Search found 1614 matches

by matjen
Wed Jun 28, 2017 3:53 pm
Forum: Investing - Theory, News & General
Topic: Malkiel essay on Smart Beta
Replies: 0
Views: 139

Malkiel essay on Smart Beta

Burton Malkiel goes into more detail on Smart beta/factors and when they are capable of working. The argument for using several factors simultaneously is strongly supported by decades of academic research. The clear result of many empirical analyses is that the return differentials resulting from di...
by matjen
Mon Jun 26, 2017 9:56 am
Forum: Investing - Help with Personal Investments
Topic: Allocation Decisions: LENDX, SRRIX and QSPIX
Replies: 47
Views: 3464

Re: Allocation Decisions: LENDX, SRRIX and QSPIX

Uuuuummmmm....... this is one the most ridiculous correlation matrixes I have ever seen: https://www.portfoliovisualizer.com/asset-correlations?s=y&symbols=DFSVX%2C+DISVX%2C+DFEVX%2C+VFITX%2C+QSPIX%2C+QMHIX%2C+LENDX%2C+SRRIX&endDate=06%2F25%2F2017&timePeriod=1&numTradingDays=60 It's...
by matjen
Mon Jun 26, 2017 6:31 am
Forum: Investing - Theory, News & General
Topic: Your Favorite Portfolio Tilts
Replies: 86
Views: 6085

Re: Your Favorite Portfolio Tilts

. FWIW – I had the same portfolio tilts (reflected in earlier post) over past 14.4 years. What have these tilts added over this period relative to an indicative ‘market portfolio’ reflected in my earlier post? +0.8% from greater equity orientation +0.7% from greater EM allocation* +1.0% from value ...
by matjen
Fri Jun 23, 2017 10:11 am
Forum: Investing - Help with Personal Investments
Topic: Allocation Decisions: LENDX, SRRIX and QSPIX
Replies: 47
Views: 3464

Re: Allocation Decisions: LENDX, SRRIX and QSPIX

What's the easiest way to view the returns of LENDX and SRRIX? I'm having a hard time finding this. Bloomberg has them. Unfortunately, Morningstar doesn't. I made a request for them to be added but they have not as of yet. Would be nice to have for Portfolio X-Ray purposes more than anything. https...
by matjen
Thu Jun 22, 2017 12:05 pm
Forum: Investing - Help with Personal Investments
Topic: Allocation Decisions: LENDX, SRRIX and QSPIX
Replies: 47
Views: 3464

Re: Allocation Decisions: LENDX, SRRIX and QSPIX

Avo wrote:QSPIX has been essentially flat since the end of 2015. Does this worry anyone?


Nope. FWIW, which is very little, it has done better than Vanguard's Market Neutral fund VMNFX since 1/1/16.
by matjen
Thu Jun 22, 2017 12:02 pm
Forum: Investing - Help with Personal Investments
Topic: Allocation Decisions: LENDX, SRRIX and QSPIX
Replies: 47
Views: 3464

Re: Allocation Decisions: LENDX, SRRIX and QSPIX

I give general advice here though I don't work in the financial industry. I post the 15 largest holdings in my retirement portfolio, my top 10 individual stocks, and how my investments have performed. People can see if I really eat my own cooking and can check my results to see if I am worth listen...
by matjen
Mon Jun 19, 2017 11:15 am
Forum: Personal Consumer Issues
Topic: Pimp my DW's ride.
Replies: 96
Views: 6151

Re: Pimp my DW's ride.

