Bogleheads.org

bschultheis

My take on Vanguard factor funds is the same as their international bond fund and their muni bond ETF; Vanguard investors were buying elsewhere, so offer them a quality competing product at a low fee. It’s not as though Vanguard expects this strategy to be its future. Good observation Rick. Vanguar...

bschultheis

John Bogle is a very fine human being and his accomplishments have helped all of us. He has revolutionized the investment industry in amazing ways. I am indebted to him for all that he has taught me about investments. I have read his books, watched his videos, seen him interviewed, and I have never...

bschultheis

IMHO it is more important you follow a plan then try to get the perfect one. Staying the Course and sticking to your plan is more important. Amen to that. When I see the periodic thread that debates the merits of adding SV to a TSM portfolio, I chuckle a little. I mean, it is debated on this board ...

bschultheis

I think it is safe to say that many women are turned off by investing because the finance world has been and continues to be a "male" dominated industry - an industry that can come across as condescending and arrogant to investors. I have found that women in particular are drawn to the passive "inde...

bschultheis

It's interesting to learn of the $28 billion inflow this year to Vanguard's actively managed funds, "the equivalent of swimming upstream". "The key" is Vanguard's low average expense ratio of 0.27% for its actively managed funds. Hasn't Jack Bogle always stated that "cost matters", rather than "ind...

bschultheis

Thanks man. I like my portfolio and just need to stick with it. Don't we all! Oh, wait - I just found an article about a new tilt factor... I am anxious to hear about the new tilt factor as well! The way I look at it, over the long haul, small, value, international, TSM etc., etc., are likely to be...

bschultheis

I'm a fan of the foot massage. I love them. When I'm on my feet at work (sometimes for 16 hours straight) I dream about my next foot massage, which actually entails the feet, calves and thighs. It's the whole ambiance that I really enjoy....low lighting....quiet, maybe yoga/flute music in the backg...

bschultheis

Basically, I don't believe there is really such a thing as a safe withdrawal plan . You can start with whatever amount or percentage you think is optimum but it is very doubtful that over 2 or 3 decades the plan, as originally set, will hold. There just seems to be too many unknown and important va...

bschultheis

Thanks for highlighting that article Barry. A very "interesting" read, to say the least, to see how different entities are re-positioning themselves to help investors while also keeping up with the competition. I just love it. What an absolutely incredible time to be in the financial services indust...

bschultheis

I like the work of this artist. http://www.michaelschultheis.com/ . He shows in galleries in Seattle, Portland, Boston, and New York among others. I have some of his early work of 40 years ago, and though haven't priced it, I think some of his more recent stuff is probably worth a little more. Unfor...

bschultheis

Yes! This has the ring of truth. It falls in the category of "not what you'd like to hear but obviously true." Purveyors of risk constantly urge us to consider our "goals" as if we hadn't set them ourselves and couldn't change them ourselves. They suggest that if the asset allocation we're comforta...

bschultheis

Bogleheads: Rick Van Ness is a successful private investor and retired executive who provides investor education using online videos, short books, and workshops. Rick has an MBA in Finance and is a valuable contributor to our forum and our wiki. Below are excerpts from his latest book, Why Bother W...

bschultheis

The scope of a good financial adviser should be much broader than just merely determining the appropriate investment strategy and funds. There are lots of other things to consider: when to take SS, proper RMD strategy, tax strategies, long term care or self insure, saving for kids' college, and man...

bschultheis

Thanks for the comments Browser and Neurosphere. I can tell you from personal experience that there has never been a better time, (at least in the last 35 years) to be a "Boglehead" advisor. Investors are absolutely screaming for help, wanting clarity on how to get from point A to Point B. To answer...

bschultheis

For what its worth, I ran a quick calculation, and have come up with the following numbers. . . (madsinger, feel free to correct any errors, as I seem to make a lot in my old age ;-) Annualized returns of The seven fund Coffeehouse Investor Portfolio thru 12/31/13 23 years 9.38% 10 years 7.51% 5 yea...

bschultheis

Keep at it and maybe at some point you will say "the more I learn, the more I realize the less I need to know." :happy Some Bogleheads have a habit of staring at the trees and forgetting about the forest. Paul Hi Paul, thanks for your thoughtful comments, and wholeheartedly agree. While we all inhe...

