Search found 9573 matches

by Rick Ferri
Fri Nov 24, 2023 12:46 pm
Forum: Investing - Theory, News & General
Topic: New Bogleheads podcast. Episode 64: Victor Haghani and James White, ”The Missing Billionaires”
Replies: 51
Views: 15403

Re: New Bogleheads podcast. Episode 64: Victor Haghani and James White, ”The Missing Billionaires”

The asset allocation formula in the book is based on the difference between the real TIPS yield and the S&P 500 earnings yield (P/E inverted). I looked at the data. This methodology has worked in the long run, but is VERY blunt. There have been decades when it didn’t add value, and a few shorter periods where it was simply wrong.

I don’t argue with guests, but I do push back on occasion. That’s what I did in this interview. Both Victor and James openly state that a fixed allocation works perfectly fine if religiously applied.

Rick Ferri
by Rick Ferri
Fri Nov 24, 2023 11:26 am
Forum: Investing - Theory, News & General
Topic: New Bogleheads podcast. Episode 64: Victor Haghani and James White, ”The Missing Billionaires”
Replies: 51
Views: 15403

Re: New Bogleheads podcast. Episode 64: Victor Haghani and James White, ”The Missing Billionaires”

Victor lost much of his wealth in the LTCM blowup. He admits it was 9 figures. The company had returned a meaningful amount of capital to the outside investors by that time, leaving their personal money exposed. This is the lesson about “are you a stock or a bond?”. Victor was clearly a stock.
by Rick Ferri
Fri Nov 24, 2023 7:28 am
Forum: Investing - Theory, News & General
Topic: New Book on the Life Cycle Model - "The Missing Billionaires: A Guide to Better Financial Decisions"
Replies: 154
Views: 33607

Re: New Book on the Life Cycle Model - "The Missing Billionaires: A Guide to Better Financial Decisions"

Rick Ferri wrote: Tue Nov 21, 2023 11:37 am Victor Haghani and James White are my guests on the next Bogleheads on Investing podcast.

It will be available the week of November 27.

Rick Ferri
This podcast is now posted...

viewtopic.php?t=417347
by Rick Ferri
Fri Nov 24, 2023 7:27 am
Forum: Investing - Theory, News & General
Topic: New Bogleheads podcast. Episode 64: Victor Haghani and James White, ”The Missing Billionaires”
Replies: 51
Views: 15403

New Bogleheads podcast. Episode 64: Victor Haghani and James White, ”The Missing Billionaires”

My podcast guests Victor Haghani and James White are co-authors of " The Missing Billionaires, A Guide to Better Financial Decisions. " This fascinating book discusses accumulating wealth, investment risk-sizing, and making better financial decisions. Here is the link> Episode 64: Victor Haghani and James White, ”The Missing Billionaires,” host Rick Ferri Markets have behaved very well for 100 years, resulting in real profits for investors. However, few rich families from the early 1900s have been able to retain their wealth despite exceptional returns in the markets. The problem isn’t that people make poor decisions about what to invest in, they make poor “risk decisions” about how much risk to take and when to take it. This podc...
by Rick Ferri
Tue Nov 21, 2023 11:37 am
Forum: Investing - Theory, News & General
Topic: New Book on the Life Cycle Model - "The Missing Billionaires: A Guide to Better Financial Decisions"
Replies: 154
Views: 33607

Re: New Book on the Life Cycle Model - "The Missing Billionaires: A Guide to Better Financial Decisions"

Victor Haghani and James White are my guests on the next Bogleheads on Investing podcast.

It will be available the week of November 27.

Rick Ferri
by Rick Ferri
Tue Nov 21, 2023 10:45 am
Forum: Personal Investments
Topic: What is the best fund or ETF for taxable total world stock market?
Replies: 20
Views: 2991

Re: What is the best fund or ETF for taxable total world stock market?

You'd be better off with two funds in a taxable account to receive the foreign tax credit in the foreign fund. Otherwise, you will not receive it because less the 50% of the global equity index fund (VT) is in foreign stocks.