Agree on the electronics being way behind. This is why the Velar is the only one that interests me. Did you ask about that at all? I know it isn't available yet.
by matjen
Sun Jun 18, 2017 4:50 pm
Forum: Investing - Theory, News & General
Topic: Best Financial Advice from Dad (in honor of father's day)
Replies: 79
Views: 4849

Re: Best Financial Advice from Dad (in honor of father's day)

1) The power of compounding.
2) Although earning money is to buy current things, the purpose of saving is to buy your freedom. Don't trade your freedom for things.
by matjen
Sun Jun 18, 2017 3:43 pm
Forum: Personal Consumer Issues
Topic: BMW X5 2017 - Seeking advice
Replies: 40
Views: 3057

Re: BMW X5 2017 - Seeking advice

I am still perusing all the advice from thread (thanks everyone!) but I didn't see any information outside this thread about big changes for 2018 X5. Here's a post from Bimmerfest about the 2018 X5 (due in Sept) that suggests changes are minor (i.e no generation change). http://www.bimmerfest.com/f...
by matjen
Sun Jun 18, 2017 11:14 am
Forum: Personal Consumer Issues
Topic: BMW X5 2017 - Seeking advice
Replies: 40
Views: 3057

Re: BMW X5 2017 - Seeking advice

Not sure about a diesel option. This article doesn't mention it at all which is a bad sign if that is of interest. It does go into the platform change. Although current model came out in 2014 the platform is actually significantly older. This will be a big upgrade. http://www.motorauthority.com/news...
by matjen
Sun Jun 18, 2017 9:17 am
Forum: Personal Consumer Issues
Topic: BMW X5 2017 - Seeking advice
Replies: 40
Views: 3057

Re: BMW X5 2017 - Seeking advice

OP, are you aware that the BMW X5 is an extremely old platform/design? 2017 will be the last model year before an entirely new X5 comes out for 2018. Heck, if you are buying in late calendar year 2017 then you may well be buying a 2018 model depending on release date. In any case, if it is a 2017 mo...
by matjen
Tue Jun 13, 2017 1:35 pm
Forum: Investing - Theory, News & General
Topic: DFA Retirement Income Strategies
Replies: 78
Views: 7837

Re: DFA Retirement Income Strategies

These funds seem to be marketed to 401(K) admins, various plans, etc. The irony here is that these types of products really minimize the need for an advisor in my opinion. At least an advisor who is merely handling investments rather than a full suite of services. I mean what is the difference betwe...
by matjen
Tue Jun 13, 2017 9:21 am
Forum: Investing - Theory, News & General
Topic: DFA Retirement Income Strategies
Replies: 78
Views: 7837

Re: DFA Retirement Income Strategies

Here's an article by Wade Pfau on the DFA TDFs. I apologize if somebody has already brought this up earlier in the thread. Excerpt from beginning of article. Dimensional Fund Advisors (DFA) takes a more direct approach to immunizing retirement liabilities through their target-date retirement income...
by matjen
Mon Jun 12, 2017 2:49 pm
Forum: Investing - Theory, News & General
Topic: Dimensional 2017 index annualized return matrix book
Replies: 1
Views: 333

Re: Dimension 2017 index annualized return matrix book

Always a great resource. Thanks for posting.
by matjen
Thu Jun 08, 2017 2:09 pm
Forum: Investing - Theory, News & General
Topic: Bloomberg Invest Spotlight: Cliff Asness
Replies: 18
Views: 1154

Re: Bloomberg Invest Spotlight: Cliff Asness

The second observation I have made after listening to and reading literally thousands of inputs from expert financial mavens over the past 3 decades: there is a truly remarkable coincidence. Although they differ, sometimes dramatically, in the details of their insights and advice, not once in 30+ y...
by matjen
Thu Jun 08, 2017 10:06 am
Forum: Investing - Theory, News & General
Topic: Bloomberg Invest Spotlight: Cliff Asness
Replies: 18
Views: 1154

Bloomberg Invest Spotlight: Cliff Asness

A nice 20 minute interview with AQR's Cliff Asness. Many of the usual topics covered. I particularly appreciated him distinguishing between what AQR does mostly and other firms like Two Sigma or Renaissance Technologies. Also, most pertinent to fairly common discussions on this forum is his defense ...
by matjen
Mon Jun 05, 2017 1:31 pm
Forum: Personal Consumer Issues
Topic: Pimp my DW's ride.
Replies: 96
Views: 6151

Re: Pimp my DW's ride.

