings. Large Cap Relaxed Constraint Equity Fund Small Cap Relaxed Constraint Equity Fund International Relaxed Constraint Equity Fund Emerging Relaxed Constraint Equity Fund Alternative Risk Premia Fund Each of the relaxed constraint funds lists in their Factsheet under "Other Key Advantages:" Potential for Tax Efficiency The presence of long and short positions offers the opportunity to realize capital losses in both up and down markets. The risk premia fund list in its Factsheet under "Other Key Advantages:" Potential for Tax Efficiency The Fund applies tax management techniques in an effort to reduce capital management distributions. It...
by vesalius
Fri Dec 29, 2017 7:23 pm
Forum: Investing - Theory, News & General
Topic: My Favorite Alternative Funds
Replies: 229
Views: 50614

Re: My Favorite Alternative Funds

Alternative Risk Premia Fund (QRPIX) - Invest long and short across four different asset groups: Stocks & Industries, Equity Indices, Fixed Income and Currencies based on six investment styles: Value, Momentum, Carry, Defensive, Trend and Volatility . Style Premia Alternative Fund (QSPIX) - Invest long and short across six different asset groups: Stocks of major developed markets, Country indices, Currencies, bond futures, interest rate futures , and Commodities based on four investment styles: Value, Momentum, Carry, and Defensive. can anyone here explain why both funds wouldn't invest in the same asset groups? maybe the newer fund isn't only an improvement in the number of targeted factors, but also a refinement in the selection of a...
by vesalius
Fri Dec 29, 2017 7:19 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Managed Vol Strategies Work
Replies: 24
Views: 3454

Re: Larry Swedroe: Managed Vol Strategies Work

That is why I personally have substantial investment in them and I would invest more if I had more room in tax advantaged space. Note that AQR is coming out now with a tax aware version of Style Premia Alternative (QSPRX), QRPRX I think it is. I could now hold that in taxable account, bit different strategies added, and no commodities exposure.[/color] Thanks for this bit, just the other day I asked in another thread if anyone could figure out a significant difference between Style Premia Alternative (QSPIX) and the new Alternative Risk Premia Fund (QRPIX) which are very similar. The webpage listed nothing obvious about tax efficiency, but the Fact sheet of the new fund quite clearly list under Key Advantages: Potential for Tax Efficiency ...
by vesalius
Fri Dec 29, 2017 11:10 am
Forum: Investing - Theory, News & General
Topic: What ever happened to the Larry portfolio?
Replies: 120
Views: 23272

Re: What ever happened to the Larry portfolio?

You are right on LP being damn near impossible to set up for many with the majority of savings in Company 401k type accounts. Unless you have access to a 401k brokerage window or your taxable+personal IRA is enough to handle the stock side and you go all bonds in the 401k.
by vesalius
Fri Dec 29, 2017 10:23 am
Forum: Investing - Theory, News & General
Topic: What ever happened to the Larry portfolio?
Replies: 120
Views: 23272

Re: What ever happened to the Larry portfolio?

If someone were to go Larry style for the accumulation phase, I guess rather than say an 80/20 TSM/TBM, you might do something like 60/40 IJS (iShares small value)/IEI (iShares 1-3 yr treasury). The Larry is designed to lose less in a 2008 style crash, but max drawdown isn’t the most important consideration early on. The bigger concern is that you are betting big on SV beating TSM over time by enough to overcome the drag of the extra treasuries. Not a bet I’d be willing to take. In contrast, someone with a preservation focus probably cares a lot about drawdowns and might consider the upside more of a “nice to have.” Bernstein has commented on the “permanent portfolio” and the tracking error problem and this strategy probably has a similar ...
by vesalius
Fri Dec 29, 2017 1:30 am
Forum: Investing - Theory, News & General
Topic: What ever happened to the Larry portfolio?
Replies: 120
Views: 23272

Re: What ever happened to the Larry portfolio?

