Best choice for 100% Stocks?

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Jacobkg
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Best choice for 100% Stocks?

Post by Jacobkg »

There have been several threads recently promoting a 100% stock allocation. This leads to, I think, an important followup question. How should one allocate a 100% Stocks portfolio? I can think of a few options.

i) 100% Total Stock Market - The simplest option. Bogle approved! (except for the whole no bonds thing)

ii) 45% Total US / 55% Total Int'l - Approximates the world market cap distribution. Let the Market decide!

iii) 100% US Small Cap Value - Now things are getting interesting. If we are picking 100% stocks, I think its reasonable to assume that we are pro-risk and seeking to maximize returns, so why not pick a slice that has crushed Total US over the long term.

iv) 30% Small Value / 70% Treasury Bills - This is the most controversial for a post claiming to be about 100% Stock portfolios, but bear with me. This portfolio is expected to have the same return as portfolio 1), but with less risk. It is known as the "Larry Swedroe Portfolio". See, for examlple: http://www.nytimes.com/2011/12/24/your- ... folio.html

What do people think?
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InvestorNewb
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Re: Best choice for 100% Stocks?

Post by InvestorNewb »

Why not 100% World Stock Market - VT?

This is equally simple to your first option.
My Portfolio: VTI [US], VXUS [Int'l], VNQ [REIT], VCN [Canada] (largest to smallest)
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Bogle101
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Re: Best choice for 100% Stocks?

Post by Bogle101 »

100% Total World.
40% Extended Market | 40% S&P 500 | 10% REIT | 5% State Muni Bond | 5% Cash
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grap0013
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Re: Best choice for 100% Stocks?

Post by grap0013 »

Well, you asked....

50% SCV
25% iSCV
25% EMSCV

It has had the smoothest long term returns of any 100% equity allocation due to maximum factor exposure and geographical diversification. It is a fact.
There are no guarantees, only probabilities.
boggler
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Re: Best choice for 100% Stocks?

Post by boggler »

grap0013 wrote:Well, you asked....

50% SCV
25% iSCV
25% EMSCV

It has had the smoothest long term returns of any 100% equity allocation due to maximum factor exposure and geographical diversification. It is a fact.
Did it have the highest returns as well?
John3754
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Re: Best choice for 100% Stocks?

Post by John3754 »

Jacobkg wrote:There have been several threads recently promoting a 100% stock allocation....
I've seen many threads discussing a 100% stock allocation, but I've never seen a thread promoting a 100% stock allocation.

As far as how one should allocate a 100% stock portfolio...thats pretty much an unanswerable question without being able to see the future. That said, the simplest answer would be total US stock market or total world stock market, depending on how you feel about international stocks.
Last edited by John3754 on Tue Jan 07, 2014 6:41 pm, edited 2 times in total.
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g$$
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Re: Best choice for 100% Stocks?

Post by g$$ »

Bogle101 wrote:100% Total World.
+1
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Trailbreaker1
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Re: Best choice for 100% Stocks?

Post by Trailbreaker1 »

There's probably no right answer for this. I'm 100% stocks and my portfolio is this...

Total stock market index- 65%
Total international stock market index - 15%
Small cap value index - 20%

There so many other ways to do it. The most important thing about going all stocks is your investment behavior (especially during bear markets). Before going all stocks I recommend the following...

- have a stable job
- have no debt (except for a mortgage)
- have enough cash in the bank that makes you feel comfortable ( typically 6 months worth of expenses).
- have read chapter 8 in the intelligent investor and understand it forwards n backwards.
- DCA during any and every market condition
- have a long term investing time horizon (10-40 years)

Nothing wrong with 100% stocks indexes. American and international businesses will do very well over time.

Good luck bro! :)
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Longtimelurker
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Re: Best choice for 100% Stocks?

Post by Longtimelurker »

Trailbreaker1 wrote:There's probably no right answer for this. I'm 100% stocks and my portfolio is this...

Total stock market index- 65%
Total international stock market index - 15%
Small cap value index - 20%

There so many other ways to do it. The most important thing about going all stocks is your investment behavior (especially during bear markets). Before going all stocks I recommend the following...

- have a stable job
- have no debt (except for a mortgage)
- have enough cash in the bank that makes you feel comfortable ( typically 6 months worth of expenses).
- have read chapter 8 in the intelligent investor and understand it forwards n backwards.
- DCA during any and every market condition
- have a long term investing time horizon (10-40 years)

Nothing wrong with 100% stocks indexes. American and international businesses will do very well over time.