I don't know much about wraps but my sense is they are a way more popular down market and in the tuner world not at your "level." I could be wrong though. I don't have a wrap, but I have the opposite impression. I've never personally seen a <$50k car with a wrap. But I have seen numerous ...
by matjen
Mon Jun 05, 2017 8:43 am
Forum: Personal Consumer Issues
Topic: Pimp my DW's ride.
Replies: 96
Views: 6151

Re: Pimp my DW's ride.

I don't know much about wraps but my sense is they are a way more popular down market and in the tuner world not at your "level." I could be wrong though. My other comment is have you had a chance to check out the new Range Rover Velar? It's not top of the line but it is their brand new de...
by matjen
Thu Jun 01, 2017 7:10 am
Forum: Investing - Theory, News & General
Topic: My Smart Beta ETF Premised on Cats Rang Up an 849,751% Return
Replies: 1
Views: 437

My Smart Beta ETF Premised on Cats Rang Up an 849,751% Return

Fun tongue-in-cheek article about data mining, etc. Per usual, Asness nails it. Everything you can sort on can be a factor, but not all factors are interesting. Factors need some economics, theory or intuition even, to be at all interesting to us. Thus the cat factor fails as we have no story for wh...
by matjen
Tue May 30, 2017 9:46 am
Forum: Investing - Help with Personal Investments
Topic: Access to DFA without adviser
Replies: 8
Views: 1000

Re: Access to DFA without adviser

I'd hesitate starting a taxable account with them. If your wife changes jobs what happens to your DFA relationship? My understanding about the DFA funds is that if you leave your advisor you can transfer the funds to another broker but can't add to them. At that point selling them could have real t...
by matjen
Tue May 30, 2017 7:46 am
Forum: Investing - Help with Personal Investments
Topic: Access to DFA without adviser
Replies: 8
Views: 1000

Re: Access to DFA without adviser

Yes I would say it makes sense to move to take advantage of the DFA access IF it gets you access to a handful of funds/strategies that DFA offers that sets them apart. If you have no interest in a small cap value tilt on the US AND International side or in a more advanced Target Date Fund then it do...
by matjen
Fri May 26, 2017 2:23 pm
Forum: Investing - Theory, News & General
Topic: Great Depression Lesson - Is Total Bond Market Too Risky?
Replies: 28
Views: 4595

Re: Great Depression Lesson - Is Total Bond Market Too Risky?

I find it very confusing that some authorities complain that Total Bond is too risky and urge using an all-Treasury fund, while others (including John C. Bogle) complain that it is too heavy in government issues and that ordinary investors would be better served by taking on more risk in order tog ...
by matjen
Thu May 25, 2017 9:51 am
Forum: Investing - Theory, News & General
Topic: DFA Retirement Income Strategies
Replies: 78
Views: 7837

Re: DFA Retirement Income Strategies

The tricky bit is if someone else is doing this for you, are they charging you a reasonable fee for the service? 25 bps or so is more than reasonable for this type of TDF IMO. I just wish that DFA would incorporate more of a SCV tilt into the solution. Perhaps have two versions for each fund. My un...
by matjen
Wed May 24, 2017 7:56 am
Forum: Investing - Theory, News & General
Topic: DFA Retirement Income Strategies
Replies: 78
Views: 7837

Re: DFA Retirement Income Strategies

Bump! Honestly, I am rather surprised that focusing on the stream of "real" income or LifeCycle investing hasn't caught on with this forum. BobK has done a yeoman's job keeping a drumbeat of great posts on the subject coming. Thank you Bobk. :beer
by matjen
Sun May 14, 2017 3:16 pm
Forum: Investing - Theory, News & General
Topic: WSJ: Most market anomalies academics have identified don’t exist
Replies: 53
Views: 5507

Re: WSJ: Most market anomalies academics have identified don’t exist

What could a Boglehead could have implemented back in 1993 or 2000 that would have doubled the market by this point? iShares S&P Small-Cap 600 Value (IJS) has been around since mid-2000. It has long been spoken favorably of on this board. It has more than doubled the S&P500 since 2000. All ...
by matjen
Wed May 10, 2017 2:49 pm
Forum: Investing - Help with Personal Investments
Topic: When switch fund for lower ER?
Replies: 14
Views: 1155

Re: When switch fund for lower ER?

