Search found 170 matches

by gtwhitegold
Fri Mar 24, 2017 11:36 pm
Forum: Investing - Theory, News & General
Topic: Part 2 of series on EM, another look at valuations
Replies: 10
Views: 981

Re: Part 2 of series on EM, another look at valuations

DEMSX isn't marketed as small value, but it still has more of a value tilt than most emerging markets small cap funds. If it was readily available to retail investors, I would use it for my allocation to EMSC. I wonder why DFA doesn't have emerging market small cap value? It has either emerging mark...
by gtwhitegold
Thu Mar 23, 2017 5:09 am
Forum: Investing - Theory, News & General
Topic: Blog on emerging Markets, and investors underweighting them
Replies: 66
Views: 3762

Re: Blog on emerging Markets, and investors underweighting them

I am personally overweight EM vice international developed stocks due to lower correlations with US stocks. My current portfolio has half of equities in international and of that, 60% is in EM. I think that it's a good idea to at least slightly overweight EM since EM equities have lower correlations...
by gtwhitegold
Tue Mar 21, 2017 9:50 pm
Forum: Investing - Theory, News & General
Topic: Reinsurance. CAT bonds
Replies: 18
Views: 1362

Re: Reinsurance. CAT bonds

Larry, What makes SRRIX better than the Cat Bond market as a whole? I just finished reading an article about the status of the Cat bond market and it doesn't provide much confidence in the future of it for the time being. https://www.aqr.com/library/journal-articles/understanding-cat-bonds Thanks in...
by gtwhitegold
Tue Mar 21, 2017 8:08 pm
Forum: Investing - Theory, News & General
Topic: How Cliff Asness Became A Billionaire By Building A Kind Of Vanguard Of Hedge Funds
Replies: 11
Views: 1733

Re: How Cliff Asness Became A Billionaire By Building A Kind Of Vanguard Of Hedge Funds

I will take that back. Apparently, they are looking to offer a catastrophe bond fund. If it will be widely available may be another matter. No fund ticker was mentioned. http://www.artemis.bm/blog/2014/10/02/aqr-to-launch-first-catastrophe-bond-fund-strategy/ If this does open up to retail investors...
by gtwhitegold
Tue Mar 21, 2017 7:58 pm
Forum: Investing - Theory, News & General
Topic: How Cliff Asness Became A Billionaire By Building A Kind Of Vanguard Of Hedge Funds
Replies: 11
Views: 1733

Re: How Cliff Asness Became A Billionaire By Building A Kind Of Vanguard Of Hedge Funds

I don't know. Everything else in the article seems pretty canned. It may be conjecture on the author's part. Have you seen an SEC filing for it? I don't think that they will release a bond fund. Most of their research into bonds goes into their alternative funds. Just checking, but you know that was...
by gtwhitegold
Tue Mar 21, 2017 6:23 pm
Forum: Investing - Theory, News & General
Topic: How Cliff Asness Became A Billionaire By Building A Kind Of Vanguard Of Hedge Funds
Replies: 11
Views: 1733

Re: How Cliff Asness Became A Billionaire By Building A Kind Of Vanguard Of Hedge Funds

I don't think that they will release a bond fund. Most of their research into bonds goes into their alternative funds. I assume though that AQR is still charging 150 basis points (1.5%) + a performance fee? They run hedge funds (and a range of separately managed accounts and other pools of money for...
by gtwhitegold
Tue Mar 21, 2017 6:18 pm
Forum: Investing - Theory, News & General
Topic: Harvard endowment beats S&P 500 by 2% a year over last 40 years
Replies: 50
Views: 5906

Re: Harvard endowment beats S&P 500 by 2% a year over last 40 years

Issue looks mostly political to me. God forbid paying someone a competitive wage to his or her peers.

http://awealthofcommonsense.com/2016/10 ... ndowments/
by gtwhitegold
Tue Mar 21, 2017 5:59 pm
Forum: Investing - Help with Personal Investments
Topic: How to harmonize a TSP and a Vanguard portfolio
Replies: 9
Views: 557

