Search found 4366 matches

by grayfox
Mon Nov 07, 2016 10:23 pm
Forum: Investing - Theory, News & General
Topic: House Price = 150 X Monthly Rent
Replies: 16
Views: 2813

Re: House Price = 150 X Monthly Rent

The great radio host Bruce Williams used to have a quick rule of thumb that monthly rent should be at least 1% of purchase price to be considered. E.g. if purchase price is $100,000, the rent income should be at least $1,000 per month. This was specifically for someone looking to buy a rental house ...
by grayfox
Sat Oct 29, 2016 12:55 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe's latest market returns forecast
Replies: 380
Views: 28444

Re: Larry Swedroe's latest market returns forecast

That's what some others have asked for (error bars), but not what I really had in mind. Here is what I'm looking for. We can't come up with all possible situations, but let's come up with several: --The really bad outcome where the market ends up 50% lower 10 years from now --The case where there i...
by grayfox
Fri Oct 28, 2016 6:48 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe's latest market returns forecast
Replies: 380
Views: 28444

Re: Larry Swedroe's latest market returns forecast

There are not enough data points for anyone to be able to say with certainty that the 10-year expected real returns has a 90% chance of being in between -2.6% and 4.8%. There's not even enough data points to be able to be 100% sure it's a normal distribution. I understand the PhDs want to quantify ...
by grayfox
Fri Oct 28, 2016 11:17 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe's latest market returns forecast
Replies: 380
Views: 28444

Re: Larry Swedroe's latest market returns forecast

Have you seen https://www.researchaffiliates.com/en_us/asset-allocation.html Selecting Emerging Markets, for instance, will show why they estimate a 10-yr expected real return of 7.3% They also state by their model that there is a: 95% chance of 1.5% (or higher) 75% chance of 4.9% 50% chance of 7.3...
by grayfox
Fri Oct 28, 2016 10:57 am
Forum: Investing - Theory, News & General
Topic: Warren Buffett(himself) has never invested in an Index fund, WHY?
Replies: 32
Views: 3971

Re: Warren Buffett(himself) has never invested in an Index fund, WHY?

In his annual letter to shareholders, Warren Buffet uses the S&P500 as a benchmark. Berkshire's Performance vs the S&P 500 Compounded Annual Gain 1965-2015 S&P 500 with Dividends 9.7% Per-Share Book Value of BH 19.2% Per-Share Market Value of BH 20.8% He don't need no stinkin' S&P500...
by grayfox
Thu Oct 27, 2016 8:40 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe's latest market returns forecast
Replies: 380
Views: 28444

Re: Larry Swedroe's latest market returns forecast

In 2010 E10/P annualized growth rate was about about 1.5% and dividend growth was about 1.15%. Now they're about 1.7% and 1.5% respectively. Go back to 1995 and E10/P growth was lower at about 1.3%, but dividend growth was about the same at about 1.2%. In this post, did you mean "In 2010 E10 a...
by grayfox
Thu Oct 27, 2016 8:22 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe's latest market returns forecast
Replies: 380
Views: 28444

Re: Larry Swedroe's latest market returns forecast

Here is a comparison of the 'Swedroe' (1.1/CAPE) model (red line) with the regular 1/CAPE model (purple line) to the Forward-10 'actuals' model (orange line). Unsurprisingly, the Swedroe model basically hovers on top of the 1/CAPE model (by 10%). And the match with the actuals looks pretty poor. Ho...
by grayfox
Thu Oct 27, 2016 11:28 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe's latest market returns forecast
Replies: 380
Views: 28444

Re: Larry Swedroe's latest market returns forecast

No, I don't believe the valuation "argument" has been resolved, nor will it ever be. I'm on the other side of the fence (with Homer and maybe a few others, but it is pretty sparse over here) in that I just can't embrace an approach that ignores so many real world variables and admits that...
by grayfox
Wed Oct 26, 2016 12:31 pm
Forum: Investing - Theory, News & General
Topic: Expected Returns Spreadsheet (DDM, 1/PE and more)
Replies: 26
Views: 3018

