Search found 757 matches

by pascalwager
Sun Feb 19, 2017 7:43 pm
Forum: Investing - Theory, News & General
Topic: Primecap Admiral Fund VPMAX
Replies: 13
Views: 907

Re: Primecap Admiral Fund VPMAX

Since 1984, M* (growth of $10k):

Primecap $577k
Large Growth $178k
S&P 500 $289k
by pascalwager
Wed Feb 15, 2017 11:49 pm
Forum: Investing - Theory, News & General
Topic: Please list value funds you currently use
Replies: 62
Views: 4395

Re: Please list value funds you currently use

Large : DFLVX
Small/Mid: DFFVX
Int'l Large: DFHBX
by pascalwager
Thu Feb 09, 2017 4:41 pm
Forum: Investing - Theory, News & General
Topic: Ticker for Franklin Income VIP Fund?
Replies: 4
Views: 278

Re: Ticker for Franklin Income VIP Fund?

I had a similar problem with a VA having several sub-accounts and wanted the VA included in my spreadsheet using the GoogleFinance daily price update function. So I just used the tickers from similar funds from the same fund company in my spreadsheet. The VA was about 30% of my portfolio and over on...
by pascalwager
Tue Feb 07, 2017 9:14 pm
Forum: Investing - Theory, News & General
Topic: Fresh Look at the "Larry Portfolio" from Portfolio Charts
Replies: 115
Views: 9724

Re: Fresh Look at the "Larry Portfolio" from Portfolio Charts

BTW- I've shown that the strategy would have worked very well even using one year Treasuries showing it's not dependent on bull market in bonds. Would have worked even better obviously with say 5 year maturities Larry Isn't this just one version of Taleb's "Black Swan" portfolio strategy?...
by pascalwager
Tue Feb 07, 2017 9:01 pm
Forum: Investing - Theory, News & General
Topic: What % is US Market Cap?
Replies: 18
Views: 1549

Re: What % is US Market Cap?

William Sharpe uses CRSP and FTSE indexes for US and int'l total stocks in his personal global portfolio.
by pascalwager
Sat Feb 04, 2017 8:22 pm
Forum: Investing - Theory, News & General
Topic: Is a total market fund the most diversified
Replies: 157
Views: 13087

Re: Is a total market fund the most diversified

Yes, great tool, to be sure. But it won't convince me. I'll just assume that the software treats the growth exposure as negative compared to positive value exposure, and I can't accept that. There is no such thing as growth exposure distinct from value exposure in the model on which all of this dis...
by pascalwager
Sat Feb 04, 2017 5:36 pm
Forum: Investing - Theory, News & General
Topic: Is a total market fund the most diversified
Replies: 157
Views: 13087

Re: Is a total market fund the most diversified

Just a few comments First, for in reality, the fact is that while your small stocks and value stocks provide POSITIVE exposure the large and growth stocks give you NEGATIVE exposure to the same factors. So the NET exposure is zero. That is just fact, it's not opinion. It says nothing about being go...
by pascalwager
Sat Feb 04, 2017 4:48 pm
Forum: Investing - Theory, News & General
Topic: Is a total market fund the most diversified
Replies: 157
Views: 13087

Re: Is a total market fund the most diversified

Just a few comments First, for in reality, the fact is that while your small stocks and value stocks provide POSITIVE exposure the large and growth stocks give you NEGATIVE exposure to the same factors. So the NET exposure is zero. That is just fact, it's not opinion. It says nothing about being go...
by pascalwager
Fri Feb 03, 2017 11:06 pm
Forum: Investing - Theory, News & General
Topic: Is a total market fund the most diversified
Replies: 157
Views: 13087

Re: Is a total market fund the most diversified

Total market includes growth (30% or 50%) and value (30% or 50%) stocks. This combination includes the element (value) which provides the value premium, so total market must include the value premium. Total market includes large (70%) and small (10%) stocks. This combination includes the element (sm...
by pascalwager
Fri Feb 03, 2017 4:52 pm
Forum: Investing - Theory, News & General
Topic: Is a total market fund the most diversified
Replies: 157
Views: 13087

Re: Is a total market fund diversified?

