Search found 3377 matches

by stlutz
Thu Dec 08, 2016 12:43 pm
Forum: Investing - Help with Personal Investments
Topic: Need help with wash sale reporting
Replies: 4
Views: 145

Re: Need help with wash sale reporting

You don't have to do anything special. The information needed for tax reporting will be on your 1099 form.
by stlutz
Wed Dec 07, 2016 7:19 pm
Forum: Investing - Theory, News & General
Topic: BND partial month dividend after sale & account transfer
Replies: 3
Views: 198

Re: BND partial month dividend after sale & account transfer

For ETFs, you only get dividends if you hold them on the dividend date.

With most VG fixed income mutual funds, you'll get pro-rated dividends for the month, both when you buy and sell.
by stlutz
Wed Dec 07, 2016 6:44 pm
Forum: Investing - Theory, News & General
Topic: Is Vanguard having issues managing Total Bond Market?
Replies: 13
Views: 2628

Re: Is Vanguard having issues managing Total Bond Market?

I would hypothesize that the challenge is driven by having the mutual fund share class. Let's add Fidelity's Total Bond mutual fund to the equation: https://fundresearch.fidelity.com/mutual-funds/performance-and-risk/316146372 So, it seems that we have: AGG (ETF-only) - closest tracking BND/VMBFX (c...
by stlutz
Wed Dec 07, 2016 12:12 am
Forum: Investing - Theory, News & General
Topic: Is Vanguard having issues managing Total Bond Market?
Replies: 13
Views: 2628

Re: Is Vanguard having issues managing Total Bond Market?

I don't think so. Here is a comparison of this fund vs. its benchmark over the years. I'm not seeing anything to cause concern or that isn't evening out over time. https://personal.vanguard.com/us/funds/snapshot?FundId=0584&FundIntExt=INT#tab=1a 2002 was the one year they had a problem. Back the...
by stlutz
Wed Dec 07, 2016 12:06 am
Forum: Investing - Theory, News & General
Topic: How to model TIPS rates (and returns) pre-1997
Replies: 56
Views: 2952

Re: How to model TIPS rates (and returns) pre-1997

Some thoughts after trying to waterboard this data some and not getting anywhere too satisfactory. --I think trying to overfit the last 15 years only takes one so far. Actual inflation hasn't been all that volatile and if you look at a chart of the breakeven rate, it really doesn't change all that m...
by stlutz
Tue Dec 06, 2016 12:27 am
Forum: Investing - Help with Personal Investments
Topic: moving to Fidelity index funds ~ questions
Replies: 12
Views: 1593

Re: moving to Fidelity index funds ~ questions

1) Does it matter who I sign up with at Fidelity; No 2) Is that person assigned to me, and/or do they get a commission for signing me up; No and no. 2) Does Fidelity make anything from the index funds other than the expense ratio; No 3) Are there hidden fees they might deduct from returns in additi...
by stlutz
Mon Dec 05, 2016 9:27 pm
Forum: Investing - Theory, News & General
Topic: Nice short Vanguard videos on factor based investing
Replies: 31
Views: 2609

Re: Nice short Vanguard videos on factor based investing

The point I'm trying to make is that privatefarmer seems to suggest that 4% outperformance by SCV over LCB is a reliable expectation for future SCV outperformance and wishes to harvest more, 5% to 6% by combining it with other factors. I personally believe this to be an overoptimistic projection of...
by stlutz
Mon Dec 05, 2016 8:33 pm
Forum: Investing - Theory, News & General
Topic: P2P Lending Dead
Replies: 51
Views: 5174

Re: P2P Lending Dead

For those who have used LC directly over the years, what have your fees actually ended up averaging as a percentage (or is that even clear)? I see on their site currently that they charge 1% + collection costs. Wasn't sure if it had always been this way or not.
by stlutz
Mon Dec 05, 2016 8:12 pm
Forum: Investing - Theory, News & General
Topic: How to model TIPS rates (and returns) pre-1997
Replies: 56
Views: 2952

Re: How to model TIPS rates (and returns) pre-1997

Was looking at the "Zero Coupon Real Yields" sheet and that raised a question in my mind as to the exact timing of the inflation adjustments to TIPS coupons. Just to simplify my question, let's assume for the moment that interest is paid and inflation adjustments occur once per year instea...
by stlutz
Mon Dec 05, 2016 7:39 pm
Forum: Investing - Theory, News & General
Topic: US tax brackets throughout history
Replies: 7
Views: 1394

Re: US tax brackets throughout history

In some years, the inflation-adjusted equivalent isn't exactly what I'd call rich.