Re: Expected Returns Spreadsheet (DDM, 1/PE and more)

https://lh6.googleusercontent.com/-Rb4tKPDzcKg/VOItZjrpJ5I/AAAAAAAALM8/kq_1vGjnTLw/s1200/Expected%2520Returns%2520-%2520Chart.jpg If the orange line, S&P 500 Fwd-Rolling Actuals 10+, is intended to represent the actual 10-year real return annualized, it doesn't look right. I think that the retu...
by grayfox
Wed Oct 26, 2016 9:32 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe's latest market returns forecast
Replies: 380
Views: 28444

Re: Larry Swedroe's latest market returns forecast

Yes, but why annual or annualized? (I'm questioning the choice of time period, not how it's calculated, although that's certainly an important matter.) Why not semi-annually, quarterly, monthly, daily, or bi-annually? A year is the traditional time period, but other than perhaps relevance to how ac...
by grayfox
Tue Oct 25, 2016 1:27 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe's latest market returns forecast
Replies: 380
Views: 28444

Re: Larry Swedroe's latest market returns forecast

Also dividend payouts much lower now and have much more corporate buybacks so think 2% is reasonable estimate, <snip> Yeah, that's been my understanding as well, but it actually looks like real dividends (not dividend yield) have spiked in recent years, so this has me scratching my head a bit. Of c...
by grayfox
Tue Oct 25, 2016 12:27 pm
Forum: Investing - Theory, News & General
Topic: CAPE, SCHMAPE? WSJ piece raises questions
Replies: 38
Views: 3342

Re: CAPE, SCHMAPE? WSJ piece raises questions

In round numbers, call it -4% to +10% real return for likely range of growth and valuation. I wonder how much research and time and PhDs granted have been wasted determining a formula that tells us long-term real returns are likely to be in the -4% to 10% range? I took a class in Stocks and Bonds w...
by grayfox
Tue Oct 25, 2016 11:37 am
Forum: Investing - Theory, News & General
Topic: CAPE, SCHMAPE? WSJ piece raises questions
Replies: 38
Views: 3342

Re: CAPE, SCHMAPE? WSJ piece raises questions

Here is the output my E10/P based cashflow model results for the likely range of valuations and growth in earnings. P/E10(2026) 18.53 27.10 35.67 G.E10.10 (2016-2026) -2.63% -3.92 -0.62 1.90 -0.50% -1.82 1.56 4.13 +1.63% 0.41 3.78 6.36 +3.76% 2.38 5.91 8.59 +5.89% 4.49 8.08 10.82 P/E10 = Shiller Cap...
by grayfox
Tue Oct 25, 2016 10:49 am
Forum: Investing - Theory, News & General
Topic: CAPE, SCHMAPE? WSJ piece raises questions
Replies: 38
Views: 3342

Re: CAPE, SCHMAPE? WSJ piece raises questions

So can valuation 10-years out be predicted? The answer is obviously yes. Anyone can make a prediction about anything. But how accurate will the predictions be. In other words, how wide are the error bars? Maybe I can say that, with >99% confidence, in 10-years, PE10 will be in the range 5 to 50. Hig...
by grayfox
Mon Oct 24, 2016 11:19 am
Forum: Investing - Theory, News & General
Topic: CAPE, SCHMAPE? WSJ piece raises questions
Replies: 38
Views: 3342

Re: CAPE, SCHMAPE? WSJ piece raises questions

OK, I looked at how much PE10 has changed over 10-year periods. I got the Shiller PE Ratio by Year from multiple.com. Here are some stats: Change-in-Valuation over 10-years PE10 Delta-PE10 Percent-Change MIN 5.12 -25.40 -63.5% MEAN 16.81 +0.54 +17.9% MEDIAN 15.99 +0.58 +6.9% MAX 43.77 +26.72 +344.3%...
by grayfox
Mon Oct 24, 2016 10:20 am
Forum: Investing - Theory, News & General
Topic: CAPE, SCHMAPE? WSJ piece raises questions
Replies: 38
Views: 3342

Re: CAPE, SCHMAPE? WSJ piece raises questions

So the idea of Valuation not changing over 10 years is a "simplifying assumption" that doesn't really hold in the real world. This. It appears insane to me that anyone is making investing decisions based on an academic formula that starts off with this "simplifying assumption". ...
by grayfox
Mon Oct 24, 2016 10:13 am
Forum: Investing - Theory, News & General
Topic: CAPE, SCHMAPE? WSJ piece raises questions
Replies: 38
Views: 3342

