Search found 41 matches

by winguy
Wed Jan 14, 2015 7:54 am
Forum: Investing - Theory, News & General
Topic: Do REITs have higher expected return than the broad market?
Replies: 3
Views: 948

Do REITs have higher expected return than the broad market?

Hi, I'm from Singapore. REITs are very popular here. There is a lot of seductive noise about REITs since a few years ago, from the media, blogs, forums, etc. I think it is largely due to its total return coming from distributions, which is a draw to many investors seeking "passive" income (I personally disagree that it is passive). But, do REITs have higher expected return than the broad market, especially in asia?
by winguy
Tue Dec 16, 2014 9:10 am
Forum: Investing - Theory, News & General
Topic: Bought in, and then they start tumbling
Replies: 67
Views: 12047

Re: Bought in, and then they start tumbling

Dear bogleheads, it has happened again. Bought on 15th according to plan, when local markets here dropped 1.0%. On 16th, it dropped 2.4%. Who knows what will happen next...

Stay the course and continue to buy on 15th of every month according to plan... :|
by winguy
Tue Sep 23, 2014 8:59 am
Forum: Personal Investments
Topic: Dilemma: manual buy & lower cost vs auto plan & higher cost
Replies: 6
Views: 729

Re: Dilemma: manual buy & lower cost vs auto plan & higher c

Thank you all for the replies so far. If ETF A and B track the same index AND then you sell ETF A and immediately buy ETF B, I don't see how you would sell low and buy high (or sell high and buy low) or whatever. Are you saying that ETF A and B are not held at the same custodian, so you would have to sell ETF A, wait for settlement and then transfer to other custodian, then buy ETF B? If that is the case, can you borrow money so that you can sell and buy at the same time? (Margin loan, sell, wire money, buy)? I would not worry about the 0.1% difference in expense ratio myself. They are not held at the same custodian. And I would have to use the automatic plan's buy date to buy into ETF B. The gap from selling ETF A to buying ETF B is about ...
by winguy
Mon Sep 22, 2014 6:48 pm
Forum: Personal Investments
Topic: Dilemma: manual buy & lower cost vs auto plan & higher cost
Replies: 6
Views: 729

Dilemma: manual buy & lower cost vs auto plan & higher cost

Dear Bogleheads, I am not from the US. I now am holding on to ETF A bought manually over the past few years. Roughly a year ago, a bank launched a regular savings plan which allows to buy into ETF B at a fixed date every month. I am interested in the plan as it is relatively hands off and can allow me to avoid the pitfalls of manual trading. However, there are some considerations: 1. ETF A and ETF B track the same index, but ETF B has a higher expense ratio by about 0.1%. 2. If I join the plan, I would like to hold ETF B only. This means selling off all my ETF A and then using the plan to buy ETF B. I could potentially end up selling low and buying high, in addition to the brokerage fees. 3. I still have about 24 years × 12 = 288 months til...
by winguy
Sun Feb 02, 2014 9:19 pm
Forum: Investing - Theory, News & General
Topic: Bought in, and then they start tumbling
Replies: 67
Views: 12047

Re: Bought in, and then they start tumbling

Thanks for all the kind words.

Is January a bad time to buy? The red days continue...
by winguy
Thu Jan 30, 2014 8:14 pm
Forum: Investing - Theory, News & General
Topic: The Three-Fund Portfolio
Replies: 3898
Views: 2435106

Re: The Three Fund Portfolio

Whenever I'm tempted by individual stocks or home bias, I check back in here to keep my sanity. Thanks Bogleheads!
by winguy
Mon Jan 27, 2014 9:36 am
Forum: Investing - Theory, News & General
Topic: Bought in, and then they start tumbling
Replies: 67
Views: 12047

Bought in, and then they start tumbling

Hi,

I seem to have a bad timing when it comes to making contributions to my portfolio. I only contribute quarterly. Last time I did so in bonds, it was just before bonds started to fall. Recently when I did so in stocks, it was just before the recent plunge.