Bogleheads: By any reasonable definition, an investor who owns a small and equal percentage of nearly every corporation in America is diversified in U.S. stocks. Best wishes Taylor But you've described an equal-weighted fund, not a cap-weighted fund. Was this intentional? Owning a market weighted i...
by pascalwager
Wed Feb 01, 2017 9:59 pm
Forum: Investing - Theory, News & General
Topic: Reasons to Deviate from the Global Market Portfolio
Replies: 25
Views: 2482

Re: Reasons to Deviate from the Global Market Portfolio

I would nitpick on this. In my view, retail investors (of all ages) have many differences due to law from institutional investors, due to which they should NOT blindly follow the global market portfolio especially WRT bonds. Dirghatamas, Bill Sharpe does. Right, I am all for understanding academics...
by pascalwager
Wed Feb 01, 2017 8:52 pm
Forum: Investing - Theory, News & General
Topic: Is a total market fund the most diversified
Replies: 157
Views: 13087

Re: Is a total market fund the most diversified

After thinking about the concept of the equal-weighted total US market, the cap-weighted total US market doesn't seem so diversified anymore. Why? As dbr wrote well a few posts earlier, one needs to define "diversified" strictly, otherwise discussions become what shade of blue do you like...
by pascalwager
Wed Feb 01, 2017 4:37 pm
Forum: Investing - Theory, News & General
Topic: Is a total market fund the most diversified
Replies: 157
Views: 13087

Re: Is a total market fund the most diversified

After thinking about the concept of the equal-weighted total US market, the cap-weighted total US market doesn't seem so diversified anymore. If I were a new investor, I might consider buying the equal-weighted market. Or if Vanguard had such a fund today, I might even transfer into it inside my IRA...
by pascalwager
Wed Feb 01, 2017 3:34 pm
Forum: Investing - Theory, News & General
Topic: Is a total market fund the most diversified
Replies: 157
Views: 13087

Re: Is a total market fund diversified?

Taylor Larimore wrote:Bogleheads:

By any reasonable definition, an investor who owns a small and equal percentage of nearly every corporation in America is diversified in U.S. stocks.

Best wishes
Taylor


But you've described an equal-weighted fund, not a cap-weighted fund. Was this intentional?
by pascalwager
Mon Jan 30, 2017 2:48 am
Forum: Investing - Theory, News & General
Topic: Local Companies as an Asset Class?
Replies: 19
Views: 1260

Re: Local Companies as an Asset Class?

A former head of HUD recommended ignoring the S&P 500 (which she considered corrupt), and, instead, investing locally. In particular, she advised driving out to the edge of town and contacting local farmers who might be interested in expanding/developing niche or specialty businesses. I was disc...
by pascalwager
Sat Jan 28, 2017 3:44 pm
Forum: Investing - Theory, News & General
Topic: Reasons to Deviate from the Global Market Portfolio
Replies: 25
Views: 2482

Re: Reasons to Deviate from the Global Market Portfolio

global market portfolio + inflation protected portfolio (riskless). pascalwager, What's professor Sharpe's definition of the global market portfolio in this particular case? Just equities, or everything that's out there, including bonds etc.? And does he mean inflation protected LOCAL CURRENCY port...
by pascalwager
Sat Jan 28, 2017 1:21 am
Forum: Investing - Theory, News & General
Topic: Reasons to Deviate from the Global Market Portfolio
Replies: 25
Views: 2482

Re: Reasons to Deviate from the Global Market Portfolio

William F. Sharpe touched on this recently when discussing his idea of the optimal portfolio: global market portfolio + inflation protected portfolio (riskless). One additional factor may be investor age. He said that young investors may want to hold more stocks than the global portfolio. (Also, you...
by pascalwager
Fri Jan 27, 2017 1:22 pm
Forum: Investing - Theory, News & General
Topic: General, rock solid investment books
Replies: 7
Views: 627

Re: General, rock solid investment books

Note: Book titles are determined by the publisher, not the author.
by pascalwager
Thu Jan 26, 2017 10:00 pm
Forum: Investing - Theory, News & General
Topic: Fidelity for Bogleheads?
Replies: 21
Views: 2301

Re: Fidelity for Bogleheads?