60% in VTSAX or VTI (ETF)
40% in VTIAX or VXUS (ETF)

Rick Ferri
by Rick Ferri
Wed Nov 01, 2023 10:01 am
Forum: Investing - Theory, News & General
Topic: William Bernstein on TIPS, asset allocation, and four deep risks
Replies: 189
Views: 30425

Re: William Bernstein on TIPS, asset allocation, and four deep risks

Our philosophy is universal, but each strategy is personal.

VTIPS works for me. To each his or her own. :happy

Rick
by Rick Ferri
Mon Oct 30, 2023 10:32 am
Forum: Investing - Theory, News & General
Topic: William Bernstein on TIPS, asset allocation, and four deep risks
Replies: 189
Views: 30425

Re: William Bernstein on TIPS, asset allocation, and four deep risks

hudson wrote: Mon Oct 30, 2023 6:25 am Thanks again Rick Ferri!
Is there a text version of the podcast?
Transcripts for all episodes are eventually posted on the Bogle Center website.

Rick Ferri
by Rick Ferri
Sun Oct 29, 2023 9:17 pm
Forum: Investing - Theory, News & General
Topic: William Bernstein on TIPS, asset allocation, and four deep risks
Replies: 189
Views: 30425

Re: William Bernstein on TIPS, asset allocation, and four deep risks

I removed a post requesting Dr. Bernstein's opinion of dynastic wealth in America (assets which are passed down in a family), upward mobility, along with the rapid increase of US debt. Discussion of topics in the podcast does not imply they can be discussed here. See: Non-actionable or Trolling Topics If readers can't do anything with the content of a topic other than argue about it, it does not belong here. Examples include: US or world economic, political, tax, health care and climate policies conspiracy theories of any type discussions of the crimes, shortcomings or stupidity of other people, whether they be political figures, celebrities, CEOs, Fed chairmen, subprime mortgage borrowers, lottery winners, federal "bailout" reci...
by Rick Ferri
Sun Oct 29, 2023 1:55 pm
Forum: Investing - Theory, News & General
Topic: William Bernstein on TIPS, asset allocation, and four deep risks
Replies: 189
Views: 30425

Re: William Bernstein on TIPS, asset allocation, and four deep risks

CloseEnough wrote: Sun Oct 29, 2023 1:10 pm
Rick Ferri wrote: Sun Oct 29, 2023 12:12 pm Because the 0.10% fee was not worth it to him. Bill knows how to buy individual TIPs, and it doesn’t take any longer than buying an ETF. You may be different.

Thanks for this response. Now I understand it. I'll take a look at my DAF to consider what I might donate to the Bogle Center.
Excellent! Thank you for your generosity. It helps!

FWIW, I own VTIP because I’m too lazy to buy individual bonds.
by Rick Ferri
Sun Oct 29, 2023 12:12 pm
Forum: Investing - Theory, News & General
Topic: William Bernstein on TIPS, asset allocation, and four deep risks
Replies: 189
Views: 30425

Re: William Bernstein on TIPS, asset allocation, and four deep risks

Because the 0.10% fee was not worth it to him. Bill knows how to buy individual TIPs, and it doesn’t take any longer than buying an ETF. You may be different.
by Rick Ferri
Sun Oct 29, 2023 9:41 am
Forum: Investing - Theory, News & General
Topic: William Bernstein on TIPS, asset allocation, and four deep risks
Replies: 189
Views: 30425

William Bernstein on TIPS, asset allocation, and four deep risks

I'm back hosting the "Bogleheads on Investing" podcast after a five-month sabbatical. Thanks to Jon Luskin for filling in during my absence! Our guest this month is Dr. Bill Bernstein. We discuss TIPS, asset allocation, and investing in a changing world.

Here is the LINK>

Episode 63: Dr. William Bernstein on TIPS, asset allocation, and four deep risks.

This podcast is funded by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation to the Bogle Center is appreciated!

Your host,
Rick Ferri
by Rick Ferri
Thu Oct 19, 2023 2:09 pm
Forum: Investing - Theory, News & General
Topic: WSJ: "60-40 Investing Strategy Just Had Its Worst Year in Generations"
Replies: 72
Views: 12903

Re: WSJ: "60-40 Investing Strategy Just Had Its Worst Year in Generations"

It’s true the classic 60/40 stock-bond portfolio had a bad 2022, but that doesn’t make it a bad long-term strategy. A 60/40 portfolio “reduces the probability” of a large loss, it does not eliminate losses. If you were told anything else, you were told in error.

