Search found 1410 matches

by matjen
Tue May 31, 2016 8:59 am
Forum: Personal Consumer Issues
Topic: Uber Car and the real cost of driving
Replies: 52
Views: 6037

Re: Uber Car and the real cost of driving

Interesting posts/thoughts Valuethinker. :beer
by matjen
Wed May 18, 2016 8:30 am
Forum: Investing - Theory, News & General
Topic: The Three-Fund Portfolio
Replies: 1472
Views: 756891

Re: The Three-Fund Portfolio

Thanks for the replies. If I got rid of NAESX and stuck with the 3 fund, would this be too aggressive even for someone who is aggressive and is 31. Total Stock Admiral 70% Total Intl 12% Total Bonds 18% This is a personal decision that has no right answer. However, your asset allocation is actually...
by matjen
Wed May 18, 2016 8:10 am
Forum: Investing - Theory, News & General
Topic: The Three-Fund Portfolio
Replies: 1472
Views: 756891

Re: The Three-Fund Portfolio

Regarding ^...My thoughts as a slicer and dicer in general, No. If you are going to add to a classic three-fund portfolio it seems to me you should follow what most of the academic literature and thought leaders do/have done. That really isn't small cap. It is however small cap value or for others i...
by matjen
Tue May 17, 2016 6:37 am
Forum: Personal Finance (Not Investing)
Topic: Destination, Not Journey?
Replies: 20
Views: 2288

Re: Destination, Not Journey?

OP, Congratulations on your early success and don't sweat too much over how you feel about security/money. I think it is much better to be wired the way you are than the other way around. However, you must also work on your relationships (partner and friends) since that is really the most important ...
by matjen
Mon May 16, 2016 10:13 pm
Forum: Investing - Help with Personal Investments
Topic: IF YOU TILT small cap, DO YOU PAIR SP500 or TSM with it?
Replies: 43
Views: 2605

Re: IF YOU TILT small cap, DO YOU PAIR SP500 or TSM with it?

TSM...preferably Vanguard's VTI/VTSAX or the Total World VT.
by matjen
Mon May 16, 2016 6:29 pm
Forum: Investing - Theory, News & General
Topic: What % do you have in alternatives? REITs, commodities, etc.)
Replies: 67
Views: 3556

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

As an AQR/Asness fanboy I should point out that AQR is a major player in the "Alternatives" space.

https://funds.aqr.com/news/aqr-liquid-a ... s-magazine

Image
by matjen
Mon May 16, 2016 5:19 pm
Forum: Investing - Theory, News & General
Topic: What % do you have in alternatives? REITs, commodities, etc.)
Replies: 67
Views: 3556

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

I have 5% in the AQR Style Premia Alternative Fund Class I QSPIX
by matjen
Mon May 16, 2016 3:59 pm
Forum: Investing - Theory, News & General
Topic: Replicating Private Equity with Value Investing, Leverage, etc.
Replies: 1
Views: 219

Replicating Private Equity with Value Investing, Leverage, etc.

From the AQR Insight Awards. Erik Stafford, Ph.D., Harvard Business School Private equity (PE) funds tend to select relatively small stocks with low earnings multiples as measured by EBITDA. The author shows that publicly traded equities with these same characteristics have historically demonstrated...
by matjen
Mon May 16, 2016 2:52 pm
Forum: Investing - Theory, News & General
Topic: DEMSX vs VSS
Replies: 7
Views: 325

Re: DEMSX vs VSS

I'd rather have the DFA fund than any of the ETFs in the space, that's for sure. If there's one place DFA's not-a-slave-to-an-index, so-called patient trading can really help, it's got to be small cap EM. +1 IF this is the space you want to be in. VSS may be the only game in town for what it does (...
by matjen
Sat May 14, 2016 11:56 am
Forum: Personal Finance (Not Investing)
Topic: 25x income needs or 25x residual living expenses?
Replies: 24
Views: 3477

Re: 25x income needs or 25x residual living expenses?