Studies show lump sum, on average, provides better long-term investment returns than DCA. But look into the studies yourself, and then decide, considering your own temperament.
by pascalwager
Wed Jan 25, 2017 11:59 pm
Forum: Investing - Theory, News & General
Topic: "Stealth Wealth: I’m Just an Ordinary Average Guy"
Replies: 331
Views: 54201

Re: "Stealth Wealth: I’m Just an Ordinary Average Guy"

Here's another stealth idea.

I remember reading about a homeless man in San Francisco who used a sidewalk phone booth for his daily call to his broker to arrange trades. As it turned out, he was worth millions.
by pascalwager
Mon Jan 23, 2017 9:11 pm
Forum: Investing - Theory, News & General
Topic: David Swensen says No to Municipal Bonds
Replies: 21
Views: 3060

Re: David Swensen says No to Municipal Bonds

Most Bogleheads don't hold tax-exempt bonds; most Bogleheads don't have any substantial taxable portfolio at all so they can comfortably fit any bonds in tax-deferred space. But, yes, I doubt many (any?) Bogleheads with large taxable portfolios follow Swensen on this one. I have munis as my taxable...
by pascalwager
Sat Jan 21, 2017 10:24 pm
Forum: Investing - Theory, News & General
Topic: should I try to replicate total stock market in my 401k with S&P, small, and mid caps?
Replies: 9
Views: 671

Re: should I try to replicate total stock market in my 401k with S&P, small, and mid caps?

I'd probably do something like 70/20/10 and use the quarterly automated rebalancing option if you have that. If not, then just do annual rebalancing for less stress.
by pascalwager
Fri Jan 20, 2017 9:58 pm
Forum: Investing - Theory, News & General
Topic: "Stealth Wealth: I’m Just an Ordinary Average Guy"
Replies: 331
Views: 54201

Re: "Stealth Wealth: I’m Just an Ordinary Average Guy"

Great news, Bogleheads! Yet another doctor with a website (Smart Money MD) has weighed in on the topic. Stealth Wealth Revisited -- This Applies to Doctors, Too! If you'd rather not click -- and I know many of you would rather not -- I'll share the comment I left here, which was partially shaped by...
by pascalwager
Fri Jan 20, 2017 9:30 pm
Forum: Investing - Theory, News & General
Topic: "Stealth Wealth: I’m Just an Ordinary Average Guy"
Replies: 331
Views: 54201

Re: "Stealth Wealth: I’m Just an Ordinary Average Guy"

I find this whole thread (though I didn't read every page/post) fascinating and filled with bizarre claims and judgments about money and happiness. Happiness is too subjective to be tied in any objective way to money/spending. It's a Zen thing. Who am I to say to say that the guy who spends $80k on...
by pascalwager
Fri Jan 20, 2017 7:11 pm
Forum: Investing - Theory, News & General
Topic: "Stealth Wealth: I’m Just an Ordinary Average Guy"
Replies: 331
Views: 54201

Re: "Stealth Wealth: I’m Just an Ordinary Average Guy"

I find this whole thread (though I didn't read every page/post) fascinating and filled with bizarre claims and judgments about money and happiness. Happiness is too subjective to be tied in any objective way to money/spending. It's a Zen thing. Who am I to say to say that the guy who spends $80k on...
by pascalwager
Thu Jan 19, 2017 9:12 pm
Forum: Investing - Theory, News & General
Topic: "Stealth Wealth: I’m Just an Ordinary Average Guy"
Replies: 331
Views: 54201

Re: "Stealth Wealth: I’m Just an Ordinary Average Guy"

