Search found 660 matches

by RNJ
Tue Feb 09, 2016 2:54 pm
Forum: Investing - Theory, News & General
Topic: "Nobody Knows Nothing" from Reformed Broker
Replies: 2
Views: 553

"Nobody Knows Nothing" from Reformed Broker

http://thereformedbroker.com/2016/02/09/nobody-knows-nothing-episode-653/?utm_source=dlvr.it&utm_medium=twitter "If you’re still investing based on Wall Street’s forecasts, you’re like a clown in the zoo" . "The Reformed Broker" (Josh Brown from Ritholtz Wealth Management) l...
by RNJ
Mon Feb 08, 2016 8:15 pm
Forum: Investing - Help with Personal Investments
Topic: [REVISED] Losing money to change asset allocation?
Replies: 14
Views: 926

Re: Losing money to change asset allocation?

Your tilting to smaller caps provides higher expected returns based on past performance and higher risk (defined here as volatility). The thing about expected returns is that, while we "expect" them, we have to be very, very patient - this is how we "earn the return". By "pa...
by RNJ
Thu Feb 04, 2016 2:46 pm
Forum: Investing - Theory, News & General
Topic: Re Yale Endowment, via Bloomberg
Replies: 10
Views: 1212

Re Yale Endowment, via Bloomberg

The article looks at a hedge fund, Bracebridge Capital, used by Yale: "In a year when titans Bill Ackman and David Einhorn each lost more than 20 percent for their investors, David Swensen’s bet on a little-known Boston hedge fund kept making him money." However, the most interesting aspec...
by RNJ
Tue Feb 02, 2016 9:59 pm
Forum: Investing - Help with Personal Investments
Topic: Cash Balance vs. Taxable
Replies: 19
Views: 1269

Re: Cash Balance vs. Taxable

Orthodoc and Alec have it right. My wife is an owner so my understanding came from that perspective.

Given your tax rate, the plan still seems like a reasonable choice.
by RNJ
Tue Feb 02, 2016 5:02 pm
Forum: Investing - Help with Personal Investments
Topic: Cash Balance vs. Taxable
Replies: 19
Views: 1269

Re: Cash Balance vs. Taxable

Make sure you really understand what a cash balance plan is. That 3% is not guaranteed (how could it be with a 20/80 allocation?). Rather, it is a "collar" on returns. If the plan outperforms the collar, your contribution is/may be reduced the following year(s). If the plan underperforms, ...
by RNJ
Sat Jan 30, 2016 4:12 pm
Forum: Investing - Theory, News & General
Topic: Who else is holding in cash? [For future investing]
Replies: 66
Views: 4072

Re: Who else is holding in cash?

Some of the best wealth managers do tend to hold quite a lot of cash - is Warren Buffett up around 26% these days? Mohamed El-Erian I think has about half his portfolio in cash I believe in Buffett's case, he'd rather hold cash than hold things he thinks aren't worth holding .. Then holding cash gi...
by RNJ
Sat Jan 30, 2016 10:58 am
Forum: Investing - Theory, News & General
Topic: Who else is holding in cash? [For future investing]
Replies: 66
Views: 4072

Re: Who else is holding in cash?

Our IPS (do you have one?) explicitly excludes holding cash beyond what we may need for living expenses. It's set up in this fashion not only because it's reasonable policy for where we are relative to retirement, but also as a block to poor behavior (i.e., market timing). Whatever "strengths&q...
by RNJ
Wed Jan 27, 2016 11:50 pm
Forum: Investing - Theory, News & General
Topic: 30Yr Mortgage or Sell Mutual Funds and Purchase House
Replies: 27
Views: 2212

Re: 30Yr Mortgage or Sell Mutual Funds and Purchase House

The variety of well-reasoned opinions supporting different approaches speaks to the possibility that this is an emotional/behavioral decision rather than simply a numbers decision."Debt" may have one meaning for a particular individual, but a mortgage may have a completely meaning. There i...
by RNJ
Wed Jan 27, 2016 11:39 pm
Forum: Investing - Theory, News & General
Topic: Entire Portfolio Expense Ratio
Replies: 41
Views: 2023

Re: Entire Portfolio Expense Ratio

--> .18
by RNJ
Mon Jan 25, 2016 4:39 pm
Forum: Investing - Theory, News & General
Topic: Getting from here to there with your portfolio - how did you do it?
Replies: 12
Views: 941

Re: Getting from here to there with your portfolio - how did you do it?

