Search found 2972 matches

by siamond
Fri Jul 21, 2017 11:33 am
Forum: Investing - Theory, News & General
Topic: Stocks just got cheaper... per Vanguard [sudden change in Vanguard fund P/Es]
Replies: 26
Views: 3403

Re: Stocks just got cheaper... per Vanguard [sudden change in Vanguard fund P/Es]

The vanguard P/E is trailing, not forward, right? so, is the there a general consensus for the cause of the large drop in P/E? Yes, the Vanguard PE reflects the current price and the trailing twelve months (TTM) of earnings. Don't know if there is any consensus, but it appears that both technology ...
by siamond
Wed Jul 19, 2017 2:27 pm
Forum: Investing - Theory, News & General
Topic: Stocks just got cheaper... per Vanguard [sudden change in Vanguard fund P/Es]
Replies: 26
Views: 3403

Re: Stocks just got cheaper... per Vanguard [sudden change in Vanguard fund P/Es]

Why do you say this? I understand the issues with forward earnings. However it is my understanding that forward earnings have more predictive value than backwards earnings. Looking forward in the fog instead of driving by the rear view mirror sort of thing. For an individual firm, maybe there is tr...
by siamond
Wed Jul 19, 2017 1:50 pm
Forum: Investing - Help with Personal Investments
Topic: Help with XPath for ImportXML Google Sheets.
Replies: 16
Views: 1680

Re: Help with XPath for ImportXML Google Sheets.

I must be missing something about the overview tab though. Mind providing the exact ImportXML formula for the Expense Ratio and the Price? Solved my own problem! Using the Price & Performance tab, here are the Price and SEC Yield. =importXML("https://personal.vanguard.com/us/JSP/Funds/VGIT...
by siamond
Wed Jul 19, 2017 1:34 pm
Forum: Investing - Help with Personal Investments
Topic: Help with XPath for ImportXML Google Sheets.
Replies: 16
Views: 1680

Re: Help with XPath for ImportXML Google Sheets.

With this you can get the data you want siamond. For example if you want P/E for VTSMX you can get it with the following: =importXML("https://personal.vanguard.com/us/JSP/Funds/VGITab/VGIFundPortFolioMgmtTabContent.jsf?FundIntExt=INT&FundId=0085","//*[@id='portfolioForm:equityCha...
by siamond
Wed Jul 19, 2017 1:28 pm
Forum: Personal Finance (Not Investing)
Topic: Capital One $400 bonus for new checking account
Replies: 68
Views: 8762

Re: Capital One $400 bonus for new checking account

onyxlinkia wrote:Are you going to call them to ask about not getting the promo? :wink:

Will try first with deposits initiated from a biz account of mine... :wink:
by siamond
Wed Jul 19, 2017 12:59 pm
Forum: Personal Finance (Not Investing)
Topic: Capital One $400 bonus for new checking account
Replies: 68
Views: 8762

Re: Capital One $400 bonus for new checking account

Capital One 360 Checking is one of 2 national checking accounts (that I am aware of) that offer 0% foreign transaction fees when using their ATM card while traveling. A reason, perhaps, to maintain a second checking account. I received my debit card today, and yes, the letter made clear that "...
by siamond
Wed Jul 19, 2017 12:56 pm
Forum: Investing - Theory, News & General
Topic: Stocks just got cheaper... per Vanguard [sudden change in Vanguard fund P/Es]
Replies: 26
Views: 3403

Re: Stocks just got cheaper... per Vanguard [sudden change in Vanguard fund P/Es]

It was the huge drop in some of the funds that I found peculiar. I believe that the small-cap growth had a P/E around 121x and now has a P/E of 27.9x. It'd be difficult to explain that away by earnings growth alone. Granted P/E's of index funds went bonkers in 2008, but that was mainly driven by gi...
by siamond
Wed Jul 19, 2017 11:46 am
Forum: Investing - Help with Personal Investments
Topic: Help with XPath for ImportXML Google Sheets.
Replies: 16
Views: 1680

Re: Help with XPath for ImportXML Google Sheets.