HomerJ has some good thoughts as well. I'm back up to using 3.99% as a starting point with the obvious VPW thing guiding me in real life. :beer
by matjen
Sat May 14, 2016 8:51 am
Forum: Personal Finance (Not Investing)
Topic: 25x income needs or 25x residual living expenses?
Replies: 24
Views: 3477

Re: 25x income needs or 25x residual living expenses?

^ +1 Great post Lack_ey. This is how I view the topic as well. Great overall summary of the issues.
by matjen
Sat May 14, 2016 8:24 am
Forum: Investing - Help with Personal Investments
Topic: Muni bonds vs Muni bond fund
Replies: 7
Views: 739

Re: Muni bonds vs Muni bond fund

OP, I agree with what was written above but let me get you to the end decision as I see it. For the majority of investors a well run and inexpensive muni bond fund is the way to go. If you have some $$ then perhaps having a well qualified and honest fiduciary build a ladder for you that meets your c...
by matjen
Tue May 10, 2016 4:40 pm
Forum: Investing - Theory, News & General
Topic: BI-The computers have won and Wall Street will never be the same
Replies: 2
Views: 1447

BI-The computers have won and Wall Street will never be the same

Stock picking is on the ropes and not just in the mutual fund space. Could just be noise of course but I don't think so. There are certainly many other types of hedge fund strategies besides old-timey stock selection but regardless of the strategy, taking the human out of the equation or minimizing ...
by matjen
Sat May 07, 2016 9:49 am
Forum: Investing - Theory, News & General
Topic: Where is Rick Ferri? [Portfolio Solutions management and fee structure]
Replies: 95
Views: 15872

Re: Where is Rick Ferri?

^Yes. I actually edited my response at the same time you wrote yours.
by matjen
Sat May 07, 2016 9:41 am
Forum: Investing - Theory, News & General
Topic: Where is Rick Ferri? [Portfolio Solutions management and fee structure]
Replies: 95
Views: 15872

Re: Where is Rick Ferri?

I'm not saying that anything came of the suit or any fault was found


Regarding a Motion to Compel from two years ago...is speculation. I agree people should know if Rick is still involved which the ADV and the website provide info on and have been discussed and locked once already.
by matjen
Sat May 07, 2016 9:06 am
Forum: Investing - Theory, News & General
Topic: Where is Rick Ferri? [Portfolio Solutions management and fee structure]
Replies: 95
Views: 15872

Re: Where is Rick Ferri?

I don't think it is good form to be digging stuff up on Rick and posting it to this forum. I think this is especially so when a thread just like this was already locked by the admins. :annoyed
by matjen
Wed May 04, 2016 9:37 pm
Forum: Personal Finance (Not Investing)
Topic: Quitting too early? Firecalc comments
Replies: 21
Views: 3634

Re: Quitting too early? Firecalc comments

I like Firecalc but, to temper concerns about it only covering US assets, I also like to complement it with the Portfolio Charts tool. It handles tons of international asset classes, etc. but its drawback is it only goes back to 1972. Methodology: https://portfoliocharts.com/withdrawal-rates-methodo...
by matjen
Wed May 04, 2016 6:25 pm
Forum: Investing - Theory, News & General
Topic: Factor concentration within funds – does it really matter?
Replies: 11
Views: 673

Re: Factor concentration within funds – does it really matter?

Robert,

I had the opportunity to chat with Wes Gray and then sit next to him at lunch during a recent national AAII conference in Vegas. He is an incredibly nice guy. Very, very down to earth. Reminds me of a young Jack Bogle in that way.

Matjen
by matjen
Wed May 04, 2016 6:17 pm
Forum: Investing - Theory, News & General
Topic: Jack Bogle: "David and Goliath: Who Wins the Quantitative Battle?"
Replies: 13
Views: 1855

Re: Jack Bogle: "David and Goliath: Who Wins the Quantitative Battle?"