FIREchief wrote: Fri Dec 29, 2017 12:28 am Longinvest - this is a fantastic post. Thank you for running the numbers for us. Choosing the timeframe of "just after the article was published until today" hardly seems to constitute cherry picking to me. It is cold hard facts that should provide a wake up call to anybody thinking about changing their investing strategy due to the lastest book/article/academic research/ etc., regardless of how compelling the "facts" may seem at the time. I understand that others haven't yet been able to come to grips with the big picture here, but your data speaks volumes. :sharebeer
Agreed, the shocking fact that 100% stocks beats 30% stocks over any period in time Is something you have to see to believe. 8-) :beer
by vesalius
Thu Dec 28, 2017 12:47 pm
Forum: Investing - Theory, News & General
Topic: What ever happened to the Larry portfolio?
Replies: 120
Views: 23272

Re: What ever happened to the Larry portfolio?

The difference between something being a one-time historical fact or even anomaly, which is easily fact-checked as pointed out, and what Larry has consistently said innumerable times before and after the NY Times article is the intended benchmark of his 30/70 LP portfolio going forward, a 60/40 market portfolio, should be obvious to all. As I mentioned Larry has written books on this topic please look it up for yourselves. He has never maintained that rough future benchmark or approximation of his 30/70 LP is a 100% stock portfolio.
by vesalius
Thu Dec 28, 2017 12:22 pm
Forum: Investing - Theory, News & General
Topic: What ever happened to the Larry portfolio?
Replies: 120
Views: 23272

Re: What ever happened to the Larry portfolio?

QuietProsperity wrote: Thu Dec 28, 2017 11:36 am Bingo. Different portfolio allocations for different goals. Find what works for your situation and don't worry about trying to discredit or disprove other approaches.
Exactly, too much time and energy is wasted here. Getting to the point that it is OK for others not to agree with your decisions and go another path, without feeling the need to convert them to your true way with religious fervor is a good thing.

There are many roads to Dublin.
by vesalius
Thu Dec 28, 2017 11:00 am
Forum: Investing - Theory, News & General
Topic: What ever happened to the Larry portfolio?
Replies: 120
Views: 23272

Re: What ever happened to the Larry portfolio?

Well the NY Times article got one thing right. The LP with short treasuries did return about 10% a year over the 1970-2010 time period. But as far as I know Larry has suggested that the LP, with 30% SCV, has generally matched the returns of a portfolio of 60% LC + bonds -- NOT a portfolio of 100% stocks. That would be downright foolish. There are two periods in particular that the LP fell noticeably behind the 60/40. The first was the period from 1997-2000 when U.S. large cap stocks had their big runup to the bust. During that period to the peak in August 2000, the 60/40 returned about 74% while the LP returned 32%. The second has been the period from 2012 to the present when U.S. large cap stocks have enjoyed another big runup. During tha...
by vesalius
Tue Dec 26, 2017 12:49 pm
Forum: Investing - Theory, News & General
Topic: What ever happened to the Larry portfolio?
Replies: 120
Views: 23272

Re: What ever happened to the Larry portfolio?

A cheaper iShares ETF version could be: 1. iShares Edge MSCI Multifactor USA Small-Cap ETF SMLF 2. iShares Edge MSCI Multifactor Intl Small-Cap ETF ISCF 3. iShares Edge MSCI Multifactor Emerging Markets ETF EMGF A cheaper Scwhab version could be: 1. Schwab Fundamental U.S. Small Company Index ETF FNDA 2. Schwab Fundamental International Small Company Index ETF FNDC 3. Schwab Fundamental Emerging Markets Large Company Index ETF FNDE Just for clarification--were theses Swedroe's recommendations or possibilities that you are suggesting? Sorry, I did not mean to put words in Larry's mouth. The last 2 posiibilities were mine. Larry has shied away from specific individual fund/etf recommendations outside of those already publicly known to be vet...
by vesalius
Tue Dec 26, 2017 9:24 am
Forum: Investing - Theory, News & General
Topic: What ever happened to the Larry portfolio?
Replies: 120
Views: 23272

Re: What ever happened to the Larry portfolio?