Isn't it kind of insulting to people who are struggling when financially independent people dress up and play poor? Isn't there some middle ground between "dress up and play poor" and "engage in conspicuous consumption?" It's as if you've created some kind of false dichotomy whe...
by pascalwager
Wed Jan 18, 2017 3:14 am
Forum: Investing - Theory, News & General
Topic: Bill Sharpe's preferred portfolio
Replies: 9
Views: 2338

Re: Bill Sharpe's preferred portfolio

The last I heard, the world stock/bond ratio was about 40/60. This would constitute Sharpe's risky portfolio. Alongside would be his riskless portfolio, TIPS.

He recommends this mainly for older investors. Younger investors might want more stocks and less TIPS.
by pascalwager
Tue Jan 17, 2017 11:07 am
Forum: Investing - Theory, News & General
Topic: Bill Sharpe's preferred portfolio
Replies: 9
Views: 2338

Re: Bill Sharpe's preferred portfolio

Thanks for the link. Sounds like Mr. Sharpe would be happy with one of Vanguard's target-date or LifeStrategy funds as the main course, with a helping of TIPS on the side. He wants VG to create a fund-of-funds using the four US/int'l total market stock/bond funds. Sharpe personally used CRSP and FT...
by pascalwager
Mon Jan 16, 2017 3:24 am
Forum: Investing - Theory, News & General
Topic: "Stealth Wealth: I’m Just an Ordinary Average Guy"
Replies: 331
Views: 54201

Re: "Stealth Wealth: I’m Just an Ordinary Average Guy"

I come out only at night, but still remain in the shadows. My last car was almost 24 years old. I'm in my 70's, but still wear some clothes from high school. When my sneakers are ready for the trash, I just use them for yard work. I dislike redeeming any portfolio assets and consider portfolio grow...
by pascalwager
Sun Jan 15, 2017 10:36 pm
Forum: Investing - Theory, News & General
Topic: "Stealth Wealth: I’m Just an Ordinary Average Guy"
Replies: 331
Views: 54201

Re: "Stealth Wealth: I’m Just an Ordinary Average Guy"

I come out only at night, but still remain in the shadows. My last car was almost 24 years old. I'm in my 70's, but still wear some clothes from high school. When my sneakers are ready for the trash, I just use them for yard work. I dislike redeeming any portfolio assets and consider portfolio grow...
by pascalwager
Sun Jan 15, 2017 12:50 am
Forum: Investing - Theory, News & General
Topic: Bogle says 50-50 short/intermediate bonds
Replies: 45
Views: 5802

Re: Bogle says 50-50 short/intermediate bonds

I just stick with the Total Bond Market Index and hope for the best. So far it has done what it is supposed to do for me. Also, Vanguard still has faith in this fund because it is used in all their Target Date Funds, Lifestyle Funds and the Balanced Index mimics it. John Bogle has often said the av...
by pascalwager
Sat Jan 14, 2017 11:14 pm
Forum: Investing - Theory, News & General
Topic: "Stealth Wealth: I’m Just an Ordinary Average Guy"
Replies: 331
Views: 54201

Re: "Stealth Wealth: I’m Just an Ordinary Average Guy"

I come out only at night, but still remain in the shadows. My last car was almost 24 years old. I'm in my 70's, but still wear some clothes from high school. When my sneakers are ready for the trash, I just use them for yard work. I dislike redeeming any portfolio assets and consider portfolio growt...
by pascalwager
Sat Jan 14, 2017 9:52 pm
Forum: Investing - Theory, News & General
Topic: Bogle says 50-50 short/intermediate bonds
Replies: 45
Views: 5802

Re: Bogle says 50-50 short/intermediate bonds

Does anyone know what rationale Jack Bogle gave for holding a 50:50 portfolio of short and intermediate bond funds (a recommendation that I agree with)? I cannot find a transcript or video of his conversation that deal with those specific comments.The available documentation only deals with his com...
by pascalwager
Fri Jan 13, 2017 4:21 pm
Forum: Investing - Theory, News & General
Topic: Bogle says 50-50 short/intermediate bonds
Replies: 45
Views: 5802