Re: CAPE, SCHMAPE? WSJ piece raises questions

I was looking at how actual returns deviate from the return predicted by the simple E10/P model. As stated above, the usually unstated assumptions, i.e. implicit inputs, in the E10/P model are: 1. Earnings Growth will be about average 2. No change in Valuation So I created a model that has explicit ...
by grayfox
Mon Oct 24, 2016 9:38 am
Forum: Investing - Theory, News & General
Topic: CAPE, SCHMAPE? WSJ piece raises questions
Replies: 38
Views: 3342

Re: CAPE, SCHMAPE? WSJ piece raises questions

Note: I moved this from the other thread because it seems more on topic here. It looks to me like this simple E10/P forecast has some built-in assumptions that earnings growth will be average and valuations won't change. If actual earnings growth G deviates from the average, and/or valuations chang...
by grayfox
Sun Oct 23, 2016 9:10 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe's latest market returns forecast
Replies: 380
Views: 28444

Re: Larry Swedroe's latest market returns forecast

The Schiller CAPE 10 (invented in 1988) has been absolutely terrible at forecasting returns almost immediately after its invention. In 1996, Schiller used his model to forecast 0% long-term real returns. Instead they have been 7%-8%. How many decades can a model fail before one begins to question t...
by grayfox
Sat Oct 22, 2016 1:34 pm
Forum: Investing - Theory, News & General
Topic: CAPE, SCHMAPE? WSJ piece raises questions
Replies: 38
Views: 3342

Re: CAPE, SCHMAPE? WSJ piece raises questions

I don't know about using P/E10 for market timing. But I find that P/E10 is quite useful for forecasting S&P 500 returns. :?: E.g., if you put $10,000 into S&P 500 yesterday, how much will you have in 10 years? I set up a spreadsheet with a simple cashflow model that uses IRR function to calc...
by grayfox
Wed Oct 19, 2016 7:54 pm
Forum: Investing - Theory, News & General
Topic: P/E Ratio and E/P Ratio
Replies: 47
Views: 2927

Re: P/E Ratio and E/P Ratio

Yes, what I meant to say was the Total Return would be expected to be 6.67% I was confused how Retained earnings were going to increase future earnings but I understand that part now. And yes, I can see how in an example with no price growth a return can be 10% in dividends Larry mentioned above th...
by grayfox
Wed Oct 19, 2016 6:44 pm
Forum: Investing - Theory, News & General
Topic: P/E Ratio and E/P Ratio
Replies: 47
Views: 2927

Re: P/E Ratio and E/P Ratio

Hypothetically speaking, if a stock has a P/E ratio of 15, the earnings yield is then 6.67%. Does this mean that the stock price is expected to increase at a rate of 6.67% ? I know that it doesn't happen this way in the short term. But since in the long term prices do follow earnings and the earnin...
by grayfox
Fri Oct 14, 2016 8:47 am
Forum: Personal Finance (Not Investing)
Topic: lump sum or 100%contingent annuity
Replies: 9
Views: 956

Re: lump sum or 100%contingent annuity

I will be collecting my work pension on 01/01/2017. The options I am considering are lump sum ($500,000) or 100% annuity ($2600 a month). No COLA. I am 65 my wife is 63. We are both in excellent health. I am leaning heavily towards the lifetime income. What factors should I consider when making thi...
by grayfox
Wed Oct 12, 2016 9:23 am
Forum: Investing - Help with Personal Investments
Topic: Montecarlo simulation for retirement savings rate, second post of a young investor
Replies: 42
Views: 2659

Re: Montecarlo simulation for retirement savings rate, second post of a young investor

Here are some numbers I was considering. Suppose you are age 27 and require inflation-adjusted $60,000 per year income for life. To make it simple, let's say for 80 years, until age 107. [All numbers in 2016 dollars.] If you had 0% real return (RR), to retire at age 27, you would need 80*$60,000 = $...
by grayfox
Wed Oct 12, 2016 9:03 am
Forum: Investing - Help with Personal Investments
Topic: Montecarlo simulation for retirement savings rate, second post of a young investor
Replies: 42
Views: 2659

Re: Montecarlo simulation for retirement savings rate, second post of a young investor

