Search found 1572 matches

by matjen
Sun Apr 23, 2017 7:41 am
Forum: Investing - Help with Personal Investments
Topic: Vanguard's Market Neutral Fund
Replies: 11
Views: 1675

Re: Vanguard's Market Neutral Fund

You know in practice anybody considering alts isn't throwing away fixed income exposure, and probably isn't weighting anything close to 40% . That's obviously the best diversifying source of return to pair with equity risk. The question is how much of anything else you might want to use too. For wh...
by matjen
Fri Apr 21, 2017 8:55 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe says "Goodby."
Replies: 326
Views: 32782

Re: Larry Swedroe says "Goodby."

Larry it has been a pleasure interacting with you on this forum. I have learned a ton and consider you one of the few great influences in my investment life. As another poster said, you are on my Mt. Rushmore. Thank you for all your efforts. The other thing I would like to point out is the large amo...
by matjen
Wed Apr 19, 2017 10:52 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe : Integrated Investment Plan
Replies: 35
Views: 6406

Re: Larry Swedroe : Integrated Investment Plan

I sense a fair amount of pearl clutching about how Larry handled certain interactions. My thoughts: 1) I think it is important to remember that in the vast amount of scenarios it was him responding to someone else who cast the first stone IMO. 2) He has dealt with many of the issues raised over and ...
by matjen
Wed Apr 19, 2017 9:56 am
Forum: Investing - Theory, News & General
Topic: What's Wrong With AQR? (Managed Futures)
Replies: 66
Views: 4847

Re: What's Wrong With AQR? (Managed Futures)

From the article: "In the end, we don’t believe there’s anything wrong with AQR’s managed futures offering. It’s doing what it was designed to do, keeping its powder dry and suffering consistent losses in exchange for future outlier-type gains." People investing in these strategies need t...
by matjen
Tue Apr 18, 2017 10:08 pm
Forum: Investing - Help with Personal Investments
Topic: Recommendations on Non Vanguard Muni Bond Funds
Replies: 5
Views: 470

Re: Recommendations on Non Vanguard Muni Bond Funds

Baird Quality Intermediate Muni Bd Inst (BMBIX) is a forum favorite. The highest quality intermediate Muni Bond Fund you can get pretty much. Many threads on it if you do a forum search. Here is something I wrote a couple years back: https://www.bogleheads.org/forum/viewtopic.php?t=165111#p2481891 A...
by matjen
Tue Apr 18, 2017 8:53 pm
Forum: Investing - Theory, News & General
Topic: Is it necessary to diversify across Factors?
Replies: 123
Views: 6369

Re: Is it necessary to diversify across Factors?

Which is just about everyone . Interesting statistic. Here you go... The median number of years that wage and salary workers had been with their current employer was 4.2 years in January 2016, down from 4.6 years in January 2014, the U.S. Bureau of Labor Statistics reported today. https://www.bls.g...
by matjen
Tue Apr 18, 2017 8:22 pm
Forum: Investing - Theory, News & General
Topic: Is it necessary to diversify across Factors?
Replies: 123
Views: 6369

Re: Is it necessary to diversify across Factors?

A lot of investors are just not going to find themselves with the kind of pristine investing conditions that would be needed to factor invest with a stable lineup of suitable low cost funds, that would enable the crucial ability to stay the course. It's more prudent to just forget about it, and do ...
by matjen
Tue Apr 18, 2017 2:28 pm
Forum: Investing - Theory, News & General
Topic: What's Wrong With AQR? (Managed Futures)
Replies: 66
Views: 4847

What's Wrong With AQR? (Managed Futures)

An interesting article on AQR's Managed Futures Fund (AQMIX). I would guess especially interesting for those of you that have invested in it given the recent rough ride. In the end, we don’t believe there’s anything wrong with AQR’s managed futures offering. It’s doing what it was designed to do, ke...
by matjen
Mon Apr 17, 2017 6:15 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe on SPIVA Survey
Replies: 12
Views: 1938

Re: Larry Swedroe on SPIVA Survey

Damning...
by matjen
Mon Apr 17, 2017 5:21 pm
Forum: Investing - Help with Personal Investments
Topic: All in with Balanced Index fund
Replies: 33
Views: 3169

Re: All in with Balanced Index fund

A fine fund but I would want exposure to International as well for any long term investment (unless you have the exposure in other parts of your portfolio). Are you sure there is no recency bias involved? Here is David Booth's perspective. I think it is the correct one myself. https://www.dimensiona...
by matjen
Sun Apr 16, 2017 3:48 pm
Forum: Investing - Help with Personal Investments
Topic: Allocation Decisions: LENDX, SRRIX and QSPIX
Replies: 23
Views: 1799

Re: Allocation Decisions: LENDX, SRRIX and QSPIX

Robert T. Thank you for your take on LENDX Robert T. I think it is way too valuable to be buried solely within this thread where others will likely not see it. Would you be willing to start a new thread with the analysis? I was going to do it but figured I would ask first. Lack_ey Regarding your ear...
by matjen
Sun Apr 16, 2017 9:28 am
Forum: Investing - Theory, News & General
Topic: Is it necessary to diversify across Factors?
Replies: 123
Views: 6369

Re: Is it necessary to diversify across Factors?