I'm assuming this is a question of "mechanics." I began by doing a lot of homework and reading (Bogle, Bernstein, Swensen, Swedroe, Ferri, Graham, Gibson, etc.). I then made the decision to go without an advisor. I thought about our pre-and post-retirement goals; about my feelings regardin...
by RNJ
Mon Jan 25, 2016 8:17 am
Forum: Investing - Theory, News & General
Topic: What is Your Bond Allocation & Location
Replies: 38
Views: 3822

Re: What is Your Bond Allocation & Location

-70% Intermediate-term treasuries (VFIUX) spread across SEP, IRA and 401k accounts.

-5% Intermediate-term municipals (BMBIX) in taxable.

20% TIPS (FSIYX) in 401k and IRA.

~ 5% of fixed income in 3% CD in taxable.

Avg age 48, 65/45 small and value tilted portfolio.
by RNJ
Wed Jan 20, 2016 10:11 am
Forum: Investing - Theory, News & General
Topic: Why are REITs not providing any benefit in this market?
Replies: 45
Views: 4912

Re: Why are REITs not providing any benefit in this market?

livesoft wrote:Because REITs are not bonds.


Also, as has been pointed out by Larry and others, in times of market stress, the correlations of risky assets (including REITS) tend to rise.

Be careful out there :wink:
by RNJ
Sun Jan 17, 2016 8:52 pm
Forum: Investing - Theory, News & General
Topic: Does an Emerging Markets "factor" pop out of factor analysis for international stocks?
Replies: 26
Views: 1441

Re: Does an Emerging Markets "factor" pop out of factor analysis for international stocks?

"EM" strikes me more as a wide-ranging political construct rather than a finance construct. EM political systems tend to be less transparent and stable, and more authoritarian than developed markets. Obviously, these characteristics have implications for financial systems, but these implic...
by RNJ
Fri Jan 15, 2016 10:19 am
Forum: Investing - Theory, News & General
Topic: staying calm in the face of a storm
Replies: 31
Views: 4766

Re: staying calm in the face of a storm

Kaudrey As I have mentioned in other threads, it's important to never fool yourself and you are the easiest person to fool. We tend to be overconfident about our abilities, it's an all too human trait. So we think we can handle more stress in the markets than we really can. So if you learned you ov...
by RNJ
Fri Jan 15, 2016 10:01 am
Forum: Investing - Theory, News & General
Topic: I'm Calling an Emerging Markets Bottom
Replies: 127
Views: 12396

Re: I'm Calling an Emerging Markets Bottom

I
livesoft wrote:OK, I will ask my spouse to invest her 2016 Roth IRA contribution 100% into emerging markets. Which ETF should she choose: VWO, DGS, or EWX? She intends to invest today.


IEMG.
by RNJ
Wed Jan 13, 2016 3:50 pm
Forum: Investing - Theory, News & General
Topic: Research Affiliates: long-term expected returns 12/31/15
Replies: 0
Views: 203

Research Affiliates: long-term expected returns 12/31/15

From the link: ". . . using a structural building-block approach, we provide long-term capital market forecasts across a variety of asset classes. The navigation tabs can be used to explore core assets (Overview, Risk, Portfolios tabs) or to do a deeper dive into specific asset classes." E...
by RNJ
Tue Jan 12, 2016 10:05 am
Forum: Investing - Theory, News & General
Topic: Pimco PMF
Replies: 2
Views: 204

Re: Pimco PMF

Leverage, credit risk, duration. The usual suspects.

Edit to add: And nicely correlated with US TSM.
by RNJ
Thu Jan 07, 2016 1:12 pm
Forum: Investing - Help with Personal Investments
Topic: iShares International ETFs
Replies: 3
Views: 324

Re: iShares International ETFs

If you're at Fido, why not FSIIX (Fidelity Spartan International)? Expense ratio of only .20%. Looking for an ETF rather than a Mutual Fund. I typically prefer the flexibility of getting things bought and sold right away rather than being at the mercy of how the trading day ends. Especially when bu...
by RNJ
Thu Jan 07, 2016 8:36 am
Forum: Investing - Help with Personal Investments
Topic: iShares International ETFs
Replies: 3
Views: 324

Re: iShares International ETFs

If you're at Fido, why not FSIIX (Fidelity Spartan International)? Expense ratio of only .20%.
by RNJ
Sun Jan 03, 2016 1:56 pm
Forum: Investing - Theory, News & General
Topic: Vanguard Equity-Income for Value Premium?
Replies: 6
Views: 536

Re: Vanguard Equity-Income for Value Premium?