Rick Ferri
by Rick Ferri
Thu Oct 05, 2023 8:17 am
Forum: US Chapters
Topic: Sad News - LadyGeek's Mom has passed
Replies: 158
Views: 38175

Re: Sad News - LadyGeek's Mom has passed

So sorry for your loss. :(
by Rick Ferri
Thu Sep 21, 2023 7:29 am
Forum: Investing - Theory, News & General
Topic: IT’S TIME: REGISTER FOR THE 2023 BOGLEHEADS CONFERENCE
Replies: 128
Views: 29958

Re: IT’S TIME: REGISTER FOR THE 2023 BOGLEHEADS CONFERENCE

Miles131 wrote: Wed Sep 06, 2023 5:16 pm I cannot make it this year. Are there tentative dates and location for 2024? I would love to attend.
The location and tentative date of the 2024 conference will be announced on the last day of this year’s conference.
by Rick Ferri
Fri Sep 01, 2023 9:06 am
Forum: Investing - Theory, News & General
Topic: Why are there not more low-cost financial advisory firms?
Replies: 142
Views: 14004

Re: Why are there not more low-cost financial advisory firms?

Hey Rick, one idea that came up in this thread is that financial planners and asset managers should be seen as distinct from each other. Do you think advisors should only offer one of the two services, financial planning or asset management? Yes, and a good point. I had a great relationship with Sheryl Garrett and members of the Garrett planning network. My firm would manage client money, and a Garrett planner would do deep financial planning work for a flat fee or hourly fee. It worked great, and very economical. That’s basically what I’m doing with Ken Carbaugh’s firm and Vanguard PAS, only this time I’m the the hourly adviser and I refer Ken and PAS for portfolio management when the client decides not to DIY (Disclosure: I am on Ken’s i...
by Rick Ferri
Thu Aug 31, 2023 6:03 pm
Forum: Investing - Theory, News & General
Topic: Why are there not more low-cost financial advisory firms?
Replies: 142
Views: 14004

Re: Why are there not more low-cost financial advisory firms?

$2500 minimum would be a lot more than .25% until you approach $1,000,000. For someone earlier on their path, it could be 2.5% or 25%! Robo advisors don’t offer a full personal service. But they can manage a $10k portfolio for a few bucks a year. There are client minimums. Mine was $500,000 in investment assets per household. That would be 0.5% to start, gradually decreasing to 0.25% as the assets grew to $1 million. I’d use a Vanguard balanced index fund for $100,000 account rather than a robo adviser. Why make things complicated? Hello Rick. Thanks for all the work you do for the bogleheads. What I understand your saying is the 0.25% AUM is pure profit for any portfolio above $1,000,000. That’s correct. Larger accounts provided almost al...
by Rick Ferri
Wed Aug 30, 2023 9:15 pm
Forum: Investing - Theory, News & General
Topic: Why are there not more low-cost financial advisory firms?
Replies: 142
Views: 14004

Re: Why are there not more low-cost financial advisory firms?

Robo advising is nothing more than the implementation of a model portfolio after completing a short questionnaire. That is not the same as speaking with a real person. A human adviser who is any good will ask about taxes, income, employer retirement, 401k/403b/457 options, legacy goals, and a wide range of other topics, then craft a strategy for everything. It’s a tailored approach. BTW, new client intake does take about four hours, but it’s one time. Annual updates take only about one or two hours per year. The actual management of the account can take another four or five hours per year with the first year being higher. All totaled, the first year hours are 12-15, then it drops off to about 8. Thus, at 0.25% AUM with a $2,500 per year min...
by Rick Ferri
Wed Aug 30, 2023 3:06 pm
Forum: Investing - Theory, News & General
Topic: Why are there not more low-cost financial advisory firms?
Replies: 142
Views: 14004

Re: Why are there not more low-cost financial advisory firms?