Good luck bro! :)

Why choose to highlight chapter 8, when you ignore chapter 4 (the one that says NEVER have more than 75% equities, or less than 25% equities)?
Stay the course. If you can't resist greed, and fear is proven to be 2x as strong, you are doomed as an investor.
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Trailbreaker1
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Re: Best choice for 100% Stocks?

Post by Trailbreaker1 »

Longtimelurker wrote:
Trailbreaker1 wrote:There's probably no right answer for this. I'm 100% stocks and my portfolio is this...

Total stock market index- 65%
Total international stock market index - 15%
Small cap value index - 20%

There so many other ways to do it. The most important thing about going all stocks is your investment behavior (especially during bear markets). Before going all stocks I recommend the following...

- have a stable job
- have no debt (except for a mortgage)
- have enough cash in the bank that makes you feel comfortable ( typically 6 months worth of expenses).
- have read chapter 8 in the intelligent investor and understand it forwards n backwards.
- DCA during any and every market condition
- have a long term investing time horizon (10-40 years)

Nothing wrong with 100% stocks indexes. American and international businesses will do very well over time.

Good luck bro! :)

Why choose to highlight chapter 8, when you ignore chapter 4 (the one that says NEVER have more than 75% equities, or less than 25% equities)?
Your right. Chapter 4 is another great chapter to read and understand. Chapter 4, page 105 Jason zweig talks about going 100 stocks and has a very good list. I guess it's a personal choice. Nothing wrong with having some bonds in your portfolio if you choose to have them.

Good call bro. :)
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Longtimelurker
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Re: Best choice for 100% Stocks?

Post by Longtimelurker »

Trailbreaker1 wrote: Your right. Chapter 4 is another great chapter to read and understand. Chapter 4, page 105 Jason zweig talks about going 100 stocks and has a very good list. I guess it's a personal choice. Nothing wrong with having some bonds in your portfolio if you choose to have them.

Good call bro. :)
I would be very hesitant to take the reprint authors opinion on the matter. The intelligent investor was written by Ben Graham. He was steadfast in his opinion. Whoever Jason Zweig is, I doubt very much that he has the credentials of Graham, or Graham's portage` - Buffet. But if the reprint authors word gives you confidence… by all means...
Stay the course. If you can't resist greed, and fear is proven to be 2x as strong, you are doomed as an investor.
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ofcmetz
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Re: Best choice for 100% Stocks?

Post by ofcmetz »

How about 50% Total Stock Market Index/ 50% Total International Stock Market Index? Or how about 70% Total Stock Market Index/ 30% Total International Stock Market Index? Or maybe bet it all on Tesla or Twitter (this I don't' recommend). Me if I decided to go 100% stocks, then I'd be in very broadly diversified indexes.

I don't recommend anyone but experienced investors consider 100% stocks. It's to easy for most to capitulate at the wrong time. You should definitely know how you behave during market crashes. Nothing like seeing a significant amount of your money be erased to make you wish you had some money in something besides equity. I know there were fairly quick recoveries after the last crashes, but what if we were still sitting around S&P 666?
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ASUGrad
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Re: Best choice for 100% Stocks?

Post by ASUGrad »

Total stock index: 50%
Total international stock index: 25%
Extended market index: 15%
Small cap index: 10%

That might have been the allocation in my VG account in 2013. :D 100% stocks leaning more towards small-mid cap.

Given that small-mid caps soured in 2013 and look a little overvalued compared to large cap I have since shifted it back to something more reasonable. Still 100% stock.
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Re: Best choice for 100% Stocks?

Post by Rick Ferri »

If I had to pick one fund and only one to own forever?

100% VTI and forgetsboutit!

Simple - cheap - tax efficient

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boggler
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Re: Best choice for 100% Stocks?

Post by boggler »

Rick Ferri wrote:If I had to pick one fund and only one to own forever?

100% VTI and forgetsboutit!

Simple - cheap - tax efficient

Rick Ferri
Why not VT?
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JoMoney
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Re: Best choice for 100% Stocks?

