Search found 90 matches

by Osp62
Thu Sep 21, 2017 9:31 pm
Forum: Personal Consumer Issues
Topic: Tips/Steps for selling a car
Replies: 19
Views: 1233

Re: Tips/Steps for selling a car

I'm looking to sell a car. It's not worth much so I'd rather sell quick than deal with lots of buyers checking it out. I'm planning to list all known issues and say my price is firm cash only. Are these the best steps: 1. Get signature notarized on title - I believe I can do this without the buyer ...
by Osp62
Tue Sep 19, 2017 3:01 pm
Forum: Investing - Help with Personal Investments
Topic: Wow, Vanguard Flagship service is bad. Really bad.
Replies: 170
Views: 28617

Re: Wow, Vanguard Flagship service is bad. Really bad.

Jumping the Vanguard Ship for Fidelity over this glitch sounds rather radical and just hurting yourself by going to The Johnson Family of not so cheap funds, in my opinion. Flagship has been good to us, and is a useful tool, but not as spiffy as a high priced Investment Firm ,..charging big fees to...
by Osp62
Sat Sep 16, 2017 10:53 pm
Forum: Investing - Theory, News & General
Topic: Correlation between USD strength and Tot. US stock MINUS Tot. intl. stock returns
Replies: 11
Views: 859

Re: Correlation between USD strength and Tot. US stock MINUS Tot. intl. stock returns

Siamond. This is excellent. I agree with both Alex686 and you that that this (any cumulative analysis) is very sensitive to starting date. Wondering if you can share the annual numbers instead of the cumulative numbers. This will show some info that is not as easy to notice in the cumulative numbers...
by Osp62
Sat Sep 16, 2017 8:15 pm
Forum: Investing - Theory, News & General
Topic: Correlation between USD strength and Tot. US stock MINUS Tot. intl. stock returns
Replies: 11
Views: 859

Re: Correlation between USD strength and Tot. US stock MINUS Tot. intl. stock returns

Ok, I was mildly curious, so I did the math as I envisioned in my previous post, but I used UK returns and GBP currency, as the Euro doesn't have enough history to be meaningful. I used the 1971-2016 time period. I used annual returns. I used the MSCI Gross Return from the UK (expressed in USD and ...
by Osp62
Sat Sep 16, 2017 7:56 pm
Forum: Investing - Theory, News & General
Topic: Correlation between USD strength and Tot. US stock MINUS Tot. intl. stock returns
Replies: 11
Views: 859

Re: Correlation between USD strength and Tot. US stock MINUS Tot. intl. stock returns

On the second point, why would you want to see US Total stock return less international? That measure is going to be very sensitive to the start date you pick. It is not going to capture the different levels of risk. It is not going to tell you how markets have changed over the past 30 years nor wh...
by Osp62
Sat Sep 16, 2017 2:24 pm
Forum: Investing - Theory, News & General
Topic: Correlation between USD strength and Tot. US stock MINUS Tot. intl. stock returns
Replies: 11
Views: 859

Correlation between USD strength and Tot. US stock MINUS Tot. intl. stock returns

Wondering if any Boglehead can share or provide a link for the long term data that shows the correlation between the - Performance of USD against a weighted basket of foreign currencies VS - US Tot stock return MINUS International Tot stock return. I have seen the Vanguard paper that shows how portf...
by Osp62
Sat Sep 16, 2017 2:02 pm
Forum: Investing - Theory, News & General
Topic: Hedge Your Currency Risk When Investing Abroad ?
Replies: 17
Views: 1046

Re: Hedge Your Currency Risk When Investing Abroad ?

-However, with a virtually no correlation between currency risk and market risk, the risks should add in quadrature, so if market risk was about 18% SD and currency risk was 9%, then total risk would be sqrt(18^2 + 9^2) = 20.1% -The relatively low correlation between domestic and international shou...
by Osp62
Fri Sep 15, 2017 6:07 pm
Forum: Personal Finance (Not Investing)
Topic: Wiki article - Credit freeze
Replies: 37
Views: 4539

Re: Wiki article - Credit freeze

I think a credit freeze should also be placed with this agency, as well, to help prevent loans or bank accounts being opened with fake creds: https://www.chexsystems.com/web/chexsystems/consumerdebit/page/securityfreeze/information/!ut/p/z1/ From that page: You have a right to place a security free...
by Osp62
Fri Sep 15, 2017 5:46 pm
Forum: Investing - Theory, News & General
Topic: Hedge Your Currency Risk When Investing Abroad ?
Replies: 17
Views: 1046

Re: Hedge Your Currency Risk When Investing Abroad ?