Although I "only" agree with about 98% of it, a wonderful speech per usual from Jack Bogle. Thank you for posting Taylor.
by matjen
Wed May 04, 2016 1:37 pm
Forum: Personal Consumer Issues
Topic: Tesla X
Replies: 224
Views: 32407

Re: Tesla X

BarbaricYawp wrote:So... anyone straying 'off the reservation' to buy Tesla stock directly? :wink:


The very famous and successful short seller James Chanos has disclosed he is short TSLA. FWIW
by matjen
Wed May 04, 2016 9:22 am
Forum: Investing - Theory, News & General
Topic: Interesting Round Table with Cliff Asness and "the" Steve Cohen
Replies: 2
Views: 370

Re: Interesting Round Table with Cliff Asness and (the) Steve Cohen

25:00 mark and Steve Cohen who may be the most successful investor of the last 20 years (certainly top 5) says the data in his firm indicates his people are great stock pickers but not great market timers.
by matjen
Wed May 04, 2016 9:00 am
Forum: Investing - Theory, News & General
Topic: Interesting Round Table with Cliff Asness and "the" Steve Cohen
Replies: 2
Views: 370

Interesting Round Table with Cliff Asness and "the" Steve Cohen

http://www.milkeninstitute.org/events/conferences/global-conference/2016/panel-detail/6168 A round table with "the" Steve Cohen, Cliff Asness and Neil Chriss. Have only watched the first few minutes but looks interesting and very, very timely. Mention Buffett's and Cohen's recent remarks f...
by matjen
Wed May 04, 2016 8:34 am
Forum: Investing - Theory, News & General
Topic: Why does DFA not offer a market neutral fund?
Replies: 16
Views: 1229

Re: Why does DFA not offer a market neutral fund?

I think Nisi raises some good points. This paper has actually come up in the QSPIX threads as I recall. I think originally from Robert T. if I am not mistaken. Perhaps one of the reasons he is intrigued by QSPIX but prefers to keep with long only factor tilts since he can reach the loadings he desir...
by matjen
Tue May 03, 2016 4:59 pm
Forum: Personal Consumer Issues
Topic: I cannot stop buying... [Investing/Personal Finance Books]
Replies: 54
Views: 7291

Re: I cannot stop buying... [Investing/Personal Finance Books]

midareff wrote:I stopped at 55 books, although it covered more than a decade. The lights didn't come on until William Bernstein's Four Pillars. Then came Jack, Ric, Larry and others in no particular order.


Same experience here although I have just slowed down rather than stopped.
by matjen
Tue May 03, 2016 4:55 pm
Forum: Investing - Theory, News & General
Topic: Fama and Asness on Bloomberg
Replies: 1
Views: 344

Re: Fama and Asness on Bloomberg

The best hour of financial television I have ever seen. Fama, Shiller, and Bogle with Asness serving as the lead interviewer/translator. Great, great stuff. Here is an earlier thread on it with links to all the videos.

viewtopic.php?t=137574
by matjen
Sun May 01, 2016 9:56 am
Forum: Investing - Theory, News & General
Topic: Numeracy and Wealth
Replies: 44
Views: 6175

Numeracy and Wealth

Well I'm not very good with numbers (compared to science and math types) but I took very quickly at a young age to the power of compounding. I am thankful to the late Richard Russell for writing a powerful article on the topic which my father gave to me at a young age. http://www.sciencedirect.com/s...
by matjen
Sat Apr 30, 2016 11:53 am
Forum: Investing - Theory, News & General
Topic: Berkshire Hathaway, Annual Meeting Live Streaming Today
Replies: 23
Views: 1756

Re: Berkshire Hathaway, Annual Meeting Live Streaming Today

Here is a slide from the presentation regarding the hedge fund bet. He went into the arithmetic of active management when explaining.