I invite your correction if I am wrong, but for instance, vanguard total stock, according to "Simba's backtesting spreadsheet" (available on bogleheads forum) is projected to have something like an average return of 10.3% total return, which adjusted for inflation becomes more like 7%. Su...
by grayfox
Tue Oct 11, 2016 11:02 am
Forum: Investing - Help with Personal Investments
Topic: Montecarlo simulation for retirement savings rate, second post of a young investor
Replies: 42
Views: 2659

Re: Montecarlo simulation for retirement savings rate, second post of a young investor

I don't know your income, but 36k/year into retirement savings seems better than average. Suggested retirement funding is 10-15% of annual income. The money you put into tax-advantaged accounts when your young is worth more than what you put in later because of the power of compounding over time. P...
by grayfox
Tue Oct 11, 2016 9:33 am
Forum: Investing - Help with Personal Investments
Topic: Montecarlo simulation for retirement savings rate, second post of a young investor
Replies: 42
Views: 2659

Re: Montecarlo simulation for retirement savings rate, second post of a young investor

I don't know your income, but 36k/year into retirement savings seems better than average. Suggested retirement funding is 10-15% of annual income. The money you put into tax-advantaged accounts when your young is worth more than what you put in later because of the power of compounding over time. P...
by grayfox
Mon Oct 10, 2016 10:08 am
Forum: Investing - Help with Personal Investments
Topic: A Retiree's Conundrum - Can you help?
Replies: 21
Views: 3647

Re: A Retiree's Conundrum - Can you help?

I would also mention that there are many variations on the Floor + Upside Theme. For example, instead of a full 30-year TIPS Ladder, one could have a ladder that only goes to age 75 or 80 (10 or 15 years), plus an inflation-indexed Deferred Income Annuity (DIA) that starts paying at the end of the T...
by grayfox
Mon Oct 10, 2016 9:33 am
Forum: Investing - Help with Personal Investments
Topic: A Retiree's Conundrum - Can you help?
Replies: 21
Views: 3647

Re: A Retiree's Conundrum - Can you help?

$4 million; ..... I can meet my expenses with social security + 1% from portfolio. ..... I probably (?) should increase my stocks if I want the portfolio to last 30 years. My conundrum is that I am a conservative investor, maybe too conservative. There is a school of thought that says, "Once y...
by grayfox
Sun Oct 09, 2016 5:12 am
Forum: Investing - Theory, News & General
Topic: Can You Rely on Dividends for Income?
Replies: 43
Views: 5492

Re: Can You Rely on Dividends for Income?

cjking's 30-year chart is very helpful and most relevant. In decided investment strategies, I did some research on dividend income with a standard buy-and-hold portfolio and came to the conclusion that as long as you have a highly diversified portfolio with low-withdrawal-expectations early in reti...
by grayfox
Sun Oct 09, 2016 4:45 am
Forum: Investing - Theory, News & General
Topic: Can You Rely on Dividends for Income?
Replies: 43
Views: 5492

Re: Can You Rely on Dividends for Income?

multpl has a chart for real dividend per share (click on "Chart"). This is what they show: https://monosnap.com/file/NbGkuYymEJO05d0bW7VXHuQmkE0Bha.png Not sure why it differs from yours, though. They show substantially more volatility, which is the opposite of what dividend investors say...
by grayfox
Mon Oct 03, 2016 1:46 am
Forum: Investing - Theory, News & General
Topic: Sustainable dividend yield
Replies: 10
Views: 1313

Re: Sustainable dividend yield

I am trying to find an estimate for the long-run dividend yield. In my quest for this I read Litterman's "Modern Investment Management - An Equilibrium Approach". In the book he argues that the equil. DY should be equal to the real earnings growth rate: "In fact, there is an equilibr...
by grayfox
Fri Sep 30, 2016 3:32 am
Forum: Investing - Theory, News & General
Topic: The Trouble with "Buy and Hold"
Replies: 141
Views: 12120

Re: The Trouble with "Buy and Hold"

Here are two screenshots, one from the site I linked to earlier and one from my own backtesting using Tradestation. http://i.imgur.com/lq7o8EW.png http://i.imgur.com/7P3u5c7.png Thanks for posting that. I remember back around 2009 when Bogleheads were investigating Faber's TAA, it was necessary to ...
by grayfox
Sat Sep 24, 2016 9:46 am
Forum: Investing - Theory, News & General
Topic: The Trouble with "Buy and Hold"
Replies: 141
Views: 12120

