Search found 1382 matches

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: 2716

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: 807

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: 947

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: 20
Views: 2061

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: 45
Views: 4598

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: 1089

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: 17354

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: 1089

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: 1089

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: 17354

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: 17354

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: 17354

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: 17354

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: 17354

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: 17354

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: 2718

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: 3511

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: 646

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: 17354

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: 1388

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: 5419

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: 1155

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.


Factor Investing
by matjen
Sun Mar 27, 2016 7:12 pm
Forum: Investing - Theory, News & General
Topic: Malkiels Recommended Portfolio
Replies: 25
Views: 3474

Re: Malkiels Recommended Portfolio

DEZ1 wrote:What are stocks in the bonds?


Nisi is referring to his post above where Malkiel plays a little loose with what he is putting in fixed income. Things like dividend stocks and perhaps REITS.

viewtopic.php?f=10&t=187609&newpost=2848899#p2846678
by matjen
Sun Mar 27, 2016 6:04 pm
Forum: Investing - Theory, News & General
Topic: Malkiels Recommended Portfolio
Replies: 25
Views: 3474

Re: Malkiels Recommended Portfolio

nisiprius wrote:And, in 2015, stocks in the "bonds."


^+1 Great take!! :beer
by matjen
Sun Mar 27, 2016 10:32 am
Forum: Investing - Theory, News & General
Topic: FT Article: Smart Beta Not So Clever
Replies: 13
Views: 1155

Re: FT Article: Smart Beta Not So Clever

Eventually the premium isn't high enough to make up the cost if investing in it. That could be were the market is now (my speculation). The premiums will reappear after weak-minded performance chasers give up and move onto the next thing. Rick Ferri I spoke with Wes Gray at the AAII National Confer...
by matjen
Fri Mar 25, 2016 9:37 am
Forum: Investing - Theory, News & General
Topic: Article by Michael Kitces makes the case that gov. bonds are a better diversifier than corporates (against the S&P500)
Replies: 34
Views: 2949

Re: Article by Michael Kitces makes the case that gov. bonds are a better diversifier than corporates (against the S&P50

I decided to follow Nisi's lead but use real actual funds rather than generic asset class returns. In the real world the differences are a bit bigger. Of course this all depends on which funds you choose. Like Nisi's first example I used Portfolio Visualizer to compare a portfolio of 45% U.S. Stocks...
by matjen
Thu Mar 24, 2016 12:38 pm
Forum: Personal Consumer Issues
Topic: Tesla Model 3 anyone?
Replies: 279
Views: 17354

Re: Tesla Model 3 anyone?

Break the scale good or too many problems to recommend, that's more of a problem with Consumer Reports then Tesla. I've got the same problem with their electronics reviews, too much attention to specific features and not enough attention to overall user experience. Perhaps but seems to be the bible...
by matjen
Thu Mar 24, 2016 12:35 pm
Forum: Personal Consumer Issues
Topic: Tesla Model 3 anyone?
Replies: 279
Views: 17354

Re: Tesla Model 3 anyone?

From what I understand, Tesla has had some problems with early models, has fixed them, and has fed back what they've learned to their parts suppliers and to the production line robots. Contrast that with manufacturers with cheat devices, or who try to evade responsibility for deaths caused by fault...
by matjen
Thu Mar 24, 2016 11:20 am
Forum: Personal Consumer Issues
Topic: Tesla Model 3 anyone?
Replies: 279
Views: 17354

Re: Tesla Model 3 anyone?

They also gave the Tesla P85 their best rating ever. I guess it's all about when you do the sample. http://www.cnbc.com/2015/08/27/teslas-p85d-is-the-best-car-consumer-reports-has-ever-tested.html Which they then amended because quality problems persisted so much. http://www.consumerreports.org/car...
by matjen
Wed Mar 23, 2016 8:57 pm
Forum: Investing - Theory, News & General
Topic: One boring day in the market, one legendary fund bucks the trend
Replies: 28
Views: 5419

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

From the article above: “While we have beaten the market over the past decade, through the end of 2015, our investment in Valeant has diminished a record that we have built over two generations and in which we take great pride,” the firm told shareholders in the letter signed by Poppe and the Ruane ...
by matjen
Wed Mar 23, 2016 9:38 am
Forum: Investing - Theory, News & General
Topic: The Real Reason Mutual Fund Fees Have Hit a 20-Year Low
Replies: 5
Views: 1410

