Search found 6773 matches

by Doc
Thu Feb 23, 2017 1:56 pm
Forum: Investing - Theory, News & General
Topic: Why TBM (total bond market)?
Replies: 17
Views: 2250

Re: Why TBM (total bond market)?

As I recall, there was essentially no change in TBM NAV the day Janet Yellen announced the first rate hike of this cycle. Announce, essentially, TBM, cycle, anticipate? The yield on the five (Treasury Yield 5 Years ^FVX ) went up 20 bps from Dec 7 th to Dec 14th. The FOMC meeting was Dec 13-14th. Y...
by Doc
Mon Feb 20, 2017 4:50 pm
Forum: Investing - Theory, News & General
Topic: IRA distributions from Schwab via EFT?
Replies: 7
Views: 427

Re: IRA distributions from Schwab via EFT?

<Accounts> <Transfers & Payments> then answer the questions

(You do have to set up the bank first which may take a few days but can be done on line.)
by Doc
Mon Feb 20, 2017 8:07 am
Forum: Investing - Theory, News & General
Topic: 2016 Relative Tax Efficiency
Replies: 34
Views: 3737

Re: 2016 Relative Tax Efficiency

I think the right retirement comparison is average rate not marginal, or more precisely average rate above social security and any defined benefit pension. Can anyone help me do this calculation? I consider marginal rate to be the tax paid on the last x dollars of income divided by x. X may be $1 o...
by Doc
Thu Feb 16, 2017 9:04 am
Forum: Investing - Theory, News & General
Topic: How to find the share price history of a fund?
Replies: 11
Views: 570

Re: How to find the share price history of a fund?

If I had a need to look up share price history, I always used Yahoo Finance. This has worked well. Careful: *Close price adjusted for dividends and splits. I use Morningstar charts in "price" mode if you only need a few dates. For stuff I already own I download prices to Quicken. (I could...
by Doc
Wed Feb 15, 2017 2:17 pm
Forum: Investing - Theory, News & General
Topic: What Happened to Proxy Voting?
Replies: 13
Views: 1044

Re: What Happened to Proxy Voting?

IMHO while they were fundamental in a legal sense, the changes had no material effect on the desirability of the funds. The index changes for TSM etc., which are unquestionably more important, were not fundamental. OK. My definition of fundamental is a significant change in portfolio composition, n...
by Doc
Wed Feb 15, 2017 12:52 pm
Forum: Investing - Theory, News & General
Topic: What Happened to Proxy Voting?
Replies: 13
Views: 1044

Re: What Happened to Proxy Voting?

The few times I have gotten a proxy approving a change in fundamental objective I immediate voted no electronically. The next day I sold out my position JIC. :wink: In 2009 every single Vanguard fund had a vote to change fundamental objectives. Did you sell out or did you sell out? :twisted: Good q...
by Doc
Wed Feb 15, 2017 9:52 am
Forum: Investing - Theory, News & General
Topic: Vanguard 1099s available - Other companies just as good for sending 1099s???
Replies: 63
Views: 5496

Re: Vanguard 1099s available - Other companies just as good for sending 1099s???

The good news: my brokerage consolidated 1099 posted today. Bad news: none of it is available for import into TT until 2/16. ( I let it import and then check by hand , and have a fairly substantial multilot TLH to enter this year). So, I'm not finalizing the taxes until next weekend... I check the ...
by Doc
Wed Feb 15, 2017 9:43 am
Forum: Investing - Theory, News & General
Topic: What Happened to Proxy Voting?
Replies: 13
Views: 1044

Re: What Happened to Proxy Voting?