Although I know I am holding for the long-term, it is demoralizing when you buy at the "peak" and then see all the red figures the following days (especially when you do a lump sum). How do you deal with this? How do you make yourself feel happier better?
by winguy
Tue Jan 21, 2014 11:23 am
Forum: Non-US Investing
Topic: Non-US Investor - Portfolio Review [Singapore]
Replies: 33
Views: 6706

Re: Non-US Investor - Portfolio Review

Singapore citizen investing in VWRD , using Saxo platform. What platform are you using?
by winguy
Sun Jan 12, 2014 10:22 am
Forum: Non-US Investing
Topic: [Singapore] Which bond fund?
Replies: 7
Views: 1201

Re: [Singapore] Which bond fund?

timboktoo wrote:If you're so torn between them then have you considered investing in both?

- Tim
Hi,
1 fund is always simpler than 2. I prefer simplicity. But you have a point and I did consider that. But that presents another headache as there will be 1 more choice.
100% of (1), or
100% of (2), or
50% of (1) and 50% of (2).

Which factor(s) should take precedence? Type of bonds (government bonds vs corporate bonds), currency risk, effective expense ratio, trading costs, etc. Thanks.
by winguy
Sat Jan 11, 2014 8:31 am
Forum: Non-US Investing
Topic: [Singapore] Which bond fund?
Replies: 7
Views: 1201

[Singapore] Which bond fund?

Hi, I am from Singapore. I have been asking myself this question since a few years ago, and I find myself still asking the same question. Let me just narrow down to these 2 funds. +ve and -ve points are relative between the 2. (1) ABF Pan Asia Bond Index Fund (ETF listed on Hong Kong stock exchange, traded in USD) http://www.abf-paif.com/hk/eng/index.aspx + Passive + Expense ratio of about 0.18-0.19% + Government bonds + Broad(er) diversification (between the 2 choices) + Went up in 2008 (SGD ~4.28%) and 2011 (SGD ~7.15%) when stocks went down - Currency risk - Singapore government bonds are only about 15% weighting - Commission when buying and selling the ETF (about SGD 25 each trade) - For the broker I use, there is a currency conversion ...
by winguy
Thu Nov 28, 2013 10:13 am
Forum: Non-US Investing
Topic: Question about dividends in ETFs [Netherlands]
Replies: 9
Views: 1293

Re: Question about dividends in ETFs [Netherlands]

dutchie wrote:I'm looking at Vanguard FTSE All-World ETF, TER 0.25%, will be 0.20% in december
Hi, what is the source of this info?
by winguy
Sat Jul 13, 2013 11:26 pm
Forum: Investing - Theory, News & General
Topic: Vanguard FTSE All-World High Dividend Yield ETF
Replies: 14
Views: 4113

Re: Vanguard FTSE All-World High Dividend Yield ETF

Hi, I would like to revisit this.

From this Larry Swedroe's article (Does a high-dividend strategy help or hurt returns?),
If you ask, "Does a strategy of buying stocks that pay relatively high dividends outperform the market?," the answer is yes.
Question:
If you were to choose only 1 global equities fund as a core holding, between FTSE All-World and FTSE All-World High Dividend Yield, which would it be? Or would they just revert to the same mean in the long run (given that FTSE All-World High Dividend Yield is about 50% market cap of FTSE All-World)?

Thanks.
by winguy
Thu Jul 11, 2013 5:56 am
Forum: Non-US Investing
Topic: Investing in Vanguard FTSE All-World ETF on LSE: GBP or USD?
Replies: 5
Views: 4017

Re: Investing in Vanguard FTSE All-World ETF on LSE: GBP or

Hi,
Are you using Standard Chartered for VWRL? Don't use that as it is not cost effective. A better option is Saxo. It is VWRD though. The market maker spreads are decent enough for me.
by winguy
Fri Jun 14, 2013 11:25 pm
Forum: Personal Consumer Issues
Topic: Costco Natural Peanut Butter is Back!
Replies: 26
Views: 9732

Re: Costco Natural Peanut Butter is Back!