Image
by matjen
Sat Apr 30, 2016 11:42 am
Forum: Investing - Theory, News & General
Topic: Berkshire Hathaway, Annual Meeting Live Streaming Today
Replies: 23
Views: 1756

Re: Berkshire Hathaway, Annual Meeting Live Streaming Today

I have been watching since the start. Great as usual although Warren bungled the Coke question pretty good. I would think he would handle that better by now. Charlie did as good a job as you can IMO. Right now he is slow talking a Sequoia question. Will be interesting to see if he takes this as an o...
by matjen
Wed Apr 27, 2016 9:27 am
Forum: Investing - Help with Personal Investments
Topic: if you HAD to pick 2 actively managed funds???
Replies: 45
Views: 3279

Re: if you HAD to pick 2 actively managed funds???

If I went active I would concentrate on funds with good history (management and/or academic), process and management committees rather than one person with the alleged magic touch.

My two would be:

Vanguard Wellington Fund Investor Shares (VWELX)
AQR Style Premia Alternative (QSPIX)
by matjen
Mon Apr 25, 2016 9:14 am
Forum: Investing - Theory, News & General
Topic: Smart-Beta War Rages On as Cliff Asness Slams Pimco Star's Paper
Replies: 6
Views: 932

Smart-Beta War Rages On as Cliff Asness Slams Pimco Star's Paper

Completely overblown article title but nonetheless a reminder on Asness' position against significant market timing. Trying to time the market is a dumb idea... Enter Asness, the 49-year-old hedge fund manager who has argued in past research that valuation tools such as the Shiller price-earnings ra...
by matjen
Sat Apr 23, 2016 9:17 am
Forum: Investing - Theory, News & General
Topic: Barron's: The Real Alternative in Multi-Alts (AQR's QSPIX featured)
Replies: 13
Views: 1174

Barron's: The Real Alternative in Multi-Alts (AQR's QSPIX featured)

The Article notes that many of "these poor-man's hedge funds" have not performed well and that Treasuries are still a great alternative. However, AQR's QSPIX is called out as an exception. The most proimising newcomer is AQR Style Premia Alternative (QSPIX)...The AQR fund (now closed) was ...
by matjen
Fri Apr 22, 2016 7:49 am
Forum: Investing - Theory, News & General
Topic: Mohnish Pabrai launches ETF channeling Charlie Munger
Replies: 24
Views: 3009

Re: Mohnish Pabrai launches ETF channeling Charlie Munger

Thanks for posting Robert T.

To my way of thinking this type of ETF really crosses the line into just flat out active stock picking (not that you implied otherwise of course) when compared to the usual DFA/AQR/RA type of vehicles. It will be interesting to watch though for sure.
by matjen
Thu Apr 21, 2016 2:20 pm
Forum: Investing - Theory, News & General
Topic: How strong is your belief in AQR?
Replies: 47
Views: 5598

Re: How strong is your belief in AQR?

My belief in AQR is second only to Vanguard. It is tied with DFA at #2. There really isn't a #3 for me. Having said that I am only really interested in and invested in QSPIX as I also own a fair amount of DFA for more traditional factor tilted holdings.

AQR's QSPIX is 5% of my portfolio.
by matjen
Thu Apr 07, 2016 6:42 pm
Forum: Investing - Theory, News & General
Topic: Impact of taxes on actively managed funds
Replies: 16
Views: 1215

Re: Impact of taxes on actively managed funds

Matjen I believe DFA is going to make that fund (world -ex US targeted value) a tax aware fund in the future. At least have discussed that. That means the buy and hold ranges don't change (which they do for TM funds) and they don't harvest losses either. Just avoid ST gains where possible. Larry Th...
by matjen
Wed Apr 06, 2016 11:35 am
Forum: Personal Consumer Issues
Topic: Tesla Model 3 anyone?
Replies: 279
Views: 18777

Re: Tesla Model 3 anyone?