Most mutual funds do not hold annual meetings. Most of them only hold a meeting if some particular subject matter arises that requires shareholder approval. Otherwise they go about their year to year business without bothering the shareholders. :twisted: Examples of things that may require sharehol...
by Doc
Mon Feb 13, 2017 7:44 pm
Forum: Investing - Theory, News & General
Topic: Bond Fund Distributions
Replies: 14
Views: 685

Re: Bond Fund Distributions

It is my understanding that bond funds distribute all income. This means coupons, OID, (ABP) and net CG's but not capital losses above CG's. The CG's may only be distributed annually because of the capital loss potential. The OID and (ABP) do not have the offset potential. My basis for this is my un...
by Doc
Mon Feb 13, 2017 4:39 pm
Forum: Investing - Theory, News & General
Topic: Bond Fund Distributions
Replies: 14
Views: 685

Re: Bond Fund Distributions

Without getting too deep into the weeds, it seems to me that the average weighted coupon is going forward (over the next 12 months) if the portfolio stays the same (which it probably will not), while the trailing twelve month yield is the past 12 months. In this generally rising rate environment, t...
by Doc
Mon Feb 13, 2017 4:08 pm
Forum: Investing - Theory, News & General
Topic: Continuous rebalancing in a tax-sheltered account?
Replies: 4
Views: 374

Re: Continuous rebalancing in a tax-sheltered account?

Assuming there are no tax consequences or commissions, what are the pros and cons of this? 1. Will it limit volatility in your overall portfolio value? 2. Will it reduce returns significantly in the long term? 3. Is it good for a portfolio from which you are making regular withdrawals for income? T...
by Doc
Mon Feb 13, 2017 3:49 pm
Forum: Investing - Theory, News & General
Topic: Bond Fund Distributions
Replies: 14
Views: 685

Re: Bond Fund Distributions

2. Depending on the exact details, there may or may not be (in any one period or year) capital gains distributions in addition to dividends (from bond interest received). You cannot count on capital gains distributions - even if common in past periods/years. My comment is not about what is reported...
by Doc
Mon Feb 13, 2017 3:34 pm
Forum: Investing - Theory, News & General
Topic: Bond Fund Distributions
Replies: 14
Views: 685

Re: Bond Fund Distributions

I used to think - naively as it turns out - that the distributions paid out by a bond fund were just the interest the fund received on its bonds, less the expenses of the fund. But that turns out to not be the case at all. Per M* for Vg Total Bond Inv Shares: Average weighted coupon: 3.11% TTM (Tra...
by Doc
Mon Feb 13, 2017 3:11 pm
Forum: Investing - Theory, News & General
Topic: Beat the market long-term? Yes, it can be done.
Replies: 133
Views: 1956

Re: Hard to Believe [Vanguard insights on VG Active funds beating market]

@Petulant

Re: Skill and income for the manager. A highly skilled manager may have a high "bonus" based on his performance or he may be satisfied with a lower percentage "bonus" on a lower performing fund that was much bigger base.

1% of 20 = 20% of 1 :D
by Doc
Mon Feb 13, 2017 12:54 pm
Forum: Investing - Theory, News & General
Topic: Beat the market long-term? Yes, it can be done.
Replies: 133
Views: 1956

Re: Hard to Believe [Vanguard insights on VG Active funds beating market]

And again, I made no such assumption at all. I assumed you would only take risks if you expect to be compensated unless you were desperate for returns ... I never assumed that - you keep asserting assumptions that I just haven't made. You are imagining attacks on your chosen risk exposure that aren...
by Doc
Mon Feb 13, 2017 12:16 pm
Forum: Investing - Theory, News & General
Topic: Beat the market long-term? Yes, it can be done.
Replies: 133
Views: 1956

Re: Hard to Believe [Vanguard insights on VG Active funds beating market]

I assumed you would only take risks if you expect to be compensated unless you were desperate for returns ... No. I often will NOT take risks even if I am compensated for taking those risks. Maybe you would but don't assume that everyone has the same outlook as you. I don't buy long Treasuries beca...
by Doc
Mon Feb 13, 2017 11:34 am
Forum: Investing - Theory, News & General
Topic: Beat the market long-term? Yes, it can be done.
Replies: 133
Views: 1956

Re: Hard to Believe [Vanguard insights on VG Active funds beating market]