Try running the numbers on portfoliovisualizer.com.
by RNJ
Fri Jan 01, 2016 5:41 pm
Forum: Investing - Help with Personal Investments
Topic: Roll Call for Tax-Loss Harvesting Class of 2015
Replies: 62
Views: 2363

Re: Roll Call for Tax-Loss Harvesting Class of 2015

PXF (Powershares RAFI Developed ETF) -> SFNNX (Schwab Fund'l Dev FUND). VWO (VG EM) -> IEMG (iShares EM) -> VWO. Most recent of many round trips. Only explicit rebalancing (other than monthly inflows): used VTI shares with substantial gains for VG donor advised fund contribution. Sticking to long te...
by RNJ
Thu Dec 31, 2015 11:28 am
Forum: Investing - Theory, News & General
Topic: A reading list from Mohamed El-Erian
Replies: 0
Views: 352

A reading list from Mohamed El-Erian

Via Bloomberg, "Nine Books to Get You Through the Age of Uncertainty"

http://www.bloombergview.com/articles/2015-12-31/nine-books-to-get-you-through-the-age-of-uncertainty

Best wishes to all for a healthy, happy and peaceful 2016.
by RNJ
Wed Dec 23, 2015 9:54 pm
Forum: Investing - Help with Personal Investments
Topic: Worn Out Blue Collar Shift Worker
Replies: 18
Views: 3878

Re: Worn Out Blue Collar Shift Worker

Welcome to the forum. It's hard to know where to begin as we have only a piece of the equation: your assets. What's missing is your anticipated expenses. Are you cutting it close? How flexible are your expenses? Are you concerned about outliving your assets? Is there an inflation adjustment to your ...
by RNJ
Wed Dec 16, 2015 9:10 pm
Forum: Investing - Theory, News & General
Topic: Let Tax Tail Wag the Asset Allocation Dog?
Replies: 23
Views: 2065

Re: Let Tax Tail Wag the Asset Allocation Dog?

If you plan on making any charitable contributions in the coming year, one thing to consider is donating appreciated securities and using the cash you otherwise would have donated to make securities purchases to get back to your target allocations (e.g., donate stocks and purchase bonds OR repurchas...
by RNJ
Fri Oct 16, 2015 11:14 am
Forum: Investing - Theory, News & General
Topic: Dr Bernstein: Limit Muni Bond Exposure
Replies: 90
Views: 9531

Re: Dr Bernstein: Limit Muni Bond Exposure

RNJ Illinois, Connecticut, NJ, Hawaii, Kentucky, Louisianna, Maine, Maryland and Mass. And here's another thing, AAA/AA bonds don't default in near term, not in muni land. And we typically don't buy long-term bonds, max maturity being about 10 years. So bonds glide down the path as their credit det...
by RNJ
Fri Oct 16, 2015 9:57 am
Forum: Investing - Theory, News & General
Topic: Dr Bernstein: Limit Muni Bond Exposure
Replies: 90
Views: 9531

Re: Dr Bernstein: Limit Muni Bond Exposure

Larry,

are you able to share which nine states are off limits?

Thanks!
by RNJ
Fri Oct 16, 2015 9:53 am
Forum: Investing - Theory, News & General
Topic: Chasing yield all the way home and the price of safety
Replies: 6
Views: 723

Re: Chasing yield all the way home and the price of safety

The best estimate we have of future interest rates is the present interest rates. You said paying off 3.75% mortgage yields 2.70% after tax considerations Vanguard Total Bond Market (adm) yields 2.16% Ally Bank 5-year CD yields 2.00% Your asset allocation is 64% equities. If you pay down your mortg...
by RNJ
Thu Oct 15, 2015 2:19 pm
Forum: Investing - Theory, News & General
Topic: Chasing yield all the way home and the price of safety
Replies: 6
Views: 723

Re: Chasing yield all the way home and the price of safety

This is an old debate and you can find lots of threads and articles on it if you search. My feeling is to make the decision based on comfort level rather than numbers since you have to make assumptions about interest rates or market behavior to apply the numbers. Personally I have been more comfort...
by RNJ
Thu Oct 15, 2015 12:34 pm
Forum: Investing - Theory, News & General
Topic: Chasing yield all the way home and the price of safety
Replies: 6
Views: 723

