Search found 3430 matches

by JoMoney
Sat Jul 30, 2016 9:05 pm
Forum: Investing - Theory, News & General
Topic: Stock Screeners
Replies: 37
Views: 1369

Re: Stock Screeners

^ Yes. Outside of context, I have no idea if I should detest or delight in the idea of someone saying "Let's Get Ridiculous"
by JoMoney
Sat Jul 30, 2016 7:49 pm
Forum: Investing - Theory, News & General
Topic: Stock Screeners
Replies: 37
Views: 1369

Re: Stock Screeners

I'm going to attempt to offer a question to see if I can adequately express my point: Here's two charts (hyperlinked to the source at Morningstar.com) of the "Total Market" over two 20 year periods: 1984 - 2004 1996 - 2016 http://i63.tinypic.com/24cz2w0.png http://i63.tinypic.com/2cifgb6.p...
by JoMoney
Sat Jul 30, 2016 7:21 pm
Forum: Investing - Theory, News & General
Topic: Stock Screeners
Replies: 37
Views: 1369

Re: Stock Screeners

What about the fact that back testing Graham or piotroski f score shows consistently better results over the last 20 years? Consistently better than what? What about it was better? Owning mid-cap stocks, or equal-weighting the S&P500 would have had higher returns than the cap-weighted S&P50...
by JoMoney
Sat Jul 30, 2016 5:34 pm
Forum: Investing - Theory, News & General
Topic: External auditors: Vanguard & Fidelity
Replies: 8
Views: 969

Re: External auditors: Vanguard & Fidelity

You can use the SEC Edgar database https://www.sec.gov/edgar/searchedgar/mutualsearch.html To find annual reports for individual funds going back to 1994 This annual report for the Vanguard 500 Index fund - Year End December 31, 1993 has "PRICE WATERHOUSE" signing the "REPORT OF INDEP...
by JoMoney
Sat Jul 30, 2016 5:13 pm
Forum: Investing - Theory, News & General
Topic: Stock Screeners
Replies: 37
Views: 1369

Re: Stock Screeners

The thing is that you have to diversify the risk from picking value stocks. So say you pick 30 large cap stock from the sp500. Even if all the work you did to identify undervalued stocks proves to be wrong, isn't the result of those 30 stocks going to be very similar if not the same as the entire s...
by JoMoney
Sat Jul 30, 2016 4:15 pm
Forum: Investing - Theory, News & General
Topic: External auditors: Vanguard & Fidelity
Replies: 8
Views: 969

Re: External auditors: Vanguard & Fidelity

I seem to recall we (Vanguard shareholders) voted to select the auditor when there was a proxy vote a few years (or was it a few decades) ago. The proxy vote was mostly to change some of the policies of the funds to make them more consistent and to deal with changes in the law, but if I recall corr...
by JoMoney
Sat Jul 30, 2016 12:39 am
Forum: Investing - Theory, News & General
Topic: External auditors: Vanguard & Fidelity
Replies: 8
Views: 969

Re: External auditors: Vanguard & Fidelity

Are you asking about audits of the "Vanguard Marketing Corporation" or audits of one of the individual funds that own the "The Vanguard Group" ? That's a good question, I had assumed it would be the same auditor for all funds / entities... ... Well after digging around in variou...
by JoMoney
Fri Jul 29, 2016 7:43 pm
Forum: Personal Consumer Issues
Topic: What makes people succeed?
Replies: 58
Views: 3792

Re: What makes people succeed?