Reviving this thread for a similar question... What would be the proper ImportXML formula and XPath to: 1. extract the Price or SEC Yield from: https://personal.vanguard.com/us/funds/snapshot?FundId=0085&FundIntExt=INT#tab=0 2. extract the P/E or P/B from: https://personal.vanguard.com/us/funds/...
by siamond
Wed Jul 19, 2017 9:45 am
Forum: Investing - Theory, News & General
Topic: Stocks just got cheaper... per Vanguard [sudden change in Vanguard fund P/Es]
Replies: 26
Views: 3403

Re: Stocks just got cheaper... per Vanguard

Here are the P/E and P/B ratios of some of their index funds as of 6/30: Ticker Fund P/E P/B VTSAX Total Stock Market 21.2x 2.9x VSIAX Small-Cap Value 16.3x 1.8x VTIAX Total International 16.6x 1.6x VTMGX Developed Markets 17.2x 1.6x VEMAX Emerging Markets 14.5x 1.7x VFSVX Ex-US Small-Cap 15.9x 1.5...
by siamond
Wed Jul 19, 2017 9:34 am
Forum: Investing - Theory, News & General
Topic: Stocks just got cheaper... per Vanguard [sudden change in Vanguard fund P/Es]
Replies: 26
Views: 3403

Re: Stocks just got cheaper... per Vanguard

Vanguard methodology is a P/E TTM (Trailing Twelve Month), calculated as described on this P/E wiki page . IMHO, this type of factual data about the current price and the past year of earnings is much more significant than any aggregate of forward-looking guesses from biased analysts... Anyhoo, the ...
by siamond
Sun Jul 16, 2017 5:19 pm
Forum: Personal Consumer Issues
Topic: Photobucket is out of control with popups. Alternatives?
Replies: 14
Views: 1371

Re: Photobucket is out of control with popups. Alternatives?

sunny_socal wrote:I think people are now flocking to imgur:
http://imgur.com/

I am one of them... works great.
by siamond
Sat Jul 08, 2017 8:13 pm
Forum: Investing - Theory, News & General
Topic: New Information, New Viewpoint on Investing?
Replies: 28
Views: 2394

Re: New Information, New Viewpoint on Investing?

Well, I tuned my thinking on many topics since I discovered this wonderful forum, but those were usually topics when I didn't have strong beliefs, and needed to know more before establishing more firmly held views. Two things where I did change strongly held views: - I used to think that taxes are a...
by siamond
Sat Jul 08, 2017 7:32 pm
Forum: Personal Finance (Not Investing)
Topic: How are you a leader in personal finance?
Replies: 29
Views: 3128

Re: How are you a leader in personal finance?

I coordinate a Bogleheads local chapter and do my best to help its attendees, this should qualify?

OP, this could be an idea for you?
by siamond
Thu Jul 06, 2017 11:48 am
Forum: Investing - Theory, News & General
Topic: High Stock Returns in a Low-Growth World?
Replies: 63
Views: 5113

Re: High Stock Returns in a Low-Growth World?

It makes more sense for investors to plan for modest equity returns in a low growth world, in my view — and if things turn out better than anticipated, what has been lost? An opportunity to live better... We have only one life, better be prudent, and yet not be overly conservative about it... Which...
by siamond
Thu Jul 06, 2017 8:33 am
Forum: Investing - Theory, News & General
Topic: High Stock Returns in a Low-Growth World?
Replies: 63
Views: 5113

Re: High Stock Returns in a Low-Growth World?

In a recent thread I started, I had linked to a good new paper on global market returns from 1960-2015. It shows the same ~5% real returns for stocks as the 1900-2015 global stocks real returns by Dimson/Marsh. That coincidentally is ~same number Thomas Piketty found in his book Capital in the 21st...
by siamond
Wed Jul 05, 2017 10:07 am
Forum: Investing - Theory, News & General
Topic: Using a 5y moving average to smooth withdrawals in VPW?
Replies: 21
Views: 1558

Re: Using a 5y moving average to smooth withdrawals in VPW?