For those guessing or basing comments off old data on the Larry portfolio check this thread. Email from Larry Swedroe about "Reducing the Risk of Black Swans" book 2nd ed. Prior to moving into alternatives, Larry was recommending a simple 3 fund portfolio. Although the easiest version of that portfolio did require an advisor for access, that certainly is not an absolute requirement. The stock side was a sliding % based on your willingness and need to take risk. He roughly correlated a 30/70 LP stock to bond ratio to a 60/40 boglehead 3 fund stock/bond portfolio. You decided your Stock/Bond % from there and it was never fixed for every investor. After describing himself as lucky enough to have already won the race, he was, at least...
by vesalius
Sat Dec 16, 2017 2:45 pm
Forum: Investing - Theory, News & General
Topic: My Favorite Alternative Funds
Replies: 229
Views: 50614

Re: My Favorite Alternative Funds

I would be interested in peoples opinions, at least those not dead set against alt funds, on AQR's newer Alternative Risk Premia Fund (QRPIX) in comparison to older and now closed Style Premia Alternative Fund (QSPIX). I have a current position in QSPIX. Alternative Risk Premia Fund (QRPIX) - Invest long and short across four different asset groups: Stocks & Industries, Equity Indices, Fixed Income and Currencies based on six investment styles: Value, Momentum, Carry, Defensive, Trend and Volatility . Style Premia Alternative Fund (QSPIX) - Invest long and short across six different asset groups: Stocks of major developed markets, Country indices, Currencies, bond futures, interest rate futures , and Commodities based on four investment...
by vesalius
Fri Nov 24, 2017 10:44 pm
Forum: Investing - Theory, News & General
Topic: Why does everyone keep increasing their international stock %?
Replies: 101
Views: 14271

Re: Why does everyone keep increasing their international stock %?

Yes, like the way people cling to the idea that international diversification will improve risk adjusted returns despite decades of evidence contradicting that, or puzzling over some perceived 'home country bias' that seems a puzzle only if you believe in a faulty premise like the Efficient Market Hypothesis. Sovereign laws and currencies exist and do not flow freely without limits across borders and without costs and restrictions. There are quite simple and empirical reasons it's less risky for someone to invest within an area where they actually have rights under the law. It shouldn't be a puzzle at all the "market portfolio" as it's actually weighted in the portfolios of actual individuals includes a hefty weighting in their o...
by vesalius
Thu Nov 23, 2017 8:14 pm
Forum: Personal Consumer Issues
Topic: Replace TVs with Smart Tvs or not?
Replies: 57
Views: 6836

Re: Replace TVs with Smart Tvs or not?

Plasma TVs can use a lot of energy maybe big and heavy. Thin LED can be mounted on the wall. With limited usage it’s not cost-effective for the energy savings to replace. My only complaint against Smart hubs is when you’re trying to search for the title to stream, it is hard typing letter by letter. I recommend something with a keyboard like a computer, but that is my preference. Smart hub and TV both share this weakness. There are several Mac mini or equivalent windows PCs built for ‘media center’ service. Also useful when pulling up maps, family photos, or websites you want to share with a group. This is one place being all in on the Apple ecosystem. If the AppleTV and your iPhone/iPad are logged into the same icloud account anytime a te...
by vesalius
Sat Aug 26, 2017 9:38 pm
Forum: Investing - Theory, News & General
Topic: Review with Me - Larry Swedroe's new book
Replies: 160
Views: 13116

Re: Review with Me - Larry Swedroe's new book

I utilize one of Mr Swedroe's suggested portfolios and I am at a loss how that three fund portfolio is any more complex or hard to manage than the ubiquitous 3 fund boglehead portfolio as that is where I started. It is more expensive, but historically and so far in my own experience it is also more stable with similar returns. Many roads to Dublin and all that jazz.

Now in regards to the book I enjoyed it and always like the chance to broaden my horizons. I have not bought into all the suggested alternatives and if they hold real value they will prove so through the years.
by vesalius
Thu May 25, 2017 9:13 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Value Premium: Risk Or Mispricing
Replies: 42
Views: 3958

Re: Larry Swedroe: Value Premium: Risk Or Mispricing

Random Walker wrote:My understanding of the RAFI funds is that virtually all of their returns are explained by the Factor models.