To clear up any misconception, my firm was absolutely profitable at 0.25% AUM with a $2,500 per year family minimum. I did it by keeping overhead low and by making less income than higher cost advisers. There are firms doing this today, as I noted in my previous post. Any adviser who doubts likely has much higher fees and doesn’t want to lower the amount of profit they make. It really is that simple.

Rick Ferri
by Rick Ferri
Wed Aug 30, 2023 9:48 am
Forum: Investing - Theory, News & General
Topic: Why are there not more low-cost financial advisory firms?
Replies: 142
Views: 14004

Re: Why are there not more low-cost financial advisory firms?

Although Portfolio Solutions didn’t exist for long after I retired from the firm and sold my equity, I am on the investment committee of a firm that is owned and managed by Ken Carbaugh, who was my lead portfolio manager at Portfolio Solutions for over a decade. He adopted the very low-fee AUM and fixed fee strategy. I cannot write the name of the company here due to forum rules, but you can search for it.

Rick Ferri
by Rick Ferri
Thu Jul 27, 2023 11:25 am
Forum: Investing - Theory, News & General
Topic: Rick Ferri: Asset Location Doesn't Matter
Replies: 50
Views: 8827

Re: Rick Ferri: Asset Location Doesn't Matter

What I think about tax matters in a particular situation for a particular person should have little bearing on you or your situation. Asset location works well for some people, including myself, and it doesn’t matter for others. The philosophy of low cost investing including tax control is universal to Bogleheads, how you create a strategy to suit yourself is personal to you.

Rick Ferri
by Rick Ferri
Wed Jul 26, 2023 12:13 pm
Forum: Investing - Theory, News & General
Topic: Rick Ferri: Asset Location Doesn't Matter
Replies: 50
Views: 8827

Re: Rick Ferri: Asset Location Doesn't Matter

Sometimes quotes are taken out of context. Asset location does matter for people in a high tax bracket. It may not matter for people in a low tax bracket. Thus, it depends (individual strategy ALWAYS depends).

The main issue with asset location often isn’t the strategy, it’s allocating by account type could cause behavioral tasing issues for people who become fixated on only bear market performance of stocks in the taxable account and fail to look across all their accounts to see the big picture. Those people should forgo asset location and have balanced portfolios in all accounts.

Rick Ferri
by Rick Ferri
Fri Jul 21, 2023 11:25 pm
Forum: Investing - Theory, News & General
Topic: Total Stock Market Manager Interview [with Vanguard's Gerry O'Reilly]
Replies: 4
Views: 1111

Re: Total Stock Market Manager Interview

I will interview Gerry O'Reilly live and in person during the 2023 Bogleheads Conference.

Rick
by Rick Ferri
Mon Jul 03, 2023 1:05 pm
Forum: Investing - Theory, News & General
Topic: How many of years is generally accepted to know if a manager has skill over luck?
Replies: 153
Views: 14130

Re: How many of years is generally accepted to know if a manager has skill over luck?

How many of years is generally accepted to know if a manager has skill over luck?
About 30 years - most of a manager's professional career.

Rick Ferri
by Rick Ferri
Mon Jul 03, 2023 12:59 pm
Forum: Investing - Theory, News & General
Topic: Cap weighting individuals stocks?
Replies: 19
Views: 1451

Re: Cap weighting individuals stocks?

It doesn't matter. You should not count on your stock-picking prowess to deliver alpha regardless of how you weigh the stocks.

Do whatever you want, just don't do much of it and you'll be OK until you realize you are not Warren Buffett.

Rick Ferri
by Rick Ferri
Mon Jul 03, 2023 12:53 pm
Forum: Investing - Theory, News & General
Topic: Why do TDIFs glide down to 30/70 in retirement?
Replies: 117
Views: 10176

Re: Why do TDIFs glide down to 30/70 in retirement?

Check out this article by Rick Ferri. The Center Of Gravity For Retirees I wonder if Rick still stands by this (article is from 2015, well before the collapse of nearly every asset class last year) ... Most everything I've been reading seems to indicate a much better chance of a portfolio surviving a 30+ year retirement is to have a 50/50 or higher percentage of stocks. Of course! My time horizon is longer than one year. Also, the 70% fixed income position is a starting point to think about a retirement portfolio. It doesn't mean every retiree should have 70% in fixed income and 30% in stocks. Your strategy is based on your unique situation and ability to handle risk. More to the point is that you should have AT LEAST 30% to overcome infla...
by Rick Ferri
Fri Jun 16, 2023 5:22 pm
Forum: Investing - Theory, News & General
Topic: What's in Rick Ferri's portfolio?
Replies: 132
Views: 34628

Re: What's in Rick Ferri's portfolio?

in your practice, if you have ever appl ... dvice....