Thank you, AlohaJoe, for a great study and for bringing back this topic to the OP's question. Would be great to see your analysis extended to the adjusted smoothing formula I suggested above , and to see the charts both in nominal terms (for the psychological reasons longinvest and yourself mentione...
by siamond
Tue Jul 04, 2017 3:05 pm
Forum: Investing - Theory, News & General
Topic: Simba's backtesting spreadsheet [a Bogleheads community project]
Replies: 1003
Views: 556062

Re: Simba's backtesting spreadsheet [a Bogleheads community project]

Mid-year update completed! You will find the latest spreadsheet (v16d) in the usual post: https://www.bogleheads.org/forum/viewtopic.php?f=10&t=2520&p=2753812#p2753812 A few highlights about the changes: - added a glossary section - updated Expenses Ratios (most are now lower, thank you, Va...
by siamond
Tue Jul 04, 2017 11:29 am
Forum: Investing - Theory, News & General
Topic: Vanguard's new security key option
Replies: 50
Views: 8635

Re: Vanguard's new security key option

Received my Yubikey, activated Vanguard (and Dropbox and LastPass too) with it, works well. As a side note, this is a nice 20% off deal today, too bad I missed it: https://www.yubico.com/2-factor-tuesday/?fb2 PS. Just read that "Promo is live on the first Tuesday of every month"
by siamond
Mon Jul 03, 2017 11:05 pm
Forum: Investing - Theory, News & General
Topic: Simba's backtesting spreadsheet [a Bogleheads community project]
Replies: 1003
Views: 556062

Re: Simba's backtesting spreadsheet [a Bogleheads community project]

Today, I am reviewing the spreadsheet in LibreOffice Calc in Linux. In README "To Do" "- Check/update BRSIX ER once mid-year report is available". I checked. I meant the 2017 mid-year report (not yet available). As the 0.75% ER value comes from the 2016 mid-year report. It is al...
by siamond
Mon Jul 03, 2017 7:01 pm
Forum: Investing - Theory, News & General
Topic: High Stock Returns in a Low-Growth World?
Replies: 63
Views: 5113

Re: High Stock Returns in a Low-Growth World?

Since the Earth is a closed system, the global view cancels out all the cross-border trade issues, the share dilution issues, and the impact of multinationals that confound the growth-return relationship for individual countries. Cross-border trade and multinationals, yes. But share dilution? Why w...
by siamond
Mon Jul 03, 2017 6:42 pm
Forum: Investing - Theory, News & General
Topic: High Stock Returns in a Low-Growth World?
Replies: 63
Views: 5113

Re: High Stock Returns in a Low-Growth World?

In another thread we are debating paying off a 3.75 percent home mortgage or investing in the stock market. One poster says that one gets a 7 percent return from the stock market long term. Because of what you are saying with low growth I am inclined to agree with Jack Bogle who predicts 4 percent ...
by siamond
Mon Jul 03, 2017 5:44 pm
Forum: Investing - Help with Personal Investments
Topic: Seeking advice on Early Retirement
Replies: 30
Views: 3617

Re: Seeking advice on Early Retirement

One more thought. Once you're both retired, your tax situation will totally change (I was shocked! pleasantly!). And then bonds in taxable are actually perfectly fine, because you'll take the corresponding dividends and spend them for your day-to-day living expenses. Sure, said dividends will be tax...
by siamond
Mon Jul 03, 2017 5:34 pm
Forum: Investing - Help with Personal Investments
Topic: Seeking advice on Early Retirement
Replies: 30
Views: 3617

Re: Seeking advice on Early Retirement

OP, you need to plan for 50+ years in front of you. And more because of your desire for a solid bequest. Your time horizon does NOT stop because you're planning to early-retire (on the contrary, you're going to fully rely on your portfolio). So before you rush to add more bonds to your AA, you REALL...
by siamond
Mon Jul 03, 2017 5:10 pm
Forum: Investing - Theory, News & General
Topic: Using a 5y moving average to smooth withdrawals in VPW?
Replies: 21
Views: 1558

Re: Using a 5y moving average to smooth withdrawals in VPW?

In short, VPW is part of a withdrawal strategy as opposed to being a strategy in and of itself. I think the desire to smooth things out probably suggests that you are asking it to do too much on it's own. No, this isn't quite true - or at least not for everybody. All the backtests I ran were based ...
by siamond
Mon Jul 03, 2017 4:55 pm
Forum: Investing - Theory, News & General
Topic: Using a 5y moving average to smooth withdrawals in VPW?
Replies: 21
Views: 1558

Re: Using a 5y moving average to smooth withdrawals in VPW?