-However, with a virtually no correlation between currency risk and market risk, the risks should add in quadrature, so if market risk was about 18% SD and currency risk was 9%, then total risk would be sqrt(18^2 + 9^2) = 20.1% -The relatively low correlation between domestic and international shou...
by Osp62
Mon Sep 11, 2017 8:06 pm
Forum: Personal Finance (Not Investing)
Topic: Equifax fiasco - how can we protect ourselves from potential fraudulent tax returns filed on our behalf?
Replies: 31
Views: 3613

Re: Equifax fiasco - how can we protect ourselves from potential fraudulent tax returns filed on our behalf?

I tried to get a PIN two years ago (FL resident) but was in ble to get it and was told by my CPA that it was most likely because I had frozen my credit. I did not want to unfreeze my credit for the Irs so did not end up getting the pin. Wondering if anyone has been able to get a PIN with their credi...
by Osp62
Fri Sep 08, 2017 11:32 am
Forum: Investing - Theory, News & General
Topic: If markets efficient in local currency why would unhedged foreign equity holding provide adequate return
Replies: 18
Views: 1205

Re: If markets efficient in local currency why would unhedged foreign equity holding provide adequate return

A graphics and an article from capital group makes a similar point. Although they position it as a possible opportunity based on expected continued dollar weakness. Not sure if I can include the graphics here but below is the link that includes a graphics showing that much of the return for foreign ...
by Osp62
Fri Sep 08, 2017 11:04 am
Forum: Investing - Theory, News & General
Topic: If markets efficient in local currency why would unhedged foreign equity holding provide adequate return
Replies: 18
Views: 1205

Re: If markets efficient in local currency why would unhedged foreign equity holding provide adequate return

My issue is why a lot of people believe that this automatically translates to a reasonable return for US dollar investors. Its quite possible that local currency investors get a reasonable return in their local currency and USD investors don't or the reverse can happen depending on the exchange rat...
by Osp62
Mon Sep 04, 2017 11:06 pm
Forum: Personal Finance (Not Investing)
Topic: Credit scores are stupid
Replies: 18
Views: 1341

Re: Credit scores are stupid

Credit usage is a large driver of the credit score. Usage of more than 25% of your credit limit will most likely hurt your score. You can either make sure you don't use more than 25% of any credit limit, use amex with no specific credit limit or pay off most of the balance before the CC company issu...
by Osp62
Wed Aug 30, 2017 4:54 pm
Forum: Investing - Help with Personal Investments
Topic: ETF vs index funds for a 3-fund portfolio at Fidelity?
Replies: 13
Views: 956

Re: ETF vs index funds for a 3-fund portfolio at Fidelity?

If it is a taxable account, I would stay away from the fidelity mutual funds. I used to own both their sp500 and total market funds last year or two years ago and had a nasty surprise at the end of the year. They both had very large ( you can check the distributions) cap gain distributions. Within a...
by Osp62
Wed Aug 16, 2017 6:01 am
Forum: Investing - Theory, News & General
Topic: Vanguards online fraud policy - remember username -iPhone App?
Replies: 16
Views: 2080

Re: Vanguards online fraud policy - remember username -iPhone App?

Exactly. You wouldn't think of storing this information on a computer. Why would you store it in a phone app? In fact I'd sooner store it in my computer's browser than I would a phone app. At least I know I'm not gonna go away and leave the computer sitting in a booth in a bar somewhere. No crook i...
by Osp62
Mon Aug 14, 2017 5:53 pm
Forum: Investing - Theory, News & General
Topic: Vanguards online fraud policy - remember username -iPhone App?
Replies: 16
Views: 2080

Re: Vanguards online fraud policy - remember username -iPhone App?