Re: The Real Reason Mutual Fund Fees Have Hit a 20-Year Low

There is no question that John Bogle was a major factor but you have to include the effect of the Internet. When I started investing in the early 70s, if you wanted to find the Expense ratio or 10 year performance of a fund (of what few there were and if you even knew what an ER or performance reco...
by matjen
Wed Mar 23, 2016 8:50 am
Forum: Investing - Theory, News & General
Topic: The Real Reason Mutual Fund Fees Have Hit a 20-Year Low
Replies: 5
Views: 1410

The Real Reason Mutual Fund Fees Have Hit a 20-Year Low

Short Answer: BOGLE!!!!! http://time.com/money/4265515/real-reason-fund-fees-hit-low/ But as someone who covered funds and investing during much of that period, I’d add that one man deserves a heaping share of the credit for the trend toward lower fees, not to mention the huge benefit today’s invest...
by matjen
Wed Mar 23, 2016 8:17 am
Forum: Investing - Theory, News & General
Topic: One boring day in the market, one legendary fund bucks the trend
Replies: 28
Views: 5419

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

Great post Lack_ey. I long for the good old days when people criticized AQR's Style Premia Fund (QSPIX) and cited Sequoia Fund as a better option... Looks like Sequoia Fund dumped some shares of Valeant recently. http://www.bloomberg.com/news/articles/2016-03-22/sequoia-said-to-have-sold-1-5-million...
by matjen
Sun Mar 13, 2016 5:53 pm
Forum: Personal Consumer Issues
Topic: DSLR recommendations for photos of young kids
Replies: 32
Views: 1660

Re: DSLR recommendations for photos of young kids

OP, if you have the itch for a new camera with newer focusing technology I would take a hard look at the Sony a6000 or the new a6300. The a6000 is only $500 right now and the price may even go down a bit with the new a6300 just released. Very small and compact but very, very powerful. http://www.ama...
by matjen
Sat Feb 27, 2016 8:42 am
Forum: Investing - Theory, News & General
Topic: AQR on Cover of Barron's - BRAINPOWER
Replies: 1
Views: 380

AQR on Cover of Barron's - BRAINPOWER

There is a very nice and long article on AQR that is the cover story for Barron's this week. Paywall is strong but here is the link: http://www.barrons.com/articles/how-aqrs-liquid-alternative-funds-are-outperforming-competitors-1456549367?tesla=y&mod=djemb_mag_h [Content which violates the payw...
by matjen
Fri Feb 26, 2016 1:12 pm
Forum: Investing - Theory, News & General
Topic: Does GMO (Jeremy Grantham) Add value for investors?
Replies: 10
Views: 1409

Re: Does GMO (Jeremy Grantham) Add value for investors?

I think that what Larry misses in his analysis is that GMO provides more than just not horrid performance for an active manager. You also get preachy Malthusian baloney courtesy of Grantham as a value add...
by matjen
Thu Feb 18, 2016 5:31 pm
Forum: Investing - Theory, News & General
Topic: Matt Levine at Bloomberg Echoing Swedroe re: Factors
Replies: 1
Views: 530

Matt Levine at Bloomberg Echoing Swedroe re: Factors

From Matt Levine''s column at Bloomberg today. Sounds a lot like Larry or Robert T. Hedge funds. I feel like there were maybe a couple of decades when "alpha" and "beta" were useful terms for talking about investing performance, but now we are reaching the end of that golden age:...
by matjen
Sat Feb 13, 2016 8:43 am
Forum: Investing - Theory, News & General
Topic: Leaving DFA advisor - should I keep DFA positions or simplify?
Replies: 21
Views: 2479

Re: Leaving DFA advisor - should I keep DFA positions or simplify?

^+1 But there seems to be a bit of confusion (or assumption) that simplicity or three-fund equals Vanguard. IMO the ultimate three-fund resides with DFA because you can have simplicity AND you can also have factor tilts/screens that will track the latest in academic research. So, as Larry mentioned,...
by matjen
Fri Feb 05, 2016 6:22 pm
Forum: Investing - Theory, News & General
Topic: AQR's Asness on Fama on Momentum
Replies: 4
Views: 621

AQR's Asness on Fama on Momentum

This is like having your parents argue in front of you. ;-) Fama on Momentum https://www.aqr.com/cliffs-perspective/fama-on-momentum "Risk isn’t just the chance of losing money, it’s about when you lose, and losing after the worst is over and during the rebound is not as “risky” as losing in th...
by matjen
Wed Jan 27, 2016 4:52 pm
Forum: Investing - Theory, News & General
Topic: DFA Has Introduced Target Date Funds - LifeCycle Based?
Replies: 60
Views: 6090

Re: DFA Has Introduced Target Date Funds - LifeCycle Based?