Post by JoMoney »

Tim Ferris question to Warren Buffett at 2008 BRK annual meeting wrote:Tim Ferris: “If you were 30 years old and had no dependents but a full-time job that precluded full-time investing, how would you invest your first million dollars, assuming that you can cover 18 months of expenses with other savings? Thank you in advance for being as specific as possible with asset classes and allocation percentage.”

Warren Buffett: “I’d put it all in a low-cost index fund that tracks the S&P 500 and get back to work…
I'll add that I don't buy into the story / strategy that you can buy a particular style or sector of the stock market and expect that it will systematically outperform. You can screen the stocks into whatever subsets and slices and dices you wish, but it's just a "story" used to sell mutual funds or justify paying a manager to "optimize" a portfolio. The stories have changed over the years, but it's just marketing, stories, and speculation. Any subset of the market will perform differently, and from time to time may be outperforming or under-performing. If I'm going to deviate from the market portfolio, it's not going to be by picking whatever the recent hot funds or styles or sectors are, or any strategies that have been written about in books. If there is a systematic way to beat the markets performance, by the time you've heard about it in the news or read it in a book, I would consider the strategy obsolete. The stock market has had quite good performance, for me, the risks are too high adopting some alternate strategy and hoping that it will perform the way some speculator thinks it will in the future.
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Re: Best choice for 100% Stocks?

Post by YDNAL »

Jacobkg wrote:There have been several threads recently promoting a 100% stock allocation.
Until the next Stock correction, that is. Then, the brave (wo)men will head for the hills and their loud noise will go silent. :)

ps. been here, seen that!
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Re: Best choice for 100% Stocks?

Post by IlliniDave »

YDNAL wrote:
Jacobkg wrote:There have been several threads recently promoting a 100% stock allocation.
Until the next Stock correction, that is. Then, the brave (wo)men will head for the hills and their loud noise will go silent. :)

ps. been here, seen that!
Not to be contrarian, but a significant enough correction (> 30%) might tempt me to go back to 100% equities save an emergency fund partly held in s-t bonds. I think I'm wired wrong. :mrgreen:
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Re: Best choice for 100% Stocks?

Post by Professor Emeritus »

IMHO it depends entirely on your Risk analysis/risk tolerance and your time horizon. We just retired. We have DB pensions and SS. We have 7 years additional (over pensions and SS) consumption expectation in Wellesley plus 5 years additional LTC in Wellesley plus we own the house. Beyond that every cent is in index equities at the lowest possible cost.
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Re: Best choice for 100% Stocks?

Post by nimo956 »

Total stock index: 70%
Total international stock index: 30%
50% VTI / 50% VXUS
staythecourse
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Re: Best choice for 100% Stocks?

Post by staythecourse »

The best answer is the one you will STICK to and STAY THE COURSE. As I mentioned on another post today very few can do it of all that try so I would pick the way that is best for you. Some will be 100% U.S. TSM, some will be 50/50, some will be 50/50 but all SCV, some will be...

That is the only answer that makes sense and expect to be executed.

Good luck.
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grap0013
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Re: Best choice for 100% Stocks?

Post by grap0013 »

boggler wrote:
grap0013 wrote:Well, you asked....

50% SCV
25% iSCV
25% EMSCV

It has had the smoothest long term returns of any 100% equity allocation due to maximum factor exposure and geographical diversification. It is a fact.
Did it have the highest returns as well?
Yep, maybe higher Sharpe Ratio as well? I think so and I'm too lazy to look it up. I posted some numbers a while back and I don't know where they are.
There are no guarantees, only probabilities.
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Re: Best choice for 100% Stocks?

Post by MapleHermit »

It really all comes down to luck but my top 3 pics would be:

If you think US will continue to be a superpower:

1) 100% US Small Cap Value (If history repeats)

2) 100% US Mid Cap Value (If small caps are overpriced)

3) 100% Equal Cap Weighted (If large caps manage to outperform small and mid)

____________________

If you believe another country (ex: China) will eventually overtake the USA, it is best to have some ex-US allocation. You can make the bet that US will win in the long-term or some of the many international stocks will manage to have higher returns. Therefore, it's best to be exposed to less popular asset classes such as emerging markets or other less known country groups if you are willing to take this bet. Just adding developed international stocks does not add enough diversification if you are really aiming for the highest returns.
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Re: Best choice for 100% Stocks?

Post by berntson »

The simple answer: A 100% equity investor should hold whatever portfolio will best help them stay the course.