As I have noted above, almost all banking and brokerage iOS Apps I have used are doing this so it is hard to argue that it is an error in the VG iOS App design. Look at the iOS apps for Citibank, HSBC, fidelity (also allows an additional code entry with VIP access if you want), Chase etc. I have not...
by Osp62
Mon Aug 14, 2017 5:05 pm
Forum: Investing - Theory, News & General
Topic: Vanguards online fraud policy - remember username -iPhone App?
Replies: 16
Views: 2080

Re: Vanguards online fraud policy - remember username -iPhone App?

That is the point. The Vanguard iphone app has a checkbox 'remember username' on the landing page of the App. If you select this option (that VG is providing you just like most other banking iOS apps) then the username is prepopulated when you launch the App and then you are prompted to use the Touc...
by Osp62
Sun Aug 13, 2017 7:25 pm
Forum: Investing - Theory, News & General
Topic: Vanguards online fraud policy - remember username -iPhone App?
Replies: 16
Views: 2080

Vanguards online fraud policy - remember username -iPhone App?

Was just reading the Vanguard online fraud policy which essentially says that VG will compensate you for any fraud related losses as long as you follow the requirements of the policy. https://personal.vanguard.com/us/help/SecurityOnlineFraudPledgeContent.jsp and was surprised to see one of the requi...
by Osp62
Sun Aug 13, 2017 6:00 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard funds with the highest minimum investment
Replies: 15
Views: 2224

Re: Vanguard funds with the highest minimum investment

In general the minimum investment amount depends on the share class NOT necessarily the fund. In most cases the investor class has the lowest minimum (I think any amount works), the admiral share class, which most funds have, has a 10,000 minimum (except for the Admiral share class of the Prime Mone...
by Osp62
Sun Aug 13, 2017 5:38 pm
Forum: Personal Finance (Not Investing)
Topic: Donor advised fund at Vanguard or elsewhere?
Replies: 42
Views: 3190

Re: Donor advised fund at Vanguard or elsewhere?

The problem is that VG DAF only holds VG funds. Selling before the DAF is obviously counter-productive -- giving away the money and taking huge tax hit. Not sure why you think that it is a problem that VG DAF only holds VG funds. I have a VG DAF and the way the process works is that you donate the ...
by Osp62
Sat Aug 12, 2017 9:40 pm
Forum: Investing - Theory, News & General
Topic: My (general) contacts with Treasury Direct re loss & liability
Replies: 14
Views: 1956

Re: My (general) contacts with Treasury Direct re loss & liability

Brardsworth, Until fall 2016, I used to have almost one third my assets at Treasury Direct and started getting concerned about their willingness to make you whole in the event of some online hacking or fraud. I read the account agreement, then talked to several customer support representatives and t...
by Osp62
Sat Aug 12, 2017 7:34 pm
Forum: Investing - Theory, News & General
Topic: Real P/E of ETF's and Mutual Funds - are the published ones misleading
Replies: 26
Views: 1513

Re: Real P/E of ETF's and Mutual Funds - are the published ones misleading

The harmonic mean (unlike the arithmetic mean of P/Es) handles the negative and 0 earning companies well. There are good reasons to exclude companies with small/no earnings from the arithmetic mean but no particular reason to exclude from weighted harmonic. A simpler solution is to just divide the ...
by Osp62
Sat Aug 12, 2017 7:06 pm
Forum: Investing - Theory, News & General
Topic: Real P/E of ETF's and Mutual Funds - are the published ones misleading
Replies: 26
Views: 1513

Re: Real P/E of ETF's and Mutual Funds - are the published ones misleading

This P/E trickery is much worse in the Nasdaq where many stocks have negative earnings. See below on "how to turn a PE of 90 into 22 in three easy steps", using QQQ as an example. There are real companies with 200x and -100x PE ratios, so this is not an academic exercise, but these basically get ig...
by Osp62
Sat Aug 12, 2017 7:01 pm
Forum: Investing - Theory, News & General
Topic: Real P/E of ETF's and Mutual Funds - are the published ones misleading
Replies: 26
Views: 1513

