Search found 173 matches

by alpine_boglehead
Sat May 26, 2018 9:15 am
Forum: Investing - Theory, News & General
Topic: Couple of questions about passages from Bogle's book "Enough"
Replies: 19
Views: 2351

Re: Couple of questions about passages from Bogle's book "Enough"

I don't think that he's talking about the buy/sell of a stock when he refers to the asymmetry. I think he's talking about Wall Street "products." The best example I can think of for this is an annuity. The buyer has only a fraction of the understanding of the contract that the seller has put togeth...
by alpine_boglehead
Sat May 26, 2018 2:26 am
Forum: Investing - Theory, News & General
Topic: If the US market cap was 5% instead of 52%, would the US vs International conversation change?
Replies: 40
Views: 2605

Re: If the US market cap was 5% instead of 52%, would the US vs International conversation change?

The big problem is that some domestic bond markets (Italy! One of the world's top 5 govt bond markets) are not risk free . I wouldn't consider government bonds risk free , they are just one of the less riskier types of bonds. In Italy, the risk is more visible because they have partly given up cont...
by alpine_boglehead
Fri May 25, 2018 11:22 am
Forum: Investing - Theory, News & General
Topic: If the US market cap was 5% instead of 52%, would the US vs International conversation change?
Replies: 40
Views: 2605

Re: If the US market cap was 5% instead of 52%, would the US vs International conversation change?

There's also currency risk. Having 95% of your investments in different currencies from your own minor currency could be at least psychologically tricky. In my opinion, quite on the contrary. If you're in a small country with a minor currency, you have all the more reason to diversify outside of yo...
by alpine_boglehead
Wed May 23, 2018 3:07 pm
Forum: Investing - Theory, News & General
Topic: Non-USA Domiciles: VT, VWRD, and WD
Replies: 11
Views: 636

Re: Non-USA Domiciles: VT, VWRD, and WD

buylowbuyhigh wrote:
Wed May 23, 2018 1:20 am
I haven't seen any EM small cap funds/ETF's
There's EM small cap ETFs like the iShares MSCI Emerging Markets Small Cap and SPDR MSCI Emerging Markets Small Cap ETFs, but the expense ratios are quite high (0.74% and 0.55%).
by alpine_boglehead
Tue May 22, 2018 3:38 pm
Forum: Investing - Theory, News & General
Topic: Is HFXIX (Catalyst Hedged Futures Strategy Fund) a good idea for long-term, low-risk capital preservation?
Replies: 8
Views: 410

Re: Is HFXIX (Catalyst Hedged Futures Strategy Fund) a good idea for long-term, low-risk capital preservation?

Hello slowandsteady, others have already elaborated on the specific fund. Are there any better alternatives? Short answer: Yes. Long answer: too long to post here. Unfortunately everyone has to learn a minimum of investment basics before you can judge the various options. You cannot let others do yo...
by alpine_boglehead
Tue May 22, 2018 3:24 pm
Forum: Investing - Theory, News & General
Topic: Theory: Total World Index a Sure Fire Win [VT/VTWSX]
Replies: 133
Views: 9946

Re: Theory: Total World Index a Sure Fire Win [VT/VTWSX]

For non-USA domiciles like us, non-USA domiciled equities are cheaper than USA domiciled equities. For us, USA domiciled equities have a 30% dividend withholding tax. Not if your country has a treaty with the US to only withhold 15% of dividends. And in some countries, that 15% can be (if the equit...
by alpine_boglehead
Mon May 21, 2018 11:52 pm
Forum: Investing - Theory, News & General
Topic: Do bonds make sense if you are more than 10 years from retirement?
Replies: 11
Views: 1336

Re: Do bonds make sense if you are more than 10 years from retirement?

