Search found 3834 matches

by stlutz
Wed Aug 16, 2017 12:11 am
Forum: Investing - Help with Personal Investments
Topic: Do ETF odd lot orders get worse execution at VBS?
Replies: 3
Views: 397

Re: Do ETF odd lot orders get worse execution at VBS?

A few brokers participate in a program ("FIF") to provide more transparent execution quality statistics. Here is a copy of Fidelity's most recent report: https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/FIF-FBS-retail-execution-quality-stats.pdf What this report shows is that odd l...
by stlutz
Mon Aug 14, 2017 6:45 pm
Forum: Personal Consumer Issues
Topic: ipad or tablet for hospital?
Replies: 31
Views: 1979

Re: ipad or tablet for hospital?

If they aren't the sort who don't know how to get along w/o their phone/tablet, I would just skip the idea. I spent a month in the hospital once and felt no need for an electronic device. Once I got to the point where I could move around more, there was a place where I could use a computer, which I ...
by stlutz
Sun Aug 13, 2017 5:12 pm
Forum: Personal Finance (Not Investing)
Topic: Progress, thanks, and seeking advice on 2nd careers
Replies: 20
Views: 2302

Re: Progress, thanks, and seeking advice on 2nd careers

I hope this isn't a thread-jack, but for people who have made this type of change, did you: a) figure out what you wanted to do as your "second act" before quitting the old job b) Quit the old job and take some time off and figure out where you want to go from here? Do you recommend the course you t...
by stlutz
Sat Aug 12, 2017 8:49 pm
Forum: Personal Consumer Issues
Topic: E-delivery of transaction confirmations
Replies: 12
Views: 812

Re: E-delivery of transaction confirmations

Yeah, I always get paper confirmations on CD transactions from Fido as well.
by stlutz
Sat Aug 12, 2017 1:13 pm
Forum: Investing - Help with Personal Investments
Topic: Core position in Fidelity
Replies: 24
Views: 2077

Re: Core position in Fidelity

Is there a chance of ever losing money in these? Depends on your view of the likelihood of a government default. Yes, I vaguely recall that you might need to call them to switch to the bank deposit option. I actually went the opposite way--started with the bank deposits and switched to the money ma...
by stlutz
Sat Aug 12, 2017 12:26 pm
Forum: Investing - Theory, News & General
Topic: Is Fidelity advocating digital currency investments?
Replies: 5
Views: 765

Re: Is Fidelity advocating digital currency investments?

The extent of the "partnership" is that you can see your Coinbase holdings when you logon to your Fidelity account. You can't buy Bitcoin from your Fidelity account.

I'm sure the partnership will grow in the future, however.
by stlutz
Sat Aug 12, 2017 12:04 pm
Forum: Investing - Help with Personal Investments
Topic: Core position in Fidelity
Replies: 24
Views: 2077

Re: Core position in Fidelity

It's a feature, not a bug. SPAXX is a money-market fund that invests only in US government securities with an average maturity of about a month. It earns a small amount of interest (.63% right now). "Cash" at other brokerages simply pays 0. Fidelity also has an option of FDIC insured bank deposits a...
by stlutz
Fri Aug 11, 2017 6:58 pm
Forum: Investing - Theory, News & General
Topic: Real P/E of ETF's and Mutual Funds - are the published ones misleading
Replies: 26
Views: 1321

Re: Real P/E of ETF's and Mutual Funds - are the published ones misleading

Keep in mind that the S&P 500 index does not include companies that don't have positive earnings, companies that report negative earnings get cycled out of the index It includes a good number of companies with negative earnings, particularly in a recession. It is the case that they need to have pos...
by stlutz
Fri Aug 11, 2017 6:51 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Diversification Benefits of Time Series Momentum
Replies: 9
Views: 1020

Re: Larry Swedroe: Diversification Benefits of Time Series Momentum

Time series momentum isn't an asset class; it's a trading strategy. One does not "diversify" by engaging in a particular trading strategy. Practicing the strategy using a variety of underlying asset classes will be more diversified than practicing the strategy using only stocks and cash. Same goes w...
by stlutz
Fri Aug 11, 2017 6:45 pm
Forum: Investing - Help with Personal Investments
Topic: How to not obsess over investments?
Replies: 46
Views: 3577

Re: How to not obsess over investments?