Re: Real P/E of ETF's and Mutual Funds - are the published ones misleading

The harmonic mean (unlike the arithmetic mean of P/Es) handles the negative and 0 earning companies well. There are good reasons to exclude companies with small/no earnings from the arithmetic mean but no particular reason to exclude from weighted harmonic. A simpler solution is to just divide the ...
by Osp62
Sat Aug 12, 2017 7:04 am
Forum: Investing - Theory, News & General
Topic: Real P/E of ETF's and Mutual Funds - are the published ones misleading
Replies: 26
Views: 1513

Re: Real P/E of ETF's and Mutual Funds - are the published ones misleading

This P/E trickery is much worse in the Nasdaq where many stocks have negative earnings. See below on "how to turn a PE of 90 into 22 in three easy steps", using QQQ as an example. There are real companies with 200x and -100x PE ratios, so this is not an academic exercise, but these basically get ig...
by Osp62
Sat Aug 12, 2017 3:09 am
Forum: Investing - Theory, News & General
Topic: Real P/E of ETF's and Mutual Funds - are the published ones misleading
Replies: 26
Views: 1513

Re: Real P/E of ETF's and Mutual Funds - are the published ones misleading

This P/E trickery is much worse in the Nasdaq where many stocks have negative earnings. See below on "how to turn a PE of 90 into 22 in three easy steps", using QQQ as an example. There are real companies with 200x and -100x PE ratios, so this is not an academic exercise, but these basically get ig...
by Osp62
Fri Aug 11, 2017 11:31 pm
Forum: Investing - Theory, News & General
Topic: Real P/E of ETF's and Mutual Funds - are the published ones misleading
Replies: 26
Views: 1513

Re: Real P/E of ETF's and Mutual Funds - are the published ones misleading

Any company can be split up into multiple companies ("spin-offs") or multiple companies can be aggregated into one ("mergers"). Suppose ABC Corp makes $5M. XYZ Corp loses $1B. If ABC buys XYZ, the combined earnings of the new company are $4M, not $5M. In a cap-weighted index, the PE should essentia...
by Osp62
Fri Aug 11, 2017 5:54 pm
Forum: Investing - Theory, News & General
Topic: Real P/E of ETF's and Mutual Funds - are the published ones misleading
Replies: 26
Views: 1513

Re: Real P/E of ETF's and Mutual Funds - are the published ones misleading

Alex686. I understand the issues with forecasted and TTM earnings. The real issue I have is how the P/E ratios of the constituent companies are aggregated. Is it a weighted arithmetic mean or is it a weighted geometric mean or is it something else. The harmonic mean almost always gives a lower numbe...
by Osp62
Fri Aug 11, 2017 4:46 pm
Forum: Investing - Theory, News & General
Topic: Real P/E of ETF's and Mutual Funds - are the published ones misleading
Replies: 26
Views: 1513

Re: Real P/E of ETF's and Mutual Funds - are the published ones misleading

As I look deeper into this. It seems that the arithmetic mean may not be the best way to aggregate ratios. A weighted harmonic mean might be better. I understand that Vanguard's approach using harmonic means - I am assuming weighted harmonic means but not sure if this is done for all funds -- from W...
by Osp62
Fri Aug 11, 2017 4:15 pm
Forum: Investing - Theory, News & General
Topic: Real P/E of ETF's and Mutual Funds - are the published ones misleading
Replies: 26
Views: 1513

Real P/E of ETF's and Mutual Funds - are the published ones misleading

Surprised to read an article by Jason Zweig in the WSJ today. Titled 'when cheaper P/E ratios mean nothing'. He explains that ETF's and hence I assume mutual funds aggregate earnings in different ways. He takes three S&P 500 ETF's and explains that the S&P500 index has a PE of 23.56 and the three la...
by Osp62
Wed Aug 09, 2017 5:14 pm
Forum: Investing - Theory, News & General
Topic: Voting rights and individual investors in taxable accounts
Replies: 0
Views: 206

Voting rights and individual investors in taxable accounts

Wondering if Bogleheads diligently vote their shares for any individual stocks they might own and what they think about multiple share classes. My thoughts are that Having zero voting rights (and perhaps even unequal voting rights) should be absolutely unacceptable especially for investors in taxabl...
by Osp62
Wed Aug 09, 2017 3:29 am
Forum: Investing - Help with Personal Investments
Topic: Never Needing to Withdraw Capital?
Replies: 8
Views: 1348

Re: Never Needing to Withdraw Capital?