No, but when people tell me they're going to cut back on equity exposure at some point if the market is close to 20x expected earnings (which helps eliminate downward spikes in earnings that distort PE), I tell them it's typically better timing to do it when the expected PE is high than when it's low.

Rick Ferri
by Rick Ferri
Sun Jun 04, 2023 10:04 pm
Forum: Investing - Theory, News & General
Topic: What's in Rick Ferri's portfolio?
Replies: 132
Views: 34628

Re: What's in Rick Ferri's portfolio?

I still don't understand Rick's position on NOT rebalancing (outside of new cash contributions).... I fundamentally don't get how you ignore the risk changes that causes. I understand the reverse glidepath for people that want to give money at death, so you can let the stock percentage grow.
Some confusion here. I tell people not to rebalance in taxable accounts if the rebalancing creates taxable gains. Use your tax-deferred IRA/401k/403b/etc to rebalance instead.

Ruck Ferri
by Rick Ferri
Wed May 17, 2023 9:17 pm
Forum: Investing - Theory, News & General
Topic: What's in Rick Ferri's portfolio?
Replies: 132
Views: 34628

Re: What's in Rick Ferri's portfolio?

carminered2019 wrote: Tue May 16, 2023 11:47 pm Thank you for an awesome video.

If a portfolio is big like 100x at age 65 and not needing to touch the portfolio, then it's better to just keep 15x-20x in a safe asset, never rebalance and put the rest in equities instead of doing an AA% ?
Most of the money in a large 100x portfolio should be invested for the benefit of heirs or charities where the money will go. This usually means more equity for growth. If rebalancing causes taxes, then I wouldn't sell stock to rebalance. Let the dividends flow into cash and use that to rebalance, and let the equity value ride. This will likely cause a 'reverse glide-path' over time (higher AA to equity) but that's ok.
by Rick Ferri
Tue May 16, 2023 12:14 pm
Forum: Investing - Theory, News & General
Topic: What's in Rick Ferri's portfolio?
Replies: 132
Views: 34628

Re: What's in Rick Ferri's portfolio?

Larry can do whatever he wishes with his portfolio; however, there is no “evidence” that preferred stock is not a viable asset class. If it was not a valid investment with a comparable risk and return to other long-term corporate debt, it would not exist for long in the capital markets.
by Rick Ferri
Sat May 06, 2023 12:30 pm
Forum: Investing - Theory, News & General
Topic: The 3 Components of Successful Investing with Rick Ferri by Peter Lazaroff
Replies: 6
Views: 2170

Re: The 3 Components of Successful Investing with Rick Ferri by Peter Lazaroff

Strategy is what your portfolio consists of based on your goals and the investments you have access to.
by Rick Ferri
Fri May 05, 2023 6:20 pm
Forum: Investing - Theory, News & General
Topic: The 3 Components of Successful Investing with Rick Ferri by Peter Lazaroff
Replies: 6
Views: 2170

The 3 Components of Successful Investing with Rick Ferri by Peter Lazaroff

Please allow yourself 30 minutes to listen to an interview I did with my friend Peter Lazaroff that covers my version of simple investing. I think it will be worth your time.

The 3 Components of Successful Investing with Rick Ferri
by Peter Lazaroff


Rick Ferri
by Rick Ferri
Sat Apr 29, 2023 5:24 pm
Forum: Investing - Theory, News & General
Topic: Rick Ferri surprised me a bit
Replies: 75
Views: 20264

Re: Rick Ferri surprised me a bit

Asset location works well for people who can visualize their asset classes across accounts while individual account management (silos) works for those who would rather not deal with across-account asset management.