Also, what Mr. Bogle personally expresses and what Bogleheads as a community endorse are two completely different things. Back when the forum had a survey tool I recollect that a small majority of respondents actually invested with tilts to small and value. Correction. Incredibly large majority til...
by matjen
Sat Apr 15, 2017 8:05 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe on Understanding Different Types of Risk
Replies: 45
Views: 4860

Re: Larry Swedroe on Understanding Different Types of Risk

stlutz wrote:One thing Larry and the "Swedroeheads" should keep in mind is that they are in many ways swimming against the tide of the forum.


Really?

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by matjen
Fri Apr 14, 2017 11:30 am
Forum: Investing - Theory, News & General
Topic: Jack says be realistic
Replies: 48
Views: 5777

Re: Jack says be realistic

Wow. Do you have a link to the study (for their reasoning)? If you can't provide that, can you share what the basis is? With International valuations as they are, what is the basis: Unexpected domestic inflation, a strengthening dollar, weakening valuations? Thanks. I grabbed the chart off Twitter....
by matjen
Fri Apr 14, 2017 11:19 am
Forum: Investing - Theory, News & General
Topic: Jack says be realistic
Replies: 48
Views: 5777

Re: Jack says be realistic

GMO's take. Even worse!

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by matjen
Fri Apr 14, 2017 9:39 am
Forum: Investing - Help with Personal Investments
Topic: Allocation Decisions: LENDX, SRRIX and QSPIX
Replies: 23
Views: 1799

Re: Allocation Decisions: LENDX, SRRIX and QSPIX

I would go with Option 3 to begin with. You can always increase your alternatives percentages if you feel comfortable but best to start smaller in my mind. The other point I would add is that Larry Swedroe is at 10% if memory serves. Now he has tax-advantaged constraints that might be driving that b...
by matjen
Fri Apr 14, 2017 8:26 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe on Understanding Different Types of Risk
Replies: 45
Views: 4860

Re: Larry Swedroe on Understanding Different Types of Risk

On his article, time will tell if these new investments options are a good choice, but I have to ask where did this Larry from 2012 go? http://www.cbsnews.com/news/focus-on-investment-strategy-not-outcome/ "With this in mind, here is the winning strategy for investors: Focus on broad global di...
by matjen
Wed Apr 12, 2017 6:26 pm
Forum: Investing - Theory, News & General
Topic: Lies, Damn Lies and Financial Statistics by Coy
Replies: 11
Views: 1896

Asness/AQR - Lies, Damned Lies, and Data Mining

This is the latest in the tiff between Cliff Asness and Rob Arnott. Some good links to prior AQR papers and a primer on data mining. Data mining, that is searching the data to find in-sample patterns in returns that are not real but random, and then believing you’ve found truth, is a real problem in...
by matjen
Tue Apr 11, 2017 3:59 pm
Forum: Investing - Theory, News & General
Topic: Bloomberg - The Math Behind Futility
Replies: 8
Views: 1488

Bloomberg - The Math Behind Futility

A nice article in today's Bloomberg and a good interview with Rob Arnott as well. The Math Behind Futility An overlooked statistical concept shows why it’s so hard to beat a benchmark. https://www.bloomberg.com/news/articles/2017-04-09/lopsided-stocks-and-the-math-explaining-active-manager-futility ...
by matjen
Tue Apr 11, 2017 1:57 pm
Forum: Investing - Theory, News & General
Topic: Yale Endowment Blasts Low-Fee Critics, Says Gains Would Lag
Replies: 30
Views: 3342

Re: Yale Endowment Blasts Low-Fee Critics, Says Gains Would Lag

I think something of interest to Bogleheads (especially those who follow Jack word-for-word) is Yale's tiny allocation to US equities. I read that they are 3.75 -1 International compared to US. The Bloomberg article says they are at 6% US. I'm guessing Swenson, like Larry Swedroe, is also wary of hi...
by matjen
Mon Apr 10, 2017 2:23 pm
Forum: Investing - Theory, News & General
Topic: Alts:new sources of risk/return improve portfolio efficiency
Replies: 119
Views: 7574