How about Adams unsalted natural peanut butter? Do you guys have it in your stores?
http://www.adamspeanutbutter.com/product
by winguy
Sun May 26, 2013 12:45 am
Forum: Non-US Investing
Topic: Swiss taxation (esp inheritance) for non-resident foreigner?
Replies: 1
Views: 678

Re: Swiss taxation (esp inheritance) for non-resident foreig

Any people from Europe or Asia (e.g. Hong Kong) can comment? Thanks.
by winguy
Sun May 26, 2013 12:44 am
Forum: Investing - Theory, News & General
Topic: Vanguard FTSE All-World High Dividend Yield ETF
Replies: 14
Views: 4113

Re: Vanguard FTSE All-World High Dividend Yield ETF

What are Bogleheads' take on whether this is a good replacement for FTSE All-World as a core holding?

How much of REITs are actually originally included FTSE All-World but not in FTSE All-World High Dividend?

Note: FTSE All-World and FTSE All-World High Dividend in Vanguard UK's case are the standard (large and mid) cap indices.
by winguy
Fri May 24, 2013 11:56 pm
Forum: Investing - Theory, News & General
Topic: Vanguard FTSE All-World High Dividend Yield ETF
Replies: 14
Views: 4113

Re: Vanguard FTSE All-World High Dividend Yield ETF

Index factsheet:
http://www.ftse.com/Analytics/FactSheet ... Name=AWHDY

REITs excluded. Returns are highly similar to the parent index?
by winguy
Thu May 23, 2013 2:47 pm
Forum: Non-US Investing
Topic: Swiss taxation (esp inheritance) for non-resident foreigner?
Replies: 1
Views: 678

Swiss taxation (esp inheritance) for non-resident foreigner?

Hi, I am from Singapore. In the absence of decent index funds locally, we look at ETFs listed overseas. One popular option is Irish-domiciled ETFs (e.g. iShares) listed on the London Stock Exchange (LSE). The reason being there is no dividend withholding tax and no inheritance tax for amounts up to the inheritance tax threshold . Recently, a thought came to mind. iShares has some dividend-reinvesting/accumulating classes of ETFs which are cross-listed on the SIX Swiss Exchange. Since there are no distributions, the Swiss dividend withholding tax (35%) is not applicable. The question I have is, if I own these ETFs and pass away, are there any taxes involved (inheritance/estate tax, stamp duty, etc)? Me and my heirs/beneficiaries will of cour...
by winguy
Sat May 18, 2013 1:46 am
Forum: Investing - Theory, News & General
Topic: Is Low-Vol Anomaly really explained by Value factor?
Replies: 51
Views: 4095

Re: Is Low-Vol Anomaly really explained by Value factor?

Hi,
How is minimum volatility doing at a time like this (new highs)?
by winguy
Fri May 10, 2013 7:01 am
Forum: Personal Investments
Topic: Please critique this Singaporean portfolio
Replies: 14
Views: 2753

Re: Please critique this Singaporean portfolio

Another factor that comes to mind is how well the Vanguard ETFs on LSE (i) correlate with their equivalent VTI/VT/VWO, and (ii) track the underlying index. Would someone be able to teach me how to go about calculating that? Hi, First you got to understand the ones on LSE track a different index. Namely, VTI/VT/VWO are "all-cap"/IMI/broad market indices which include small caps. The ones on LSE are the "standard" (large-cap + mid-cap) indices. (i) If you're talking about correlation , then certainly the ones on LSE have high correlation to VTI/VT/VWO because 80% (or more?) of VTI/VT/VWO = VUSA/VWRL/VFEM. 80% may not be accurate but you get what I mean. (ii) I have no doubt on Vanguard's ability to track the underlying in...
by winguy
Thu May 09, 2013 12:55 am
Forum: Personal Investments
Topic: Please critique this Singaporean portfolio
Replies: 14
Views: 2753