By definition, to "succeed" requires a goal... but it may be that the 'goal' changes or is set retroactive after having achieved it. Not sure how that's helpful though, I can count any result as a success if I don't care what the result is. If I throw a dart it will succeed at hitting some...
by JoMoney
Fri Jul 29, 2016 5:20 pm
Forum: Investing - Theory, News & General
Topic: Stock Screeners
Replies: 37
Views: 1369

Re: Stock Screeners

I don't invest in individual stocks... but I do like to follow what's going on in "the market" and sometimes play around with various things When I've needed to "screen" for some particular attribute I've frequently used this one: http://markets.ft.com/data/equities?expandedScree...
by JoMoney
Fri Jul 29, 2016 4:55 pm
Forum: Investing - Theory, News & General
Topic: Vanguard Dividend Growth just closed (effective *now*)
Replies: 45
Views: 3724

Re: Vanguard Dividend Growth just closed (effective *now*)

The Wizard wrote:So when VG closes a fund like this, does it by definition make it more desirable than it was a month ago?

It's funny how that works. Perceived scarcity... and Psychological Reactance
by JoMoney
Fri Jul 29, 2016 4:37 pm
Forum: Investing - Theory, News & General
Topic: Count International in USA Centric Funds?
Replies: 9
Views: 351

Re: Count International in USA Centric Funds?

... suggest you decide for yourself what the term international holding means to you and count things that way. We'll never resolve the semantic differences over the word foreign , any more than we'll agree on the definition of the term investment such that we can all concur on whether it applies t...
by JoMoney
Fri Jul 29, 2016 4:02 pm
Forum: Investing - Theory, News & General
Topic: External auditors: Vanguard & Fidelity
Replies: 8
Views: 969

Re: External auditors: Vanguard & Fidelity

Are you asking about audits of the "Vanguard Marketing Corporation" or audits of one of the individual funds that own the "The Vanguard Group" ?
by JoMoney
Fri Jul 29, 2016 3:45 pm
Forum: Investing - Theory, News & General
Topic: Vanguard Dividend Growth just closed (effective *now*)
Replies: 45
Views: 3724

Re: Vanguard Dividend Growth just closed (effective *now*)

This is just a feeling (didn't check data) but I get the sense when a fund closes it likely would have been the wrong time to buy anyway. I'd imagine performance would be worse than benchmark over the next 2-3 year period. I think this hits the nail on the head, and may be saying something about di...
by JoMoney
Wed Jul 27, 2016 4:00 pm
Forum: Investing - Help with Personal Investments
Topic: VPMAX worth it? [Vanguard PRIMECAP]
Replies: 11
Views: 1166

Re: VPMAX worth it? [Vanguard PRIMECAP]

I don't own it, but I've watched it for a long time. It's currently a large-cap fund, but if you look back a few years it might look more like a mid-cap fund. They are an active fund, and don't track any particular style or index. They have multiple managers who have changed over time. There are def...
by JoMoney
Wed Jul 27, 2016 3:29 pm
Forum: Investing - Theory, News & General
Topic: are the markets overvalued? Are Grantham/Hussman etal correct?
Replies: 141
Views: 7389

Re: are the markets overvalued? Are Grantham/Hussman etal correct?

The 3rdQ 2016 JP Morgan Guide To The Markets has some charts with similar data looking at prices relative to the past 25 years as well https://am.jpmorgan.com/blob-gim/1383280028969/83456/jp-littlebook.pdf http://i68.tinypic.com/2s64sn7.png By some fundamentals like book value, and dividend yield th...
by JoMoney
Tue Jul 26, 2016 3:29 pm
Forum: Investing - Theory, News & General
Topic: Access to Investment Bank research
Replies: 3
Views: 274

Re: Access to Investment Bank research

I'm curious if you believe the research is worthwhile? Seems to me most Investment Bank research is coming from the "sell-side" and I'd find anything they provided at least a little dubious, seeing it as mostly sales material. I'm not sure what sort of research material you're looking for,...
by JoMoney
Tue Jul 26, 2016 3:11 pm
Forum: Investing - Theory, News & General
Topic: Traits of a successful investor
Replies: 29
Views: 2057

Re: Traits of a successful investor

The Boglehead in me leans to patience, but to be different I'll go with intelligence. By definition, to be successful, you need to a goal -something to achieve. To " develop a workable plan " requires one to acquire and apply knowledge towards the goal, which by definition is intelligence.
by JoMoney
Mon Jul 25, 2016 4:17 pm
Forum: Investing - Theory, News & General
Topic: LCG vs LCV over the last 23 years
Replies: 32
Views: 1807