Re: Bogle says 50-50 short/intermediate bonds

I just stick with the Total Bond Market Index and hope for the best. So far it has done what it is supposed to do for me. Also, Vanguard still has faith in this fund because it is used in all their Target Date Funds, Lifestyle Funds and the Balanced Index mimics it. John Bogle has often said the av...
by pascalwager
Fri Jan 13, 2017 4:19 pm
Forum: Investing - Theory, News & General
Topic: Bogle says 50-50 short/intermediate bonds
Replies: 45
Views: 5802

Re: Bogle says 50-50 short/intermediate bonds

@pascalwager That' a very large slug of cash. Why so much? galeno, Yes, I'm about 80/5/15, stocks/bonds/cash. I'm not much of a bonds guy and naturally gravitate towards a portfolio that's comprised of equity risk and ultra short-term risk (T-Bills, savings, I-Bonds). Because T-Bill rates are low, ...
by pascalwager
Fri Jan 13, 2017 3:24 am
Forum: Investing - Theory, News & General
Topic: Bogle says 50-50 short/intermediate bonds
Replies: 45
Views: 5802

Re: Bogle says 50-50 short/intermediate bonds

@pascalwager That' a very large slug of cash. Why so much? galeno, Yes, I'm about 80/5/15, stocks/bonds/cash. I'm not much of a bonds guy and naturally gravitate towards a portfolio that's comprised of equity risk and ultra short-term risk (T-Bills, savings, I-Bonds). Because T-Bill rates are low, ...
by pascalwager
Thu Jan 12, 2017 6:13 pm
Forum: Investing - Theory, News & General
Topic: Bogle says 50-50 short/intermediate bonds
Replies: 45
Views: 5802

Re: Bogle says 50-50 short/intermediate bonds

If things go well in the USA the FED will probably raise interest rates 25 bp three times during 2017. Our FI (55% bonds + 5% cash) allocation's duration = 5.5 yr. Should we shorten it to 4.0 yr by holding 40% bonds + 20% cash? As a retiree, I've been using ~4 years bonds duration for some time now...
by pascalwager
Thu Jan 12, 2017 4:18 am
Forum: Investing - Theory, News & General
Topic: Vanguard International Index Returns
Replies: 20
Views: 2897

Re: Vanguard International Index Returns

Phineas, thank you very much for your perspective and the links. I guess I do suffer from recency bias, if losing to TSM for 20 years (and counting) is just a short blip in your investing career. Definitely from loss aversion! It wasn't a huge mistake, but an unnecessary one, especially for a Bogle...
by pascalwager
Mon Jan 09, 2017 2:20 am
Forum: Investing - Theory, News & General
Topic: Fama interview
Replies: 3
Views: 900

Re: Fama interview

Important survey of the development of financial/portfolio theory. May want to watch several times.

The part about personal portfolios:

1. Hold the market portfolio (most investors), but do it cheaply (Vanguard, etc.)
2. Maybe tilt a little to small/value, but must be highly diversified.
by pascalwager
Mon Dec 26, 2016 12:19 am
Forum: Investing - Theory, News & General
Topic: What is an authoritative source for the ratio of the sizes of the U.S. and international markets?
Replies: 17
Views: 1079

Re: What is an authoritative source for the ratio of the sizes of the U.S. and international markets?

I use the monthly data here to calculate my target domestic/international developed/international emerging splits. http://us.spindices.com/index-family/global-equity/global-bmi I know Ketawa has been doing this monthly for years for his tilted portfolio, so he's probably an authority on the process...
by pascalwager
Mon Dec 19, 2016 11:51 pm
Forum: Investing - Theory, News & General
Topic: Bonds Can Be More Dangerous Than Stocks??
Replies: 31
Views: 3760

Re: Bonds Can Be More Dangerous Than Stocks??