Dave
Research Affiliates: Why Factor Tilts Are Not Smart ‘Smart Beta’

Not surprisingly, Arnott does not seem not agree.
by vesalius
Fri May 12, 2017 7:36 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe Article On Enhancing Momentum Strategies
Replies: 60
Views: 8302

Re: Larry Swedroe Article On Enhancing Momentum Strategies

Rkhusky, Yes, it can always get ugly. And when it gets ugly correlations do tend to go to 1. That being said, I got to believe that diversifying the sources of risk has got to be somewhat better than the single huge bet on market beta. Dave I don't agree that you're actually diversifying over sources of risk, because the risks are all tied to the same companies. Now if you indeed had different baskets of companies for each of your sources of risk, that would be diversity. But I understand that factor proponents have their own language for describing these things. Since you seem to understand that your portfolio is substantially riskier than a 65/35 total market portfolio, all I can say is good luck. I also think you would find that his som...
by vesalius
Thu May 11, 2017 3:42 pm
Forum: Investing - Theory, News & General
Topic: If not Past Performance, how do you evaluate a fund/etf?
Replies: 18
Views: 2199

Re: If not Past Performance, how do you evaluate a fund/etf?

ruralavalon wrote:You specifically asked about small-cap value funds at Fidelity and Vanguard.

Fidelity does not offer any small-cap value fund.

At Vanguard there is Vanguard Small-cap Value Index Fund Investor Shares (VISVX) or Admiral Shares (VSIAX) or ETF (VBR). Other small-cap value options have significantly higher expense ratios.
I suspect he meant to choose among the litany of funds available from both brokers for little to no trading cost and not just limit himself to those funds specifically managed by Fidelity or Vanguard. I could definitely be wrong though.
by vesalius
Thu May 11, 2017 3:24 pm
Forum: Investing - Theory, News & General
Topic: Dave Ramsey's ELP's pay him to not understand investment fees
Replies: 24
Views: 4133

Re: Dave Ramsey's ELP's pay him to not understand investment fees

“It is difficult to get a man to understand something when his salary depends upon his not understanding it.” ― Upton Sinclair

We all know this is true from everyday people to big time celebrities in sales, science, religion, and politics.
by vesalius
Wed May 03, 2017 8:42 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe Article On Enhancing Momentum Strategies
Replies: 60
Views: 8302

Re: Larry Swedroe Article On Enhancing Momentum Strategies

So the new term here to me is "Idiosyncratic Momentum". For those that have a handle on this, is that appreciably different than Time series Momentum because at first glance they seem the same to me?
by vesalius
Thu Mar 30, 2017 3:15 pm
Forum: Personal Consumer Issues
Topic: thoughts on in-ceiling speakers?
Replies: 48
Views: 11875

Re: thoughts on in-ceiling speakers?

Depends on what you are willing to spend. You can get a very nice all ceiling setup in 5.1 or more. I think Triads are outstanding in build quality and sound. They are not cheap though. Triad Speakers I loved the KEF inwall and inceiling home theater speaker I heard as well. Also not cheap. KEF THX Extreme Home Theatre Golden Ear inceiling speakers are very well thought of and would make a great sounding HT. Middle ground pricing. GoldenEar Invisa Series Then there is speakercraft. Speakercraft Lastly, some one has already mentioned Outdoor speaker depot and they also make angled speakers that can directionally aim the higher frequencies to the listening positions. Outdoor Speaker depot I use these and a an inexpensive Denon receiver to put...
by vesalius
Wed Feb 15, 2017 12:21 pm
Forum: Investing - Theory, News & General
Topic: Is a total market fund the most diversified
Replies: 157
Views: 19767

Re: Is a total market fund the most diversified

If your main goal is to protect yourself from loss but want some stocks then buy a consumer staples fund or etf.Pretty clear how that worked in 2008.Of course that is not diversified at all. Thanks for the recommendation, but believe in the simplicity of and in my opinion more all weather usefulness of the 3 fund larry portfolio. Not at all trying to convince you or anyone else to change. Changing when times get tough, 2008, or just as bad when the grass looks greener, now for SV, is one of the more common ways so many individual investors get in trouble. Just throw in my 2 cents here or there on why or how the saying Taylor so aptly uses "more than one road to dublin" is just as true for those that do not follow the more univers...
by vesalius
Tue Feb 14, 2017 8:53 pm
Forum: Investing - Theory, News & General
Topic: Is a total market fund the most diversified
Replies: 157
Views: 19767