bschultheis

Well Vanguard investors do better because studies have shown they are better at staying the course. . I am kind of winging it on this post, but a couple of years ago Walter Updegrave wrote an article in Fortune detailing a study by either Morningstar and/or Vanguard, showing that owners of the Vang...

bschultheis

Anyway, this has no effect on my investing strategy, which is to be broadly diversified. Paul Well said, Paul. On the one hand, this stuff is really interesting. But let's not forget, as you remind us, that it is totally irrelevant to one's investing success. What does matter is that an investor DO...

bschultheis

Thanks for bringing that report to our attention Rick. I wonder what the percentage of "outperformance" would have to be for it to make sense for someone to choose active over index? For instance, if 60% of actively managed funds consistently outperformed benchmark, would it make sense to choose an ...

bschultheis

I am reiterating what several have said, but my two cents. . . Take ferry to Winslow, Bainbridge Island, for lunch or dinner. I have done this hundreds of times, and still love it. Definitely do this over a Mariners game, unless of course, they are in first place, and then Safe will be sold out and ...

bschultheis

You might think I am quoting $10,000 an hour in jest. I am not. This is the quote I would give someone who asked me for hourly advice. No one would pay it, which is why I don't ask it. If I were to charge someone $333 an hour for 3 hours of work, that would be about $1,000. If the only impact I coul...

bschultheis

$10,000 an hour.

Three assumptions . . .

Investor has $2 million dollar portfolio

Investor is an "average" investor of normal intelligence

Investor assures me they will follow my advice that I share in this one-hour meeting over the next 20 years

bschultheis

Thanks Brad

Go Coffeehouse!

(and remember to stay on top of that personal inflation rate.)

bschultheis

Bogleheads: As I approach 90 , I can offer some insight into "Safe Withdrawal Rates." Mathematicians love numbers. Fortunately for them, the stock and bond markets spew-out millions of numbers every day which are carefully preserved and available for them to analyze. Unfortunately, past performance...

bschultheis

Those who aren't smart enough to have a credible opinion on the matter. - Me :D IlliniDave, How about rephrasing that to say, "Those who are smart enough not to care or have an opinion on the matter." For what its worth, while debating smart and dumb beta and what causes them might be fun mental gy...

bschultheis

Thanks Brad.

Go Coffeehouse!

Bill

bschultheis

I love it when someone besides me brings up the topic of "Personal Inflation Rate," because I am tempted to bring it up every other day on this forum to stress its importance, but then I would become a nuisance. As a financial advisor who sits down with several clients a day, day after day, month af...

bschultheis

In today's section (yesterday on east coast) the Wall Street Journal ran two different articles in the same C section on the demise of a 60/40 Coffeehouse-type portfolio. "New Recipe For Returns In Risk Era" http://online.wsj.com/article/SB10001424127887323551004578438410252327372.html?KEYWORDS=Guer...

bschultheis

Great idea. Can anyone play jazz piano?

Looking forward to connecting at 6 and meeting everyone.

Bill

bschultheis

That sounds like a great idea. I'd love to hear Bill.

Let's find a coffeehouse nearby and connect an hour/90 minutes before the reading?

Let me know if you are interested, see how many might attend.

Bill

bschultheis

Trying to hedge equity risk with commodities sure sounds good, it just doesn't work good. The correlation argument for commodities is week and unreliable. How soon people forget that commodity funds crashed harder than stock funds during the depths of the financial crisis. That's not portfolio insu...

bschultheis

. . . weight a portfolio heavily toward TIPS, as suggested (implied?) by James Stewart, in his NYT column today titled 'Conceived By Students, a Portfolio That Pays" or avoid TIPS, as suggested by Brett Arends in his WSJ column today titled, "Looking for Inflation Protection? Take TIPS Off Your List...

bschultheis

Taylor Larimore wrote:Very few people know more about ETFs than Boglehead, Rick Ferri, who wrote The ETF Book. These are "Investment Gems" from his book:

On top of that, Rick could not be more generous with his time in sharing his knowledge of ETFs with investors and advisors alike. Thanks Rick!

bschultheis

Today the U.S. Bureau of Labor Statistics released the Consumer Price Index, reporting an increase of 1.7% for 2012. For me, that number is largely irrelevant. The big question is, how much did my personal CPI increase? It boils down to the choices I make in my everyday life and how I spend my money...

bschultheis

Thanks Brad, and all the best to you in 2013.