Here is a tool/spreadsheet from forum member Grabiner for taxable accounts.

http://remarque.org/~grabiner/switchtaxable.html
by matjen
Tue May 09, 2017 3:19 pm
Forum: Investing - Theory, News & General
Topic: New Roboadvisor - Elm Funds
Replies: 22
Views: 1596

Re: New Roboadvisor - Elm Funds

Meanwhile Vanguard's 25 bps and value tilted Wellington Fund (and many of its active funds) keeps chugging along and doing well. People on this forum just reflexively think anything cap weighted and passive is the holy grail and anything active (no matter how moderate) is bad. The major reason many ...
by matjen
Tue May 09, 2017 9:35 am
Forum: Investing - Theory, News & General
Topic: New Roboadvisor - Elm Funds
Replies: 22
Views: 1596

Re: New Roboadvisor - Elm Funds

Elm is also significantly cheaper than the only RoboAdvisor that I am aware of which uses DFA funds. So obviously more of a value strategy with momentum screens and no timing strategy on the edges. https://assetbuilder.com/faqs Here you are looking at 43 bps fee, plus the ER of the underlying DFA fu...
by matjen
Tue May 09, 2017 8:19 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe Article on Factor Diversification
Replies: 6
Views: 1045

Re: Larry Swedroe Article on Factor Diversification

Random Walker wrote: and to really add some extra zing use some of the pure exposure long short Style Premia fund from AQR.

Dave


I believe the correct technical term is not "zing." I prefer "whipped cream." :D
by matjen
Mon May 08, 2017 10:20 pm
Forum: Investing - Theory, News & General
Topic: New Roboadvisor - Elm Funds
Replies: 22
Views: 1596

Re: New Roboadvisor - Elm Funds

So what are they actually managing for those 12bp? Why not disclose, instead of going behind what seems like a paywall? Very little information. Thanks to the Reddit link provided by greybus I was able to find this. Pretty detailed it seems to me for a RoboAdvisor of sorts. https://www.elmfunds.com...
by matjen
Mon May 08, 2017 8:56 pm
Forum: Investing - Theory, News & General
Topic: New Roboadvisor - Elm Funds
Replies: 22
Views: 1596

Re: New Roboadvisor - Elm Funds

My mistake. By comparison, on quick review Wealthfront is 25 bps or so plus the underlying funds which average 12. No trading fees though. Their FAQ is more current than their ADV however. There they list still an amazingly small number: As of Jan 1st, 2017, more than 140 investors trusted us with a...
by matjen
Mon May 08, 2017 8:15 pm
Forum: Investing - Theory, News & General
Topic: New Roboadvisor - Elm Funds
Replies: 22
Views: 1596

Re: New Roboadvisor - Elm Funds

It appears that you'd get close to 100% turnover each year, and they usually trade every 40 days or so. Looks like you'd have to pay commissions for each trade on your own (which is common for most SMA). Even at $4.95 per trade at Fidelity, assuming they rebalance approx 10 assets classes every 40 ...
by matjen
Mon May 08, 2017 7:57 pm
Forum: Investing - Theory, News & General
Topic: New Roboadvisor - Elm Funds
Replies: 22
Views: 1596