I have a simple scenario and I know BHs talk a lot about this topic, so if it has already been fully covered, I would appreciate a link. It has to do with living off of the income from oneā€™s investments during retirement, under two scenarios, without ever drawing down the capital. Scenario 1: I hav...
by Osp62
Wed Aug 09, 2017 3:07 am
Forum: Investing - Help with Personal Investments
Topic: Do you hold your VG mutual funds with VG Group or VG Brokerage?
Replies: 19
Views: 1368

Re: Do you hold your VG mutual funds with VG Group or VG Brokerage?

I took a quick look at the longer one but it was not really answering what I was thinking about. It listed the purported benefits as: * Hold your Vanguard mutual funds, ETFs, and other brokerage securities in the same account. * Use a simpler online process to buy and sell mutual funds and securiti...
by Osp62
Sat Aug 05, 2017 5:25 pm
Forum: Investing - Theory, News & General
Topic: Vanguard S&P 500 funds
Replies: 19
Views: 1780

Re: Vanguard S&P 500 funds

Have you checked the statutory prospectus. I checked it before responding to your question.
by Osp62
Sat Aug 05, 2017 4:59 pm
Forum: Investing - Theory, News & General
Topic: Vanguard S&P 500 funds
Replies: 19
Views: 1780

Re: Vanguard S&P 500 funds

I think it is an error on the institutional website. You will not see it when you compare funds on the personal investor website. More importantly, You can see this by looking at the statutory prospectus and will see that the institutional fund has only two share classes - VINIX and the institutiona...
by Osp62
Sat Aug 05, 2017 4:37 pm
Forum: Investing - Theory, News & General
Topic: Vanguard S&P 500 funds
Replies: 19
Views: 1780

Re: Vanguard S&P 500 funds

OPTIONS as of 04/27/2017 Options E/R Minimum Admiral 0.04% N/A Investor 0.14% N/A Inst 0.04% $5.0 Million Inst Plus 0.02% $200.0 Million Inst Select 0.01% $5.0 Billion ETF 0.04% Note https://institutional.vanguard.com/VGApp/iip/site/institutional/investments/productoverview?fundId=0040&source=autos...
by Osp62
Sat Aug 05, 2017 4:12 pm
Forum: Investing - Theory, News & General
Topic: Vanguard S&P 500 funds
Replies: 19
Views: 1780

Re: Vanguard S&P 500 funds

VFINX was the first, IIRC. VINIX is an institutional fund that is usually obtained through your employer retirement plan (unless you have a spare $5 mill sitting around). I used it with my 403(b) since it is much cheaper than the other non-Vanguard options. It is no more "risky" than the other S&P5...
by Osp62
Sat Aug 05, 2017 4:07 pm
Forum: Investing - Theory, News & General
Topic: Vanguard S&P 500 funds
Replies: 19
Views: 1780

Re: Vanguard S&P 500 funds

I just checked and they do NOT show the ETF for The institutional fund (vinix). They show the ETF for the admiral share class and the investor share class vfinx. You might have been looking at the ticker for VFINX or VFIAX instead of VINIX.
by Osp62
Sat Aug 05, 2017 3:56 pm
Forum: Investing - Theory, News & General
Topic: Vanguard S&P 500 funds
Replies: 19
Views: 1780

Re: Vanguard S&P 500 funds

Use the compare funds feature on VG website, you will see that VINIX has a turnover of 4.8% vs 4.1% for VFIAX (and VFINX and VOO). The institutional fund also has an inception date in 1990 vs 2000 for the admiral and 1976 for the investor class. Most importantly, the 1yr, 3yr, 5 yr and 10 yr Returns...
by Osp62
Sat Aug 05, 2017 3:30 pm
Forum: Investing - Theory, News & General
Topic: Vanguard S&P 500 funds
Replies: 19
Views: 1780

Vanguard S&P 500 funds

After a few discussions with some people at Vanguard I have come to realize that Vanguard has two completely different S&P 500 fund entities. I have not seen this discussed here so wanted to bring it up to everyone's attention. One is the fund entity that is discussed quite often - the one with the ...
by Osp62
Mon Jul 24, 2017 1:06 pm
Forum: Investing - Theory, News & General
Topic: If markets efficient in local currency why would unhedged foreign equity holding provide adequate return
Replies: 18
Views: 1205