Re: Is a total market fund the most diversified

Of course that was understood and my comments were based on the same premise.
by vesalius
Tue Feb 14, 2017 3:44 pm
Forum: Investing - Theory, News & General
Topic: Is a total market fund the most diversified
Replies: 157
Views: 19767

Re: Is a total market fund the most diversified

Dbr To be brutally honest my thoughts are not really not important.I just kind of shake my head at all of the technical mumbo jumbo that gets carried to such extremes and still is based on past performance that may or may not be repeated.Is TSM diversified enough for me?I believe highly paid people need to justify why they are highly paid and carry things way beyond the point of being relevant to 99 pct of all investors.Will the Larry Portfolio beat the Taylor portfolio the next 10 years?I don't know.Do you?For me and my way of looking at things,TSM is diversified enough for everyone except the very elite investors who wish to carry on in extreme minutiae with the hope of making that extra fraction of return.Of course they cannot say they ...
by vesalius
Tue Feb 14, 2017 2:51 pm
Forum: Investing - Theory, News & General
Topic: RAFI Multi-Factor Indexes
Replies: 26
Views: 5500

Re: RAFI Multi-Factor Indexes

Robert T wrote:
Theoretical wrote:Has AQR released any information WRT backtested data for the new relaxed constraint funds?
Related:
Thanks Robert, much obliged. I had not yet read the Feb 2017 paper. I'll admit I am strongly considering using QSRIX, in tax advantaged, as the multifactor SV fund component of a larry portfolio.
by vesalius
Tue Feb 14, 2017 9:28 am
Forum: Investing - Theory, News & General
Topic: How Much To Tilt To Small Value?
Replies: 227
Views: 48942

Re: How Much To Tilt To Small Value?

Just one comment, yes the value premium has been negative for last nine years, but was less negative from 08-16 then the market beta premium was negative from 2000-09 an even longer period. To me it's amusing that the people focus on the value premium being slightly negative for an even shorter period than the beta premium was more negative for a longer period. Perception and group think is reality. TSM/beta is largely unimpeachable and variations in return are to be expected. Everything else is to one degree or another not dependable and fleeting regardless if it has a similar or even better historical premium in regards to both return and consistency. seems questioning or discussing beta or TSM is, to some anyway, equivalent to stating t...
by vesalius
Tue Feb 14, 2017 8:41 am
Forum: Investing - Theory, News & General
Topic: Is a total market fund the most diversified
Replies: 157
Views: 19767

Re: Is a total market fund the most diversified

hoops777 wrote:I want to maximize returns and minimize risk based on what happened in the past and may not repeat in the future :D
Well in the end isn't that what everyone here is doing to one degree or another? From Taylor and his beloved 3 fund to Larry and his personal portfolio as well as almost everyone in between. We all rely on what happened in the past, from the equity premium or TSM over bonds to factors, in order to maximize returns and/or minimize risk.
by vesalius
Thu Jan 19, 2017 9:40 am
Forum: Personal Finance (Not Investing)
Topic: Does pharmacy school ranking matter?
Replies: 42
Views: 7714

Re: Does pharmacy school ranking matter?

Hospital pharmacist here on the residency committee. 1. Exclude any school that has opened after the year 2000. 2. Of the remainder pick the school that will allow your son to graduate with the least amount of student loans. Make sure he realizes that retail pharmacy is soul crushing and the only way to a hospital position now is through a post-graduate residency. I would still do it all over again. But I realize that I am lucky. My dad was a pharmacist and I was as well, agree with all of the above. Find the lower cost options then allow your son to choose among them for whatever reason makes him happy. School rank is arbitrary and in the real world outside of the very small slice of academic pharmacist, no one else cares or keeps up with...
by vesalius
Tue Jan 17, 2017 12:54 pm
Forum: Investing - Theory, News & General
Topic: Spending HSA money versus other
Replies: 21
Views: 3621