Those investors who have more confidence in US markets than international markets should hold an all VTI portfolio, as long as they don't mind the tracking error against a global market portfolio. Those of us who would find it hard to hold an all-US portfolio during long stretches of international outperformance should hold a large amount of international equity. Investors who spend sleepless nights thinking about tail risk should hold the Larry portfolio, as long as they would be happy holding that portfolio through long periods of underperformance against a market portfolio. Investors who like holding a dozen different funds, so that something is always outperforming, should do that.
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Re: Best choice for 100% Stocks?

Post by placeholder »

Trailbreaker1 wrote:- DCA during any and every market condition
If you DCA then you aren't 100% stocks since you're holding cash.
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Trailbreaker1
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Re: Best choice for 100% Stocks?

Post by Trailbreaker1 »

placeholder wrote:
Trailbreaker1 wrote:- DCA during any and every market condition
If you DCA then you aren't 100% stocks since you're holding cash.
That's true. I think everyone should hold some kind of cash though (I.e. emergency fund) regardless if your all stocks or stocks/ bonds. I don't see the cash in the bank as an investment. It's there for security reasons.... Not to make money. I'm taking about investments used to make money.

But if looking at your financial picture as whole, your right.
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123
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Re: Best choice for 100% Stocks?

Post by 123 »

While the suggestion of 100% in Total World stock makes it easy I suspect that over time anyone who does that may eventually become discouraged because of muddled/lackluster returns over time. Not that it's a bad idea but if you split it between Total US Stock and International Stock you may have an opportunity to see encouraging performance on one side versus the other over time, rather then blending it all together. It's kind of like looking at an academic GPA, the GPA can hide a lot of individual variation/risk that may otherwise not be apparent. From my perspective slicing and dicing beyond the Total US Stock doesn't buy you much because it them becomes your obligation to potentially rebalance.
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parsi1
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Re: Best choice for 100% Stocks?

Post by parsi1 »

Target 2060, I know you had 100% stock but this is not too far from 100% stock and probably has the best asset allocation.
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Re: Best choice for 100% Stocks?

Post by dgdevil »

ofcmetz wrote: I know there were fairly quick recoveries after the last crashes, but what if we were still sitting around S&P 666?
Knowing what I know now, I'd be selling all my possessions and piling into stocks.
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grap0013
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Re: Best choice for 100% Stocks?

Post by grap0013 »

dgdevil wrote:
ofcmetz wrote: I know there were fairly quick recoveries after the last crashes, but what if we were still sitting around S&P 666?
Knowing what I know now, I'd be selling all my possessions and piling into stocks.
Maybe not. Big crashes of 50%+ losses do not occur very frequently. Next time it happens you'll have a significantly higher balance and it might be tougher to rebalance from bonds to stocks. This happened to many people during the 2008 crash.

Of note, a global SCV strategy had 34 years between 50%+ drops 1973/1974 to 2008. Much shorter time span in between big crashes with large cap strategies. :wink:
There are no guarantees, only probabilities.
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Re: Best choice for 100% Stocks?

Post by EliteZags »

If I had to pick one fund and only one to own forever?

100% VTI and forgetsboutit!

Simple - cheap - tax efficient

Rick Ferri

can you explain how VTI is essentially different than VTSMX


is it a bad idea to pump a majority of savings into VTSMX?
ASUGrad
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Re: Best choice for 100% Stocks?

Post by ASUGrad »


can you explain how VTI is essentially different than VTSMX


is it a bad idea to pump a majority of savings into VTSMX?
VTI has a lower expense ratio than VTSMX. Of course then you can just look at VTSAX which has the same expense ratio as VTI which brings us to the real question.

Do you prefer ETFs or mutual funds? That's the difference.

Only issue with VTI or VTSMX or VTSAX is the lack of international. VTSAX is the most american thing you can own in my book, but it never hurts to throw some international in there.
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Re: Best choice for 100% Stocks?

Post by gvsucavie03 »

The necessity of holding bonds.... that's all I've read in books that talk about wise investing. "Except the no bonds thing".... so we just pick and choose which advice to follow? I know investing is a personal decision, but asset allocation is a core principle of investing.

Yes there has been a lot of discussions about 100% stock portfolios, but WE'RE ALSO IN A PERIOD OF RECORD HIGH STOCK RETURNS, so of course folks are wanting to jump on the bandwagon, sell bond holdings or take additional savings, and add WAY more risk to their portfolios by adding more equities.