Re: LCG vs LCV over the last 23 years

Bogle's Telltale chart #2 https://www.vanguard.com/bogle_site/sp20020626.html Paul One of the great lines from that: ...the French-Fama combined growth and value returns exceed the combined fund returns by 1.9% per year, a pretty good approximation of the costs that mutual funds incur. So investors...
by JoMoney
Mon Jul 25, 2016 4:03 pm
Forum: Investing - Theory, News & General
Topic: SP 500: active or passive?
Replies: 11
Views: 732

Re: SP 500: active or passive?

FWIW, the CRSP U.S. Total Market index that Vanguard's "Total Market" fund follows is a unique "investable" index, which is not the same as the CRSP research indexes. How do the new CRSP indexes differ from CRSP’s existing index products? Pastor : They are high-frequency indexes ...
by JoMoney
Mon Jul 25, 2016 3:44 pm
Forum: Investing - Theory, News & General
Topic: SP 500: active or passive?
Replies: 11
Views: 732

Re: SP 500: active or passive?

..And it is only an Index [not] an actual Fund you can buy... That is a good point, and something to consider when selecting an index fund. The S&P indices (and some others) are designed to be investable. https://us.spindices.com/documents/methodologies/methodology-sp-us-indices.pdf The indices...
by JoMoney
Mon Jul 25, 2016 3:34 pm
Forum: Investing - Help with Personal Investments
Topic: Market Entry Strategy Thoughts for a New Boglehead?
Replies: 30
Views: 1422

Re: Market Entry Strategy Thoughts for a New Boglehead?

If it really bothers you, perhaps you need to consider a lower allocation of stocks/cash and bonds relative to whatever you were considering. If you held something like 50/50 and the market dropped in half you'd still have lots of cash to add to your stocks and decrease your average cost basis. Of c...
by JoMoney
Mon Jul 25, 2016 3:13 pm
Forum: Investing - Theory, News & General
Topic: SP 500: active or passive?
Replies: 11
Views: 732

Re: SP 500: active or passive?

Call it what you feel like, I'll still buy it. The qualities I like about it: -turnover / trading is very low -extremely low expenses -broadly diversified across the market it represents -leads to a very simple explanation with strong proof for why the above list items allow it to beat the majority ...
by JoMoney
Mon Jul 25, 2016 3:49 am
Forum: Investing - Theory, News & General
Topic: LCG vs LCV over the last 23 years
Replies: 32
Views: 1807

Re: LCG vs LCV over the last 23 years

... btw JoMoney must be using live fund returns or some other source... last 35 years, LCV in the above series beat LCG by some, like 25% cumulative. Okay, maybe that's about flat when annualized over 35 years, like 0.64% pa. I mean, it's a much bigger difference than the kind of 0.0x% expense rati...
by JoMoney
Sat Jul 23, 2016 4:16 pm
Forum: Investing - Help with Personal Investments
Topic: Total market vs split by cap & grow/value
Replies: 7
Views: 518

Re: Total market vs split by cap & grow/value

I'm not a fan of the idea to try and " take advantage of the swings among asset classes/styles ". A big part of the reason I own a broad-market cap weighted index fund is the very low turnover. Trading introduces expenses, and potential mistakes with regard to timing and perceived 'value'....
by JoMoney
Sat Jul 23, 2016 3:43 pm
Forum: Investing - Theory, News & General
Topic: SPY / TLT Portfolio [SPDR S&P 500 / iShares 20+ Year Treasury Bond]
Replies: 19
Views: 1107

Re: SPY / TLT Portfolio

I'm a fan of having the fixed income part of my savings as being something for safety and to sleep well at night. I don't have any confidence that the correlations between stocks and bonds will do that. My preference, is to have my bonds targeted at a maturity/duration of when I think I might need t...
by JoMoney
Sat Jul 23, 2016 3:24 pm
Forum: Investing - Theory, News & General
Topic: LCG vs LCV over the last 23 years
Replies: 32
Views: 1807