What I do is spend more time posting on Bogleheads--allows me to worry about everyone else's portfolio and ignore my own.
by stlutz
Fri Aug 11, 2017 6:42 pm
Forum: Investing - Theory, News & General
Topic: Vanguard Government Bond Index Funds changing names and indices (dropping agency bonds)
Replies: 55
Views: 4700

Re: Vanguard Government Bond Index Funds changing names and indices (dropping agency bonds)

You get the ability to "ride the yield curve" which an index fund cannot do. And you can sometimes convert ordinary income into LTCG. A fund "rides the yield curve". The intermediate term version of the fund in question buys 10, 7 and 5 year notes and sells them when they reach 3 years of maturity....
by stlutz
Fri Aug 11, 2017 6:33 pm
Forum: Investing - Theory, News & General
Topic: Real P/E of ETF's and Mutual Funds - are the published ones misleading
Replies: 26
Views: 1321

Re: Real P/E of ETF's and Mutual Funds - are the published ones misleading

Any company can be split up into multiple companies ("spin-offs") or multiple companies can be aggregated into one ("mergers"). Suppose ABC Corp makes $5M. XYZ Corp loses $1B. If ABC buys XYZ, the combined earnings of the new company are $4M, not $5M. In a cap-weighted index, the PE should essential...
by stlutz
Wed Aug 09, 2017 9:43 pm
Forum: Investing - Theory, News & General
Topic: New Dividends Appreciation data series - backtesting
Replies: 103
Views: 6758

Re: New Dividends Appreciation data series - backtesting

Important note on the Vanguard Dividend Growth Fund (VDIGX): "Effective December 6, 2002, the fund changed its investment objective and concentration policy. Prior to making these modifications, the fund was called Vanguard Utilities Income Fund, reflecting its former policy of investing in income-p...
by stlutz
Wed Aug 09, 2017 7:39 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Beyond Efficient Markets
Replies: 13
Views: 1343

Re: Larry Swedroe: Beyond Efficient Markets

Gee--thanks for the link. Now I'm out 22 bucks as I had to buy the book. :wink: I always found Lo's original article about adaptive markets to be quite interesting/helpful. Glad he now has a whole book on the subject and I look forward to learning more about his approach. From what I know, I think o...
by stlutz
Wed Aug 09, 2017 7:12 pm
Forum: Personal Finance (Not Investing)
Topic: What's the deal with AMICA???
Replies: 21
Views: 1963

Re: What's the deal with AMICA???

I would re-quote on their website.
by stlutz
Tue Aug 08, 2017 11:08 pm
Forum: Investing - Theory, News & General
Topic: Vanguard Government Bond Index Funds changing names and indices (dropping agency bonds)
Replies: 55
Views: 4700

Re: Vanguard Government Bond Index Funds changing names and indices (dropping agency bonds)

I think the main benefit to investors is that it will make it easier for the funds to attract assets. A "government" bond fund doesn't usually come up in a search of Treasury bond funds, and we even have a had a lot of confusion on this board around the fact that these funds were almost entirely Tre...
by stlutz
Mon Aug 07, 2017 9:00 pm
Forum: Investing - Theory, News & General
Topic: Final word: Bonds in Tax-Deferred or Taxable?
Replies: 10
Views: 1032

Re: Final word: Bonds in Tax-Deferred or Taxable?

I don't know that the wiki has changed all that much aside from becoming more nuanced. https://www.bogleheads.org/wiki/Tax-efficient_fund_placement As someone has has moved more toward satisficing than optimizing, I opt for an "equal location" approach--I'm 60/40 in my 401K, my Roth IRA, and my taxa...
by stlutz
Mon Aug 07, 2017 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: Internal Job Transfer - No Change in Base Salary
Replies: 7
Views: 1099

Re: Internal Job Transfer - No Change in Base Salary

If you are at a megacorp then bonuses are handled in a structured way. Some roles have more incentive compensation. At my company, sales and technology departments have the highest degree of this; other roles have much less. And yes, managers tend of have more incentive-based compensation. If you do...
by stlutz
Mon Aug 07, 2017 8:40 pm
Forum: Investing - Theory, News & General
Topic: Factor crowding
Replies: 19
Views: 1444

Re: Factor crowding

Just doing some Googling. This article (http://www.marketwatch.com/story/smart-beta-etfs-on-track-for-record-year-of-inflows-2016-11-22) says that in the first 10 months of 2016, there were $45B in flows to smart-beta and $712.6B to passive ETFs. This article (http://www.thinkadvisor.com/2017/05/22/...
by stlutz
Mon Aug 07, 2017 8:28 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Active Falls Short With Bonds Too
Replies: 13
Views: 2108