For non old-timers: tax brackets weren't indexed to inflation prior to 1982.
by stlutz
Mon Dec 05, 2016 7:32 pm
Forum: Investing - Help with Personal Investments
Topic: Fidelity or Vanguard
Replies: 44
Views: 2849

Re: Fidelity or Vanguard

One of the reasons I like ETFs is that it allows one to draw a distinction between the custodian and the manager. Vanguard is the best asset manager out there for Bogleheads. Maybe not in each individual fund category, but on balance they are the best by a significant margin. In any asset class, if ...
by stlutz
Mon Dec 05, 2016 7:08 pm
Forum: Investing - Theory, News & General
Topic: active, passive, and factor investing
Replies: 40
Views: 2411

Re: active, passive, and factor investing

Interesting, so if you have turnover of 25%, that's average holding of 4 years, and you would not call that Passive? I guess I lean more toward nedsaid. I have a token holding in the ETF USMV. Its turnover ratio runs about 25-30%/yr. Although it tracks an index I consider it to be very much an acti...
by stlutz
Mon Dec 05, 2016 7:00 pm
Forum: Investing - Help with Personal Investments
Topic: Fidelity or Vanguard
Replies: 44
Views: 2849

Re: Fidelity or Vanguard

I've had problems with cost basis accounting at both Fido and Vanguard. In both cases I reported on my experiences in getting the issues resolved here:

viewtopic.php?t=187025

viewtopic.php?t=119436
by stlutz
Mon Dec 05, 2016 11:29 am
Forum: Investing - Theory, News & General
Topic: Isn't Vanguard misleading investors with BNDX?
Replies: 11
Views: 1845

Re: Isn't Vanguard misleading investors with BNDX?

I'd read through this thread and the links therein.

viewtopic.php?t=199232

Hedging can detract from returns or it can add to returns. That is, a foreign bond with a negative yield can be turned positive because of the extra income that hedging generates.
by stlutz
Sun Dec 04, 2016 10:57 pm
Forum: Investing - Theory, News & General
Topic: I'm calling a bond bottom.
Replies: 31
Views: 6283

Re: I'm calling a bond bottom.

With the Italy news today, this is looking like a pretty good prediction.
by stlutz
Sun Dec 04, 2016 7:53 pm
Forum: Investing - Theory, News & General
Topic: Nice short Vanguard videos on factor based investing
Replies: 31
Views: 2609

Re: Nice short Vanguard videos on factor based investing

My conclusion: the current offer of factor ETF's/funds for retail investors is sub-par. Factor portfolios require a high degree of customization: what factors to include, how to measure them, how to weight them, and how to avoid imbalanced factor exposure. As I noted in another thread, the directio...
by stlutz
Sun Dec 04, 2016 7:46 pm
Forum: Investing - Theory, News & General
Topic: Nice short Vanguard videos on factor based investing
Replies: 31
Views: 2609

Re: Nice short Vanguard videos on factor based investing

My first thought after learning about the liquidity premium is that fund families should offer liquidity funds tailored to investors in a 401K setting where the investor doesn't need to access the funds for a long period of time and thus no demand for liquidity. Stable Value funds are such an examp...
by stlutz
Sun Dec 04, 2016 4:45 pm
Forum: Investing - Help with Personal Investments
Topic: Help placing limit order for BND
Replies: 45
Views: 2453

Re: Help placing limit order for BND

For an order that large you might want to consider calling the broker, discussing the trade, and having them execute for you. How does that help me? I know how to place a limit order online. Would they be doing anything differently? I honestly don't know. The one thing I'm not seeing here so far is...
by stlutz
Sun Dec 04, 2016 12:56 pm
Forum: Investing - Theory, News & General
Topic: P2P Lending Dead
Replies: 51
Views: 5174

Re: P2P Lending Dead

I would note that to my knowledge there hasn't been any fraud with SEC regulated mutual funds and closed end, interval funds, like Stone Ridge's, are regulated just like mutual funds, by the SEC. [OT comment removed by moderator prudent] As Larry notes, the rules around how various types of mutual ...
by stlutz
Sun Dec 04, 2016 11:48 am
Forum: Investing - Help with Personal Investments
Topic: Help placing limit order for BND
Replies: 45
Views: 2453

Re: Help placing limit order for BND

For an order that large you might want to consider calling the broker, discussing the trade, and having them execute for you.
by stlutz
Sun Dec 04, 2016 3:07 am
Forum: Investing - Theory, News & General
Topic: Where are the annual reports for several international Vanguard funds?
Replies: 6
Views: 463

Re: Where are the annual reports for several international Vanguard funds?