John Rekenthaler (Morningstar) concludes: "There are times—many times—in which bonds can be more dangerous than stocks. That is information worth knowing, for anybody who owns a bond-heavy portfolio." If it's actually worth knowing, then maybe some of the following, or combinations thereof...
by pascalwager
Mon Dec 19, 2016 12:04 am
Forum: Investing - Theory, News & General
Topic: Charles Schwab Experiences?
Replies: 68
Views: 6227

Re: Charles Schwab Experiences?

Had a custodial account there since 1995. Customer service excellent (sharp people), and good online functions.
by pascalwager
Sat Dec 17, 2016 2:48 am
Forum: Investing - Theory, News & General
Topic: International Bond Fund
Replies: 7
Views: 1124

Re: International Bond Fund

Alexa, For one thing, the Vanguard Int'l Bond Fund duration is too long for me. I like about four years (compromise between inflation/reinvestment risks) as per Larry Swedroe. Also, I don't care for credit risk, but will tolerate it in one of the short-term Gene Fama-designed DFA global funds (no ca...
by pascalwager
Fri Dec 16, 2016 8:06 pm
Forum: Investing - Theory, News & General
Topic: Ellis: "Under 40 years old - 100% in Stocks"
Replies: 54
Views: 5737

Re: Ellis: "Under 40 years old - 100% in Stocks"

This post could as well be titled "Under 70 years old - 100% in Stocks". Later, a few years after the linked article, when interviewed at an airport, Ellis recommended 100% stocks up to age 70--and then gradually adding bonds if you think you need them . Also, Ellis considers your working ...
by pascalwager
Thu Dec 15, 2016 3:23 am
Forum: Investing - Theory, News & General
Topic: Swedroe: "OK to sin...but sin only a little"
Replies: 51
Views: 6604

Re: Swedroe: "OK to sin...but sin only a little"

Came across this article by Larry Swedroe. He talks about overweighting areas of the market, but not to push it. This is the guy who advocates investing only in small value stocks and short term treasuries? Seems like the classic example of someone "pushing it." Just going from memory, bu...
by pascalwager
Wed Dec 14, 2016 11:31 pm
Forum: Investing - Theory, News & General
Topic: One fund for a person in retirement
Replies: 8
Views: 1616

Re: One fund for a person in retirement

Here's another approach, if you're getting old (I'm 74). 1) First, take a walk around the block--hopefully, forming a new habit. 2) Don't simplify your portfolio--instead, complicate it a little, especially in tax-deferred. For example, instead of total stock market, use large cap and extended marke...
by pascalwager
Fri Dec 09, 2016 12:12 am
Forum: Investing - Theory, News & General
Topic: Bonds - Throw it all on the table!!!
Replies: 158
Views: 24439

Re: Bonds - Throw it all on the table!!!

1) Vanguard ST and IT Treasury Funds, 50:50 (IRA).
2) DFA Global Bond (VA).
3) HY Savings (taxable)

The bonds are 5% and savings 15% of portfolio. Overall AA is 80/5/15.
by pascalwager
Mon Dec 05, 2016 5:59 pm
Forum: Investing - Theory, News & General
Topic: Israelsen's Research on International Bonds
Replies: 8
Views: 732

Re: Israelsen's Research on International Bonds

My DFA bond funds have been loaded with int'l govt/credit bonds since I began investing and I never thought much about it, but the durations are short. Never more than four years. The Vanguard int'l bond fund is 7.9 years duration--too long for me.
by pascalwager
Sat Dec 03, 2016 5:26 pm
Forum: Investing - Theory, News & General
Topic: What percentage of international do you hold?
Replies: 127
Views: 6394

Re: What percentage of international do you hold?

I've always held int'l at about 50% of equities in my major accounts since 1995 except for my deferred comp at 30% int'l. Then I rolled over the deferred comp account at retirement into a Vanguard IRA at 50% int'l. So now I'm at 50% int'l overall. As a retiree I could reasonably reduce int'l, but I ...

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