Chasing yield all the way home and the price of safety

Hi All. In past threads I've played with the idea of making additional payments on principal on our now 27 year mortgage. For a number of reasons (intellectual/emotional - not financial), I just couldn't get there. Now, as I look at options for safe investments, the price feels very steep and I've r...
by RNJ
Sat Sep 05, 2015 9:07 am
Forum: Investing - Theory, News & General
Topic: EVAL (iShares EM Value) closed
Replies: 2
Views: 288

Re: EVAL (iShares EM Value) closed

If one were so inclined (I am not), the only reasonable non-DFA alternative would be PXH.
by RNJ
Sat Sep 05, 2015 8:30 am
Forum: Investing - Theory, News & General
Topic: EVAL (iShares EM Value) closed
Replies: 2
Views: 288

EVAL (iShares EM Value) closed

This thinly traded, low AUM ETF liquidated on 8/21 (along with several other iShares offerings).

http://www.ishares.com/us/products/closed-funds/updates
by RNJ
Wed Sep 02, 2015 2:30 pm
Forum: Investing - Theory, News & General
Topic: Low Vol on "Black Monday" (ETF.com)
Replies: 1
Views: 203

Low Vol on "Black Monday" (ETF.com)

From ETF.com: "How the Low-Volatility ETF (SPLV) Disappointed on Black Monday"

http://etfdb.com/news/2015/08/26/how-the-low-volatility-etf-splv-disappointed-on-black-monday/
by RNJ
Wed Sep 02, 2015 8:40 am
Forum: Investing - Theory, News & General
Topic: Selling all equities, discuss why I'm wrong. :)
Replies: 183
Views: 18849

Re: Selling all equities, discuss why I'm wrong. :)

Assuming you are selling (at least some) assets in a taxable account, this transaction will not be without cost.
by RNJ
Sun Aug 30, 2015 9:51 am
Forum: Investing - Theory, News & General
Topic: Aug 2015 correction: what Bogleheads did...
Replies: 143
Views: 10064

Re: Aug 2015 correction: what Bogleheads did...

TLH entire position of PXF to SFNNX. Couldn't fill my FNDF limit orders and didn't want to chance a market order, so I went with the fund rather than the ETF. Suddenly I have a sizeable gain on the position. We'll see where we are in a month. Took a TLH on VWO (to IEMG) last month. Have a loss there...
by RNJ
Sat Aug 29, 2015 9:50 am
Forum: Investing - Theory, News & General
Topic: Reblancing
Replies: 17
Views: 1257

Re: Reblancing

I do both. That is to say, I add to "underfunded" assets with new inflows and rebalance when I hit a band/threshold.
by RNJ
Thu Aug 20, 2015 2:02 pm
Forum: Investing - Theory, News & General
Topic: Piling into emerging markets
Replies: 67
Views: 8377

Re: Piling into emerging markets

EM target: 20% of Int., 12.5% of equities, 8% of portfolio. Maintained fairly consistent allocation for several years, mostly with new contributions. No plans to change beyond gradually reducing equity exposure over next few years. However, in an effort to make the best of things, I've completed sev...
by RNJ
Tue Jul 28, 2015 11:57 am
Forum: Investing - Theory, News & General
Topic: Anyone Have a Near Retirement Strategy for Sequence of Return Risk?
Replies: 45
Views: 3002

Re: Anyone Have a Near Retirement Strategy for Sequence of Return Risk?

I had posted this ("TIPS and Sequence of Return Risk", https://www.bogleheads.org/forum/viewtopic.php?t=133878) a while back. Still investigating. Thoughts?
by RNJ
Mon Jul 27, 2015 1:41 pm
Forum: Investing - Theory, News & General
Topic: The forgotten inaccuracies of our small predictions
Replies: 18
Views: 2033

Re: The forgotten inaccuracies of our small predictions

You write beautifully and movingly of this experience - one I've shared. Once we leave the familiar (and even within the familiar, I imagine, if we really pay attention), our vision is always a step removed from "reality". We are always shifting and working to organize. These kinds of shif...
by RNJ
Thu Jul 16, 2015 10:00 am
Forum: Investing - Theory, News & General
Topic: 20 yr review of Mel's Unloved Midcaps
Replies: 19
Views: 2248

Re: 20 yr review of Mel's Unloved Midcaps

Grammatical issues aside, since inception MDY outperformed both VOE (Vanguard's Mid Value offering) as well as it's "sister" value offering, MDYV. Comparing MDY to VG Mid Cap (VIMSX) from inception, 05/21/1998 finds that VIMSX has outperformed. Comparing MDYV to VG Mid Cap Value (VMVIX) f...
by RNJ
Thu Jul 16, 2015 8:52 am
Forum: Investing - Theory, News & General
Topic: DFA to run ETFs for John Hancock
Replies: 38
Views: 5417