These DFA funds are now available via your Health Savings Account at HSA Administrators. Seems to me this could greatly increase the access to them for many though you are limited to just 6K or so a year for a family plan. Thread here: https://www.bogleheads.org/forum/viewtopic.php?f=10&t=183173...
by matjen
Wed Jan 27, 2016 4:49 pm
Forum: Investing - Theory, News & General
Topic: HSA Administrators Adds DFA/Dimensional Funds
Replies: 4
Views: 678

Re: HSA Administrators Adds DFA/Dimensional Funds

Thank you for the heads up. I use HSA Administrators for my HSA and gave them a call today. Currently I only see my various Vanguard Fund options only. They told me that for now only new clients get the DFA options but that they are working on rolling them out to everyone. This is pretty big news fo...
by matjen
Wed Jan 27, 2016 9:18 am
Forum: Investing - Theory, News & General
Topic: Gene Fama Video from Fiduciary Investors Symposium
Replies: 7
Views: 948

Re: Gene Fama Video from Fiduciary Investors Symposium

I also liked that he addressed a common argument here regarding certain factors (like value) going away because everyone now knows about them. He disagrees and says the industry is biased toward finding profitable/successful companies as are our psyches in general.
by matjen
Tue Jan 26, 2016 5:25 pm
Forum: Investing - Theory, News & General
Topic: Gene Fama Video from Fiduciary Investors Symposium
Replies: 7
Views: 948

Gene Fama Video from Fiduciary Investors Symposium

This is one of my favorite Gene Fama videos. It is from last month and there is plenty of good stuff in it for Bogleheads of all stripes. Factor tilts, Cap Weighted Three-Funders, AQR Momentum dabblers, and public pension fund folly folks. My fave part though is when he calls all the attention paid ...
by matjen
Sun Jan 24, 2016 8:30 am
Forum: Investing - Theory, News & General
Topic: The last 15 years
Replies: 100
Views: 11130

Re: The last 15 years

Just thought I'd point out that you can get a lot of series like this for various stop and end points using data in the "DFA "Matrix Book" The most recent one seems to come out in Spring each year https://www.ifa.com/book-library/?q=DFA%20Matrix%20Book# It has data for the U.S. CRSP ...
by matjen
Fri Jan 22, 2016 7:54 am
Forum: Investing - Theory, News & General
Topic: The Confounding Bias for Investment Complexity
Replies: 22
Views: 2149

Re: Simplicity

Matjen: I have added this quote by professor Edsger W Dijkestra to my list of What Experts Say About Simplicity ." “Simplicity is a great virtue but it requires hard work to achieve it and education to appreciate it. And to make matters worse: complexity sells better.” Thank you and best wishe...
by matjen
Thu Jan 21, 2016 7:52 am
Forum: Investing - Theory, News & General
Topic: The Confounding Bias for Investment Complexity
Replies: 22
Views: 2149

The Confounding Bias for Investment Complexity

Research Affiliates has a nice note up as a reminder to keep it simple where possible. On this board what "simple" means is the usual disagreement. Three Cap Weighted Funds or five or six funds with some factor tilts. Regardless, the principle is important for all of us. The Confounding Bi...
by matjen
Wed Jan 20, 2016 7:01 pm
Forum: Investing - Help with Personal Investments
Topic: Muni Bonds
Replies: 6
Views: 620

Re: Muni Bonds

Larry Swedroe likes large portfolios of individually screened munis, which is mostly just to reduce risk on the bond side, taking the safest issues. Rick Ferri said he used to do muni bonds but prefers the Vanguard funds now, I believe. I would add to this part of Lack_ey's post that if you are con...
by matjen
Wed Jan 20, 2016 5:42 pm
Forum: Investing - Help with Personal Investments
Topic: What is your action plan?
Replies: 43
Views: 2619

Re: What is your action plan?

My IPS contains a narrow provision for times when the active trading prohibition is lifted, but the current conditions don't match the requirements. At the moment I'm twiddling my fingers as usual. For anyone who cares, key indicators I'm watching: FED CHANGES - Green USSLIND - Green FRED RECESSION...
by matjen
Wed Jan 20, 2016 10:39 am
Forum: Investing - Theory, News & General
Topic: Capitulation!
Replies: 61
Views: 7267

Re: Capitulation!

Looks more like a correction to me. When we are down 25% in equities then I will start talking capitulation as possible.
by matjen
Tue Jan 19, 2016 9:15 am
Forum: Investing - Theory, News & General
Topic: Downside protection
Replies: 19
Views: 1956

Re: Downside protection

Sorry Robert T. but I can't help myself...

+2.27...AQR Style Premia Alternative Fund Class I (QSPIX)

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