No one seems to like bonds after a long bull market and with interest rates rising. I'll quote Taylor Larimore here stocks let us eat well, bonds let us sleep well Not everyone, even when more than 10 years from retirement, can sleep well with 100% stocks. Bonds also add diversification, and theoret...
by alpine_boglehead
Mon May 21, 2018 1:12 am
Forum: Investing - Theory, News & General
Topic: Roll your own index fund current viability
Replies: 22
Views: 1434

Re: Roll your own index fund current viability

I once did a calculation for my situation (European ETFs getting double taxation due to US withholding taxes not being passed through, and paying local taxes again, plus 0,07 ER for the cheapest S&P 500 ETF). The advantage would be 0,27 basis points assuming a dividend yield of 2%. Tax loss harvesti...
by alpine_boglehead
Thu May 17, 2018 12:32 pm
Forum: Investing - Help with Personal Investments
Topic: [Europe] [Belgium] Investing with DEGIRO
Replies: 23
Views: 829

Re: [Europe] [Belgium] Investing with DEGIRO

I have no experience with Degiro so cannot help you there. What I heard is tht DeGiro might be lending our your shares to others who will then short them.... there is a price for getting something for free. They won't lend out your shares if you use the "custody account" option if I recall correctl...
by alpine_boglehead
Tue May 08, 2018 12:31 pm
Forum: Investing - Theory, News & General
Topic: Happy 89th birthday to [Jack] Bogle
Replies: 44
Views: 2484

Re: Happy 89th birthday to Bogle

Happy Birthday Mr. Bogle!

Thanks for making the (investing) world a better place!
by alpine_boglehead
Sun May 06, 2018 1:12 pm
Forum: Investing - Help with Personal Investments
Topic: [EU] About the cost of taxes on dividends in European funds
Replies: 18
Views: 1039

Re: [EU] About the cost of taxes on dividends in European funds

S&P500 funds domiciled in Europe loss between 30 and 35% of their dividends in tax even if they are accumulation ones. Are you sure? I was under the impression that the Ireland-domiciled funds only loose 15% to US withholding tax. E.g. here is is stated that Irish ETFs can benefit from the US/Irela...
by alpine_boglehead
Sun May 06, 2018 7:44 am
Forum: Investing - Help with Personal Investments
Topic: Why Shouldn't I Buy McDonalds Or Coke?
Replies: 66
Views: 8270

Re: Why Shouldn't I Buy McDonalds Or Coke?

Check out this thread. It outlines that only a very small percentage of stocks provide superior returns over the long run.
by alpine_boglehead
Sat May 05, 2018 2:26 am
Forum: Investing - Help with Personal Investments
Topic: Berkshire Hathaway B
Replies: 65
Views: 6342

Re: Berkshire Hathaway B

BRK.B makes up a small percentage of my individual stocks holdings. I own it because it because I have the weird notion that I like to hold a minor percentage of my portfolio directly in stocks (and not in funds). Funds (however well managed) are yet another layer of risk/opacity, so I want to have ...
by alpine_boglehead
Tue May 01, 2018 8:57 am
Forum: Investing - Theory, News & General
Topic: Allocating to last year's S&P (joke? riddle? paradox?)
Replies: 47
Views: 3297

Re: Allocating to last year's S&P (joke? riddle? paradox?)

That's an interesting thought. This portfolio construction does what you would expect a moving average to do - to smooth out the ride. Even if it can somehow be engineered - an improved sharpe ratio is nice, however ... I guess it wouldn't help in the case we really should be afraid of. The real (de...
by alpine_boglehead
Sun Apr 29, 2018 1:40 am
Forum: Investing - Theory, News & General
Topic: Chart: Skewed Distribution of S&P 500 Returns, 1997-2017
Replies: 13
Views: 1560

Re: Chart: Skewed Distribution of S&P 500 Returns, 1997-2017

Thanks for posting this interesting chart and article. The term given to this skewed distribution by an earlier study is "The Capitalism Distribution". Seen simplistically, his sounds like the good old 80/20 rule.

Yet another good reason for indexing instead of taking chances active management.
by alpine_boglehead
Sat Apr 28, 2018 1:16 pm
Forum: Investing - Theory, News & General
Topic: Banking IT Infrastructure Meltdown - So have you diversified your Custodians and Banks?
Replies: 14
Views: 1897

Re: Banking IT Infrastructure Meltdown - So have you diversified your Custodians and Banks?