Rick Ferri
by Rick Ferri
Fri Apr 28, 2023 8:48 pm
Forum: Investing - Theory, News & General
Topic: Dr. Derek Horstmeyer of George Mason Univ.'s School of Business is my latest guest on "Bogleheads on Investing"
Replies: 15
Views: 2406

Re: Dr. Derek Horstmeyer of George Mason Univ.'s School of Business is my latest guest on "Bogleheads on Investing"

petulant wrote: Fri Apr 28, 2023 4:44 pm Are we really talking about high yield and preferred funds based solely on backtest data with no qualification (like rising interest rates over the test period)? I like a lot of these episodes and hate to be negative nancy but that is fallacy 101 on the BH forum. And I am no reflexive preferred or high yield basher. But come on, Rick.
These asset classes would not exist for long if the return was not aligned with the risk. You’re paid for the risk that you take. That’s all that’s being said about these asset classes. The fallacy is on the side of the people who say these asset glasses do not generate enough return for the risk being taken. That isn’t true.
by Rick Ferri
Fri Apr 28, 2023 1:27 pm
Forum: Investing - Theory, News & General
Topic: Dr. Derek Horstmeyer of George Mason Univ.'s School of Business is my latest guest on "Bogleheads on Investing"
Replies: 15
Views: 2406

Re: Dr. Derek Horstmeyer of George Mason Univ.'s School of Business is my latest guest on "Bogleheads on Investing"

Stinky wrote: Fri Apr 28, 2023 10:13 am As always, I enjoyed the podcast. Dr. Horstmeyer has done a tremendous amount of research into investment topics, and this is one of those podcasts that I'll listen to two (or three) times to make sure I catch all the nuggets.

But, one of the most interesting parts of the podcast is when Rick announced that he is taking off on a five month car trip with his wife, heading north with the ultimate destination of the Arctic Ocean. It sounds like he'll be back in the "lower 48" in time for the BH conference in October.

Best wishes on the trip of a lifetime. And the podcast will still be bringing out new episodes in the capable hands of Jon Luskin.
Thank you!

Rick
by Rick Ferri
Fri Apr 28, 2023 8:53 am
Forum: Investing - Theory, News & General
Topic: Dr. Derek Horstmeyer of George Mason Univ.'s School of Business is my latest guest on "Bogleheads on Investing"
Replies: 15
Views: 2406

Re: Dr. Derek Horstmeyer of George Mason Univ.'s School of Business is my latest guest on "Bogleheads on Investing"

Great discussion, Rick. I always enjoy these podcasts. My. Horstmeyer's comment about junk bonds was very interesting and prompted me to do a little more research on the subject. Below is a link to an article by Mr. Horstmeyer on junk bond returns. I've been dismissive of junk bonds in the past, adopting the popular stance of "take your risk in equities". But now that I see the data, I'm wondering why junk bonds don't seem to get much attention on the Bogleheads forum? Slightly below equity returns with much less volatility it seems historically. https://researchshorts.com/wsj-are-junk-bonds-good-long-term-investments-6bb6c0057a39 I wrote about the benefit of adding a small amount of high-yield bonds to a portfolio more than 15 y...
by Rick Ferri
Fri Apr 28, 2023 2:56 am
Forum: Investing - Theory, News & General
Topic: Dr. Derek Horstmeyer of George Mason Univ.'s School of Business is my latest guest on "Bogleheads on Investing"
Replies: 15
Views: 2406

Re: Dr. Derek Horstmeyer of George Mason Univ.'s School of Business is my latest guest on "Bogleheads on Investing"

Should you own high-yield bonds? How about preferred stock or single-state municipal funds?

Lots of great information in this podcast. 👍
by Rick Ferri
Thu Apr 27, 2023 10:41 am
Forum: Investing - Theory, News & General
Topic: Dr. Derek Horstmeyer of George Mason Univ.'s School of Business is my latest guest on "Bogleheads on Investing"
Replies: 15
Views: 2406

Dr. Derek Horstmeyer of George Mason Univ.'s School of Business is my latest guest on "Bogleheads on Investing"

LINK TO PODCAST:

Episode 057: Dr. Derek Horstmeyer on multiple investment topics.