The annual reports are for the fiscal year ending 10/31/2016. Funds have a period of time after that to file their annual report (just like public companies do). Last year they filed on 12/30. See the date next to N-CSR on the Edgar site: https://www.sec.gov/cgi-bin/browse-edgar?CIK=S000005786&a...
by stlutz
Sun Dec 04, 2016 12:00 am
Forum: Investing - Theory, News & General
Topic: Rick Ferri's reason to avoid International Bonds
Replies: 7
Views: 1414

Re: Rick Ferri's reason to avoid International Bonds

Posting a link back to this thread from a few months back that was extremely educational (for me at least) on how hedged foreign bonds work:

viewtopic.php?t=199232
by stlutz
Sat Dec 03, 2016 8:04 pm
Forum: Investing - Theory, News & General
Topic: P2P Lending Dead
Replies: 51
Views: 5174

Re: P2P Lending Dead

Larry: The fund lists the following fees to add up to 3.74%. Which ones do you think a prospective investor should say do not count? Management Fees 1.50% Interest Payments on Borrowed Funds 0.79% Service Fees 0.10% Loan Servicing Fees 0.95% All Other Expenses 0.44% Fee Waiver: (0.04)% -------------...
by stlutz
Sat Dec 03, 2016 4:49 pm
Forum: Investing - Help with Personal Investments
Topic: Adding IJS to portfolio--Anything to consider first?
Replies: 8
Views: 723

Re: Adding IJS to portfolio--Anything to consider first?

Why not get VIOV instead? It tracks the same index but has a lower ER (0.20%). Actually it probably won't. IJS generates a lot more securities lending revenue than VIOV (I assume because VIOV is so small) that it's real-world holding cost is lower. SLYV at .15% is worth considering, but only in tax...
by stlutz
Sat Dec 03, 2016 4:38 pm
Forum: Investing - Theory, News & General
Topic: P2P Lending Dead
Replies: 51
Views: 5174

Re: P2P Lending Dead

Here's a link to the prospectus of LENDX: http://stoneridgefunds.com/documents/LENDX_prospectus.pdf?v=011 Highlights: --Expense Ratio: 3.74% --"...the Fund will only sell shares to or through fiduciaries (such as RIAs or retirement plans) or institutional investors, or to employees, directors a...
by stlutz
Sat Dec 03, 2016 3:16 pm
Forum: Personal Consumer Issues
Topic: How to darken type in firefox or chrome?
Replies: 27
Views: 1265

Re: How to darken type in firefox or chrome?

Do you have an example site in mind? Might give people a better idea what they are trying to help fix.
by stlutz
Sat Dec 03, 2016 1:28 pm
Forum: Investing - Theory, News & General
Topic: active, passive, and factor investing
Replies: 40
Views: 2411

Re: active, passive, and factor investing

When it comes to looking at market pricing, I'd suggest the following categories of thought: 1) The market price is the "correct" price. If you deviate from cap. weight your allocation will be wrong. 2) Market prices are very likely incorrect, but it's not knowable ahead of time in what wa...
by stlutz
Sat Dec 03, 2016 1:09 pm
Forum: Investing - Theory, News & General
Topic: active, passive, and factor investing
Replies: 40
Views: 2411

Re: active, passive, and factor investing

Adding factors to your investment selection process actually leading to more concentration, not more diversification. Suppose my name was nedsaid and I like value stocks. So, I'll start by looking at 1/2 of the market. Then I decide I like smallcaps. So, I'll cut out 90% of the value stocks. Right a...
by stlutz
Sat Dec 03, 2016 12:01 pm
Forum: Investing - Theory, News & General
Topic: Vanguard Short Term TIPs fund: Risk vs. Reward and deflation
Replies: 69
Views: 3580

Re: Vanguard Short Term TIPs fund: Risk vs. Reward and deflation

For those of you that thought TIPS were a good buy during that time please let me know where you were getting the money from. I did both. Sold bonds to rebalance into stocks and sold more total bond to move into TIPS. That was a market timing opportunity I learned about on this board and it worked ...
by stlutz
Sat Dec 03, 2016 11:54 am
Forum: Investing - Help with Personal Investments
Topic: Adding IJS to portfolio--Anything to consider first?
Replies: 8
Views: 723

Re: Adding IJS to portfolio--Anything to consider first?