Re: Larry Swedroe: Active Falls Short With Bonds Too

Unfortunately, Swedroe didn't say why actively-managed mutual funds underperform, which is fees. In reality, a lot more "active" choices have to be made in bond investing. And his recommendations have varied a lot depending upon the situation. For example, if one held 90% stocks, he sometime advocat...
by stlutz
Sun Aug 06, 2017 12:28 am
Forum: Investing - Help with Personal Investments
Topic: Vanguard annual fee
Replies: 12
Views: 1581

Re: Vanguard annual fee

I think the fee is because Vanguard is beginning to doubt the OP's commitment to Sparkle Motion.
by stlutz
Fri Aug 04, 2017 10:38 pm
Forum: Investing - Help with Personal Investments
Topic: Eaton Vance TABS 5-15 year CA Muni Ladder
Replies: 8
Views: 518

Re: Eaton Vance TABS 5-15 year CA Muni Ladder

The reason for using such a service/product for most people is that figuring out how to find and buy munis is too complicated but they become convinced that that something tailored to their specific needs is better than a lower-cost mutual fund or ETF. You are over that hurdle given that you've alre...
by stlutz
Fri Aug 04, 2017 9:48 pm
Forum: Investing - Theory, News & General
Topic: Are value stocks safer or more risky?
Replies: 49
Views: 3710

Re: Are value stocks safer or more risky?

I think referencing Buffet when talking "value stocks" isn't really helpful because picking value stocks isn't really what Buffett/Berkshire does. They are really more of a non-diversified hedge fund that is very much unlike the what a the managers of a value fund like VG Windsor II do. Wh...
by stlutz
Fri Aug 04, 2017 7:22 pm
Forum: Investing - Theory, News & General
Topic: The Only Thing Wrong with Active Management is the Fees - Bloomberg Article
Replies: 26
Views: 2893

Re: The Only Thing Wrong with Active Management is the Fees - Bloomberg Article

Now that I've had a chance to actually read the full article, it's really just a argument for factor investing. Or, as the writer puts it, "Stock picking is a worthy endeavor if done cheaply, and the picking is better left to the bots."
by stlutz
Wed Aug 02, 2017 11:38 pm
Forum: Investing - Help with Personal Investments
Topic: Questioning use and viability of Muni in taxable account
Replies: 15
Views: 1207

Re: Questioning use and viability of Muni in taxable account

FTABX (national muni, exp ratio .25, no AMT, duration less than SMTFX) SUB (AMT free national short muni, exp .25, no-fee trading) MUB (AMT free national intermediate muni, exp .25, no-fee trading) VTEB at .09% is a better option than any of these, IMO. Same index as MUB, just cheaper. If you make ...
by stlutz
Wed Aug 02, 2017 11:32 pm
Forum: Investing - Theory, News & General
Topic: Swedroe: Volatility As A Strategy
Replies: 56
Views: 4613

Re: Swedroe: Volatility As A Strategy

Is this approach really any different from simply writing naked puts?
by stlutz
Wed Aug 02, 2017 11:31 pm
Forum: Investing - Theory, News & General
Topic: Swedroe: Volatility As A Strategy
Replies: 56
Views: 4613

Re: Swedroe: Volatility As A Strategy

Yeah, but today I believe realized volatility will be much, much greater than expected (come the Minsky moment). I agree with Swedroe on most things, but not here. Just as he considers it rational to increase equity allocation/exposure to risk when expected returns are low (rather than go to cash),...
by stlutz
Wed Aug 02, 2017 10:00 pm
Forum: Personal Consumer Issues
Topic: Riding a bike in Bogota, Colombia?
Replies: 6
Views: 688

Re: Riding a bike in Bogota, Colombia?

Bicycling magazine recently had an article on cyclo-touring in Columbia:

http://www.bicycling.com/culture/colomb ... ooking-for
by stlutz
Tue Aug 01, 2017 10:12 pm
Forum: Investing - Theory, News & General
Topic: Are value stocks safer or more risky?
Replies: 49
Views: 3710

Re: Are value stocks safer or more risky?

The real answer is that it varies. Generally value and growth stocks have different types of risks. Growth stocks tend to have "price risk". That is, they are generally good companies with good growth prospects. Say, Tesla. But, a lot of good things are priced into that stock. So, they mos...
by stlutz
Tue Aug 01, 2017 9:27 pm
Forum: Investing - Theory, News & General
Topic: What is an "NF" or No Floor Moody rating?
Replies: 8
Views: 840

Re: What is an "NF" or No Floor Moody rating?