Dr. Derek Horstmeyer, Professor of Finance at George Mason University's School of Business is my latest guest on "Bogleheads on Investing." His unique teaching style gets students involved and published! We discuss many investment topics in this episode, including high-yield bonds, preferred stocks, municipal bonds, market timing, and factor investing.

This podcast is supported by the John C. Bogle Center for Financial Literacy, a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation to the Bogle Center is greatly appreciated.

Rick Ferri
Your Host
by Rick Ferri
Mon Apr 24, 2023 11:58 am
Forum: Investing - Theory, News & General
Topic: IT’S TIME: REGISTER FOR THE 2023 BOGLEHEADS CONFERENCE
Replies: 128
Views: 29958

Re: IT’S TIME: REGISTER FOR THE 2023 BOGLEHEADS CONFERENCE

Elsebet wrote: Mon Apr 24, 2023 9:48 am If we are interested in volunteering during the event, how do we sign up for that? If it is by posting here, please consider this my application.
Please email cbenz@bogle.center

Thanks!
by Rick Ferri
Thu Apr 20, 2023 9:29 am
Forum: Investing - Theory, News & General
Topic: SPY had a much higher rate of return than QQQ over a long-term investment period.
Replies: 53
Views: 7379

Re: SPY had a much higher rate of return than QQQ over a long-term investment period.

burritoLover wrote: Wed Apr 19, 2023 3:27 pm
Rick Ferri wrote: Wed Apr 19, 2023 3:19 pm Why does anyone care about QQQ? It's not following any logical index. It's a marketing gimmick for the NASDAQ. I hope Bogleheads are not making investment decisions based on the exchange a stock trades on. :shock:
Check out posts from mid 2020 through 2021 like the following:

Warren Buffett's 90/10 portfolio strategy using only QQQ and cash
viewtopic.php?t=337082

Is QQQ (Nasdaq100) better reflective of new economy
viewtopic.php?t=315106
When the NASDAQ 100 happens to outperform the broad market, QQQ buyers will say all types of things to validate their opinion. Don't get sucked in. Buy the market and stay the course.

Rick Ferri
by Rick Ferri
Wed Apr 19, 2023 3:19 pm
Forum: Investing - Theory, News & General
Topic: SPY had a much higher rate of return than QQQ over a long-term investment period.
Replies: 53
Views: 7379

Re: SPY had a much higher rate of return than QQQ over a long-term investment period.

Why does anyone care about QQQ? It's not following any logical index. It's a marketing gimmick for the NASDAQ. I hope Bogleheads are not making investment decisions based on the exchange a stock trades on. :shock:
by Rick Ferri
Wed Apr 19, 2023 7:06 am
Forum: Investing - Theory, News & General
Topic: SPY had a much higher rate of return than QQQ over a long-term investment period.
Replies: 53
Views: 7379

Re: SPY had a much higher rate of return than QQQ over a long-term investment period.

They are two complex different indices.

The S&P 500 is a cross-section of 500 mostly large companies across all exchanges and includes all sectors. QQQ follows the NASDAQ 100, which tracks the 100 largest companies listed on that single exchange and does not include financials stocks.

Frankly, the NASDAQ 100 is a poorly designed index who’s only purpose is the market the NASDAQ. It was created in the 90s after the New York Stock Exchange created their own useless indices. The fact that QQQ became a popular ETF shows how little people know about the investments they buy.

Rick Ferri
by Rick Ferri
Tue Apr 18, 2023 4:33 pm
Forum: Investing - Theory, News & General
Topic: IT’S TIME: REGISTER FOR THE 2023 BOGLEHEADS CONFERENCE
Replies: 128
Views: 29958

Re: IT’S TIME: REGISTER FOR THE 2023 BOGLEHEADS CONFERENCE

The conference will run from 1 p.m. on Friday, Oct. 13, through 12 p.m. on Sunday, Oct. 15. ... You can make hotel reservations and receive the special conference rate of $135/night via https://book.passkey.com/event/50527737/owner/2644099/home . From my point of origin, I can't fly (at a reasonable price point) on Oct. 13 and get to the conference by 1pm. Therefore, if I want to attend the full conference, I'll have to arrive in the area by Oct. 12. The link above didn't allow me to include the night of Oct. 12 in the reservation. Does this mean the conference discount is for the nights of the 13th and 14th only? Google shows the hotel as being $212 for the 12th, so I guess that's an option. Interesting. I was able to book through the lin...
by Rick Ferri
Wed Apr 12, 2023 6:28 pm
Forum: Investing - Theory, News & General
Topic: IT’S TIME: REGISTER FOR THE 2023 BOGLEHEADS CONFERENCE
Replies: 128
Views: 29958

Re: IT’S TIME: REGISTER FOR THE 2023 BOGLEHEADS CONFERENCE

I’m looking forward to interviewing Gerry O’Reilly, manager of the Vanguard Total Market Index Fund.