Re: DFA to run ETFs for John Hancock

. FWIW: What Makes An Asset Class? by Fama Jr. http://www.ifaarchive.com/%5Carticles%5CWhat_Makes_an_Asst_Class.aspx ?? In investing there seems to be risk + uncertainty. If you are targeting a particular risk exposure you want uncertainty to be close to zero, or at least try to minimize uncertaint...
by RNJ
Thu Jul 16, 2015 8:34 am
Forum: Investing - Theory, News & General
Topic: 20 yr review of Mel's Unloved Midcaps
Replies: 19
Views: 2248

Re: 20 yr review of Mel's Unloved Midcaps

tludwig23 wrote:
JoMoney wrote:
Call_Me_Op wrote:Surprise! There are small and value premiums after all.

There 'was' ...


There were ...


Grammatical issues aside, since inception MDY outperformed both VOE (Vanguard's Mid Value offering) as well as it's "sister" value offering, MDYV.
by RNJ
Tue Jul 14, 2015 11:22 am
Forum: Investing - Theory, News & General
Topic: DFA to run ETFs for John Hancock
Replies: 38
Views: 5417

Re: DFA to run ETFs for John Hancock

I have to say I'm a little amused by all the barbs and attitude directed at DFA. "John Hancock"... now that's always amusing! But the idea that DFA is beginning to develop its ETF expertise and put product out there on the market is nothing but good news to me. I don't care how difficult ...
by RNJ
Tue Jun 16, 2015 4:06 pm
Forum: Investing - Theory, News & General
Topic: What important Key Performance Indicators should I evaluate in Morningstar
Replies: 33
Views: 2972

Re: What important Key Performance Indicators should I evaluate in Morningstar

How about something like: Vanguard total world (VT) 50% Vanguard small value (VBR) 25% Vanguard all world ex-us small cap (VSS) 25% Thansk RNJ I have looked at these funds before. I believe more in the value factor and less in the size factor. You're welcome. You can "tilt" to whatever de...
by RNJ
Mon Jun 15, 2015 3:30 pm
Forum: Investing - Theory, News & General
Topic: What important Key Performance Indicators should I evaluate in Morningstar
Replies: 33
Views: 2972

Re: What important Key Performance Indicators should I evaluate in Morningstar

Speaking of factors, since I don't pay much attention to 'em I don't care... but some would regard it as a deficiency that Morningstar does not calculate or present actual numerical values for . . . important new factors like crebbage, smaragdine, epithalamion, syzygy, or crepitation. Ah - you've r...
by RNJ
Mon Jun 15, 2015 10:11 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1078
Views: 117159

Re: QSPIX - thoughts on interesting fund

I've been following this discussion with great interest. Lots to digest conceptually. I appreciate the thoughtful back and forth. Unfortunately, I have little to contribute in that regard. However, I will offer two very quick thoughts. First, I cannot help but feel that there is something of a "...
by RNJ
Mon Jun 15, 2015 9:50 am
Forum: Investing - Theory, News & General
Topic: What important Key Performance Indicators should I evaluate in Morningstar
Replies: 33
Views: 2972

Re: What important Key Performance Indicators should I evaluate in Morningstar

How about something like:

Vanguard total world (VT) 50%
Vanguard small value (VBR) 25%
Vanguard all world ex-us small cap (VSS) 25%
by RNJ
Tue Jun 09, 2015 8:58 pm
Forum: Investing - Theory, News & General
Topic: Assessing TIPS fund performance - Is this too simple?
Replies: 21
Views: 1648

Re: Assessing TIPS fund performance - Is this too simple?

Interesting issue. What is the function of your TIPS investment (e.g., a form of portfolio insurance, diversification, defeasance, something else)? I appreciate (sort of) your analysis, but at the risk of sounding ignorant, is it possible that you are using the wrong vehicle (a TIPS fund rather than...
by RNJ
Thu Jun 04, 2015 7:36 am
Forum: Investing - Theory, News & General
Topic: "Do You Know How Much You're Paying?"
Replies: 49
Views: 8202

Re: "Do You Know How Much You're Paying?"

On the spreadsheet I use to manage our investments, there are two cells dedicated to investment expenses. The first tells me the dollar-weighted aggregate expense ratio of the portfolio in real time (currently hovering just below .17%). The second cell translates that number into a dollar amount. Th...

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