Re: LCG vs LCV over the last 23 years

There hasn't been a value "premium" in large-cap stocks over the past 35 years : Chart If you look at actual "investable" indices like the S&P 600, there hasn't been a premium in the small-cap space over the 20 years the "small value" and "small growth" in...
by JoMoney
Sat Jul 23, 2016 7:31 am
Forum: Investing - Theory, News & General
Topic: Is buy low, sell high the same as market timing?
Replies: 29
Views: 1873

Re: Is buy low, sell high the same as market timing?

I think there is something distinguishable between 'pricing' vs. 'timing'. But I also think the securities market is pretty darn competitive when it comes to pricing, and not something I'm likely to get an edge on. If you do find an area where you have an advantage, I think it's more likely to be a ...
by JoMoney
Thu Jul 21, 2016 4:11 am
Forum: Investing - Theory, News & General
Topic: Why does a massive company like Coca Cola or Johnson Johnson need money from investors?
Replies: 25
Views: 2575

Re: Why does a massive company like Coca Cola or Johnson Johnson need money from investors?

A Leveraged buyout demonstrates how being able to borrow cheaply can make it worthwhile to do so ...(but it can be risky too, leverage/debt always is)
by JoMoney
Thu Jul 21, 2016 3:49 am
Forum: Investing - Theory, News & General
Topic: Why does a massive company like Coca Cola or Johnson Johnson need money from investors?
Replies: 25
Views: 2575

Re: Why does a massive company like Coca Cola or Johnson Johnson need money from investors?

A large multi-national with offshore cash can borrow in the United States and the interest is tax-deductible, while potentially using offshore non-U.S. taxed income to pay some or all of the interest. Search for "synthetic cash repatriation" and you'll find some articles about it.
by JoMoney
Wed Jul 20, 2016 4:15 pm
Forum: Investing - Theory, News & General
Topic: Are you feeling uncomfortable? [with your investments]
Replies: 42
Views: 4220

Re: Are you feeling uncomfortable?

There's a saying that goes like this, 'if your not feeling uncomfortable, you are not growing.' What have you done recently with your investments that has made you feel uncomfortable? Continuing to make regular purchases as prices go up seems a little uncomfortable, but the balance keeps growing :w...
by JoMoney
Wed Jul 20, 2016 4:07 pm
Forum: Personal Consumer Issues
Topic: Do chipped ATM only cards offer more protection vs unchipped?
Replies: 21
Views: 1463

Re: Do chipped ATM only cards offer more protection vs unchipped?

From what I can tell, chips do absolutely nothing for the consumer. You can still be a victim, but you're not liable regardless. The protection is for the banks and it helps with who is liable for fraudulent charges. The way the laws/codes are written, the liability is put on the bank/business that ...
by JoMoney
Wed Jul 20, 2016 3:42 pm
Forum: Investing - Theory, News & General
Topic: I'm Calling an Emerging Markets Bottom
Replies: 199
Views: 27790

Re: I'm Calling an Emerging Markets Bottom

Seriously... it was a good call. It would have been even more amazing if he hadn't conditioned it with: "Not sure what month/day per se but sometime in 2016."

...but on the other hand... 5 months left to go :wink:
by JoMoney
Wed Jul 20, 2016 3:39 pm
Forum: Investing - Theory, News & General
Topic: Remind me once again why I can't time the market?
Replies: 75
Views: 6802

Re: Remind me once again why I can't time the market?