Re: How to harmonize a TSP and a Vanguard portfolio

I personally would sell any bonds held with Vanguard and purchase Vanguard Total International. (VGTSX/VTIAX/VXUS) I would also lean towards the Admiral Shares of the Mutual Fund if possible (VTIAX.) After that, I would work with US stocks if necessary in your Vanguard account. Just make sure that y...
by gtwhitegold
Tue Mar 07, 2017 11:16 pm
Forum: Investing - Theory, News & General
Topic: ETF Inflows YTD - Vanguard #2
Replies: 3
Views: 491

Re: ETF Inflows YTD - Vanguard #2

Another issue is that Blackrock has a considerable head start on Vanguard. Blackrock ETFs tend to be more liquid than comparable Vanguard ETFs since they have been open longer, leading to more shares outstanding and more shares trading hands on a daily basis. Also, in many areas, Blackrock offers ET...
by gtwhitegold
Tue Mar 07, 2017 10:56 pm
Forum: Investing - Theory, News & General
Topic: Improving the Dalio/Robbins All-Seasons Portfolio
Replies: 55
Views: 5062

Re: Improving the Dalio/Robbins All-Seasons Portfolio

I personally am doing something similar to this with my portfolio, but in place of commodities I'm using AQR's QMHIX Managed Futures High Volatility Fund and QSPIX Style Premia Fund. I agree with Larry Swedroe that commodity futures are in contango too much to be profitable now and am using other so...
by gtwhitegold
Thu Feb 23, 2017 3:34 pm
Forum: Investing - Theory, News & General
Topic: AQR Relaxed Constraint Funds Available at Fidelity
Replies: 8
Views: 1238

Re: AQR Relaxed Constraint Funds Available at Fidelity

Morningstar.com has posted their fund portfolio views of the AQR Relaxed Constraint Series. They appear to have a much larger value tilt than the Multi-Style Series. I'm thinking about using both for rebalancing opportunities. http://portfolios.morningstar.com/fund/summary?t=QLRIX&region=usa&...
by gtwhitegold
Sun Feb 19, 2017 7:37 am
Forum: Investing - Theory, News & General
Topic: TSP Expense Ratio jumps to 0.038%
Replies: 57
Views: 5446

Re: TSP Expense Ratio jumps to 0.038%

The inflexibility of withdrawal options and my decision to have a small value and Emerging Markets tilt on my portfolio is pushing me towards moving most of my money out of the TSP upon transfer to the Fleet Reserve. The biggest carrot left is the G Fund which I'm willing to replace with a stable va...
by gtwhitegold
Sat Feb 18, 2017 7:23 am
Forum: Investing - Theory, News & General
Topic: AQR Relaxed Constraint Funds Available at Fidelity
Replies: 8
Views: 1238

Re: AQR Relaxed Constraint Funds Available at Fidelity

Looks like the I class shares are the only flavor available now through Fidelity. Also, it's currently missing the International Developed fund, QIRIX. If they add the N class shares, I will likely use them for my allocations to USSC, IDLC and EMLC in my IRA accounts.
by gtwhitegold
Fri Feb 17, 2017 5:41 am
Forum: Investing - Theory, News & General
Topic: Please list value funds you currently use
Replies: 62
Views: 4957

Re: Please list value funds you currently use

Domestic Small: QSMNX - AQR MS US Small
International Large: QICNX - AQR MS ID Large
International Small: SBHSX - Segall, Bryant, and Hamill ID Small
Emerging Large: QEELX - AQR MS EM
Emerging Small: FEMS - FT AlphaDEX EM SC
Emerging Small: ALMMX - Allianz EM SM
Alternative: QSPNX - AQR SP
by gtwhitegold
Fri Feb 10, 2017 11:32 pm
Forum: Investing - Theory, News & General
Topic: AQR Relaxed Constraint Funds Available at Fidelity
Replies: 8
Views: 1238

Re: AQR Relaxed Constraint Funds Available at Fidelity

I don't think that I will move my QEELX over right now due to commission costs, but I do plan on using these for my USLC, USSC, IDLC, and EMLC positions in the future once I have gotten closer to my targets for EMSC and IDSC.
by gtwhitegold
Sun Feb 05, 2017 7:54 pm
Forum: Investing - Theory, News & General
Topic: Costs of the TSP? is it self-sustained?
Replies: 33
Views: 3207

Re: Costs of the TSP? is it self-sustained?