Re: If markets efficient in local currency why would unhedged foreign equity holding provide adequate return

My assumption is that for even the largest stocks the financials are reported in one currency, the earnings are reported in one currency, and the stock price is quoted primarily in one currency (ignore ADR's for simplicity). So if the earnings per share of a Japanese company are X yen and the buyer ...
by Osp62
Sun Jul 23, 2017 11:42 pm
Forum: Investing - Theory, News & General
Topic: John Bogle Has Been Right About Investing In International Stocks
Replies: 505
Views: 32970

Re: John Bogle Has Been Right About Investing In International Stocks

I had posted this in another thread today but better to post it here as well. I agree with Taylor and the issue is not just past performance. Even analytically it seems hard to justify foreign equity holdings if you believe markets are reasonably efficient. If markets are efficient in local currency...
by Osp62
Sun Jul 23, 2017 6:09 pm
Forum: Investing - Theory, News & General
Topic: If markets efficient in local currency why would unhedged foreign equity holding provide adequate return
Replies: 18
Views: 1205

Re: If markets efficient in local currency why would unhedged foreign equity holding provide adequate return

Simplegift, thank you for your response and the data. The graph is interesting because it shows that, as expected for an unhedged position, you can go for long periods where currency movement keeps hurting returns (as in the last 5 to 10 years). This then means that, at the very least, the required ...
by Osp62
Sun Jul 23, 2017 5:17 pm
Forum: Investing - Theory, News & General
Topic: If markets efficient in local currency why would unhedged foreign equity holding provide adequate return
Replies: 18
Views: 1205

Re: If markets efficient in local currency why would unhedged foreign equity holding provide adequate return

Perhaps I should rephrase the issue to keep it simpler and not get confounded with "interest rate parity" or inflation adjusted currency futures. My only point is that in any country the marginal buyer and seller are transacting in the local currency and their return requirement and hence price is d...
by Osp62
Sun Jul 23, 2017 3:32 pm
Forum: Investing - Theory, News & General
Topic: If markets efficient in local currency why would unhedged foreign equity holding provide adequate return
Replies: 18
Views: 1205

If markets efficient in local currency why would unhedged foreign equity holding provide adequate return

I have seen many of the studies that look at the possible benefit for hedging or not hedging foreign equity holdings - so far the data shows it to be not worth it al ca. given the cost of hedging. However, from an analytical standpoint isn't it reasonable to assume that the price of any equity in a ...
by Osp62
Fri Jul 21, 2017 2:16 pm
Forum: Investing - Theory, News & General
Topic: Interm. Term muni - price drop vs sec yield increase
Replies: 20
Views: 2399

Re: Interm. Term muni - price drop vs sec yield increase

Thanks OGD - always appreciate your thoughtful comments.
by Osp62
Sun May 07, 2017 2:20 pm
Forum: Investing - Theory, News & General
Topic: Are etfs riskier than their corresponding mutual funds ?
Replies: 13
Views: 1092

Re: Are etfs riskier than their corresponding mutual funds ?

ETF's can also add a Custody risk in addition to any risks with the underlying mutual fund. For example if you hold VTI at Schwab or Fidelity or any other brokerage then your shares will be subject to any custody risk at the brokerage. This could be avoided or reduced if you hold the VTI at a custod...
by Osp62
Fri Feb 24, 2017 12:53 pm
Forum: Investing - Theory, News & General
Topic: DRIP vs dollar cost average the dividends or buy a few days later
Replies: 3
Views: 309

DRIP vs dollar cost average the dividends or buy a few days later

For a while I have wondered if the stock price gets inflated on the dividend pay date because more and more investors have started reinvesting their dividends. Finally searching online, I found this academic paper from 2013 that confirms that there indeed is an artificial stock price inflation on th...
by Osp62
Mon Jan 02, 2017 11:09 pm
Forum: Local Chapters and Bogleheads Community
Topic: South Florida Local Chapter
Replies: 242
Views: 39298

Re: South Florida Local Chapter

I will be attending as well. Thanks for the PM.