Re: New Roboadvisor - Elm Funds

A preliminary look tells me that this company is not really interested in having but a few clients. It is mostly a way to invest for the one person living near Jackson Hole, WY (nice place!) and that person's friends. Perhaps they need to expand more to be able to get more perks or pay less taxes o...
by matjen
Mon May 08, 2017 7:50 pm
Forum: Investing - Theory, News & General
Topic: New Roboadvisor - Elm Funds
Replies: 22
Views: 1596

Re: New Roboadvisor - Elm Funds

A TED talk he gave that could be given by Bill Bernstein or Jonathan Clements, etc.

https://www.youtube.com/watch?v=1yJWABvUXiU
by matjen
Mon May 08, 2017 7:11 pm
Forum: Investing - Theory, News & General
Topic: New Roboadvisor - Elm Funds
Replies: 22
Views: 1596

Re: New Roboadvisor - Elm Funds

Victor Haghani is a name that features very prominently in "When Genius failed", as one of the steady hands that steered that ship right into the iceberg. There are other LTCM and JWM alums at Elm too (JWM happens to be the second failed John Meriwether Hedge Fund). I can't help notice th...
by matjen
Mon May 08, 2017 3:36 pm
Forum: Investing - Theory, News & General
Topic: New Roboadvisor - Elm Funds
Replies: 22
Views: 1596

New Roboadvisor - Elm Funds

Well this looks very interesting. A hedge fund quant realizes that passive investing is the best way to manage his personal fortune and sets it up as a roboadvisor. Appears to tilt toward value and momentum. Still sorting through it but two things caught my eye. First, 12 bps and low cost index fund...
by matjen
Mon May 08, 2017 2:56 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe Article on Factor Diversification
Replies: 6
Views: 1045

Re: Larry Swedroe Article on Factor Diversification

Great article that does a good job summarizing Larry's recent book. Thanks for posting Dave. :beer
by matjen
Sun May 07, 2017 8:15 am
Forum: Investing - Theory, News & General
Topic: DGSIX: Any other small-cap & value tilted 60/40 funds?
Replies: 10
Views: 895

Re: DGSIX: Any other small-cap & value tilted 60/40 funds?

livesoft wrote:My issue with DGSIX is that a small-cap and value-tilted portfolio routinely outperforms it. So it is not such a good representative of the genre. Does it have some hidden fees? Are the managers poor rebalancers?


That is odd. Are the factor tilts the same?
by matjen
Sun May 07, 2017 7:56 am
Forum: Investing - Theory, News & General
Topic: DGSIX: Any other small-cap & value tilted 60/40 funds?
Replies: 10
Views: 895

Re: DGSIX: Any other small-cap & value tilted 60/40 funds?

I am absolutely certain that a poster of Nisi's intelligence and experience realizes that he is comparing an all-in-one fund that has about a 20% International allocation to pure active funds that have basically 11% and 5% or so allocations. Moreover Wellington and the Puritan Fund are 70/30 not 60/...
by matjen
Mon May 01, 2017 5:56 pm
Forum: Personal Consumer Issues
Topic: Recs for moisturizer w sunscreen please.
Replies: 15
Views: 1409

Re: Recs for moisturizer w sunscreen please.

^ +1. I also use Eucerin daily with no problem.
by matjen
Sat Apr 29, 2017 9:23 pm
Forum: Investing - Theory, News & General
Topic: Value's Rough Patch Not a Concern for AQR's Ronen Israel
Replies: 4
Views: 609

Value's Rough Patch Not a Concern for AQR's Ronen Israel

A nice Morningstar interview with AQR's Ronen Israel. He does a pretty nice job succinctly going through value investing, factor investing, and diversification. Many of the things that Larry Swedroe has highlighted.

http://beta.morningstar.com/videos/8056 ... -edge.html
by matjen
Sun Apr 23, 2017 7:41 am
Forum: Investing - Help with Personal Investments
Topic: Vanguard's Market Neutral Fund
Replies: 11
Views: 1788

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 "Goodbye."
Replies: 336
Views: 37732

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: 6707

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: 5537

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: 569

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: 7211

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: 7211

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: 5537

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...

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