Only costs involved with the TSP that are incurred by the taxpayers are those required to be. All other costs are incurred by the funds themselves. I can't find if the board members are political appointees, but if they are then their pay is included. If I remember correctly, only the Chairman is a ...
by gtwhitegold
Fri Feb 03, 2017 6:57 pm
Forum: Investing - Theory, News & General
Topic: Factor-Diversified Portfolio
Replies: 175
Views: 14518

Re: Factor-Diversified Portfolio

Betablocker, If you find that QSPIX suits your investment needs, then just wait for QSTIX, the Style Premia Series II fund. It should provide similar returns and diversification to an equity heavy portfolio, but it excludes commodities, currencies, and interest rate futures. Below is another thread ...
by gtwhitegold
Sat Jan 21, 2017 9:17 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1182
Views: 164813

Re: QSPIX - thoughts on interesting fund

My sentiments exactly. Well in the case of QSPIX (AQR Style Premia Alternative Fund) there IS an interesting benchmark that one could compare it against. AQR actualy runs a lower volatility version of QSPIX called QSLIX (AQR Style Premia Alternative Low Vol Fund). QSLIX targets half the volatility t...
by gtwhitegold
Sat Jan 21, 2017 8:40 pm
Forum: Investing - Theory, News & General
Topic: Holding Bonds as Opportunity to Buy Stocks
Replies: 17
Views: 2453

Re: Holding Bonds as Opportunity to Buy Stocks

Rather than focusing on RBDs (Really Bad Days) I personally focus on rebalancing bands in order to to maintain a set level of risk. I currently have a 5% tolerance band for my positions and try to rebalance whenever one position gets more than 5% out of my desired allocation. Relying on RBDs to reba...
by gtwhitegold
Fri Jan 20, 2017 11:23 pm
Forum: Investing - Theory, News & General
Topic: International equity allocation - do you tilt to EM?
Replies: 22
Views: 1802

Re: International equity allocation - do you tilt to EM?

I accept the fact that in order to obtain greater returns than the market, you have to take greater risk, so I have done so in a logical manner. I don't assume that I will necessarily outperform, but I believe that my portfolio is different enough to outperform and will hopefully do so. I have taken...
by gtwhitegold
Fri Jan 20, 2017 11:13 pm
Forum: Investing - Theory, News & General
Topic: Comparing EM value options [Emerging Market]
Replies: 35
Views: 2991

Re: Comparing EM value options [Emerging Market]

I would personally recommend looking into their mutual funds if you are going with Schwab funds. Similar returns, but you can avoid the bid/ask spreads for ETFs. Someone else can voice an opinion if they have more information. Below are the Schwab ETFs and Mutual Funds for their Fundamental Indices....
by gtwhitegold
Fri Jan 20, 2017 10:30 pm
Forum: Investing - Theory, News & General
Topic: International equity allocation - do you tilt to EM?
Replies: 22
Views: 1802

Re: International equity allocation - do you tilt to EM?

I personally overweight EM versus developed international stocks due to lower correlations with US stocks. This being said, my allocation for EM is only 27.6% of my portfolio.
by gtwhitegold
Fri Jan 20, 2017 6:43 pm
Forum: Investing - Theory, News & General
Topic: What are the global market cap weights today?
Replies: 10
Views: 776

Re: What are the global market cap weights today?