See you there!

Rick Ferri :oops:
by Rick Ferri
Sun Mar 26, 2023 7:46 pm
Forum: Investing - Theory, News & General
Topic: This month's "Bogleheads on Investing" podcast is an enlightening conversation with Dr. Daniel Crosby
Replies: 8
Views: 2205

This month's "Bogleheads on Investing" podcast is an enlightening conversation with Dr. Daniel Crosby

Episode 056: Dr. Daniel Crosby on the behavioral investor Dr. Daniel Crosby is a psychologist and behavioral finance expert who helps organizations and individuals understand the intersection of mind and markets. He was named one of the “12 Thinkers to Watch” by Monster.com, a “Financial Blogger You Should Be Reading” by AARP, and a member of InvestmentNews prestigious "40 Under 40". Dr. Crosby was educated at Brigham Young and Emory Universities and is the author of several books on behavioral finance. His first book, Personal Benchmark: Integrating Behavioral Finance and Investment Management , was a New York Times bestseller. His second book, The Laws of Wealth , was named the best investment book of 2017 by the Axiom Business...
by Rick Ferri
Tue Mar 21, 2023 9:56 am
Forum: Investing - Theory, News & General
Topic: MUST LISTEN "Bogleheads on Investing" podcast with financial historian Edward Chancellor
Replies: 165
Views: 23145

Re: MUST LISTEN "Bogleheads on Investing" podcast with financial historian Edward Chancellor

The Bogleheads on Investing podcast is for educational purposes only. The selection of guests and topics are designed to broaden your understanding of the financial markets, taxes, and personal finance in general. No discussion includes a recommendation to start market-timing or trade securities in an attempt to beat the market. Should you decide to take action based on any idea or opinion, that is your own choice.

Rick Ferri
by Rick Ferri
Fri Mar 17, 2023 5:54 pm
Forum: Personal Investments
Topic: Rick Ferri and Three Fund Portfolio - Rebalancing?
Replies: 21
Views: 3947

Re: Rick Ferri and Three Fund Portfolio - Rebalancing?

hotajax wrote: Thu Mar 16, 2023 2:51 pm Does Rick recommend rebalance, or is it truly a lazy portfolio and you, the customer, are really hands off?
I cannot find any reference to rebalancing or not rebalancing "lazy" portfolios.
It depends on whether it's a taxable account or non-taxable.

Yes, for non-taxable, usually covered by new contributions or withdrawals. Otherwise, once per year is fine.

Not much for taxable unless you can do it while tax-loss harvesting or using new cash.
by Rick Ferri
Fri Mar 10, 2023 9:43 am
Forum: Investing - Theory, News & General
Topic: MUST LISTEN "Bogleheads on Investing" podcast with financial historian Edward Chancellor
Replies: 165
Views: 23145

Re: MUST LISTEN "Bogleheads on Investing" podcast with financial historian Edward Chancellor

I just listened. This sort of boils down to my earlier thread on liability matching portfolios, that was started in 2012 and was recently revived. So I’ll ask my big TIPS question here: Does Mr. Chancellor, anywhere, discuss the big “taxflation” problem of owning TIPS for high income investors with large taxable portfolios? He does not on this podcast. Rick Ferri, maybe YOU can chime in on this. For large taxable investors who believe we're headed for a 1966-1981 type period, what's the optimal thing to do? No crystal ball here. As Chancellor pointed out, during the 1966 to 1981 period, it would not have been fun owning a 60/40 portfolio. Neither stocks nor bonds generated returns over the inflation rate due to unexpectedly high inflation....