I know somebody who went to a casino, hit a jackpot, and has never went gambling again. He beat the casinos. Maybe you can time the market. Problem is, that's not the likely outcome. If you expect the market will go up in value over time, the odds are likely against you. You might be able to guess a...
by JoMoney
Wed Jul 20, 2016 3:26 pm
Forum: Investing - Theory, News & General
Topic: wishing the market would drop to buy more shares
Replies: 36
Views: 3058

Re: wishing the market would drop to buy more shares

My advice, is to aim for average. By consistently making regular purchases over time you can ensure you're getting the average price over that time period. That means buying at what looks like historically high prices too. We never know if a new high is preceding a dip or if it's a new plateau the m...
by JoMoney
Wed Jul 20, 2016 3:10 pm
Forum: Investing - Theory, News & General
Topic: Anti-Boglehead Claims There is a Better Way to Invest
Replies: 82
Views: 9510

Re: Anti-Boglehead Claims There is a Better Way to Invest

I allocate 20% of my portfolio (100% equity) to Vanguard's small-cap blend fund. I figure I'll get some of the size premium, at least. Now I read that small-cap growth tends to underperform the broader market, so I wonder whether this is counterproductive. The value component in Vanguard's small-ca...
by JoMoney
Tue Jul 19, 2016 3:40 pm
Forum: Investing - Theory, News & General
Topic: International Low P/E Misleading?
Replies: 11
Views: 1255

Re: International Low P/E Misleading?

Maybe it's "misleading" to believe that low P/E is an indicator of future performance. Growth indexes target the market segment with higher than average P/E's, while the styles do perform differently over different times periods, there hasn't been any long-term outperformance in the funds ...
by JoMoney
Tue Jul 19, 2016 3:23 pm
Forum: Investing - Theory, News & General
Topic: International Low P/E Misleading?
Replies: 11
Views: 1255

Re: International Low P/E Misleading?

...In fact, a pure boglehead would assume markets are priced efficiently and therefore P/E is actually a measure of country risk, not potential return. Believing the market is "efficient" is not a requirement for being a boglehead nor believing that investing in broad market low-cost inde...
by JoMoney
Tue Jul 19, 2016 3:21 am
Forum: Investing - Theory, News & General
Topic: Anti-Boglehead Claims There is a Better Way to Invest
Replies: 82
Views: 9510

Re: Anti-Boglehead Claims There is a Better Way to Invest

...If you tilt, this will invariably happen. You under-perform the cap-weighted market for many years. You trudge on for years and years before you can't handle the under-performance and then switch back the a cap-weight portfolio. The moment that happens, your former portfolio rebounds like crazy ...
by JoMoney
Sun Jul 17, 2016 6:38 am
Forum: Investing - Theory, News & General
Topic: How to be an enterprising investor?
Replies: 11
Views: 1252

Re: How to be an enterprising investor?

The 'enterprising' part for me is focusing on my day job and trying to do a little better there. I also try to be 'enterprising' in finding cheaper ways to buy things I need, I figure a penny saved is worth more than a penny earned (since I have to subtract taxes and OASDI on every penny earned :ann...
by JoMoney
Sun Jul 17, 2016 6:21 am
Forum: Investing - Theory, News & General
Topic: Stocks at all time high?
Replies: 34
Views: 3929

Re: Stocks at all time high?

Look at a long-term graph of the stock market and tell me what point in time was a bad time to buy. I believe you need to look at inflation adjusted chart to make those points evident. http://i57.tinypic.com/10oh1c6.png ( Link to a Morningstar SBBI Inflation Adjusted Growth Chart )
by JoMoney
Fri Jul 15, 2016 8:34 pm
Forum: Investing - Theory, News & General
Topic: NEED HELP: Creating an Asset Class Valuation Model
Replies: 6
Views: 472

Re: NEED HELP: Creating an Asset Class Valuation Model

I think to start with, you might have to determine what you mean by “valuation”. To some extent the value is whatever a willing buyer and willing seller can agree on. In a modestly liquid market, the value is whatever the going price the most recent transactions were at. But I’m guessing your intere...
by JoMoney
Fri Jul 15, 2016 4:02 pm
Forum: Investing - Help with Personal Investments
Topic: Index w/ good historical info for total world equity market
Replies: 7
Views: 442

Re: Index w/ good historical info for total world equity market

Morningstar has a benchmark that can be added to a mutual fund chart for something called "World Stock" It has data going back to 1955. I don't know for sure how the benchmark is created, but I believe it's derived from a composite of actual mutual funds. Chart When I clicked on the link,...
by JoMoney
Fri Jul 15, 2016 4:15 am
Forum: Personal Consumer Issues
Topic: What kind of car do Bogleheads like to drive?
Replies: 123
Views: 8134

Re: What kind of car do Bogleheads like to drive?