My complaint with using a fund is that this is an approximation. It doesn't include Chinese 'A' Shares, stocks listed outside of their host country, or frontier market stocks. It also performs sampling of holdings, which throws things off. I'm sure that I'm missing something, but you should get the ...
by gtwhitegold
Fri Jan 20, 2017 6:32 pm
Forum: Investing - Theory, News & General
Topic: "The Year in Alternative Funds: A Bumpy Road With Some Bright Spots"
Replies: 21
Views: 2302

Re: "The Year in Alternative Funds: A Bumpy Road With Some Bright Spots"

I understand the risks involved and that the projected long-term correlation is near zero. With the volatility constraints of the fund, it's possible, but I doubt that it will just explode meaning a total loss of investment. This along with QSPNX are the 2 alternative funds that I intend to include ...
by gtwhitegold
Fri Jan 20, 2017 7:46 am
Forum: Investing - Theory, News & General
Topic: "The Year in Alternative Funds: A Bumpy Road With Some Bright Spots"
Replies: 21
Views: 2302

Re: "The Year in Alternative Funds: A Bumpy Road With Some Bright Spots"

This along with QSPNX are the 2 alternative funds that I intend to include in my portfolio. Both are only slightly positively correlated with each other and bonds, but negatively correlated with equities. I would have created a position last year if I wasn't trying ensure that both my wife and I had...
by gtwhitegold
Thu Jan 19, 2017 7:29 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1182
Views: 164813

Re: QSPIX - thoughts on interesting fund

Almost all AQR funds are advisor only now (including (QSPIX/QSPNX) with Scottrade. What are the ways to access AQR funds? They mention a pretty high mininum for at least QSPIX. Thanks AQR Style Premia (QSP*X where * = {N, I, R}) is closed to new investors, as is the low volatility version (QSL*X), o...
by gtwhitegold
Fri Jan 13, 2017 9:06 pm
Forum: Investing - Theory, News & General
Topic: Factor-Diversified Portfolio
Replies: 175
Views: 14518

Re: Factor-Diversified Portfolio

Jocdoc, My response would be as much as you can tolerate, or as much as your capacity allows. I only have access to 5 basic funds in my employer's account (Thrift Savings Plan), so any factors other than a small cap tilt have to be done outside of my TSP which is what I have done. I'm focusing on em...
by gtwhitegold
Thu Jan 12, 2017 2:03 am
Forum: Investing - Theory, News & General
Topic: AQR Relaxed Constraint Equity Funds
Replies: 26
Views: 2538

Re: AQR Relaxed Constraint Equity Funds

Got it. For some reason I thought that Value was either flat or slightly positive.
by gtwhitegold
Thu Jan 12, 2017 1:59 am
Forum: Investing - Theory, News & General
Topic: More in 401k. tIRA ,ect
Replies: 3
Views: 378

Re: More in 401k. tIRA ,ect

I agree with this as well as beefing up Social Security for people without a pension.
by gtwhitegold
Wed Jan 11, 2017 9:20 pm
Forum: Investing - Theory, News & General
Topic: AQR Relaxed Constraint Equity Funds
Replies: 26
Views: 2538

Re: AQR Relaxed Constraint Equity Funds

I know about the crash in momentum, but value should have offset it in a balanced portfolio. I guess that the short side of quality may have been the part that pushed the overall portfolio down in those funds. One thing that I wasn't able to get from D. E. Shawn & Co.'s paper is how they believe...
by gtwhitegold
Tue Jan 10, 2017 6:06 pm
Forum: Investing - Theory, News & General
Topic: AQR Relaxed Constraint Equity Funds
Replies: 26
Views: 2538

Re: AQR Relaxed Constraint Equity Funds

One thing that I wasn't able to get from D. E. Shawn & Co.'s paper is how they believe that the quant funds underperformed. Was it due to a small number of stocks monitored, limitations on shorting stocks or something else. If someone has a good reference for me to better understand this I would...
by gtwhitegold
Mon Jan 09, 2017 6:01 pm
Forum: Investing - Theory, News & General
Topic: Value investing: you must pay for your lunch -- sometimes a lot.
Replies: 52
Views: 6069

Re: Value investing: you must pay for your lunch -- sometimes a lot.