Re: Spending HSA money versus other

Wait a sec. Withdrawals from an HSA after 59 1/2 for non-medical expense paying purposes are fully taxable - just as a traditional IRA. Sorry. I pay out-of-pocket for medical expenses when I expect them to be greater than 10% of my AGI and thus deductible. This happens when I pre-pay a year's worth of private medical insurance (retired, under 65). Otherwise, I pay for medical expenses with my pre-tax funded HSA account. True, but if you keep the receipts for those medical bills you paid out of pocket you can later withdraw that amount from your HSA, even years/decades later and the money will have grown tax-free in HSA during that time-frame. The tax-free withdrawal years later can then be used for anything you want. Also even if you stop ...
by vesalius
Mon Jan 16, 2017 5:18 pm
Forum: Investing - Theory, News & General
Topic: Factor-Diversified Portfolio
Replies: 175
Views: 21554

Re: Factor-Diversified Portfolio

I'm sorry, but there's no theory that says hold Japan only. You should diversify globally. That's cherry-picking. Well there are plenty of theories that state hold US only for Stock (because big US companies have enough foreign exposure anyway) and global diversification is potentially not only unnecessary, but also less efficient because of expenses. So if the Japanese received the same advice that Bogle gives gives bogleheads, I think you can see what Larry was inferring. Vesalius: In your opinion, what's a factor diversified portfolio? Any portfoilo containing positive exposures to more than one factor? What if you have to take the other side of the trade and hold growth stocks? Do you hold a factor undiversified portfolio if you have n...
by vesalius
Mon Jan 16, 2017 1:30 pm
Forum: Investing - Theory, News & General
Topic: Factor-Diversified Portfolio
Replies: 175
Views: 21554

Re: Factor-Diversified Portfolio

chatbotte wrote: I'm sorry, but there's no theory that says hold Japan only. You should diversify globally. That's cherry-picking.
Well there are plenty of theories that state hold US only for Stock (because big US companies have enough foreign exposure anyway) and global diversification is potentially not only unnecessary, but also less efficient because of expenses.

So if the Japanese received the same advice that Bogle gives gives bogleheads, I think you can see what Larry was inferring.
by vesalius
Sun Jan 15, 2017 11:48 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1753
Views: 291444

Re: QSPIX - thoughts on interesting fund

HomerJ wrote:
Lieutenant.Columbo wrote:Right now, I'm leaning towards
45% RT6
10% alternatives (5% LENDX, 2.5% QSPIX, 2.5% SRRIX)
45% bonds
What is RT6?
I first saw it used by Swedroe here. "Two ways to use higher tilts, or full tilt, what we call RT6--because it loads about .6 on the two factors. Either higher returns or same returns accomplished by lowering BETA exposure. "

viewtopic.php?f=10&t=91531&p=1318542&hi ... l#p1318556
by vesalius
Sat Dec 10, 2016 6:00 pm
Forum: Investing - Theory, News & General
Topic: Do you think Slice and Dice makes it harder to stay the course?
Replies: 40
Views: 3694

Re: Do you think Slice and Dice makes it harder to stay the course?

triceratop wrote:It's wonderful to be a S&D: I am always buying asset classes which are doing relatively poorly.

I noticed a lot of people asking about Small Value. I just hit my upper rebalancing band for small value today, so I'll be rebalancing into International Small Cap on Monday. I have seen almost no discussion about either this or emerging markets recently.
Right there with you. The questions on both over-performing, should I buy or what is the best option, and under performing, should I sell or is this even necessary, asset classes ebb in slowly and then come more quickly like the tide.
by vesalius
Thu Dec 08, 2016 2:33 pm
Forum: Investing - Theory, News & General
Topic: AQR - Alternative Thinking 4Q 2016: Superstar Investors
Replies: 22
Views: 2653

Re: AQR - Alternative Thinking 4Q 2016: Superstar Investors

Ok, I buy that. I don't have a good handle on the time frames involved... are we missing anyone else who earned long-term alpha like that? Buffett and Soros are both very smart, successful investors, but it would seem that Lynch is (was) in a league of his own. Renaissance Technologies Medallion Fund is the king as far as I can tell. 30 years time frame, consistent killer performance rather than a few outsized years when tiny, etc. It actually did its worst when new. They do keep the fund smallish but I think it is around 9 billion (if memory serves) which is still pretty big. Of course, this isn't old school stock picking. It is top of the heap Quant mostly from what I can tell. http://i67.tinypic.com/kua2d.png Agree with Lackey's thought...
by vesalius
Wed Dec 07, 2016 1:45 pm
Forum: Personal Consumer Issues
Topic: confused about HDMI cables
Replies: 18
Views: 3196

