Search found 112 matches

by Osp62
Sat Feb 10, 2018 12:56 am
Forum: Investing - Theory, News & General
Topic: Inverse VIX Cause of Further Selling?
Replies: 15
Views: 1746

Re: Inverse VIX Cause of Further Selling?

Risk parity funds are another large stock sellers after volatility goes up. The last discussion that I saw on this in FT mentioned a number around 250B more needed to be sold by risk parity funds to balance their portfolios given the increase in volatility. This seems to be a big driver of high volu...
by Osp62
Wed Feb 07, 2018 3:44 pm
Forum: Investing - Theory, News & General
Topic: Why should we care about inflation?
Replies: 58
Views: 5644

Re: Why should we care about inflation?

Financial repression is another big risk especially given the high government debt. Historically many governments have managed their large debts by keeping interest rates low even with high inflation. The best book in this area is “this time is different - eight centuries of financial folly” by Rhei...
by Osp62
Thu Feb 01, 2018 7:35 pm
Forum: Investing - Theory, News & General
Topic: Help me understand Vanguard Intermediate-Term Treasury's SEC yield
Replies: 9
Views: 904

Re: Help me understand Vanguard Intermediate-Term Treasury's SEC yield

Thanks, I guess that does make sense. The other factor you mention seems like it should not be a factor since VGIT only holds US Treasury bonds which is of what the yield curve measures the yields. Triceratop - my mistake, mistook the symbol for a muni bond fund symbol. My second point is not relev...
by Osp62
Thu Feb 01, 2018 3:21 pm
Forum: Investing - Theory, News & General
Topic: Help me understand Vanguard Intermediate-Term Treasury's SEC yield
Replies: 9
Views: 904

Re: Help me understand Vanguard Intermediate-Term Treasury's SEC yield

There is a delay in adjustment of the bond fund sec yield whenever the prices move very quickly. Given the sharp drops in the fund price during the last thirty days and the fact that sec yield uses average prices from the last 30 days, the sec yield is slightly undereported given today’s price. The ...
by Osp62
Thu Jan 18, 2018 9:01 pm
Forum: Personal Consumer Issues
Topic: Anyone use a heart rate monitor for swimming???
Replies: 4
Views: 538

Re: Anyone use a heart rate monitor for swimming???

I use my Apple Watch for swimming laps as we’ll as for outdoor bicycle rides and ot works quite well for both. It monitors heart rate and provides other related statistics like calories burnt, number of laps, distance, route map for bicycle rides, speed, heart rate recovery trend etc..
by Osp62
Fri Jan 12, 2018 3:54 pm
Forum: Investing - Help with Personal Investments
Topic: 100% VTSAX (Vanguard Total Stock Mkt Idx Adm)??
Replies: 70
Views: 6915

Re: 100% VTSAX (Vanguard Total Stock Mkt Idx Adm)??

I recall something from Bogleheads 2016 conference that may be relevant for OP. During the conference, we had a Vanguard visit and were able to hear from some of Vanguard’s senior executives. I was definitely surprised and remember that in response to a question on their personal asset allocation, o...
by Osp62
Wed Jan 10, 2018 4:05 pm
Forum: Investing - Theory, News & General
Topic: Removed
Replies: 6
Views: 678

Re: Why do bills yield less than bonds for same maturity?

It is most likely being caused by ‘on the run’ vs ‘off-the-run’. In general because of lower liquidity (even in treasury markets) off-the run bonds are slightly cheaper and hence have slightly higher yields. Off-the-run refers to all treasuries sold before the most recent treasury for the same matur...
by Osp62
Mon Jan 08, 2018 5:39 pm
Forum: Investing - Help with Personal Investments
Topic: Why not Muni Money Market?
Replies: 41
Views: 4496

Re: Why not Muni Money Market?

For those interested - From Baird - a relatively good description of risks associated with VRDO’s

http://content.rwbaird.com/RWB/Content/ ... osure.pdf
by Osp62
Mon Jan 08, 2018 3:10 pm
Forum: Investing - Help with Personal Investments
Topic: Why not Muni Money Market?
Replies: 41
Views: 4496

Re: Why not Muni Money Market?

Variable Rate Demand Bonds do not have the same issues as auction rate securities because they not only have remarking agents who usually just take into their own portfolios any issues they have trouble placing (2008 was the glaring exception), but there is always a liquidity facility (either a sta...
by Osp62
Fri Jan 05, 2018 4:54 pm
Forum: Investing - Help with Personal Investments
Topic: Why not Muni Money Market?
Replies: 41
Views: 4496

Re: Why not Muni Money Market?

The Tax exempt muni MM portfolio is almost 100% VRDO (variable rate deposit obligations) which are long term bonds from municipalities where the interest rate changes on a weekly or so basis and the holder has a put option to be able to sell the bond to an underwritir like a Bank or insurance compan...
by Osp62
Tue Jan 02, 2018 7:54 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Planning help-US citizen but family In INDIA
Replies: 9
Views: 1417

Re: Estate Planning help-US citizen but family In INDIA

As I think more, you can even have Vanguard (VNTC) be your successor trustee for your Revocable trust and you can then name a friend or lawyer as an executor who can work with Vanguard to do the stuff Vanguard may not be willing to do (like selling your house and personal items). This may make sense...
by Osp62
Tue Jan 02, 2018 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: Estate Planning help-US citizen but family In INDIA
Replies: 9
Views: 1417

Re: Estate Planning help-US citizen but family In INDIA

You can have your investments in accounts where you specify your Indian relatives at POD (pay on death) beneficiaries. This could work as long as the accounts allow you to specify the address. Talk to them and find out. Regarding your non financial assets, you will need an executor for your will. Th...
by Osp62
Tue Jan 02, 2018 4:02 pm
Forum: Investing - Theory, News & General
Topic: Rationale for a 30% ex-US equity allocation
Replies: 30
Views: 3558