The one security that I noticed this on was Monmouth Realty Preferred C There seem to be some different symbols referring to the same thing, but the symbol I'm referring to is MNR-C QuantumOnline is where I saw this and I hadn't seen the page that has been referred to. If a company has a rating of ...
by stlutz
Mon Jul 31, 2017 9:44 pm
Forum: Investing - Theory, News & General
Topic: What is an "NF" or No Floor Moody rating?
Replies: 8
Views: 840

Re: What is an "NF" or No Floor Moody rating?

Do you have an example of a security with such a rating?
by stlutz
Mon Jul 31, 2017 9:38 pm
Forum: Investing - Help with Personal Investments
Topic: Munis at Fidelity: FTABX or VTEB?
Replies: 41
Views: 2885

Re: Fidelity taxable: FTABX or VTEB?

FTABX takes more duration risk and more credit risk than VTEB. Both are fine funds, just know that you are taking more risk with the former and are paying a somewhat higher ER (although .25% is surprisingly reasonable).
by stlutz
Mon Jul 31, 2017 6:27 pm
Forum: Investing - Theory, News & General
Topic: [Fidelity Beats Vanguard on Total Expenses for 14 Index Mutual Funds]
Replies: 63
Views: 4253

Re: How Fidelity’s War With Vanguard Means Big Savings for Investors

On what basis does everyone claim that these funds are loss leaders for Fidelity? They obviously aren't big profit centers, but that's different from losing tons of money. Fidelity doesn't publish their financials since they are private, but as a point of comparison, Schwab has a net profit margin o...
by stlutz
Mon Jul 31, 2017 12:29 am
Forum: Investing - Theory, News & General
Topic: Factor investing most effective in micro cap
Replies: 8
Views: 1026

Re: Factor investing most effective in micro cap

The total market fund ITOT has 3600 holdings. The bottom 2000 of those constitute 2% of the weight of the fund. Suppose I want to buy the "best" 25 percent of those microcaps. I have to buy and manage 500 individual securities. For someone who has a day job, that's not a reasonable expecta...
by stlutz
Sat Jul 29, 2017 5:20 pm
Forum: Investing - Theory, News & General
Topic: Vanguard Builds a Fleet of Active Funds to Dominate Overseas
Replies: 12
Views: 1747

Re: Vanguard Builds a Fleet of Active Funds to Dominate Overseas

Vanguard took criticism for poor factor loading and my suspicion is that this was a factor in switching indexes, though it is clear that cost was the primary motivation. My guess is that the CRSP indexes better capture the factors than whatever Vanguard was using before. I call this the Groucho Mar...
by stlutz
Sat Jul 29, 2017 1:34 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard - Brokerage & Mutual Fund Accounts
Replies: 9
Views: 746

Re: Vanguard - Brokerage & Mutual Fund Accounts

How complex is your account setup? People who have trust accounts, or multiple accounts registered differently which are linked to bank accounts which are further titled differently have reported a number of issues. I had a single individual account and the "upgrade" was a complete non-eve...
by stlutz
Sat Jul 29, 2017 1:31 pm
Forum: Investing - Help with Personal Investments
Topic: Can you overdose on 3-fund portfolios?
Replies: 8
Views: 940

Re: Can you overdose on 3-fund portfolios?

There are many possible reasons to deviate which we debate here a lot. How big your account is doesn't really apply. As your account grows, the global stock and US markets have the capacity to absorb your additional dollars. :moneybag
by stlutz
Sat Jul 29, 2017 9:28 am
Forum: Personal Finance (Not Investing)
Topic: Philosophy major and future law student
Replies: 93
Views: 4912

Re: Philosophy major and future law student

I have a history degree and work in a management position in the finance/technology field. Several thoughts: --When you're looking for your first job, some companies won't consider your resume. But that can happen for any number of other reasons as well (e.g. recruiting only at one university, for e...
by stlutz
Thu Jul 27, 2017 10:38 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Why Small Value Stocks Top VC Funds
Replies: 17
Views: 2439

Re: Larry Swedroe: Why Small Value Stocks Top VC Funds

Is Larry specifically talking about VBR (SCV ETF from Vanguard) in regards to the SCV value fund he uses for this analysis?


No. When Swedroe talks SCV he pretty much always mentions the Bridgeway fund BOSVX. VBR is not concentrated enough in the best stocks in his view.
by stlutz
Wed Jul 26, 2017 6:58 pm
Forum: Investing - Help with Personal Investments
Topic: How do you reinvest dividends in a mutual fund at E*Trade?
Replies: 13
Views: 887

Re: How do you reinvest dividends in a mutual fund at E*Trade?