I prefer to let someone else drive.
When I do drive, I've enjoyed most any model of Mazda that I've had the opportunity to drive.
Zoom zoom 8-)
by JoMoney
Thu Jul 14, 2016 4:08 pm
Forum: Investing - Theory, News & General
Topic: The age old question of Fido or VG
Replies: 12
Views: 1083

Re: The age old question of Fido or VG

I like the structure and culture of Vanguard offering funds at cost and have less worries that something might be just a temporary thing or a "bait and switch" that could have me regretting the change. In a tax sheltered accounts moving funds is a hassle, and in taxable accounts if I wante...
by JoMoney
Thu Jul 14, 2016 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: Networth = Age x Pretax income then divide by 10?
Replies: 49
Views: 6120

Re: Networth = Age x Pretax income then divide by 10?

Meh... https://en.wikipedia.org/wiki/The_Millionaire_Next_Door#UAWs_versus_PAWs ...This metric has been criticized since, for example, a 20-year-old making $50k a year should have a net worth of $100k to be considered an "average accumulator of wealth". That makes little sense since it wou...
by JoMoney
Thu Jul 14, 2016 3:24 pm
Forum: Investing - Theory, News & General
Topic: have we reached the tipping point in the active vs. passive battle
Replies: 43
Views: 4547

Re: have we reached the tipping point in the active vs. passive battle

This gives me pause. Is passive indexing vulnerable to "overgrazing"? Could we reach a point where the sheer volume of money invested passively might create inefficiencies exploitable by active investors? If I wanted to worry about something, I wouldn't worry about broad-market indexing b...
by JoMoney
Wed Jul 13, 2016 4:08 pm
Forum: Investing - Theory, News & General
Topic: have we reached the tipping point in the active vs. passive battle
Replies: 43
Views: 4547

Re: have we reached the tipping point in the active vs. passive battle

My impression of the term 'passive investor' is that it someone who buys and sells depending on THEIR needs rather than the status of the market. If they want to reduce risk they sell stocks and buy bonds. If they're retired and need income they might sell stocks and bonds for cash according to wit...
by JoMoney
Wed Jul 13, 2016 3:58 pm
Forum: Investing - Help with Personal Investments
Topic: Pull out of market?
Replies: 56
Views: 5288

Re: Pull out of market?

If you desire a less risky position, I don't think it's a bad idea to move towards that.
If you're selling with the expectation that someone else will sell it back to you cheaper later, I think you're playing a game you're not likely to succeed at.
by JoMoney
Tue Jul 12, 2016 4:18 pm
Forum: Investing - Theory, News & General
Topic: Just as hard to lose to the market as to beat it?
Replies: 53
Views: 3621

Re: Just as hard to lose to the market as to beat it?

Even aside from costs, if you traded frequently, and made very large bets in highly volatile assets (i.e. something like a single micro-cap stock) eventually you'd hit a loser that wiped you out. You may even have a lucky streak that runs your balance up to a huge amount, but inevitably someone who ...
by JoMoney
Tue Jul 12, 2016 4:08 pm
Forum: Investing - Help with Personal Investments
Topic: Where would you invest/rebalance "if"...
Replies: 24
Views: 1236

Re: Where would you invest/rebalance "if"...

I don't believe stocks are as overvalued as the zeitgeist frequently presents. Relative to averages of price over just about any fundamental metric for the past 20 years, price is relatively "average". I do believe we're still in "the great recession". Real growth has been dismal...

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