I also like to have diversification at the level of banks/brokers and mutual fund providers, even at the cost of not putting everything with the most cost-effective option (the difference is not big, though). There's things apart from IT infrastructure meltdowns that could give you major headaches, ...
by alpine_boglehead
Tue Apr 24, 2018 11:39 pm
Forum: Investing - Theory, News & General
Topic: Another Warren Buffett S&P 500 Recommendation
Replies: 76
Views: 7331

Re: Another Warren Buffett S&P 500 Recommendation

He said what he said. And his "80%" remark makes it perfectly clear that he knows the S&P 500 is not the total market. I can't read his mind, and neither can anyone else. I don't know why he thinks I should buy "80% of the market value of everything you can buy in this country, it's over $20 trilli...
by alpine_boglehead
Mon Apr 23, 2018 11:37 pm
Forum: Investing - Help with Personal Investments
Topic: Front Loaded Fund Restart
Replies: 6
Views: 427

Re: Front Loaded Fund Restart

So my question is, should we contribute up to the remaining fee free contribution limit ($47k x 2) into a below average fund or switch to a different fund with the fees that go with it? The annual expense ratio is 1.06%. Thank you Hello USMC1989, I agree with the others, check if there's low-cost V...
by alpine_boglehead
Thu Apr 19, 2018 12:17 am
Forum: Investing - Theory, News & General
Topic: The World in 2050 — An Emergent Middle Class
Replies: 35
Views: 4132

Re: The World in 2050 — An Emergent Middle Class

https://i.imgur.com/LUctruc.jpg NOTE: Vertical axis shows number people at various income levels; horizontal axis is log scale. Source: Adapted from Roser The same graphic is available as a very neat interactive chart (and more of those) on gapminder.org You can slide along the time axis, very inte...
by alpine_boglehead
Wed Apr 18, 2018 1:26 pm
Forum: Personal Consumer Issues
Topic: Perks of Owning Certain Individual Stocks
Replies: 28
Views: 3337

Re: Perks of Owning Certain Individual Stocks

If you own ANY stock you get invited to their annual meetings. I'm guessing that they serve cookies? You also get to ask questions https://condenaststore.com/featured/this-is-the-part-of-capitalism-i-hate-joseph-mirachi.html I haven't been to shareholder meetings myself, but a colleague recently to...
by alpine_boglehead
Tue Apr 17, 2018 2:42 pm
Forum: Investing - Theory, News & General
Topic: How Warren Buffett Won His Multi-Million Dollar Long Bet
Replies: 27
Views: 3541

Re: How Warren Buffett Won His Multi-Million Dollar Long Bet

For Protégé Partners’ side of our ten-year bet, Ted picked five funds-of-funds whose results were to be averaged and compared against my Vanguard S&P index fund. The five he selected had invested their money in more than 100 hedge funds, which meant that the overall performance of the funds-of-fund...
by alpine_boglehead
Sun Apr 15, 2018 12:41 pm
Forum: Investing - Help with Personal Investments
Topic: "Volatility is Back"
Replies: 5
Views: 736

Re: "Volatility is Back"

Thanks for posting this, it's a very good read. Another gem from that article: The SPIVA results overstate the performance of active managers because they are based on pretax returns. Most actively managed funds have high turnover, making them less tax efficient than comparable index funds. So true....
by alpine_boglehead
Fri Apr 13, 2018 6:36 am
Forum: Investing - Theory, News & General
Topic: Unimpressive category averages of managed futures, multialternative, market neutral, etc.
Replies: 82
Views: 5606

Re: Unimpressive category averages of managed futures, multialternative, market neutral, etc.

This is sobering data. I suspect all these trendy categories all had much better returns up to the point that they became trendy. Another way to see this is that alternatives don't exist in a vacuum, they compete for capital that otherwise can go into cash, bonds, stocks etc. So if you subscribe to...
by alpine_boglehead
Thu Apr 12, 2018 12:44 pm
Forum: Investing - Theory, News & General
Topic: Emerging markets tilt
Replies: 37
Views: 3252

Re: Emerging markets tilt

My current EM tilt (roughly 25% of equities) is caused by having loaded up on EM in early 2016, when it seemed like a "be greedy when others are fearful" opportunity. As the EM valuations still seem to be ok, I'm currently keeping it this way. No one knows what the future holds, but my best guess i...
by alpine_boglehead
Wed Apr 11, 2018 1:22 pm
Forum: Investing - Theory, News & General
Topic: Emerging markets tilt
Replies: 37
Views: 3252

Re: Emerging markets tilt

My current EM tilt (roughly 25% of equities) is caused by having loaded up on EM in early 2016, when it seemed like a "be greedy when others are fearful" opportunity. As the EM valuations still seem to be ok, I'm currently keeping it this way. No one knows what the future holds, but my best guess is...
by alpine_boglehead
Sun Apr 08, 2018 12:46 am
Forum: Investing - Theory, News & General
Topic: Question about efficient markets and passive investing
Replies: 11
Views: 1030