Re: Please critique this Singaporean portfolio

Once again, watch out for taxes of US-domiciled ETFs. http://www.bogleheads.org/forum/viewtopic.php?f=1&t=115334 Which local bond ETF are you looking at? ABF Singapore Bond ETF has an ER of about 0.27%. The downside is it has poor market making (large spreads). Equity: My personal take is not to go >50% of equitiy portion in home country. Using your example, 40/90 is <50% which is OK for me personally. Bond: The classical Boglehead's philosophy on bonds is not to take currency risk with it. You can look at Singapore fixed income mutual funds (unit trusts) if you don't like the large spread of ABF Singapore Bond ETF. Although the unit trusts have higher ER, they provide a mix of government and corporate bonds at 0% sales charge. Its a di...
by winguy
Tue Apr 30, 2013 8:03 am
Forum: Non-US Investing
Topic: 16, Singaporean, need advice
Replies: 34
Views: 11484

Re: 16, Singaporean, need advice

Hi durrrr. I find it surprising that you are very concerned about expense ratios, but not estate tax. Is this "cost" (which affect's your family's inheritance) not of concern to you?

See also:
http://www.wilfredling.com/content/view/814/9/
by winguy
Mon Apr 29, 2013 10:13 am
Forum: Investing - Theory, News & General
Topic: Is Low-Vol Anomaly really explained by Value factor?
Replies: 51
Views: 4095

Re: Is Low-Vol Anomaly really explained by Value factor?

Hi,

Since low volatility is explained by value and term risk, does that mean it'll not do well when interest rates rise?
by winguy
Sun Apr 28, 2013 12:05 pm
Forum: Non-US Investing
Topic: 16, Singaporean, need advice
Replies: 34
Views: 11484

Re: 16, Singaporean, need advice

Hi durrrr. TedSwippet has explained it very well. Sorry for my poor explanation.
Now you see where I'm coming from regarding the taxes?

As for STI ETF, I am just an average Joe, not an expert. But I believe one of the reasons why Vanguard only recommends 20-40% of international equities for US investors, or that Canadian (or Australian, etc) model portfolios show a tilt to home equities (e.g. http://canadiancouchpotato.com/model-portfolios/), is currency risk. Psychologically, having a tilt to home country allows me to sleep better as "tracking error" between global equities and home country matters to me. YMMV. :happy
by winguy
Fri Apr 26, 2013 1:10 pm
Forum: Non-US Investing
Topic: 16, Singaporean, need advice
Replies: 34
Views: 11484

Re: 16, Singaporean, need advice

Hi durrrr. I wish I started at 16. :happy For overseas ETFs, look at London Stock Exchange (LSE) instead due to (1) no dividend withholding tax, and (2) no estate/inheritance tax (for amounts below the nil-rate band ). A simple equities portfolio would be STI ETF and Vanguard FTSE All-World ETF on LSE. There is no tilt though. Don't use Standard Chartered for trades in currencies other than SGD (USD is still OK depending on your threshold). This is due to their poor exchange rates (which are typical of banks). For LSE, you can use Saxo Capital Markets . Read this HWZ thread too: http://forums.hardwarezone.com.sg/money-mind-210/newbie-guide-how-find-good-agent-investment-insurance-2818607.html Hope this helps! (Of course many of the above re...
by winguy
Fri Mar 29, 2013 2:41 am
Forum: Investing - Theory, News & General
Topic: Is "Age in Bonds" dead? (From "The Affluent Investor:")
Replies: 60
Views: 11789

Re: Is "Age in Bonds" dead? (From "The Affluent Investor:")

I prefer a age-in-bonds (or similar) kind of de-risking glide path until I hit retirement, and then stick with a constant AA. For example, I could do age-in-bonds minus 10 until I am 60, and then keep a constant 50/50 for the rest of my life.
by winguy
Sun Feb 03, 2013 1:02 am
Forum: Non-US Investing
Topic: Avoid the dividend tax on foreign investors [Hong Kong]
Replies: 43
Views: 8489