Re: The Trouble with "Buy and Hold"

Here's the Trouble with 10-month Simple-Moving Average (SMA) Market Timing: Suppose you have $100,000. Some stock fund is trading at $100 per share so you buy 1,000 shares. For simplicity, assume no dividend is paid. Let's say after 1 year the stock has gone to 120. Now you have stock worth $120,000...
by grayfox
Sat Sep 24, 2016 5:23 am
Forum: Investing - Theory, News & General
Topic: The Trouble with "Buy and Hold"
Replies: 141
Views: 12120

Re: The Trouble with "Buy and Hold"

Another interesting note... In years where the S&P 500 had positive returns, the Faber model returned an average of 11.78% while Buy and Hold returned 18.40% . In years where the S&P 500 had negative returns, the Faber model returned an average of 4.8% while Buy and Hold returned -15.22% . ...
by grayfox
Tue Sep 20, 2016 3:58 am
Forum: Investing - Help with Personal Investments
Topic: Why is QSPIX steadily declining?
Replies: 40
Views: 4763

Re: Why is QSPIX steadily declining?

There are quarterly reviews on the fund website showing the performance of each substrategy of the fund, but they're past the login. Some previous ones have been posted before. The annual report gives a less detailed account and only for the whole year. Don't invest in something you don't understan...
by grayfox
Mon Sep 19, 2016 5:12 am
Forum: Investing - Theory, News & General
Topic: [NY Times article: 100% Stock Allocation in Retirement]
Replies: 127
Views: 13161

Re: [NY Times article: 100% Stock Allocation in Retirement]

Here is a link to a New York Times article: http://www.nytimes.com/2016/02/06/your-money/why-your-portfolio-needs-plenty-of-stocks-whatever-your-age.html?src=me&_r=0 I wonder what other Bogleheads think about the author's opinion. Now that I am 81, I lowered my stock allocation from 25 percent ...
by grayfox
Mon Sep 19, 2016 2:42 am
Forum: Investing - Help with Personal Investments
Topic: 24 year old new dividend portfolio
Replies: 151
Views: 8156

Re: 24 year old new dividend portfolio

Really, there are a number of investment approaches that work and work pretty well if the investor has the courage of his/her convictions and will stick with the plan. Building a portfolio of individual stocks and buying and holding for the long term, despite all the warnings issued here, can work ...
by grayfox
Sun Sep 18, 2016 2:59 am
Forum: Investing - Theory, News & General
Topic: "Factor investing"
Replies: 221
Views: 17474

Re: "Factor investing"

. Here are some valuation ratios from the Bridgeway website - comparing a portfolio of blue chip companies (higher credit ratings), and small/micro companies [tracking CRSP10], with (lower credit ratings). Bridgeway Blue Chip 35 Index [BRLIX] / Bridgeway Ultra-Small Company Market [BRSIX] $214bn / ...
by grayfox
Sun Sep 18, 2016 2:57 am
Forum: Investing - Theory, News & General
Topic: "Factor investing"
Replies: 221
Views: 17474

Re: "Factor investing"

grayfox What you have identified is the small growth anomaly, the overvaluation of small stocks that have lottery like distributions, especially ones that have low profitability and high investment. The research shows they have had exceptionally poor returns and this has been known for decades, yet...
by grayfox
Sat Sep 17, 2016 4:20 am
Forum: Investing - Theory, News & General
Topic: "Factor investing"
Replies: 221
Views: 17474

Re: "Factor investing"

OK, lets go with the bond analogy. Here are Composite Bond Rates from Yahoo. From the section on Corporate Bonds: 10yr AAA 2.31% 10yr AA 2.40% 10yr A 2.53% The lower quality bonds offer a higher yield. I'm sure B and C grade bonds offer even higher yields, but they are not shown on that page. How do...
by grayfox
Fri Sep 16, 2016 3:03 am
Forum: Investing - Help with Personal Investments
Topic: 24 year old new dividend portfolio
Replies: 151
Views: 8156