Re: Question about efficient markets and passive investing

Cap-weighted indexes do not need to buy-and-sell with stock valuation moves. Only when new money flows into funds or redemptions take money out of the fund. So if there was no net change in assets (purchases = redemptions) then an index fund does no buying and selling that day. Index funds do need ...
by alpine_boglehead
Fri Apr 06, 2018 3:42 pm
Forum: Personal Consumer Issues
Topic: Is it very hard to learn Spanish?
Replies: 65
Views: 4370

Re: Is it very hard to learn Spanish?

The English vocabulary mostly originates from old French and old Germanic. Spanish is quite similar to French, so you'll encounter many familiar/similar words. I'd also suggest to get started on your own (grab some youtube videos on simple phrases, pronunciation and grammar), and then improve using ...
by alpine_boglehead
Thu Apr 05, 2018 1:42 pm
Forum: Investing - Theory, News & General
Topic: New iShares MSCI World Small Cap UCITS ETF, proposition for European 3/4-fund portfolio
Replies: 15
Views: 2446

Re: New iShares MSCI World Small Cap UCITS ETF, proposition for European 3/4-fund portfolio

Thanks very much for sharing, it will also be interesting to me once it becomes available in EUR and on XETRA (German stock exchange). The dream would be Vanguard offering an accumulating ETF in Europe similar to VT. Yes, that would be very nice indeed. "Luckily" we're not in the position of US inve...
by alpine_boglehead
Sat Mar 31, 2018 3:32 am
Forum: Investing - Theory, News & General
Topic: What Are Your Thoughts On The Recent Bitcoin Bust? Is It Apart of the Boom/Bust Cycle or Is The CryptoCurrency Finished?
Replies: 129
Views: 10085

Re: What Are Your Thoughts On The Recent Bitcoin Bust? Is It Apart of the Boom/Bust Cycle or Is The CryptoCurrency Finis

I'm interested to know how you started out investing? I can only second HomerJ's statement by providing the link to the wiki for getting started: https://www.bogleheads.org/wiki/Getting_started and if in my shoes where would you specifically start out given todays economic climate. Earlier economic...
by alpine_boglehead
Thu Mar 29, 2018 12:09 pm
Forum: Investing - Theory, News & General
Topic: Ireland Domiciled ETF at LSE not synchronize with US counterpart
Replies: 14
Views: 956

Re: Ireland Domiciled ETF at LSE not synchronize with US counterpart

When comparing, make sure you use the USD versions of IWDA / VWRD, currency fluctuations can be quite a big part of price changes. As far as I understand it, at the lowest level ETFs are traded like stocks in the market - the participants set the price, so the buyer pays what the seller demands. Th...
by alpine_boglehead
Thu Mar 29, 2018 12:01 pm
Forum: Investing - Theory, News & General
Topic: Ireland Domiciled ETF at LSE not synchronize with US counterpart
Replies: 14
Views: 956

Re: Ireland Domiciled ETF at LSE not synchronize with US counterpart

Yes, i compares VT with VWRD and IWDA, i only track the USD version because it's the version i purchase Good to know there's another who notice this issue Anyway unlike 3 days before which VWRD and IWDA didn't move closely with VT, today VT and IWDA is moving very closely This is screenshot at 10.0...
by alpine_boglehead
Tue Mar 27, 2018 11:00 pm
Forum: Investing - Theory, News & General
Topic: Share Dilution in Emerging & Developed Markets
Replies: 24
Views: 2094

Re: Share Dilution in Emerging & Developed Markets

Stepping back, is this really dilution? I tend to think of dilution as when share are issued at below market value (stock options etc) diluting the equity share of existing holders. If a company issues more shares at current market value, then that presumably is additional funding/capital that shou...
by alpine_boglehead
Tue Mar 27, 2018 10:51 pm
Forum: Investing - Theory, News & General
Topic: Ireland Domiciled ETF at LSE not synchronize with US counterpart
Replies: 14
Views: 956