You are still betting (not investing, betting) on risks that you do not expect to be compensated for - and thus aren't likely to be worth taking unless you desperately need to reach for higher returns. "There you go again" with the same unjustified assumption that the goal is to get highe...
by Doc
Mon Feb 13, 2017 8:31 am
Forum: Investing - Theory, News & General
Topic: Beat the market long-term? Yes, it can be done.
Replies: 133
Views: 1956

Re: Hard to Believe [Vanguard insights on VG Active funds beating market]

I did not see the data tables in the linked report - do you have them? There are several charts and a few tables in the report that are not in Newhall's "perspective". Are you looking at the correct link? "Keys to improving the odds of active management success", Vanguard Resear...
by Doc
Sun Feb 12, 2017 5:55 pm
Forum: Investing - Theory, News & General
Topic: Beat the market long-term? Yes, it can be done.
Replies: 133
Views: 1956

Re: Hard to Believe [Vanguard insights on VG Active funds beating market]

No, I think that most bogleheads would recognize the common marketing crap you see from all mutual fund providers and note that just because it was from Vanguard doesn't make it any less marketing crap. Like I said, salesmen are gonna sell. The research was conducted by Daniel W. Wallick; Brian R. ...
by Doc
Sun Feb 12, 2017 5:00 pm
Forum: Investing - Theory, News & General
Topic: Beat the market long-term? Yes, it can be done.
Replies: 133
Views: 1956

Re: Hard to Believe [Vanguard insights on VG Active funds beating market]

to consistently get returns (or risk adjusted returns) higher You started with just higher returns not risk adjusted returns which is the assumption I referred to. If we want to be precise is would define as the expected returns based on the factor loadings of index/class. So right away you drop th...
by Doc
Sun Feb 12, 2017 11:48 am
Forum: Investing - Theory, News & General
Topic: Beat the market long-term? Yes, it can be done.
Replies: 133
Views: 1956

Re: Hard to Believe [Vanguard insights on VG Active funds beating market]

Sure, but then you should ask why are you looking at active funds? If you accept that expected performance is the expected return of the asset class - fees then you will always choose the cheaper index funds - if you think something else contributes to performance you may look at active funds for t...
by Doc
Fri Feb 10, 2017 5:07 pm
Forum: Investing - Theory, News & General
Topic: Total Bond is safe. Is it prudent?
Replies: 39
Views: 3916

Re: Total Bond is safe. Is it prudent?

Wouldn't it be worth the risk of buying the bond fund at 10, even if it drops to a NAV of 9, if it means getting superior yield? Larry Swedroe once formulated a recommendation to that question in the form of a rule of thumb that it is worth it if you can add 20bps to the yield for each extra year i...
by Doc
Fri Feb 10, 2017 4:17 pm
Forum: Investing - Theory, News & General
Topic: Bonds in Taxable
Replies: 156
Views: 11515

Re: Bonds in Taxable

I understand the simplicity of the using ROTH as a proxy for all tax-advantaged accounts. The rule of thumb that a fraction (say 30%) of a tax-deferred account actually belongs to the government--and the rest is a ROTH--is a good one, but I think it misses a VERY important point here--US progressiv...
by Doc
Fri Feb 10, 2017 8:43 am
Forum: Investing - Theory, News & General
Topic: Total Bond is safe. Is it prudent?
Replies: 39
Views: 3916

Re: Total Bond is safe. Is it prudent?

rob65 wrote:Curious if anyone uses Intermediate Term Bond (VBILX admiral, BIV etf, ER .09) instead? Looks like it uses a 50/50 split on government/corporate.