And whoever said that major stock drops don't happen all the time... who says it won't happen anytime soon??? It could happen tomorrow, two years, three years. It may not have happened before, but it can certainly happen in the future and that cannot be predicted or we cannot say, "go 100% stocks... you've got at least 10 years until the next crash".... that is ridiculous.

Boglehead Wiki.... #2 says "Asset Allocation (holding bonds) is essential." We bend Bogle's advice all the time on this form... tilts, splits, ReallyBadDays (essentially market timing). This to me seems very counter intuitive to some of the most bedrock principles Bogle teaches.

And again, as I've said on other threads, if this was a bear market, the posts would be asking about selling stock positions versus adding to them.... this is all based 100% on recent market performance.
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Re: Best choice for 100% Stocks?

Post by MichaelM24 »

I posted this in another thread, but it's relevant here.

Real returns from 2000-2013 stock/bond portfolios. (Taken from Vanguard's Economic and Investment Outlook)

20/80 = 2.4%
60/40 = 2.1%
80/20 = 1.8% <- Me :?
...investors reaching for yield and moving out of bonds into equities should realize that risk premia--the compensation for taking on this extra risk--are likely lower now than at any point in the last five years
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Re: Best choice for 100% Stocks?

Post by Khanmots »

Why would your allocation be any different for 100% stocks than 70% stocks?
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Re: Best choice for 100% Stocks?

Post by sambb »

total world. US is in slow growth compared to future growth in other countries, out with the old, in with the new. total world
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Re: Best choice for 100% Stocks?

Post by bayview »

placeholder wrote:
Trailbreaker1 wrote:- DCA during any and every market condition
If you DCA then you aren't 100% stocks since you're holding cash.
Well, unless you DCA via paycheck contributions, like so many of us do.

I grimly stayed the course through most of 2008-09, even going to 100% equities in new contributions for a while. (Glad I did, too.)

I have no cash to hold. :D First cut goes to TSP, the next few cuts go to Uncle Sam and the state, then fixed expenses, and the $17.32 or whatever remaining is mine to play with until the next paycheck two weeks later.
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri
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Re: Best choice for 100% Stocks?

Post by placeholder »

bayview wrote:Well, unless you DCA via paycheck contributions, like so many of us do.
No you don't as that is not DCA.
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Blue
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Re: Best choice for 100% Stocks?

Post by Blue »

35% Vanguard TSM
25% Vanguard SCV
20% Vanguard Int Developed
10% Vanguard EM
10% Vanguard International Small Cap


This achieves 100% equity returns, maximizes diversity across factors and geographies (10% minimum allocation allows for meaningful allocation), recognizes the impact of tracking error on future behavior (35% to US TSM), investments are exclusively at a firm with interests aligned with the investor.
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Re: Best choice for 100% Stocks?

Post by jjbiv »

placeholder wrote:
bayview wrote:Well, unless you DCA via paycheck contributions, like so many of us do.
No you don't as that is not DCA.
Why is contributing via paycheck contributions not dollar-cost averaging? It seems to me that if I am contributing a fixed-dollar amount from each paycheck, I am dollar-cost averaging every bit as much as if those contribution dollars were coming out of my savings account.
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Re: Best choice for 100% Stocks?

Post by placeholder »

DCA is a way to distribute a sum over time to reduce risk but you are investing all you have at once so it is a series of lump sums not DCA.
http://en.wikipedia.org/wiki/Dollar_cos ... #Confusion
http://www.bogleheads.org/wiki/Lump_sum ... investment
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RyeWhiskey
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Re: Best choice for 100% Stocks?

Post by RyeWhiskey »

I think that the Total World Stock Market fund is the answer to your question. One fund, all the stocks, all the markets, no timing, no tilts, just simplicity. I think that the more we complicate our investments the less we focus on what really matters - our lives. Put it all in Total World and be done. :beer For what it's worth, this is my current setup.
This post was brought to you by Vanguard Total World Stock Index (VTWSX/VT).
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galeno
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Re: Best choice for 100% Stocks?

Post by galeno »

I also vote for 100% VT.
KISS & STC.
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czeckers
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Re: Best choice for 100% Stocks?