Re: Ireland Domiciled ETF at LSE not synchronize with US counterpart

Here's screenshot at current time (10.07 PM my time), it's equivalent of 10.07 AM Eastern Time. This means both LSE and NYSE is on trading hours https://thumb.ibb.co/eVtCen/IWDA_not_sync.png Notice that today it's IWDA and VWRD is up 1.x%, while VT is barely up I might be wrong on this; but this is...
by alpine_boglehead
Sat Mar 24, 2018 2:20 pm
Forum: Investing - Help with Personal Investments
Topic: Offshore Asset Protection
Replies: 9
Views: 701

Re: Offshore Asset Protection

I am a physician. I was talking with a trust attorney and they mentioned the most safe way to protect assets is an offshore trust. I am in a high stakes medical field. I have an umbrella policy. Was wondering about other people’s experiences. I have no experience, but I'd guess that these construct...
by alpine_boglehead
Sat Mar 24, 2018 2:12 pm
Forum: Investing - Help with Personal Investments
Topic: Offshore Asset Protection
Replies: 9
Views: 701

Re: Offshore Asset Protection

Lots of posts about "asset protection" lately for some reason. I've come across various sites lately promoting offshoring your assets for reasons of political uncertainty. Along the lines of "If/when the US gets into financial troubles or turns completely socialist, they will confiscate/tax away yo...
by alpine_boglehead
Thu Mar 22, 2018 2:34 pm
Forum: Investing - Theory, News & General
Topic: U.S. stocks in freefall
Replies: 6550
Views: 1407290

Re: U.S. stocks in freefall

Anyone here still have high hope for big returns of U.S. stock for the next decade? https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcRGvkT2yCVe26Akv4CMFdgXZ-PJFEg3aLsbtmk2CQznHtP-d0hj What is the significance of the picture? Google reverse image search shows that this is from a series named "C...
by alpine_boglehead
Tue Mar 20, 2018 1:24 pm
Forum: Investing - Theory, News & General
Topic: Global GDP Growth --> World Stock Returns, 1970-2017
Replies: 5
Views: 543

Re: Global GDP Growth --> World Stock Returns, 1970-2017

Very interesting, thanks for posting. Somehow, the GDP stock market relationship isn't too surprising. I've always wondered why there should be such a low (no) correlation between GDP and stock market returns for countries, when a good portion of the companies' growth comes from GDP growth, and pres...
by alpine_boglehead
Sun Mar 18, 2018 4:05 pm
Forum: Investing - Theory, News & General
Topic: Incredibly sleazy Northwestern Mutual cold caller
Replies: 78
Views: 8018

Re: Incredibly sleazy Northwestern Mutual cold caller

Thanks for posting your conversation, it's a very interesting read (especially for me because of my acute allergic reaction to salespeople, I don't have this kind of experience very often). For you, it was a mostly one-off 10 minute phone call. For the sales guy, it was one iteration of "groundhog d...
by alpine_boglehead
Wed Mar 14, 2018 1:42 pm
Forum: Investing - Help with Personal Investments
Topic: Platform for monthly investing in funds or ETFS - For Europeans
Replies: 5
Views: 550

Re: Platform for monthly investing in funds or ETFS - For Europeans

Do you want a robo-advisor? They exist, but they are usually pretty expensive. ETFmatic has decent pricing, but in the end I would rather go with a simple portfolio from a cheap broker, like Degiro. Here is a list. http://robo-advisors.eu/ Interesting that there's already that many robo-advisors in...
by alpine_boglehead
Mon Mar 12, 2018 4:59 pm
Forum: Investing - Help with Personal Investments
Topic: Platform for monthly investing in funds or ETFS - For Europeans
Replies: 5
Views: 550

Re: Platform for monthly investing in funds or ETFS - For Europeans

Do you want a robo-advisor? They exist, but they are usually pretty expensive. ETFmatic has decent pricing, but in the end I would rather go with a simple portfolio from a cheap broker, like Degiro. Here is a list. http://robo-advisors.eu/ Interesting that there's already that many robo-advisors in...
by alpine_boglehead
Thu Mar 08, 2018 1:28 pm
Forum: Personal Consumer Issues
Topic: Is near FI + Employment almost as good as Retirement?
Replies: 39
Views: 4435

Re: Is near FI + Employment almost as good as Retirement?