Re: Avoid the dividend tax on foreign investors [Hong Kong]

Don't you have a broker to buy ETFs on the London Stock Exchange? No dividend withholding tax and a much higher estate tax-free limit. Search for UK nil rate band.
by winguy
Fri Dec 28, 2012 4:13 am
Forum: Personal Investments
Topic: Your International vs. U.S. Stock Allocation?
Replies: 73
Views: 12690

Re: Your International vs. U.S. Stock Allocation?

How much total currency risk (stocks + bonds) should a Canadian/British/Japanese/etc limit to then? <40%?
by winguy
Thu Dec 27, 2012 7:39 am
Forum: Personal Investments
Topic: Your International vs. U.S. Stock Allocation?
Replies: 73
Views: 12690

Re: Your International vs. U.S. Stock Allocation?

So out of the total portfolio (equities + fixed income + others), <30% total currency risk is acceptable, >30% is not?
by winguy
Sun Dec 23, 2012 12:19 am
Forum: Investing - Theory, News & General
Topic: hidden risk in high yield bonds
Replies: 62
Views: 6957

Re: hidden risk in high yield bonds

Sorry let me rephrase.

Should I invest in HY bonds if they have currency risk?
by winguy
Sat Dec 22, 2012 9:47 pm
Forum: Investing - Theory, News & General
Topic: hidden risk in high yield bonds
Replies: 62
Views: 6957

Re: hidden risk in high yield bonds

Hi, I'm not from the US.

Should HY bonds entail currency risk? Eg USD HY bonds for me.
by winguy
Sun May 27, 2012 11:49 am
Forum: Investing - Theory, News & General
Topic: What would a Greek boglehead do?
Replies: 73
Views: 6716

Re: What would a Greek boglehead do?

I think OP raised a very good question, something which I've long thought about. This does not just apply to Greece but to any country which is only a very small % of the total world market cap and has its own currency. The Bogleheads/passive teachings are pretty straightforward when applied to US because US has the largest market cap (and a significant % too).

Suppose you are a citizen of a "small" country where your currency has been strengthening against the USD historically. How would you build a Boglehead portfolio? How much equities in your home country? How much bonds in your home country? Bear in mind that your country may or may not become the next Greece (in which both equities and bonds suffered).
by winguy
Sat Mar 17, 2012 8:40 am
Forum: Investing - Theory, News & General
Topic: second part: rapid growth of dividend strategy
Replies: 50
Views: 4417

Re: second part: rapid growth of dividend strategy

Hi,

Larry Swedroe says that "High div strategy is nothing more than value strategy, and with the lowest value premium compared to other metrics".

Question:
In the UK, using Emerging Markets as an example, where an investor only has access to either
(1) a broad-based MSCI EM ETF (optimized replication of 400+ stocks), or
(2) a high-dividend strategy EM ETF (of 90+ stocks),
which should the investor go for? Broad-based only, high dividend only, or a mixture of both?
by winguy
Thu Jan 26, 2012 10:32 am
Forum: Personal Investments
Topic: Replace EM with EM Dividend?
Replies: 7
Views: 1308

Re: Replace EM with EM Dividend?

Dear Bogleheads,

I am not financially literate, and so I need your help on this.

I have more or less decided to switch to EM dividend. However I have 2 funds/indices to choose from:
Dow Jones Emerging Markets Select Dividend Index
S&P Emerging Markets Dividend Opportunities Index

Some back-tested info: http://www.djindexes.com/mdsidx/downloa ... _vs_SP.pdf

Can some expert advise, based on the index methodology, which of the 2 would be a sound index to pick? Thanks.
by winguy
Sun Jan 15, 2012 7:09 am
Forum: Non-US Investing
Topic: Estate duty on non-US resident
Replies: 28
Views: 4495

Re: Estate duty on non-US resident

Hi avbferry,

If I am right on where you are from ( :D ), imo there really isn't any better choice than UK (consider estate tax AND dividend withholding tax).