Post by czeckers »

If I were 100% stocks, I would want significant representation of as diverse a group of companies as possible.

One approach is the total world index fund strategy where you have a cap weighted representation of the global markets. However, this strategy will leave you heavily exposed to large company stocks, and little exposure to small caps and, to a lesser degree, value stocks.

I would go 20% each of US large cap, US small cap value, developed international, emerging markets, and REITs. The international holdings I'd ideally split into half large cap and half small cap value. REITS split into US and international. I might even consider a slice of a precious metals fund as those are pretty cheap right now. The goal is to have as many poorly correlated slices as possible while still being exposed to the entire global market with the hopes of reducing the volatility of an all stock portfolio.

Of course this is the strategy I use on the stock side of things for myself so I may be a bit biased.

-K
The Espresso portfolio: | | 20% US TSM, 20% Small Value, 10% US REIT, 10% Dev Int'l, 10% EM, 10% Commodities, 20% Inter-term US Treas | | "A journey of a thousand miles begins with a single step."
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JoMoney
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Re: Best choice for 100% Stocks?

Post by JoMoney »

galeno wrote:I also vote for 100% VT.
I like the concept of VT, but I think the "Three Fund Portfolio" method of using a Total U.S. and Total International fund has some efficiency for a U.S. investor that make it better option; lower expense ratio, slightly broader coverage/diversification:

VT Expense ratio = .19%
(VTI Expense ratio .05%)+(VXUS Expense ratio 0.16%)= (50/50 Aggregate Expense .11%)

VT Number of stocks = 5196
(VTI 3613) + (VXUS 5535) Number of stocks = 8904

By keeping them separate, a U.S. investor has options of weighting them differently in a taxable or tax deferred account to take advantage of different tax treatment... I don't own either, and actually do own a very small amount of VT :? but it may not be the best approach for a U.S. investor trying to emulate the Total World Market...
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Re: Best choice for 100% Stocks?

Post by boggler »

JoMoney wrote:
galeno wrote:I also vote for 100% VT.
I like the concept of VT, but I think the "Three Fund Portfolio" method of using a Total U.S. and Total International fund has some efficiency for a U.S. investor that make it better option; lower expense ratio, slightly broader coverage/diversification:

VT Expense ratio = .19%
(VTI Expense ratio .05%)+(VXUS Expense ratio 0.16%)= (50/50 Aggregate Expense .11%)

VT Number of stocks = 5196
(VTI 3613) + (VXUS 5535) Number of stocks = 8904

By keeping them separate, a U.S. investor has options of weighting them differently in a taxable or tax deferred account to take advantage of different tax treatment... I don't own either, and actually do own a very small amount of VT :? but it may not be the best approach for a U.S. investor trying to emulate the Total World Market...
The difference in tax treatment is extremely minor, and while it does exist, I think it might very well be outweighed by the greater simplicity and peace of mind of the single VT fund.

Also, you are right that the expense ratio is a little bit higher right now. However, Vanguard has demonstrated a consistent commitment to lowering expense ratios, and thus I expect the expense ratio to drop over time to an even less significant level.
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nedsaid
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Re: Best choice for 100% Stocks?

Post by nedsaid »

I would pick II, with the Total US Stock Market and the Total International Stock Market. I am a firm believer in International diversification. You will own thousands of stocks.
A fool and his money are good for business.
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DRILLINDK
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Re: Best choice for 100% Stocks?

Post by DRILLINDK »

Mark for later reading.
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Riceman
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Re: Best choice for 100% Stocks?

Post by Riceman »

Blue wrote:35% Vanguard TSM
25% Vanguard SCV
20% Vanguard Int Developed
10% Vanguard EM
10% Vanguard International Small Cap


This achieves 100% equity returns, maximizes diversity across factors and geographies (10% minimum allocation allows for meaningful allocation), recognizes the impact of tracking error on future behavior (35% to US TSM), investments are exclusively at a firm with interests aligned with the investor.
Mine is very close to yours, for many of the reasons you describe. At the end of the day I would be just as happy with that portfolio you described, as I have no idea which factory loadings will outperform or underperform, but this is what I felt comfortable with when creating my IPS.

[45% U.S., Domestic]
20% Small Value, U.S.
15% Large Cap, U.S.
10% Small Cap, U.S.

[45% International]
25% Emerging Market
10% International, Total
10% International, Small Cap

10% REIT
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