If find that that once you reach the [OT comment removed by moderator prudent] cornerstone of FI, at least your job-and-money-related worries and stress level goes down significantly. In my eyes working FI and retirement would still be very different, but I'll only know when I've reached the other s...
by alpine_boglehead
Wed Mar 07, 2018 12:41 pm
Forum: Investing - Help with Personal Investments
Topic: Compare the following note with index fund
Replies: 18
Views: 1345

Re: Compare the following note with index fund

One additional risk which notes/derivatives/contracts like these have, and mutual funds holding stocks don't have, is counterparty risk.
by alpine_boglehead
Sat Mar 03, 2018 1:25 pm
Forum: Investing - Help with Personal Investments
Topic: 25YR old with considerable amount of cash
Replies: 48
Views: 6731

Re: 25YR old with considerable amount of cash

Sorry for your loss. pretend you do not have it this The amount at this age is like a small lottery winning, so you should not tell others about it - it would probably attract envy, false friends, or perhaps worse, greedy financial advisers. It sounds like you're the situation referred to in this Wa...
by alpine_boglehead
Sat Mar 03, 2018 5:40 am
Forum: Investing - Theory, News & General
Topic: How to Global ETFs 'readjust' to reflect market conditions
Replies: 9
Views: 742

Re: How to Global ETFs 'readjust' to reflect market conditions

Interesting - basically aside from market full-on market fluctuations, I'm trying to assess how robust my portfolio is with most of its holdings being US based. According to Morningstar , the US makes up 51% of Vanguard FTSE All-World, so that's half of the holdings. That seems to be the market con...
by alpine_boglehead
Tue Feb 27, 2018 1:59 pm
Forum: Investing - Theory, News & General
Topic: U.S. stock inflows over the past 12 months: $25 billion. Taxable bond inflows: $392 billion
Replies: 18
Views: 2953

Re: U.S. stock inflows over the past 12 months: $25 billion. Taxable bond inflows: $392 billion

Investors are cutting their exposure to equities, and they have been for years. How is this possible? Every share sold is a share bought. Is it a buyback phenomenon? Is it that there are less equity investors but larger holdings per individual? How does this concept of "flows" really work? I heard ...
by alpine_boglehead
Sat Feb 24, 2018 1:09 am
Forum: Personal Finance (Not Investing)
Topic: Bogleheads: What are you doing to prepare for dementia/alzheimers?
Replies: 60
Views: 5768

Re: Bogleheads: What are you doing to prepare for dementia/alzheimers?

There is also this recent thread discussing an interesting article by Larry Swedroe which also included a discussion of this topic - he nominates dementia as one of the the "4 Horsemen of Your Portfolio".
by alpine_boglehead
Sat Feb 24, 2018 12:46 am
Forum: Investing - Theory, News & General
Topic: Help needed to choose Vanguard EU based ETFS
Replies: 20
Views: 1494

Re: Help needed to choose Vanguard EU based ETFS

Still does not make sense, as EAM and XET products are both in EUR and have the same stock Yes, doesn't say any more than "we have a methodology by which we calculate these". The risk levels I see at another broker (flatex in Germany, they also base available margin on these calculations by the way...
by alpine_boglehead
Sat Feb 24, 2018 12:35 am
Forum: Investing - Theory, News & General
Topic: GMO forecast
Replies: 26
Views: 2798

Re: GMO forecast

I don't think its illogical to take a risk when there's an expected return higher than that risk. Life is just that, from our ancestors venturing out to hunt down a mammoth to us investing in stocks. The difference between investing and gambling seems to be that gambling is a zero-sum game (with fe...
by alpine_boglehead
Sat Feb 17, 2018 12:52 pm
Forum: Investing - Theory, News & General
Topic: GMO forecast
Replies: 26
Views: 2798

Re: GMO forecast

Alternatively, you can conclude that if very intelligent value based investors are able to make a strong case for a permabear position that does not match actual stock progress, it shows what a completely illogical gamble investing really is. The Bogleheads philosophy rests on the idea that the mar...
by alpine_boglehead
Sat Feb 17, 2018 12:23 pm
Forum: Investing - Theory, News & General
Topic: Help needed to choose Vanguard EU based ETFS
Replies: 20
Views: 1494

Re: Help needed to choose Vanguard EU based ETFS

Hello mixinvest, it's a pitty that the EU wants to protect investors from using more efficient investment vehicles. I was also thinking about US-based ETFs for reduced dividend tax leakage ... . The costs might be different depending on which exchange you buy, and that will likely also vary from br...