Are you saying that E*Trade does not have any customer support channels that will respond to your question?

Not actually intending to be super snarky--but since we compare/contrast brokerage firms here quite a bit, that would be a good data point on E*Trade.
by stlutz
Wed Jul 26, 2017 6:52 pm
Forum: Investing - Help with Personal Investments
Topic: Bond allocation at Fidelity
Replies: 14
Views: 1200

Re: Bond allocation at Fidelity

LQD takes more duration risk than VCIT which takes a little more than VFICX. Obviously it depends on the dollar amounts involved as to whether the $5 commission is worth it. I wouldn't purchase VCIT every two weeks or anything like that. But if I was doing a big chunk of money to start out with, I l...
by stlutz
Wed Jul 26, 2017 6:46 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Why Small Value Stocks Top VC Funds
Replies: 17
Views: 2439

Re: Larry Swedroe: Why Small Value Stocks Top VC Funds

To an extent, I'm not sure why I should care. How am I going to invest in private equity from my 401K? I'm also not sure why it should a be a surprise that there is not some free lunch of big returns in PE. These results just seem to show that there is some good degree of market efficiency. Even tho...
by stlutz
Wed Jul 26, 2017 6:21 pm
Forum: Investing - Help with Personal Investments
Topic: Bond allocation at Fidelity
Replies: 14
Views: 1200

Re: Bond allocation at Fidelity

If you can and are willing to buy ETFs, why not use VCIT (Vanguard Intermediate Term Corporate Bond)? That would be more comparable to to VFICX than the other options that have been mentioned. Full disclosure: That's not what I would personally do as I don't like corporate bonds in general, so I'd s...
by stlutz
Tue Jul 25, 2017 8:56 pm
Forum: Investing - Theory, News & General
Topic: Settlement time "T+2" in September per Vanguard
Replies: 10
Views: 1174

Re: Settlement time "T+2" in September per Vanguard

In a way t+2 can be the worst of both worlds when buying. With T+3 you could start a transfer from your bank, make the purchase, and you know that the money will be there by the settlement day. T+2 can make this less certain depending on your bank.
by stlutz
Tue Jul 25, 2017 12:02 am
Forum: Investing - Theory, News & General
Topic: Wes Gray on MTUM and discrepancy with Momentum
Replies: 7
Views: 742

Re: Wes Gray on MTUM and discrepancy with Momentum

Suppose the market goes up 10% over a period of 6 months. You hold a portfolio of stocks with a beta of 2.0. Your portfolio was up 15% over that same 6 months. Did your portfolio exhibit high momentum? The standard academic response would be "yes"--your stocks beat the market by a signific...
by stlutz
Sun Jul 23, 2017 5:54 pm
Forum: Investing - Theory, News & General
Topic: Best way to convert to a brokerage account
Replies: 4
Views: 451

Re: Best way to convert to a brokerage account

It's very easy to do online. I had no problems.
by stlutz
Sun Jul 23, 2017 10:50 am
Forum: Investing - Help with Personal Investments
Topic: Should I change my cost basis on my vanguard funds?
Replies: 6
Views: 442

Re: Should I change my cost basis on my vanguard funds?

Yes, I would use SpecID for everything. The main thing that gives you is control over what takes you're paying when you sell. There may be times when using lower cost shares makes sense (for example you are in the 0% LTCG bracket for that year), and there are times when selling higher cost shares ma...
by stlutz
Sun Jul 23, 2017 10:36 am
Forum: Investing - Theory, News & General
Topic: VCIT Year to Date growth? Exactly how is it calculated
Replies: 12
Views: 538

Re: VCIT Year to Date growth? Exactly how is it calculated

The 3.49% includes reinvested dividends. To use a hypothetical, suppose a fund was priced at $10 on 12/31/2016 and you owned 100 shares, or $1000. On 3/31/2017, it was at $10.50 and it paid a $.25 dividend. That comes right out of the fund, so the price drops to $10.25. So, if you reinvest that you ...
by stlutz
Sun Jul 23, 2017 12:52 am
Forum: Investing - Theory, News & General
Topic: Vanguard upgraded my accounts - angry [Brokerage Services]
Replies: 146
Views: 15883

Re: Vanguard upgraded my accounts - angry [Brokerage Services]

...instead of waiting until Vanguard does it automatically.


They can't do it automatically. You can't just open brokerage accounts for people w/o their consent.