Now, there is a more complicated consideration. The short-term issues are the most glaring. But the more I ran backtesting cycles, the clearer it became that there is also a long-term volatility issue , some 'big waves' you can see on the trajectory of withdrawals, which are rather disturbing, and n...
by siamond
Mon Jul 03, 2017 4:40 pm
Forum: Investing - Theory, News & General
Topic: Using a 5y moving average to smooth withdrawals in VPW?
Replies: 21
Views: 1558

Re: Using a 5y moving average to smooth withdrawals in VPW?

Another approach towards short-term volatility was provided (surprise!) by longinvest himself in this post . Let me duplicate the key formula. PlainWithdrawal = portfolio x VPW percentage ModifiedWithdrawal = If PlainWithdrawal > LastYearWithdrawal : MAX( PlainWIthdrawal / 1.3, LastYearWithdrawal + ...
by siamond
Mon Jul 03, 2017 4:06 pm
Forum: Investing - Theory, News & General
Topic: Using a 5y moving average to smooth withdrawals in VPW?
Replies: 21
Views: 1558

Re: Using a 5y moving average to smooth withdrawals in VPW?

To begin, let's discuss short-term volatility. When the portfolio hiccups (up or down) for a year or two, and then comes back near where it was, which a fairly common occurrence, there is really little reason to change the annual withdrawal by much. Let's call such issues 'short-term volatility'. Th...
by siamond
Mon Jul 03, 2017 3:22 pm
Forum: Investing - Theory, News & General
Topic: Using a 5y moving average to smooth withdrawals in VPW?
Replies: 21
Views: 1558

Re: Using a 5y moving average to smooth withdrawals in VPW?

So, what's the alternative? I'd like to know what effect using a 5 year moving average would have in calculating a variable withdrawal rate? My intuition is that this would smooth out withdrawals, stretching out fluctuations over a longer time period and giving you more time to adjust to new spendi...
by siamond
Mon Jul 03, 2017 12:46 pm
Forum: Personal Consumer Issues
Topic: Verizon- Why do they treat old customers worse?
Replies: 40
Views: 3927

Re: Verizon- Why do they treat old customers worse?

Verizon is basically following the pattern defined by Comcast and the other cable companies many years ago. I've met with various Comcast teams multiple times in the course of my work (not the sales/marketing guys, the network guys), and geez, the company culture is just absolutely horrendous, a bun...
by siamond
Mon Jul 03, 2017 12:28 pm
Forum: Investing - Help with Personal Investments
Topic: The conundrum I am in concerning need vs desire
Replies: 19
Views: 2196

Re: The conundrum I am in concerning need vs desire

Gort, every decision we make is a compromise. You mentioned a low of 50/50 and are considering going to 70/30. You have ability to go to 70/30, but no real need. 60/40 is the middle of your range, and I think is a good compromise between moderating risk and padding the portfolio for your daughter. ...
by siamond
Mon Jul 03, 2017 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Realized Father is invested in too many annuities
Replies: 4
Views: 1239

Re: Realized Father is invested in too many annuities

Getting out of annuities is usually painful and expensive (surrendering fees and so on). But your father should consider rolling over his annuities to Vanguard. This is called a 1035 roll-over, and will be free of taxes and should be free of fees as well. At least, he'll end up with annuities not ri...
by siamond
Sun Jul 02, 2017 10:57 pm
Forum: Investing - Theory, News & General
Topic: Foretelling Global Stock Returns, 1980-2015
Replies: 18
Views: 1790

Re: Foretelling Global Stock Returns, 1980-2015

Do we have the data to support that? If one took rolling returns of 5, 10, 15, 20 years would correlation coefficients increase between P/E whatever and future stock returns? I am sure someone has done the work and published it so would appreciate if someone would link it if they could. Yes, this w...
by siamond
Sun Jul 02, 2017 10:30 pm
Forum: Investing - Theory, News & General
Topic: Simba's backtesting spreadsheet [a Bogleheads community project]
Replies: 1003
Views: 556062

Re: Simba's backtesting spreadsheet [a Bogleheads community project]

1. README tab: I recommend saving the README tab at cell A1. Readers will see the instructions first, rather than the revision history. Ok. Will try to remember... Spreadsheet updated with your various comments addressed. 2. README tab, Row 113: Put Jim Otar's paper on a new line, as the descriptio...
by siamond
Sun Jul 02, 2017 5:29 pm
Forum: Investing - Theory, News & General
Topic: Simba's backtesting spreadsheet [a Bogleheads community project]
Replies: 1003
Views: 556062