Re: Alts:new sources of risk/return improve portfolio efficiency

I think it's important that we can challenge each other's ideas and claims. Ideally with respect and grace. That works both ways. How many times have we read we are foolish for not seeing Larry's way (backtested results) Can't anyone stand up for those who blindlessly have plowed money in funds lik...
by matjen
Sun Apr 09, 2017 3:49 pm
Forum: Investing - Theory, News & General
Topic: FT - Ed Thorp: the man who beat the casinos, then the markets
Replies: 11
Views: 2596

Re: FT - Ed Thorp: the man who beat the casinos, then the markets

Random Walker wrote:Matjen,
You post rarely, but always super interesting. I like the way you see things.

Dave


Thank you Dave for the kind words. I try to contribute where I can. :happy
by matjen
Sun Apr 09, 2017 10:23 am
Forum: Investing - Theory, News & General
Topic: FT - Ed Thorp: the man who beat the casinos, then the markets
Replies: 11
Views: 2596

Re: FT - Ed Thorp: the man who beat the casinos, then the markets

I was also intrigued that he had the exact same position as Gene Fama regarding the global financial crisis and "too big to fail" participants. He thinks they should have been allowed to fail and the equity holders punished. Just like Fama, saying we have a process to wind these things up ...
by matjen
Sun Apr 09, 2017 9:18 am
Forum: Investing - Theory, News & General
Topic: FT - Ed Thorp: the man who beat the casinos, then the markets
Replies: 11
Views: 2596

FT - Ed Thorp: the man who beat the casinos, then the markets

A nice article from February on famed early hedge fund manager Ed Thorp and his recent book. May require an email/registration to read in its entirety. Key parts for Bogleheads below though. https://www.ft.com/content/e7898528-e897-11e6-967b-c88452263daf "As for hedge funds, he says they are no...
by matjen
Fri Apr 07, 2017 11:40 am
Forum: Personal Consumer Issues
Topic: Tesla S
Replies: 953
Views: 156879

Re: Tesla S

Car & Driver has finished its 40K mile long term wrap up. My summary would be that while recognizing the importance of the car they also point out many build and service flaws. One thing that stood out was their complaint that the touchscreen started to really slow down. That would be unbearable...
by matjen
Fri Apr 07, 2017 9:27 am
Forum: Investing - Theory, News & General
Topic: Ben Carlson Managed futures & dealing with uncorrelated assets
Replies: 8
Views: 907

Re: Ben Carlson Managed futures & dealing with uncorrelated assets

Thanks for posting OP. I think an excellent and very fair article overall.
by matjen
Mon Apr 03, 2017 7:49 am
Forum: Personal Consumer Issues
Topic: iPhone 6S battery issues
Replies: 14
Views: 813

Re: iPhone 6S battery issues

I had the same issues and was part of the recall. They made it pretty easy to have the new battery replaced. I did buy my 6s from Apple direct. Then, 92 days later I brought it in because I was having similar issues. I spent a day on the phone with them wiping and restoring the phone completely twic...
by matjen
Tue Mar 21, 2017 5:22 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: 1865

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

lazyday wrote:Of course most of the AQR products that Bogleheads follow are cheaper.


That's for sure. I'm a QSPIX lover and that is the most expensive I believe. 150 bps or so. The other offerings people discuss get down to 30 bps or so.
by matjen
Tue Mar 21, 2017 9:26 am
Forum: Investing - Theory, News & General
Topic: How Cliff Asness Became A Billionaire By Building A Kind Of Vanguard Of Hedge Funds
Replies: 11
Views: 1865

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

For those interested in a little background on AQR. It does seem to me that Asness is a huge fan of Vanguard/Bogle for beta and he wants the rest. A good plan so far. https://www.forbes.com/sites/nathanvardi/2017/03/20/how-cliff-asness-became-a-billionaire-by-building-the-vanguard-of-hedge-funds/#34...
by matjen
Mon Mar 20, 2017 6:43 pm
Forum: Personal Consumer Issues
Topic: What is your preferred Weather App?
Replies: 55
Views: 3471

Re: What is your preferred Weather App?