Larry, I don't think that I will pursue it, but I'm curious. Is reinsurance available to retail investors? It sounds like something only available to "well qualified investors." LT Well that's my portfolio, but more recently have added reinsurance and alternative lending, taking it from th...
by gtwhitegold
Fri Jan 06, 2017 5:50 am
Forum: Investing - Theory, News & General
Topic: Leveraging the Barclays Aggregate Bond Index
Replies: 4
Views: 564

Re: Leveraging the Barclays Aggregate Bond Index

My recommendation would be to just extend your duration. If you are trying to match the quality of the Barclay's Aggregate Bond Index, just invest in a fund like VBLTX/BLV and match your intend duration to that.
by gtwhitegold
Fri Jan 06, 2017 4:24 am
Forum: Investing - Theory, News & General
Topic: Thoughts on ishares multifactor ETFs?
Replies: 16
Views: 1972

Re: Thoughts on ishares multifactor ETFs?

I don't have any of the iShares multi-factor ETFS, but I am considering buying ISCF. There aren't many inexpensive multi-factor funds available to retail customers. I'm using AQR where available and I'm still looking for a better EM small cap fund.
by gtwhitegold
Sat Dec 31, 2016 1:37 pm
Forum: Investing - Theory, News & General
Topic: Changes in Emerging Market Funds
Replies: 3
Views: 639

Re: Changes in Emerging Market Funds

While I agree that EM equities will be more correlated with DM, I do see a purpose in having an EM position. I don't really see anything new of value in this article.
by gtwhitegold
Fri Dec 30, 2016 12:51 am
Forum: Investing - Theory, News & General
Topic: AQR Relaxed Constraint Equity Funds
Replies: 26
Views: 2538

Re: AQR Relaxed Constraint Equity Funds

This is why I doubt that AQR will ever issue any CEFs. Any strategies that AQR has that they don't consider liquid enough for retail open-ended mutual funds will only be issued as non-40 Act funds to qualified institutional investors. That may also be the answer to my earlier question about Internat...
by gtwhitegold
Thu Dec 29, 2016 9:29 am
Forum: Investing - Theory, News & General
Topic: AQR Relaxed Constraint Equity Funds
Replies: 26
Views: 2538

Re: AQR Relaxed Constraint Equity Funds

I'm also interested in these funds and curious if they have stronger factor loads than the Multi-Style funds. If they do, I'm interested, but I find it questionable due to the tracking error constraints.

I'm also curious if AQR will ever release an International or Emerging Markets small cap funds.
by gtwhitegold
Sat Dec 17, 2016 10:08 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe's New Book is Available Now!
Replies: 156
Views: 17791

Re: Larry Swedroe's New Book is Available Now!

You can use the regression tool at portfoliovisualizer to check your funds, at least the domestic ones. I've noticed this to be a recurring problem with international funds. I get impossible numbers for either positive or negative alpha when I try to run regressions. I imagine that it's due to diff...
by gtwhitegold
Mon Jul 25, 2016 7:34 am
Forum: Investing - Theory, News & General
Topic: ETF.com ETF ratings
Replies: 10
Views: 970

Re: ETF.com ETF ratings

I believe that tracking efficiency is more important than expense ratio especially for funds with similar expense ratios. (Given the assumption that they are tracking the same index.)
by gtwhitegold
Mon Jul 25, 2016 5:55 am
Forum: Investing - Theory, News & General
Topic: I'm Calling an Emerging Markets Bottom
Replies: 223
Views: 34878

Re: I'm Calling an Emerging Markets Bottom

I'm still down around 16% in my EM and FM investments, but I'm still adding to them. I just rebalanced a little of my US SC fund into EM SCV and will continue to trim positions in asset classes that I am over my allocation as I can and and them to my EM/FM allocation.
by gtwhitegold
Sun Jul 17, 2016 8:11 am
Forum: Investing - Theory, News & General
Topic: EM vs DM in International
Replies: 18
Views: 2567