Yep, except I would pair it with the short term version to reduce the duration some. (But I don't like long bonds either.)
by Doc
Fri Feb 10, 2017 7:36 am
Forum: Investing - Theory, News & General
Topic: Vanguard Upgrade and Quicken
Replies: 2
Views: 416

Re: Vanguard Upgrade and Quicken

You should be able to do a transfers shares to the new account. Not on computer now so can't check it but I transfer shares often and cost basis moves with shares.
by Doc
Wed Feb 08, 2017 5:49 pm
Forum: Investing - Theory, News & General
Topic: Beat the market long-term? Yes, it can be done.
Replies: 133
Views: 1956

Re: Hard to Believe [Vanguard insights on VG Active funds beating market]

You do have a 50% chance of an active fund beating the market ( or its appropriate index fund benchmark ) if that active fund has expenses and turnover that are equivalent to the index fund benchmark . This describes many Vanguard active funds. That was really the point of the article - basically t...
by Doc
Wed Feb 08, 2017 4:35 pm
Forum: Investing - Theory, News & General
Topic: Beat the market long-term? Yes, it can be done.
Replies: 133
Views: 1956

Re: Hard to Believe [Vanguard insights on VG Active funds beating market]

The only interpretation that is logically valid in his context is "relative to the median". Call me illogical. I interpreted his comments to mean "relative to the mean". (No pun intended this time.) "The median is the middle point of a number set, in which half the numbers ...
by Doc
Wed Feb 08, 2017 1:52 pm
Forum: Investing - Theory, News & General
Topic: Beat the market long-term? Yes, it can be done.
Replies: 133
Views: 1956

Re: Hard to Believe [Vanguard insights on VG Active funds beating market]

However, what he said is still open to criticism because in general, the median and the average are two different things. Every year, 50% of the dollars invested in the market outperform, and the other 50% underperforms. If "active" and "passive" management styles are defined in...
by Doc
Wed Feb 08, 2017 10:31 am
Forum: Investing - Theory, News & General
Topic: Beat the market long-term? Yes, it can be done.
Replies: 133
Views: 1956

Re: Hard to Believe [Vanguard insights on VG Active funds beating market]

WhyNotUs,

The point that Svensk Anga makes was also made by Nobel Laureate William Sharpe in "The Arithmetic of Active Management".
http://www.stanford.edu/~wfsharpe/art/active/active.htm

You might want to take another look at the Vanguard piece from this viewpoint.
by Doc
Tue Feb 07, 2017 9:54 am
Forum: Investing - Theory, News & General
Topic: Any good alternative to TIPS in taxable account?
Replies: 15
Views: 853

Re: Any good alternative to TIPS in taxable account?

Holding TIPS notes in a taxable account seems unattractive due to how they are taxed each year. Holding a TIPS fund in a taxable account seems to deal with this tax issue ... There is some misconception here. Both individual TIPS and a TIPS fund are taxed the same. The "problem" with indi...
by Doc
Mon Feb 06, 2017 11:07 am
Forum: Investing - Theory, News & General
Topic: How is a pure 100% taxable account income treated in retirement?
Replies: 24
Views: 2545

Re: How is a pure 100% taxable account income treated in retirement?

One important issue for a taxable account in retirement: Social Security taxation is based on your adjusted gross income, including dividends and capital gains taxed at 0% (and even municipal-bond interest, so munis aren't a good idea in the 15% bracket in retirement). If you are in the 15% bracket...
by Doc
Sun Feb 05, 2017 7:09 pm
Forum: Investing - Theory, News & General
Topic: turbotax- underpayment penalty
Replies: 10
Views: 1573

Re: turbotax- underpayment penalty

found it on turbo tax, i will owe $29 which is much less than i thought i would pay. turbo tax is insisting i fill out the W4 for estimating my 2017 taxes as I click onto review and it tells me to complete it. I believe there is an option to let the IRS compute the penalty. Do you think they'll act...
by Doc
Sun Feb 05, 2017 2:27 pm
Forum: Investing - Theory, News & General
Topic: How is a pure 100% taxable account income treated in retirement?
Replies: 24
Views: 2545

Re: How is a pure 100% taxable account income treated in retirement?