Re: confused about HDMI cables

mmmodem wrote:
gwe67 wrote:I bought a new 4K tv and and am currently using a 10 year old HDMI cable for video. Should I buy a newer cable? Also, when I connect a soundbar, will I need to use an HDMI-ARC cable for audio? If I should be doing things differently please let me know.
Thanks!!
No, you don't need a new HDMI cable. HDMI is binary. It'll either work or it won't. Keep it simple. If it doesn't work then you need a new HDMI cable.

HD = 2K. Ultra HD = 4K. No cable or satellite provider has 4K. Your 4K will come from your computer or a smart device. So again, you don't need a new HDMI cable.
DirecTV is currently broadcasting a few 4K channels over their newest hardware, but I think they are the only ones.
by vesalius
Sun Nov 27, 2016 12:38 pm
Forum: Investing - Theory, News & General
Topic: From a 20-fund indexed portfolio, to a simple one
Replies: 12
Views: 2480

Re: From a 20-fund indexed portfolio, to a simple one

Good selections of funds. Glad you found what works for you. That and a good contribution rate are really important.

I settled on a simple easy to manage 4 fund portfolio.

AQR Small Cap Multi-Style Fund Class I QSMLX
DFA World ex U.S. Targeted Value Portfolio Institutional Class Shares DWUSX
AQR Style Premia Alternative Fund Class I QSPIX

Vanguard Total Bond Market Index Fund Institutional Shares VBTIX
by vesalius
Sat Nov 26, 2016 12:15 pm
Forum: Investing - Theory, News & General
Topic: Not DFA - what are the best Value and MOM funds?
Replies: 20
Views: 5114

Re: Not DFA - what are the best Value and MOM funds?

AQR also offers funds that combine them (DFA only screens for negative momentum, thus avoiding negative loading on MOM but not getting positive). And there are multi factor funds like Goldman's new fund that get exposure to multiple factors. Larry If I just want to invest in a Value fund and a MOM fund (instead of multi factor) what are the best choices out there? Better to use SCV for Value? The AQR funds are roughly 40% momentum, 40% value, and 20% profitability/quality. Can one buy AQR funds without a broker? The OP was looking for non-DFA funds because I assume he/she didn't want to hire the services of a broker. Certain share classes and at certain brokers. Fidelity offers them with reasonable minimum initial investment $ amounts.
by vesalius
Fri Nov 25, 2016 2:57 pm
Forum: Investing - Theory, News & General
Topic: DFA vs Vanguard (I know, I know)
Replies: 34
Views: 8074

Re: DFA vs Vanguard (I know, I know)

Just thought I'd give this post a bump. I believe anyone interested in DIY investing through VG, should at least actively consider the Advisor DFA route. Then if they choose DIY VG, they will have more conviction to stick to their plan. Interested to hear what others think. Dave Just switched to one myself as I am at the point in my career were I will be adding major money to my taxable account. Before now it was mostly all tax deferred investments and company retirement. I was able to slowly make up my mind and evolve to an asset allocation I like without any tax consequences or need for TLH. I don't want to monitor for TLH. I also know intermittently I like to reevaluate and then tinker so I want to put a layer between myself and my inve...
by vesalius
Fri Nov 25, 2016 12:07 pm
Forum: Investing - Theory, News & General
Topic: A look at the research and evidence on time-series MOM
Replies: 140
Views: 26595

Re: A look at the research and evidence on time-series MOM

For those not "buying the kool aid", do you believe the data? Do you think the benefit will be arbitraged away? Do you not trust it because it is a behavioral story rather than a risk story? Do you look at it in isolation rather than as a component of a multi-factor portfolio? Just looks too good to be true? These are not rhetorical questions, I'm truly interested. The fact that it has been widely known for a long time yet persists, increases my interest in it. Dave I believe in multifactor based investing, but I'm having trouble with this single factor TS momentum because I don't understand it well enough to be comfortable. This distinction between TS and CS momentum is new to me personally and I never make asset allocation or i...
by vesalius
Thu Nov 24, 2016 9:14 am
Forum: Investing - Theory, News & General
Topic: A look at the research and evidence on time-series MOM
Replies: 140
Views: 26595

Re: A look at the research and evidence on time-series MOM

Thanks Larry, I figured there was an obvious reason I was glossing over.