In the case of sports stadiums, it very clearly is simply creating economic rent for the owners, players and their agents. The municipalities are net losers. The US both allows a violation of anti trust laws (fixed number of teams per league) *and* competitive bidding for those teams. Amen on the s...
by matjen
Wed Apr 06, 2016 11:29 am
Forum: Investing - Theory, News & General
Topic: Impact of taxes on actively managed funds
Replies: 16
Views: 1215

Re: Impact of taxes on actively managed funds

Thanks for the input Larry and Taylor. Taylor, I wouldn't have the question/issue if I was a straight 3-Fund and Vanguard type of fella. Alas, I am a combo of you and Larry or Cliff Asness and Jack Bogle. Taylor Swedroe or Cliff Bogle if you will. I want my factor investing but I am willing to pay a...
by matjen
Wed Apr 06, 2016 8:43 am
Forum: Investing - Theory, News & General
Topic: Impact of taxes on actively managed funds
Replies: 16
Views: 1215

Re: Impact of taxes on actively managed funds

Thanks for the article link Larry. This actually raises a question for me. This topic is often framed by comparing pure passive/index to typical active funds. I view the quant/rule-based funds (i.e. DFA) as sort of a hybrid. Now DFA does certainly have tax managed funds as well as their normal offer...
by matjen
Tue Apr 05, 2016 9:30 pm
Forum: Personal Consumer Issues
Topic: Tesla Model 3 anyone?
Replies: 279
Views: 18777

Re: Tesla Model 3 anyone?

With respect to the profitability discussion...a detailed bear case with dozens of links. http://www.valuewalk.com/2016/04/the-tesla-motors-inc-tsla-deception/?all=1 ...in Q4 2015 the company averaged an $18,400 GAAP loss on every Model S it sold despite a starting price of $70,000 and an average pr...
by matjen
Mon Apr 04, 2016 2:05 pm
Forum: Personal Consumer Issues
Topic: Tesla Model 3 anyone?
Replies: 279
Views: 18777

Re: Tesla Model 3 anyone?

Oh yeah, he will love it when he puts in a charger at home. Much more convenient. You know interestingly enough I was chatting with him more today (while arguing with you ;-) ) and he brought up a couple of points that make me more inclined toward a 70D than previously. I have very tight common par...
by matjen
Mon Apr 04, 2016 12:52 pm
Forum: Personal Consumer Issues
Topic: Tesla Model 3 anyone?
Replies: 279
Views: 18777

Re: Tesla Model 3 anyone?

slbnoob wrote:To all the skeptics out there, I ask this: Is there any one else who is doing something other than incrementally nudge the status quo in terms of auto tech? Is there any other invested player who seeks to "accelerate the advent of sustainable transport"?


Uber.
by matjen
Mon Apr 04, 2016 8:35 am
Forum: Personal Consumer Issues
Topic: Tesla Model 3 anyone?
Replies: 279
Views: 18777

Re: Tesla Model 3 anyone?

Of course there are no maintenance costs! You can't do any maintenance and it sounds like it is a financial and logistical necessity to not keep the car long enough to need any! :D HA! This low maintenance myth HAS TO STOP! Same with the GREAT ROAD TRIP CAR. Fast, efficient, roomy, more updatable, ...
by matjen
Sun Apr 03, 2016 9:36 pm
Forum: Personal Consumer Issues
Topic: Tesla Model 3 anyone?
Replies: 279
Views: 18777

Re: Tesla Model 3 anyone?

https://www.evtripplanner.com/planner/2-6/?id=six5 I have driven from Chicago to Aspen. CO several times over the past handful of years. For giggles I used your tool of choice and selected a Telsa Model 70D with 19 inch tires which is $90,000+. I kept payload small which is not true and I made the ...
by matjen
Sun Apr 03, 2016 7:01 pm
Forum: Personal Consumer Issues
Topic: Tesla Model 3 anyone?
Replies: 279
Views: 18777

Re: Tesla Model 3 anyone?