Weather Underground
by matjen
Fri Mar 17, 2017 5:46 pm
Forum: Personal Consumer Issues
Topic: Looking for a snazzy car
Replies: 79
Views: 4547

Re: Looking for a snazzy car

VW GTi. Yes, the reliability is lower than Honda but the car is far more fun to drive. I'm looking for our next compact manual car and my list includes the GTi, Focus ST, Honda CR-Z or a used 07 to 11 Civic Si. The difference between these and a normal Focus, Subaru Impreza, regular Civic is "...
by matjen
Fri Mar 17, 2017 5:32 pm
Forum: Personal Consumer Issues
Topic: Looking for a snazzy car
Replies: 79
Views: 4547

Re: Looking for a snazzy car

I would take a look at the Mazda 3 5-door Touring. I think it is the most beautiful car in or near its price range and supposedly is very fun to drive. I can say that I test drove all the small crossovers last year and the Mazda CX5 was more fun to drive than the Honda or Toyota offerings. https://w...
by matjen
Thu Mar 16, 2017 9:45 am
Forum: Investing - Theory, News & General
Topic: AQR/Asness - Factor Timing is Hard
Replies: 5
Views: 763

AQR/Asness - Factor Timing is Hard

The latest from Cliff Asness. Good stuff per usual. The sections on factors being expensive or overgrazed are particularly pertinent to discussions in this forum IMO. https://www.aqr.com/cliffs-perspective/factor-timing-is-hard Initial results (over the last 1-2 years) using book-to-price as a valua...
by matjen
Wed Mar 08, 2017 10:05 am
Forum: Investing - Theory, News & General
Topic: Rekenthaler: My Asset Allocation
Replies: 21
Views: 2207

Re: Rekenthaler: My Asset Allocation

(Morningstar’s Don Phillips likes to say, quite accurately, that investment excellence comes from “avoiding avoidable errors.”) There is no way from the article to know anything about his net worth. He could be up to his eyeballs and beyond in debt. Or he could be married and didn't even mention an...
by matjen
Wed Mar 08, 2017 9:37 am
Forum: Investing - Theory, News & General
Topic: Rekenthaler: My Asset Allocation
Replies: 21
Views: 2207

Rekenthaler: My Asset Allocation

Wow, Morningstar's John Rekenthaler has a nice article regarding his personal asset allocation. Quite aggressive. I'm sure he is very well off but still very aggressive IMO. 91%+ equities in his mid-50s.

http://beta.morningstar.com/articles/79 ... ation.html
by matjen
Sat Feb 25, 2017 9:03 am
Forum: Investing - Theory, News & General
Topic: Buffett Annual Letter 2016 [Jack Bogle is a hero]
Replies: 69
Views: 5686

Re: Buffett Annual Letter 2016

delrinson wrote:You beat me to it. An eloquent testimony to the power of passive investing in indices. Read pp. 21-25 of the letter.


Indeed! Wish I could quote more but don't want to run afoul of the moderators. A must read IMO.
by matjen
Sat Feb 25, 2017 8:32 am
Forum: Investing - Theory, News & General
Topic: Buffett Annual Letter 2016 [Jack Bogle is a hero]
Replies: 69
Views: 5686

Buffett Annual Letter 2016 [Jack Bogle is a hero]

Warren Buffett pulls no punches this year regarding his bet with a hedge fund manager, Wall Street fees, and Jack Bogle! http://www.berkshirehathaway.com/letters/2016ltr.pdf Here are the results for the first nine years of the bet – figures leaving no doubt that Girls Inc. of Omaha, the charitable b...
by matjen
Thu Feb 23, 2017 1:03 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard versus Dimensional
Replies: 22
Views: 2312

Re: Vanguard versus Dimensional

The question here is what fund family you tilt with. Dfa usually outpeforms vanguard by 1-2% in value, small, emerging. The exception is when value or small are underperforming generally because vanguard value funds are much less value tilt and I don't believe they screen for momentum and quality. ...
by matjen
Mon Feb 20, 2017 1:16 pm
Forum: Personal Consumer Issues
Topic: Tesla Model X Review, 2 Months In
Replies: 42
Views: 5310

Re: Tesla Model X 2 Months Review

What a complainer. I mean what do you expect for only $130,000 or so? :wink:
by matjen
Fri Feb 17, 2017 4:03 pm
Forum: Personal Consumer Issues
Topic: Tesla Model 3 or Chevy Bolt?
Replies: 196
Views: 15485

Re: Tesla Model 3 or Chevy Bolt?

Well, FWIW: http://www.reuters.com/article/us-gm-autonomous-exclusive-idUSKBN15W283 General Motors Co plans to deploy thousands of self-driving electric cars in test fleets in partnership with ride-sharing affiliate Lyft Inc, beginning in 2018, two sources familiar with the automaker’s plans said th...
by matjen
Fri Feb 17, 2017 1:17 pm
Forum: Investing - Help with Personal Investments
Topic: A 2-Fund Portfolio idea. Opinions Welcome!
Replies: 10
Views: 833

Re: A 2-Fund Portfolio idea. Opinions Welcome!