I would do it in tax advantaged. The small/value fund you prefer may change 7 or 8 years from now. In taxable once it's gone up quite a bit you pretty much own it unless you want to pay CG tax to switch to a slightly different fund. If you're comfortable with the ER different between IJS and VBR, th...
by stlutz
Sat Dec 03, 2016 11:51 am
Forum: Personal Consumer Issues
Topic: Lexus (and Toyota) Owners --- Routine Service ??
Replies: 29
Views: 2633

Re: Lexus (and Toyota) Owners --- Routine Service ??

I remember somebody who called in to the old Car Talk show once about all of the TLC her new Volkswagen required. They asked her what kind of car she had before. She indicated she had driven Toyotas for the last 20 years. They started laughing and told her that is why she knows nothing about car car...
by stlutz
Fri Dec 02, 2016 5:39 pm
Forum: Personal Consumer Issues
Topic: CBP (INS) Global Entry program worth it?
Replies: 38
Views: 1805

Re: CBP (INS) Global Entry program worth it?

I don't have Global Entry. A few months back I arrived back in the US at EWR (on United) and there was no line despite multiple flights coming in around the same time.
by stlutz
Fri Dec 02, 2016 5:33 pm
Forum: Investing - Theory, News & General
Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
Replies: 193
Views: 17473

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

I went to open teh fidelity account and the offer is not valid for IRAs. I don't have 100k in taxable. So looks like I will have to open with merrill lynch for the promo.


Are you sure? That's not what they are saying.

https://rewards.fidelity.com/offers/depositbonus
by stlutz
Fri Dec 02, 2016 5:30 pm
Forum: Investing - Theory, News & General
Topic: Vanguard ETFs Less Tax Efficient Than Other ETFs?
Replies: 37
Views: 2486

Re: Vanguard ETFs Less Tax Efficient Than Other ETFs?

Where this does consistently show up as an issue with is their fixed income ETFs. For example, scroll down to the bottom of this list.

https://personal.vanguard.com/us/insigh ... ins-112016


The iShares or Schwab equivalents of these funds never have such distributions.
by stlutz
Fri Dec 02, 2016 1:11 am
Forum: Investing - Theory, News & General
Topic: Backtesting Corporate Bonds (VCIT vs LQD + history)
Replies: 23
Views: 1144

Re: Backtesting Corporate Bonds (VCIT vs LQD + history)

VCIT has tighter index tracking than does LQD. As such, my vote would be for using that in the spreadsheet. How do you know that's true (VCIT having so little history)? How do you know this should stay true? Just curious to understand your reasoning... EDIT: removed mistaken statement that VCIT is ...
by stlutz
Thu Dec 01, 2016 12:55 am
Forum: Investing - Theory, News & General
Topic: Backtesting Corporate Bonds (VCIT vs LQD + history)
Replies: 23
Views: 1144

Re: Backtesting Corporate Bonds (VCIT vs LQD + history)

VCIT has tighter index tracking than does LQD. As such, my vote would be for using that in the spreadsheet.
by stlutz
Wed Nov 30, 2016 9:21 pm
Forum: Investing - Theory, News & General
Topic: Bond fund capital gain distribution and roll yield
Replies: 2
Views: 276

Re: Bond fund capital gain distribution and roll yield

Two reasons:

1) The actively managed fund does a lot more active management (i.e. trading)
2) The index fund has an ETF share class so they are able to unload appreciated bonds through the in-kind redemption process.

They both are capturing any roll yield.
by stlutz
Wed Nov 30, 2016 8:31 pm
Forum: Local Chapters and Bogleheads Community
Topic: livesoft is almost at 50,000 posts...
Replies: 54
Views: 3786

Re: livesoft is almost at 50,000 posts...

Wasn't he at 40,000 last month?
by stlutz
Wed Nov 30, 2016 1:33 am
Forum: Personal Consumer Issues
Topic: Upgrade Lenovo SSD or buy after-market?
Replies: 11
Views: 893

Re: Upgrade Lenovo SSD or buy after-market?

Not sure if it's too late to opine but I say neither. From the other thread, you had decided to go inexpensive so you aren't out a lot if things fail. Upgrading the drive bumps up the cost of your machine by about 20%. Buy a USB flash drive when/if you need the space. You can get 128gb for under $30...
by stlutz
Wed Nov 30, 2016 1:23 am
Forum: Personal Consumer Issues
Topic: Long ethernet cable or wireless?
Replies: 81
Views: 5411

Re: Long ethernet cable or wireless?

Does powerline adapter software work with Linux?