Re: 24 year old new dividend portfolio

Hey all, Below is my data, which is followed by the question. Emergency funds: 5,000 Debt: 95,000 student loan debt, interest rate averages 4.5% Tax Filing Status: Single Tax Rate: 25% State of Residence: Texas Age: 24 Desired Asset allocation: 100% stocks I am looking to build a dividend portfolio...
by grayfox
Thu Sep 15, 2016 5:40 am
Forum: Investing - Theory, News & General
Topic: An "out of sample" test of two specific factor-based portfolios published pre-2008
Replies: 76
Views: 5586

Re: An "out of sample" test of two specific factor-based portfolios published pre-2008

^^^^
Alright! Now we're talking. So there is advice from a respected academic, dating from May 2001 that shows solid evidence in favor of tilting in the out-of-sample test.
by grayfox
Thu Sep 15, 2016 2:40 am
Forum: Investing - Theory, News & General
Topic: An "out of sample" test of two specific factor-based portfolios published pre-2008
Replies: 76
Views: 5586

Re: An "out of sample" test of two specific factor-based portfolios published pre-2008

Here is an example from an actual book: Random Walk Down Wall Street (2001). I don't have the book in hand, but I found a summary online. From Chap 14. A Life-Cycle Guide to Investing: Total Annual Returns for Basic Asset Classes, 1926-2001 Average Annual Return Risk Index (year-to-year volatility o...
by grayfox
Thu Sep 15, 2016 1:48 am
Forum: Investing - Theory, News & General
Topic: An "out of sample" test of two specific factor-based portfolios published pre-2008
Replies: 76
Views: 5586

Re: An "out of sample" test of two specific factor-based portfolios published pre-2008

To the contrary, it is very easy to fail to find evidence for the equity premium. Using the same time period as the original post and a similar comparison style, we can find no equity premium, or perhaps a negative equity premium. Portfolio 1: 100% total bond market (the non-equity portfolio) Portf...
by grayfox
Thu Sep 15, 2016 1:31 am
Forum: Investing - Theory, News & General
Topic: An "out of sample" test of two specific factor-based portfolios published pre-2008
Replies: 76
Views: 5586

Re: An "out of sample" test of two specific factor-based portfolios published pre-2008

grayfox What I understand is that researchers, using computers and datasets going back to 1926, are able to find all kinds of evidence for factor premiums. Yet when an ordinary investor tries to find these premiums using available mutual funds and easy-to-use tools like Portfolio Visualizer, the ev...
by grayfox
Wed Sep 14, 2016 2:34 am
Forum: Investing - Theory, News & General
Topic: An "out of sample" test of two specific factor-based portfolios published pre-2008
Replies: 76
Views: 5586

Re: An "out of sample" test of two specific factor-based portfolios published pre-2008

Here is my personal take on this: ⋅ The really important thing is in the time since the portfolios were published, there was virtually no difference . Not between the total-market Portfolio 1 and the factor-aware Vanguard Portfolio 2. Not between the plebian Vanguard Portfolio 2 and the c...
by grayfox
Wed Sep 14, 2016 2:12 am
Forum: Investing - Theory, News & General
Topic: An "out of sample" test of the SirHorace "8% Solution" portfolio
Replies: 16
Views: 1585

Re: An "out of sample" test of the SirHorace "8% Solution" portfolio

AlohaJoe wrote:
You might also enjoy a recent paper, "Stock Portfolio Design and Backtest Overfitting": http://papers.ssrn.com/sol3/papers.cfm? ... id=2739335



Thanks for that paper. At least now I know what this phenomenon is called: Backtest Overfitting.
by grayfox
Mon Sep 12, 2016 12:41 pm
Forum: Investing - Theory, News & General
Topic: An "out of sample" test of the SirHorace "8% Solution" portfolio
Replies: 16
Views: 1585

Re: An "out of sample" test of the SirHorace "8% Solution" portfolio

Portfolio 1, SirHorace "8% Solution" VFITX Vanguard Intermediate-Term Treasury Fund 48.00% VGHCX Vanguard Specialized Portfolios Health Care Fund 3.00% VGPMX Vanguard Precious Metals and Mining Fund 10.00% VHCOX Vanguard Capital Opportunity Fund 1.00% VIGRX Vanguard Growth Index Fund 2.00...

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