Terms Total income : All your income including Qualified dividends and the taxable portion of SS. Adjusted Gross Income : Total Income less some things like IRA's, moving expense, student loan interest and other stuff. Taxable income : AGI less exemptions and deductions (either standard or itemized)...
by Doc
Sat Feb 04, 2017 7:48 pm
Forum: Investing - Theory, News & General
Topic: ETF Premium/Discount - Vanguard vs iShares
Replies: 13
Views: 740

Re: ETF Premium/Discount - Vanguard vs iShares

There is more liquidity there to buy and sell than it looks like watching VIOV trade sporadically . There has been little difference In the discount/premium in VIOV and IJSnover the last few months. VIOV has improved a lot in the last year. OK guys I am getting really confused. First, from what I c...
by Doc
Sat Feb 04, 2017 4:28 pm
Forum: Investing - Theory, News & General
Topic: ETF Premium/Discount - Vanguard vs iShares
Replies: 13
Views: 740

Re: ETF Premium/Discount - Vanguard vs iShares

Ah, I see. Anyways, the finance.yahoo.com chart is an artifact because of that opening Monday price. You will see this next week when you do another 5-day chart and January 30th is no longer plotted. In the meantime, can you try to use other charting services? I found that I can "roll" th...
by Doc
Sat Feb 04, 2017 4:15 pm
Forum: Investing - Theory, News & General
Topic: ETF Premium/Discount - Vanguard vs iShares
Replies: 13
Views: 740

Re: ETF Premium/Discount - Vanguard vs iShares

livesoft wrote:I will screenshot ...
:beer

I tried Internet Explorer instead of Chrome while waiting for the screen shot. No joy.
by Doc
Sat Feb 04, 2017 4:04 pm
Forum: Investing - Theory, News & General
Topic: ETF Premium/Discount - Vanguard vs iShares
Replies: 13
Views: 740

Re: ETF Premium/Discount - Vanguard vs iShares

I can't find an indicative value ticker for M* charting. Any ideas? It is automatically plotted without any effort on your part: Get VIOV quote. Click on Chart. Then 5-day if it doesn't start with 5-day. In another window, do the same for IJS. What do you see? The price only. On the one month I hav...
by Doc
Sat Feb 04, 2017 3:32 pm
Forum: Investing - Theory, News & General
Topic: ETF Premium/Discount - Vanguard vs iShares
Replies: 13
Views: 740

Re: ETF Premium/Discount - Vanguard vs iShares

I think this is probably an artefact of the plot in that the opening trade of VIOV at the start of the chart was abnormally high which then depressed the comparison lines for the rest of the chart. Thanks Livesoft, the one day chart does not show the same effect. It's weird. If you start on Tuesday...
by Doc
Sat Feb 04, 2017 2:02 pm
Forum: Investing - Theory, News & General
Topic: ETF Premium/Discount - Vanguard vs iShares
Replies: 13
Views: 740

ETF Premium/Discount - Vanguard vs iShares

I am thinking of adding an S &P 600 small value position and was struct by the difference in premium and discount between Vanguard's VIOV and iShares IJS . (The indicative value lines which are identical are in the middle of the two ETF prices.) https://s29.postimg.org/uf8ly6fd3/Capture_Boglehea...
by Doc
Sat Feb 04, 2017 8:04 am
Forum: Investing - Theory, News & General
Topic: Schwab reduces index mutual fund ER and trade commission
Replies: 43
Views: 3507

Re: Schwab reduces index mutual fund ER and trade commission

Vanguard should match Schwab by simply lowering their ER. Simple to do. Just lay off half their CSRs.
by Doc
Fri Feb 03, 2017 5:34 pm
Forum: Investing - Theory, News & General
Topic: how big an impact is survivorship bias- I answer that question
Replies: 16
Views: 1987

Re: how big an impact is survivorship bias- I answer that question

First, of course you can only choose funds that are available on the day you invest. Which is why survivorship bias matters. You want to know your odds of outperforming an index before all those funds you might have chosen get wiped out of the data bases. There are better ways of assessing longevit...
by Doc
Fri Feb 03, 2017 8:59 am
Forum: Investing - Theory, News & General
Topic: how big an impact is survivorship bias- I answer that question
Replies: 16
Views: 1987