Unless (i) you can put aside a lot of money for your equity investments and (ii) your equities portfolio are 100% in LSE-listed ETFs, what are the chances you will hit the nil-rate band in your lifetime?
by winguy
Sat Jan 07, 2012 2:16 am
Forum: Personal Investments
Topic: Replace EM with EM Dividend?
Replies: 7
Views: 1308

Re: Replace EM with EM Dividend?

Thank you for all your replies. I note that for my case, the prudent way is to diversify and own both EM broad market and EM dividend, as past performance does not predict future performance, and so one does not know which will perform better for the next 20 years. However, such an "slice-and-dice" approach is not cost effective due to brokerage commissions. And I prefer fewer funds as it is simpler and easier to manage. So it brings me back to my original question, should I stick to MSCI EM or replace it with EM dividend? Note that once I buy it, I will be holding it for 20+ years, so what matters to me is total return over 20+ years (I will only be using dividends and new cash to rebalance). Historically, due to the value tilt o...
by winguy
Tue Jan 03, 2012 7:53 am
Forum: Personal Investments
Topic: Replace EM with EM Dividend?
Replies: 7
Views: 1308

Re: Replace EM with EM Dividend?

Appreciate any advice/help rendered! :wink:
by winguy
Mon Jan 02, 2012 4:36 am
Forum: Personal Investments
Topic: Replace EM with EM Dividend?
Replies: 7
Views: 1308

Replace EM with EM Dividend?

Hi,

I am not from the US, and I invest in ETFs listed on the London Stock Exchange (LSE).

My equities portion asset allocation is split between my home country, MSCI World and MSCI EM (exact allocation doesn't matter because that's not the point of the topic here). I came to learn of 2 dividend focused EM ETFs which were listed on LSE recently. There is a related article here:
http://www.marketwatch.com/story/drilli ... 2011-12-12

The question I'm pondering about is, should I replace MSCI EM with the dividend ETF? They seemed to have performed better than MSCI EM historically, and I'm really tempted. Any advice from Bogleheads?

Thanks! 8-)
by winguy
Sat Dec 24, 2011 12:26 am
Forum: Investing - Theory, News & General
Topic: Is Home Bias necessarily bad?
Replies: 51
Views: 6961

Re: Is Home Bias necessarily bad?

larryswedroe wrote: IMO the right starting place is world cap weighting, then add small home country bias to account for higher costs of international funds and lower tax efficiency, so say 50% international instead of almost 60%. And 40% is better than 30 and 30 is better than 20.
Here's a video I came across a few months ago:
http://www.dimensional.com/famafrench/2 ... -bias.html
by winguy
Mon Dec 05, 2011 2:32 am
Forum: Investing - Theory, News & General
Topic: iShares MSCI All Country World Min Vol ACWV
Replies: 15
Views: 4325

Re: iShares MSCI All Country World Min Vol ACWV

The expense ratios are surprisingly reasonable: iShares MSCI USA Minimum Volatility Index Fund (NYSEArca: USMV), 0.15% iShares MSCI EAFE Minimum Volatility Index Fund (NYSEArca: EFAV), 0.20% iShares MSCI Emerging Markets Minimum Volatility Index Fund (NYSEArca: EEMV), 0.25% iShares MSCI All Country World Minimum Volatility Index Fund (NYSEArca: ACWV), 0.35% From http://us.ishares.com/product_info/fund/index.htm : BlackRock Fund Advisors, the investment adviser to the iShares MSCI EAFE Minimum Volatility Index Fund and the iShares MSCI Emerging Markets Minimum Volatility Index Fund, has contractually agreed to waive a portion of its management fees in order to limit Net Expenses to 0.20% and 0.25%, respectively, of average daily net assets ...