Re: EM vs DM in International

I treat my portfolio similarly. I have an even divide between US and International with 60% of my International in EM. I also only hold factor oriented funds where possible. I am using AQR's Multi-Style funds where possible and supplementing those with FEMS and ISCF for international small caps. I p...
by gtwhitegold
Sat Jul 09, 2016 2:42 am
Forum: Investing - Theory, News & General
Topic: EM vs DM in International
Replies: 18
Views: 2567

Re: EM vs DM in International

I personally am trying to overweight EM stocks in my portfolio. I have a target of 29% of my equities in EM since they have historically been a better diversifier than DM ex US equities.

I include South Korea and Taiwan as EM for consistency purposes.
by gtwhitegold
Mon Jun 06, 2016 2:49 am
Forum: Investing - Theory, News & General
Topic: Continuing my series-does active management in EM add value?
Replies: 7
Views: 1070

Re: Continuing my series-does active management in EM add value?

I personally use AQR'S multi-style EM fund, QEELX for EM large caps and First Trust's AlphaDEX EM Small Cap ETF, FEMS for EM small caps. I do wish that there was better selection for quantitative EM small cap funds for people without access to DFA.
by gtwhitegold
Fri Jun 03, 2016 6:03 pm
Forum: Investing - Theory, News & General
Topic: Fidelity mobile application
Replies: 8
Views: 1076

Re: Fidelity mobile application

I just use the app to monitor positions. Any trades or research on available funds is done on the website normally.
by gtwhitegold
Wed May 18, 2016 9:19 pm
Forum: Investing - Theory, News & General
Topic: AQR Style Premia Alternative (QSPIX) to close; AQR Style Premia Alternative II to open
Replies: 82
Views: 10675

Re: AQR Style Premia Alternative (QSPIX) to close; AQR Style Premia Alternative II to open

blues008 wrote:QSPNX was still available at Schwab for a $100 minimum investment and no fee.


Were you able to actually invest in that fund? I ask because all AQR funds are marked as institutional only at Schwab.
by gtwhitegold
Wed May 18, 2016 7:39 am
Forum: Investing - Theory, News & General
Topic: Investing passively in inefficient markets
Replies: 11
Views: 1094

Re: Investing passively in inefficient markets

I don't believe in stock selection in any market. I invest in index and style based funds like AQR's where I can. I do intend to purchase an active EM SCV fund, but that's only because there isn't much available in that arena that's passive or style based.
by gtwhitegold
Wed May 18, 2016 7:01 am
Forum: Investing - Theory, News & General
Topic: What % do you have in alternatives? REITs, commodities, etc.)
Replies: 67
Views: 4975

Re: What % do you have in alternatives? REITs, commodities, etc.)

3% in QSPNX. Intending to add some QMHNX next year for my Roth IRA contribution.
by gtwhitegold
Sat Mar 19, 2016 12:04 am
Forum: Investing - Theory, News & General
Topic: "Improving Your Finances Opting for Index Funds? Don't Set Yourself Up for Disappointment"
Replies: 3
Views: 1241

Re: "Improving Your Finances Opting for Index Funds? Don't Set Yourself Up for Disappointment"

The best part about this article is that it tries to reinforce good behavior. Having a well thought out plan and sticking to it is the best possible thing you can do. Have a good reason to change funds. Don't act impulsively. That's how you lose money.
by gtwhitegold
Sat Mar 05, 2016 11:46 pm
Forum: Investing - Theory, News & General
Topic: Poll: Active Funds in Which You Invest
Replies: 76
Views: 5879

Re: Poll: Active Funds in Which You Invest

I consider DFA and AQR funds to be rules based active funds. So, that being said, I hold several active funds. QSPNX - AQR Style Premia QEELX - AQR Emerging Markets Multi-Style QSMNX - AQR US Small Cap Multi-Style QICNX - AQR International Multi-Style IEIS - iShares Enhanced International Small Cap ...

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