Have a great thanks giving
by vesalius
Thu Nov 24, 2016 9:04 am
Forum: Investing - Theory, News & General
Topic: A look at the research and evidence on time-series MOM
Replies: 140
Views: 26595

Re: A look at the research and evidence on time-series MOM

Few thoughts to add. First, when we worked with Bridgeway to develop the Omni Funds we did include MOM in terms of a negative screening and have pushed Bridgeway to be a bit more aggressive in implementing it and they have done that, moving from about -0.1 loading (which is low for value fund) to slightly above 0 over past several years. Second, TS momentum has the advantage of providing a hedge against prolonged bear markets as the premium is just as large (6%) in both up and down markets. Third, one reason would avoid most MOM funds, especially a pure index fund, is that MOM is a higher turnover strategy and thus you want to be a patient trader, not a buyer of liquidity but a seller of liquidity, not a buyer. Funds like DFA and Bridgeway...
by vesalius
Thu Nov 24, 2016 8:55 am
Forum: Investing - Theory, News & General
Topic: Merriman 2 fund portfolio
Replies: 5
Views: 2492

Re: Merriman 2 fund portfolio

Sounds like a variant of the Larry portfolio, but it leaves out any international. You won't find consensus here or anywhere for this type of portfolio. Even those that use variants, myself included, will caution that unless you are fully convinced in the probability they will perform over time emotional trading out of them during times they will underperform the broad market or 3 fund portfolio's you will be likely to not do well with these portfolio's. Why you might ask, well the same reason most investors underperform the very funds they invest in. We are emotional about our loved ones and money. We don't always make the same sound logical decisions about our money and loved ones that we do about other people's money or loved ones. We tr...
by vesalius
Wed Nov 23, 2016 9:09 pm
Forum: Personal Consumer Issues
Topic: Apple Watch 2 Distance from iPhone?
Replies: 11
Views: 7265

Re: Apple Watch 2 Distance from iPhone?

I like it, but it fits exactly what needed. I never had version 1 as I tend to always skip the first run or remake of any product. I needed waterproof and got it. Wanted thinner, but didn't need it. Wanted longer battery life, but have no basis for comparison and truthfully I get 2-3 days per charge on mine. Wanted internal GPS and got that. Works great for me as a device I can use during work hours as physician and quickly decide without looking which emails, text and notifications I want to bother with based off how the watch noiselessly "taps" my wrist. I am also all in the apple ecosystem so it is an easy for there too. My job requires lots of computer work and the standing/exercise activity tracker is great for me as well. I ...
by vesalius
Wed Nov 23, 2016 11:28 am
Forum: Personal Consumer Issues
Topic: Apple Watch 2 Distance from iPhone?
Replies: 11
Views: 7265

Re: Apple Watch 2 Distance from iPhone?

Yes that should work as long as a couple of caveats are met.
1. The phone you have paired to the watch auto connects to your home wireless network.
2. The upstairs location can connect to that same wireless network.

20 Things Apple Watch Can Do On WiFi Without iPhone In Bluetooth Range
http://www.redmondpie.com/20-things-app ... oth-range/
by vesalius
Wed Nov 23, 2016 9:22 am
Forum: Personal Consumer Issues
Topic: Karate/Taekwondo for an 8 year old?
Replies: 35
Views: 5276

Re: Karate/Taekwondo for an 8 year old?

I have twin 8 year old boys and an older daughter in TKD for the last 2-3 years. They have a great Grand Master teaching them with multiple other black belts there during class also helping. He is tough and demanding but loves the kids he teaches. TKD has been great for their balance and flexibility. They spar once a week and this been great for their confidence and desensitizing them from the fear of confrontation and contact if that becomes necessary. I am convinced they have more fun and are better at other sports because of it. The lesson on work ethic and working hard to achieve something is huge to me and it's nice that it is can be reinforced outside the home as well as in. One of my kids in particular would be on an electronic devic...