Re: how big an impact is survivorship bias- I answer that question

http://www.etf.com/sections/index-investor-corner/swedroe-how-survivorship-biases-results I never understood why M* data doesn't include all the funds instead of just the surviving funds when they have the data. At any rate you can see the huge difference it makes Best wishes Larry If I am going to...
by Doc
Thu Feb 02, 2017 8:36 pm
Forum: Investing - Theory, News & General
Topic: BloomBar U.S. Aggregate Bond Index changing rules
Replies: 10
Views: 1053

Re: BloomBar U.S. Aggregate Bond Index changing rules

@nisiprius
Re "uu": On tablet probably my typo.
Re: float adjusted. I looked last week and couldn't find float adjusted. Don't use it (see Swedroe) so didn't pursue.
by Doc
Thu Feb 02, 2017 6:26 pm
Forum: Investing - Theory, News & General
Topic: BloomBar U.S. Aggregate Bond Index changing rules
Replies: 10
Views: 1053

Re: BloomBar U.S. Aggregate Bond Index changing rules

Barry Barnitz wrote:Hi:

Here is a Bloomberg site: Bloomberg Barclays Indices - Bloomberg The links to bond indexes will provide you with the current monikers.

regards,

So we are all going to remember LBUSTRUN:IND ? :D
by Doc
Thu Feb 02, 2017 6:20 pm
Forum: Investing - Theory, News & General
Topic: Schwab reduces index mutual fund ER and trade commission
Replies: 43
Views: 3507

Re: Schwab reduces index mutual fund ER and trade commission

From 3/1/17, the cost for the 3-fund portfolio using mutual funds at Schwab are US total stock SWTSX ER 0.03% US Aggregate Bond SWAGX ER 0.04% International index SWISX ER 0.07% SWISX doesn't give you EM right? That's just developed international. Which is why I don't use the Vanguard funds. We hav...
by Doc
Thu Feb 02, 2017 1:26 pm
Forum: Investing - Theory, News & General
Topic: BloomBar U.S. Aggregate Bond Index changing rules
Replies: 10
Views: 1053

Re: BloomBar U.S. Aggregate Bond Index changing rules

(or whatever... do we really call it BloomBar now?) I've been asking myself this question for a few weeks now. The is the first time I've seen "BloomBar" and Google didn't find me anything. Morningstar is using BBgBarc and Google is getting a scant page of hits on that. The spell checker ...
by Doc
Thu Feb 02, 2017 12:09 pm
Forum: Investing - Theory, News & General
Topic: Is there a way to track how a bond fund like VTBLX is doing during the trading day?
Replies: 10
Views: 613

Re: Is there a way to track how a bond fund like VTBLX is doing during the trading day?

There are a few ETFs that trade intraday that track the US total bond market. BND is one of them, but AGG, and SCHZ are others. Sometimes is it fun to see AGG and BND diverge a little and wonder why they do that because they should not . They don't follow the same index. AGG uses the BloombergBarc ...
by Doc
Wed Feb 01, 2017 4:09 pm
Forum: Investing - Theory, News & General
Topic: Vanguard 1099s available - Other companies just as good for sending 1099s???
Replies: 63
Views: 5496

Re: Vanguard 1099s available - Other companies just as good for sending 1099s???

Other companies just as good? Vanguard Brokerage 1099s are not yet available. They are promised by the end of February but could be sooner. Anyone that holds any ETFs at VBS needs to wait. Schwab will have tax forms for "ETFs and mutual funds, fixed income, REITs, UITs, WHFITs, suspect securiti...
by Doc
Wed Feb 01, 2017 3:48 pm
Forum: Investing - Theory, News & General
Topic: BloomBar U.S. Aggregate Bond Index changing rules
Replies: 10
Views: 1053

Re: BloomBar U.S. Aggregate Bond Index changing rules

So does this mean that the "edge" that Vanguard tried to achieve by going to the float adjusted version of the Bar Cap (now BloomBar) Agg Index has disappeared? Or "maybe" they don't care. Fixed income investors have relied on the Barclays benchmark indices, and its predecessor f...

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