So you are going to allocate something like 3% to equities around the rest of the globe? That's a deal breaker for me and for most. I would go with Vanguard Total World Stock Index Fund ETF Shares VT and BND or VGIT in the allocations you see fit.
by matjen
Tue Feb 07, 2017 6:33 pm
Forum: Investing - Theory, News & General
Topic: Factor Models Are More Art and Less Science
Replies: 0
Views: 265

Factor Models Are More Art and Less Science

This is a great overview of Factor Investing by Wes Gray. http://blog.alphaarchitect.com/2017/02/03/factor-models-are-more-art-and-less-science/#gs.null Perhaps seeing the handwriting on the wall that the three-factor model rested on a shaky theoretical foundation, Fama and French offered an enhance...
by matjen
Fri Feb 03, 2017 1:45 pm
Forum: Personal Consumer Issues
Topic: Lexus PreCollision Safety System (auto braking)
Replies: 35
Views: 2871

Re: Lexus PreCollision Safety System (auto braking)

I think lumping parking assist in as a "safety system" is a stretch. It's more like the old 5 mph bumpers, it may reduce repair costs, but it won't prevent death or significant injury, so it can be evaluated entirely on a financial basis. To put it another way if parking assist will save ...
by matjen
Fri Feb 03, 2017 10:45 am
Forum: Personal Consumer Issues
Topic: Lexus PreCollision Safety System (auto braking)
Replies: 35
Views: 2871

Re: Lexus PreCollision Safety System (auto braking)

If you are going to do it I would make sure you check off the box on every safety system available. Things like parking assist have gotten much better than a couple years back. I'm in the process of having my 76 year old mother (who just moved to the City from the burbs) get rid of her 2008 RX350 an...
by matjen
Wed Feb 01, 2017 3:50 pm
Forum: Investing - Theory, News & General
Topic: Fama - A Look Back at Modern Finance: Accomplishments and Limitations
Replies: 0
Views: 277

Fama - A Look Back at Modern Finance: Accomplishments and Limitations

Good stuff for everyone here but requires $6-$10 for most to get a copy. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2902370#.WJJHdVPTYHU.twitter Abstract In a conversation held in June 2016 between Nobel laureate Eugene Fama of the University of Chicago and Joel Stern, chairman and CEO of S...
by matjen
Tue Jan 31, 2017 7:51 am
Forum: Investing - Help with Personal Investments
Topic: Suggested Funds/ETFs for Small Cap & EM Tilt
Replies: 11
Views: 1115

Re: Suggested Funds/ETFs for Small Cap & EM Tilt

livesoft wrote:IJS, VBR for US small-cap value
DGS for EM small-cap value


Seconded assuming you don't have DFA access via advisor, 401(k), or 529 Plan.
by matjen
Mon Jan 30, 2017 6:42 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1182
Views: 166269

Re: QSPIX - thoughts on interesting fund

larryswedroe wrote:matjen
Let's not hope for too many more of those type days (:-))
Larry


Crud! I forgot I am 7% QSPIX and not 70% ;-)
by matjen
Mon Jan 30, 2017 6:31 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1182
Views: 166269

Re: QSPIX - thoughts on interesting fund

Days like today is one of the reasons many of us love us some QSPIX. :D

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by matjen
Mon Jan 30, 2017 6:27 pm
Forum: Investing - Theory, News & General
Topic: Ilmanen/AQR new method (and figures) for stock return forecasts: variants on earnings yield and DDM yield
Replies: 24
Views: 1581

Re: Ilmanen/AQR new method (and figures) for stock return forecasts: variants on earnings yield and DDM yield

Thank you for posting lack_ey. With your caveats noted in the OP, I'll post the info everyone wants! ;-) Our current estimate for the long-run real return of U.S. equities is 4.2%, somewhat lower than most other developed markets (average 4.6%) and emerging markets (5.4%). Our current estimate for U...
by matjen
Mon Jan 30, 2017 8:56 am
Forum: Investing - Theory, News & General
Topic: How to Produce High Quality Investment Research - Valuation
Replies: 5
Views: 562

Re: How to Produce High Quality Investment Research - Valuation

livesoft wrote:It sounds like a fancy way to say "Buy low, sell high."


Indeed, or more accurately, set expectations realistically. With a wide dispersion of potential results of course.

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