In terms of cross county driving, that's somewhat subjective, but I think a Tesla is as good as an ICE. The biggest difference is charging/refueling time, which is maybe double what it would be in a gas car. Of course, that's assuming a cannon-ball run style drive across the county. IRL, there woul...
by matjen
Sat Apr 02, 2016 7:00 pm
Forum: Investing - Theory, News & General
Topic: Excellent but expensive investing books
Replies: 33
Views: 2876

Re: Excellent but expensive investing books

A few more ideas (disclaimer: can't guarantee the contents; have not personally read): Antti Ilmanen's Expected Returns: An Investor's Guide to Harvesting Market Rewards (Kindle version is $45) Andrew Ang's Asset Management: A Systematic Approach to Factor Investing (Kindle version is $62) Lasse He...
by matjen
Sat Apr 02, 2016 5:35 pm
Forum: Investing - Theory, News & General
Topic: Review of AQR Equity Market Neutral & Long-Short Equity
Replies: 44
Views: 3850

Re: Review of AQR Equity Market Neutral & Long-Short Equity

I found this section and the accompanying chart interesting. In the chart below I plotted the cumulative active returns of AQR Long-Short Equity I against a sum of the active returns of AQR Large Cap Multi-Style I QICLX and AQR International Multi-Style I QCELX. The long-only funds have stagnated, w...
by matjen
Sat Apr 02, 2016 3:45 pm
Forum: Investing - Theory, News & General
Topic: April Mutual Fund Observer Commentary - Must Read
Replies: 4
Views: 712

April Mutual Fund Observer Commentary - Must Read

The April Mutual Fund Observer commentary is up with a look at the demise of the Sequioa Fund and the lessons learned. They do not pull any punches and go after Morningstar as well. The conclusion being that broad-based passive investing is the way to go as you near retirement. I'll politely suggest...
by matjen
Fri Apr 01, 2016 7:11 am
Forum: Personal Consumer Issues
Topic: Tesla Model 3 anyone?
Replies: 279
Views: 18777

Re: Tesla Model 3 anyone?

The Model 3 is the first Tesla to seriously interest me. Although the devil is in the details, from the event it appears they aren't cutting out important things like the Superchargers at the 35K price point. The car is their best looking to my eye and if at say 45K it has over 215 miles of range, v...
by matjen
Wed Mar 30, 2016 10:47 am
Forum: Investing - Theory, News & General
Topic: WSJ: Investors’ Message to Hedge Funds: We Are Replacing You With Clones
Replies: 8
Views: 1442

WSJ: Investors’ Message to Hedge Funds: We Are Replacing You With Clones

Investors’ Message to Hedge Funds: We Are Replacing You With Clones http://on.wsj.com/1om3ehd This article goes to my theory that Cliff Asness & AQR are doing to Hedge Funds what Bogle/Vanguard did to traditional stock pickers/active managers. Pension funds, insurers and university endowments he...
by matjen
Tue Mar 29, 2016 8:21 am
Forum: Investing - Theory, News & General
Topic: One boring day in the market, one legendary fund bucks the trend
Replies: 28
Views: 5686

Re: One boring day in the market, one legendary fund bucks the trend

Clients of Valeant Investor Sequoia Continue to Pull Money 6 straight months of outflows. http://www.wsj.com/articles/clients-of-valeant-investor-sequoia-on-pace-to-pull-money-for-sixth-straight-month-1459197434 March withdrawals from the Sequoia Fund Inc. reached nearly $230 million through the end...
by matjen
Sun Mar 27, 2016 7:15 pm
Forum: Investing - Theory, News & General
Topic: FT Article: Smart Beta Not So Clever
Replies: 13
Views: 1275

Re: FT Article: Smart Beta Not So Clever

WasabiOsbourne wrote:"smart beta" seems like such a bad term too..... trying to think of a better one.


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