Re: Simba's backtesting spreadsheet [a Bogleheads community project]

Ladygeek, I reused your suggested wording, with minor changes for conciseness. And I added the pointer to the Otar's white paper, and indicated that PSR is a terminology derived from Otar's Perpetual Distribution Rate. Thanks for your help. Spreadsheet updated.
by siamond
Sun Jul 02, 2017 3:15 pm
Forum: Investing - Theory, News & General
Topic: Simba's backtesting spreadsheet [a Bogleheads community project]
Replies: 1003
Views: 556062

Re: Simba's backtesting spreadsheet [a Bogleheads community project]

In your newly minted Glossary section- Perpetual Spending Rate - I could not find an authoritative definition. Some hints were in this forum thread: Perpetual Withdrawal Rates (see the white paper) and this Morningstar video Swing Factors for the 4% Withdrawal Rate (in context as "perpetuity s...
by siamond
Sun Jul 02, 2017 2:12 pm
Forum: Investing - Theory, News & General
Topic: Simba's backtesting spreadsheet [a Bogleheads community project]
Replies: 1003
Views: 556062

Re: Simba's backtesting spreadsheet [a Bogleheads community project]

Mid-year update completed! You will find the latest spreadsheet (v16d) in the usual post: https://www.bogleheads.org/forum/viewtopic.php?f=10&t=2520&p=2753812#p2753812 A few highlights about the changes: - added a glossary section - updated Expenses Ratios (most are now lower, thank you, Van...
by siamond
Sun Jul 02, 2017 1:34 pm
Forum: Investing - Theory, News & General
Topic: Simba's backtesting spreadsheet [a Bogleheads community project]
Replies: 1003
Views: 556062

Re: Simba's backtesting spreadsheet [a Bogleheads community project]

Maybe the discrepancy is that you computed Jan-to-Jan, and I probably computed it Dec-to-Dec (in the same way we compute the US inflation in the main body of the spreadsheet)? I should have better documented this, actually... Will do. Double-checked (yes, this is Dec to Dec), and better documented ...
by siamond
Sun Jul 02, 2017 8:21 am
Forum: Investing - Theory, News & General
Topic: Foretelling Global Stock Returns, 1980-2015
Replies: 18
Views: 1790

Re: Foretelling Global Stock Returns, 1980-2015

Every now and then, however, one runs across a research paper that includes some of MSCI's historical data on individual country’s stock returns, GDP growth, EPS growth, inflation, etc. This publication has cumulative data for 20 individual developed markets (1988-2010) and 20 emerging markets (var...
by siamond
Sun Jul 02, 2017 8:11 am
Forum: Investing - Theory, News & General
Topic: What is the “Natural Real Interest Rate”?
Replies: 28
Views: 2252

Re: What is the “Natural Real Interest Rate”?

What implication does this hold for retirement portfolios? In other words, for investors who have a glide path to a 60/40 or 50/50 portfolio, what should that division be, given lower bond yields in your 'natural real interest rate', in your estimation? Should a retirement portfolio be 50/50, 60/40...
by siamond
Sat Jul 01, 2017 5:54 pm
Forum: Investing - Theory, News & General
Topic: Foretelling Global Stock Returns, 1980-2015
Replies: 18
Views: 1790

Re: Foretelling Global Stock Returns, 1980-2015

I'd be really glad to run a much more complete analysis (e.g. varying the starting point, varying the exact valuation metric, varying the expected returns formula), but alas the information used by Well Fargo isn't readily available - that is, without paying an arm and a leg to MSCI and co. This is ...
by siamond
Sat Jul 01, 2017 2:37 pm
Forum: Investing - Theory, News & General
Topic: Vanguard's new security key option
Replies: 50
Views: 8635

Re: Vanguard's new security key option

Hey everyone, I just noticed a new "security key" option in the account maintenance page. It appears that Vanguard now supports hardware multi-factor authentication using Yubikey, though you have to purchase them elsewhere. Pragmatist Missed this thread. I wasn't aware that we could do th...
by siamond
Fri Jun 30, 2017 5:15 pm
Forum: Investing - Theory, News & General
Topic: The Index fund fallacy - what we lost sight of!!
Replies: 55
Views: 6581

Re: The Index fund fallacy - what we lost sight of!!