Go Coffeehouse!

Bill

bschultheis

While S&P scorecard details the difficulty of active management to best a benchmark, IMO that is not the compelling reason to build a passive (indexing) portfolio. What matters most of all is that an indexed portfolio allows you to stay the course with confidence. The big issue for investors, collec...

bschultheis

Note that not one person has mentioned getting 3% cash back rather than 2% cash back or having an asset allocation of 65% stocks rather 60% stocks or having an online account paying 1.0% rather than one paying 0.75% or having a mortgage at 3.25% rather than 3.40% or any of the myriad of other items...

bschultheis

Back in 1999, in the midst of one of the greatest bull markets in the history of the stock market, I encouraged investors to turn away from the market and focus on three simple principles that they already knew to be true, likely shared with them by a parent, grandparent, wise friend. . . 1. Don't p...

bschultheis

http://seattletimes.com/html/businesste ... eoxml.html

Good interview with Bill McNabb in today's paper. My apologies if it has already been posted.

I like the way Vanguard focuses on "the little guy."

Bill

bschultheis

That is a great point Rick, one that is frequently overlooked by the folks who are proponents of actively managed funds, especially brokers and financial advisors.

Nice feature in Zweig's WSJ article today! Way to go. . .

Bill

bschultheis

Thanks Taylor. Great points on benefits of indexing, and I'm with you. Even if over 50% of actively managed funds outperformed a benchmark, it wouldn't change my approach either. By owning a benchmark, I put the pursuit of performance in perspective, which allows me to focus 100% of my attention on ...

bschultheis

Let's say, for the sake of discussion, that actively managed, large blend mutual funds consistently outperformed the S&P 500 index. Let's assume, for instance, on 1, 3, 5 and 10 year periods, 52% of actively managed funds consistently beat the benchmark, and collectively, the funds that beat the ben...

bschultheis

The folks who are reading and posting in this discussion have been in the indexing church for many, many years. Rick Ferri Rick, while I agreet with you that posters on this thread might have a grasp on this topic, and understand that, while interesting, isn't all that important, I can't agree with...

bschultheis

Maybe there should be a way to categorize posts based on who they are for; beginner, intermediate, advanced, and PhD level. This would be a PhD conversation. Rick Ferri In making my original post, I am not critical of discussing this as a topic, and in fact I find this stuff interesting myself. I h...

bschultheis

PS. Bill, many people on this forum are interested in furthering their education and understanding, even "sophisticated" investors. I agree with you Rick, this stuff can be interesting, and as I mentioned in my post, this is a good place to discuss it. I also appreciate your comment that it is less...

bschultheis

(To the new investors: This is an advanced investing topic and can be safely ignored.) Thanks for including this statement LadyGeek. I would only add that, in my opinion it can be ingored not only by new investors, but by investors who are successful investors, have been around the block a few time...

bschultheis

Cut-Throat wrote:
You mean like the post I started awhile ago? --- http://www.bogleheads.org/forum/viewtop ... +inflation

yeah, like that one!

bschultheis

1.) Plan Inflation Rate - I am currently using 3% 2.) Rate of Investment Return - I am currently using 4% Those are reasonable numbers, but keep in mind that a plan's inflation rate is not some arbitrary number cooked up by gov't statistics, it is the rate at which YOUR cost of living, or burn rate...

bschultheis

existential coolness (I hear he climbed the west face of K2 last weekend), Wow, I wish my wife, mom, clients, dog etc., etc., thought I was existentially cool - though I don't really know what that means. And I heard the same K2 rumor, but alas, not true. I was simply scaling a ladder on my chimney...

bschultheis

A lot of time is spent worrying about basis point differences in expose ratios and not percentage point differences due to bad behavior. JL, A great reflection - people can quibble all they want about whether the DALBAR research is meaningful and representative, but in my humble opinion based on my...

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