Works just fine with Linux (my machines are all running it). There is no software. You plug each of the two pieces into the outlets, connect ethernet cables, and click on buttons on both of them to "pair" them up and you're set.
by stlutz
Tue Nov 29, 2016 8:26 pm
Forum: Investing - Theory, News & General
Topic: Interm. Term muni - price drop vs sec yield increase
Replies: 18
Views: 1540

Re: Interm. Term muni - price drop vs sec yield increase

They are close enough in terms of average duration that I would just take the .28% I came up with and add it to the 1.92% reported for the VG fund (VWIUX) and get 2.20%.

Somewhat of an approximation but 2.2% will be more accurate than 1.92% would be.
by stlutz
Tue Nov 29, 2016 8:05 pm
Forum: Investing - Theory, News & General
Topic: Interm. Term muni - price drop vs sec yield increase
Replies: 18
Views: 1540

Re: Interm. Term muni - price drop vs sec yield increase

Essentially (though not exactly), SEC Yield is the yield-to-maturity (or yield-to-worst for callable bonds) minus the expense ratio. So, if I have the YTW for today and the ER, I can roughly calculate what the SEC Yield would be if it was based on 1 day of data rather than 30.
by stlutz
Tue Nov 29, 2016 8:03 pm
Forum: Investing - Theory, News & General
Topic: Bridgewater Assoc Synthetic TIPS data
Replies: 19
Views: 4371

Re: Bridgewater Assoc Synthetic TIPS data

I think this thread may be of interest to you. The series in the backtest spreadsheet has recently been updated/corrected:

viewtopic.php?t=203092
by stlutz
Tue Nov 29, 2016 7:51 pm
Forum: Investing - Theory, News & General
Topic: Interm. Term muni - price drop vs sec yield increase
Replies: 18
Views: 1540

Re: Interm. Term muni - price drop vs sec yield increase

Also, do you have any thoughts on exactly how to adjust the SEC yield to get a better estimate of the Yield This is where iShares is more helpful than Vanguard because they report portfolio information daily. If I take a look at the ETF "MUB" and compare the average yield of the bonds wit...
by stlutz
Tue Nov 29, 2016 7:45 pm
Forum: Personal Consumer Issues
Topic: Why do reviewers love the Dell XPS 13 but users don't?
Replies: 57
Views: 4865

Re: Why do reviewers love the Dell XPS 13 but users don't?

That Thinkpad 13 is a very good buy. It's hard to find a sub-$500 machine with an SSD and Intel wireless. Nice job!
by stlutz
Tue Nov 29, 2016 7:43 pm
Forum: Investing - Help with Personal Investments
Topic: Help me sell our TIPS
Replies: 11
Views: 975

Re: Help me sell our TIPS

In an IRA it makes no difference when you do the exchange. If you have $100 in the fund and if pays and dividend that you reinvest, you still have exactly $100. There is sometimes value in timing such an exchange in a taxable account. All of that said, I agree with Gill that you should reconsider ma...
by stlutz
Mon Nov 28, 2016 3:59 pm
Forum: Investing - Theory, News & General
Topic: Schwab now offering low cost Target Date funds
Replies: 28
Views: 3324

Re: Schwab now offering low cost Target Date funds

A point of clarification--the "cash" component of the Target Retirement Index funds is invested in a money market fund which currently yields .57%. https://www.csimfunds.com/public/csim/home/products/mutual_funds/summary.html?symbol=SVUXX Prior to 2008, cash--meaning T-bills, commercial pa...
by stlutz
Mon Nov 28, 2016 2:35 am
Forum: Personal Consumer Issues
Topic: Long ethernet cable or wireless?
Replies: 81
Views: 5411

Re: Long ethernet cable or wireless?

First, powerline adapter? You mean the data signal actually goes through an electrical wire? That sound promising. Is this the sort of thing you're talking about? TP-LINK AV500 2-port Powerline Starter Kit Yes. I have these and have been happy with the results. I didn't buy it for security but to g...
by stlutz
Mon Nov 28, 2016 2:19 am
Forum: Investing - Theory, News & General
Topic: Fidelity charges activity assessment fee for selling iShares ETFs
Replies: 2
Views: 690

Re: Fidelity charges activity assessment fee for selling iShares ETFs

And just to be doubly clear, you pay this fee at all brokers when you sell commission-free ETFs. It's not Fidelity trying to nickle and dime you.
by stlutz
Sun Nov 27, 2016 2:35 pm
Forum: Investing - Theory, News & General
Topic: I'm calling a bond bottom.
Replies: 31
Views: 6283

Re: I'm calling a bond bottom.

I think the last couple of years the peak in interest rates has been right around January 1st. So perhaps you should wait another month. :moneybag

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