I don't forget that I am buying the companies within the index. However, when I decided to index, I was deciding that I, personally, had no skill in judging how good or bad a company's stock was... which, oddly but obviously had no particular connection to my opinions of the company as a company......
by siamond
Fri Jun 30, 2017 5:00 pm
Forum: Investing - Theory, News & General
Topic: One fund, the whole stock market, why not?
Replies: 15
Views: 1288

Re: One fund, the whole stock market, why not?

The Vanguard Total World Stock Market Index Fund, VTWSX (and its ETF version VT) is more familiar in this forum, and are very similar to the MSCI ACWI fund. It, too, includes emerging markets and small caps. MSCI ACWI IMI isn't a fund, it's an index. Very similar indeed to the FTSE Global All Cap I...
by siamond
Fri Jun 30, 2017 1:34 pm
Forum: Personal Consumer Issues
Topic: AAA Cost
Replies: 85
Views: 6561

Re: AAA Cost

Just renewed this morning, this thread is timely. I paid $82 for my wife and I (basic membership). We've been long-time members, and undoubtedly recouped our money over the years with the occasional "save my life" incident, e.g. flat battery, locked keys, etc. I rarely find an opportunity ...
by siamond
Thu Jun 29, 2017 10:30 pm
Forum: Investing - Theory, News & General
Topic: International Stocks - New thoughts
Replies: 83
Views: 6000

Re: International Stocks - New thoughts

Bogle makes the point that if your using an international index fund, your 3 biggest holdings are U.K., Japan, and France. He does not think any of those countries can possibly outperform the US. Thoughts? Sheesh. I respect John Bogle A LOT, BUT REALLY A LOT. But this statement is just plain silly....
by siamond
Thu Jun 29, 2017 9:19 am
Forum: Investing - Theory, News & General
Topic: Yes, This Is Market Timing: If the CAPE Goes Above 30, Bring on the Larry
Replies: 142
Views: 9800

Re: Yes, This Is Market Timing: If the CAPE Goes Above 30, Bring on the Larry

There is, of course, a middle ground between both positions. 1. You set asset allocation ranges that are comfortable based on your age/ability to take risk/need to take risk, etc. and 2. You allow yourself to fluctuate within those ranges based on valuations. So, for instance, someone could say tha...
by siamond
Wed Jun 28, 2017 10:37 pm
Forum: Investing - Help with Personal Investments
Topic: Variable Withdrawal Rates
Replies: 21
Views: 1429

Re: Variable Withdrawal Rates

Yes, agreed with what AlohaJoe stated above. Too many posters on this forum confuse advice useful for a 70-years-old with advice useful for early retirees (which I am). Those are just completely different circumstances. As to the sequence of return issue, it is real, and yet very much overblown, as ...
by siamond
Wed Jun 28, 2017 2:03 pm
Forum: Investing - Theory, News & General
Topic: Yes, This Is Market Timing: If the CAPE Goes Above 30, Bring on the Larry
Replies: 142
Views: 9800

Re: Yes, This Is Market Timing: If the CAPE Goes Above 30, Bring on the Larry

The big reason the cape is high is because of the huge PE spike in 2008-2009. I read somewhere a couple of years ago that the impact of 2008-2009 on CAPE is often overstated. They could be wrong, I don't know. Is there a tool to find PE8 or PE5 somewhere? Yes, you are correct, it is very often over...
by siamond
Tue Jun 27, 2017 12:49 pm
Forum: Investing - Help with Personal Investments
Topic: Splitting Value and Growth in taxable/non-taxable
Replies: 27
Views: 1549

Re: Splitting Value and Growth in taxable/non-taxable

Not too sure it's worth the effort. Do consider the fact that you'll have to rebalance every now and then, and if you specialize funds too much between tax-deferred and taxable accounts, you might get in troubles (e.g. can't rebalance without triggering capital gains in the taxable account). A prope...
by siamond
Tue Jun 27, 2017 12:44 pm
Forum: Investing - Help with Personal Investments
Topic: TIPS or no TIPS again
Replies: 47
Views: 2869

Re: TIPS or no TIPS again

Hate to say it, I am not 100% certain of anything and I have a bit a skepticism towards even the most trusted asset classes. So the Nedsaid approach is to throw enough asset classes at the problem of market volatility, cross my fingers, say a prayer, and hope it all works in a crisis. We just reall...

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