Re: Rationale for a 30% ex-US equity allocation

I personally believe 30% intl is too high. I used to be at 30% plus for many years but reduced it down to 20% now. Not even sure I need 20 percent but I have some costs in non-USD so for now I am fine with 20%. My first point is that you might want to think harder about how important it is to reduce...
by Osp62
Mon Jan 01, 2018 9:55 pm
Forum: Personal Finance (Not Investing)
Topic: How can I move back to NYC with such high taxes? (State/City tax, Unincorporated Business Tax)
Replies: 110
Views: 8923

Re: How can I move back to NYC with such high taxes? (State/City tax, Unincorporated Business Tax)

From what I understand, you can have a place in nyc and not owe state and local income taxes as long as you can prove that you spent less than 180 days in NYC (the residency test). You will also need to make sure that your domicile remains Texas. So it all depends on your annual income. Do you want ...
by Osp62
Tue Dec 19, 2017 5:38 pm
Forum: Investing - Help with Personal Investments
Topic: Which way to merge an SEP and a Rollover IRA
Replies: 0
Views: 127

Which way to merge an SEP and a Rollover IRA

I have one Roll over and one SEP IRA at VG. Both are invested 100% in the Tot Stock Market Fund. In the interest of simplicity, I just want to combine the two accounts. Wondering how I should decide whether I should merge them to end up with an SEP or merge them to end up with a Roll over IRA. Is th...
by Osp62
Mon Dec 18, 2017 10:43 pm
Forum: Investing - Theory, News & General
Topic: SEC yield and ER relationship
Replies: 3
Views: 354

Re: SEC yield and ER relationship

I understand the formula. The question is how can the share class with the lower ER have a lower SEC yield. If the ER is lower for a share class then the SEC yield should be higher.
by Osp62
Mon Dec 18, 2017 10:14 pm
Forum: Investing - Theory, News & General
Topic: SEC yield and ER relationship
Replies: 3
Views: 354

SEC yield and ER relationship

Really surprised to see that the SEC yield of Total International Stock fund Institutional share class (VITSX) shows (1.75%) or 1 basis point less than that of the ETF VTI and Admiral share class (1.76%) even though the ER of the Institutional share class is 0.5 basis point lower (3.5 bps vs 4 bps)....
by Osp62
Sun Dec 17, 2017 1:10 pm
Forum: Personal Finance (Not Investing)
Topic: Clever use of a "C" Corporation
Replies: 23
Views: 3560

Re: Clever use of a "C" Corporation

FYI, you can also find a detailed paper linked from the WSJ article. This paper was written by about a dozen tax and law professors from major universities and was published on dec 7, 2017. The 35 page detailed paper is titled ‘The games they will play’ and has a whole section around use of corporat...
by Osp62
Thu Dec 14, 2017 1:10 pm
Forum: Investing - Help with Personal Investments
Topic: 3 accounts, 30 plus funds, 330,000 value, 2 advisers
Replies: 15
Views: 1614

Re: 3 accounts, 30 plus funds, 330,000 value, 2 advisers

Open a VG account, and ask VG to move all assets you can (Wells and TIAA) to VG without talking to advisors (who will just try to convince you otherwise) and invest in a Target Retirement fund at VG. The Target Retirement fund will be much simpler to manage as it will require no annual rebalancing a...
by Osp62
Thu Dec 14, 2017 12:43 pm
Forum: Investing - Help with Personal Investments
Topic: Reached 50X annual spending. Now what?
Replies: 56
Views: 6807

Re: Reached 50X annual spending. Now what?

Congratulations on your nest egg and can definitely understand some of the issues you bring up. In a July 2016 post you stated that you had 6mm in assets and if you are only spending 2% a year at 61 (with no children) after a cancer scare you may want to enjoy your money more. Perhaps spend more tha...
by Osp62
Wed Nov 01, 2017 8:43 am
Forum: Investing - Theory, News & General
Topic: Fidelity / Vanguard app in mobile phones
Replies: 5
Views: 831

Re: Fidelity / Vanguard app in mobile phones

Not sure of the Fidelity App but it is noteworthy that the Vanguard iPhone App is ‘Read Only’ so you can only see your information via the App and not be able to make any changes. If you try to make changes, the App will force you to login through the safari browser. You can choose not to login to t...
by Osp62
Sun Oct 08, 2017 1:01 pm
Forum: Investing - Theory, News & General
Topic: Relative Durations of Nominal vs TIPS Components in Treasuries
Replies: 2
Views: 304

Re: Relative Durations of Nominal vs TIPS Components in Treasuries

Given their inflation protection, TIPS allow you to go out longer on the duration continuum vs nominal treasuries. So I generally have a higher duration on the TIPS to take advantage of the term premium and get compensated for the duration and keep a lower duration on the nominal treasuries so that ...
by Osp62
Thu Sep 21, 2017 9:31 pm
Forum: Personal Consumer Issues
Topic: Tips/Steps for selling a car
Replies: 19
Views: 1668

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: 31648

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: 1097

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: 1097

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: 1097

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: 1097

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: 1391

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: 50
Views: 8004

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: 1391

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: 4313

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: 1540

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: 1540

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: 2123

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: 1946

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: 2513

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: 2513

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: 2513

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: 2513

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: 2987

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: 49
Views: 5071

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: 40
Views: 6216

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: 2218

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: 2218

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: 2218

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: 2218

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: 2218

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: 2218

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: 2218

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...