Search found 1797 matches

by triceratop
Fri Apr 28, 2017 3:57 pm
Forum: Personal Consumer Issues
Topic: The Wolf of Wall Street is on FX tonight - Worth watching???
Replies: 29
Views: 2288

Re: The Wolf of Wall Street is on FX tonight - Worth watching???

I would skip it and watch "Margin Call", as nisiprius suggests; it is an excellent film. But in reality what I am going to do is read Richard Posner's classic book on the topic. I think I'll learn more.
by triceratop
Fri Apr 28, 2017 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: Bank of America/Merrill Edge - Preferred Rewards
Replies: 304
Views: 48481

Re: Bank of America/Merrill Edge - Preferred Rewards

Reiterating https://www.bogleheads.org/forum/viewtopic.php?p=3172906#p3172906 Datapoints: We got Preferred status about two days after opening checking accounts, and it was about 1.5 months after opening/funding brokerage accounts. In other words, neither account needs to be open for 3 months. The ...
by triceratop
Fri Apr 28, 2017 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: Bank of America/Merrill Edge - Preferred Rewards
Replies: 304
Views: 48481

Re: Bank of America/Merrill Edge - Preferred Rewards

I had similar dates to you. My preferred rewards was activated about a week or two ago. When I went in to check on the two accounts, I found that BoA had charged me the $25 monthly account fee that is supposed to be waived if you hold more than $10k in the account or in a linked ME or Merrill Lynch ...
by triceratop
Fri Apr 28, 2017 1:57 am
Forum: Investing - Theory, News & General
Topic: I don't understand the case for EE bonds
Replies: 309
Views: 15259

Re: something odd regarding EE bonds

The ability to redeem EE bonds in years 20-30 should not be undervalued. This provides a flexible way to save money for college with the optionality of spending on other needs as well if that need does not present itself. EE bond interest is not taxable if applied for educational expenses. Of course...
by triceratop
Thu Apr 27, 2017 6:38 pm
Forum: Investing - Theory, News & General
Topic: "ETFs Are 'Weapons of Mass Destruction'"
Replies: 37
Views: 4048

Re: "ETFs Are 'Weapons of Mass Destruction'"

Good reason to buy the total stock market, rather than a subset. I don't follow that logic. Are you saying that it's a mistake to tilt a portfolio toward small, for instance? Many of us do this with indexes. Mistake? Maybe, maybe not. But you will lose a "smidgeon" of return to front runn...
by triceratop
Thu Apr 27, 2017 4:55 pm
Forum: Investing - Theory, News & General
Topic: Vanguard New Lower ER .04%
Replies: 56
Views: 5371

Re: Vanguard New Lower ER .04%

Vanguard, being owned by its customers, will always have a competitive advantage over other firms that will eventually need to make a profit. I wouldn't be surprised if Fidelity and Schwab reverse course once they roped in enough customers from these loss leaders. It's happened before. No, I do not...
by triceratop
Thu Apr 27, 2017 3:43 pm
Forum: Investing - Theory, News & General
Topic: Vanguard New Lower ER .04%
Replies: 56
Views: 5371

Re: Vanguard New Lower ER .04%

That is only 33% more expensive than similar funds from iShares and Schwab, though the minimums are also much lower for those investments. But Vanguard is really making progress and might be competitive someday! :twisted: :beer Vanguard is already competitive. There is a substantial risk that iShar...
by triceratop
Thu Apr 27, 2017 1:32 pm
Forum: Investing - Help with Personal Investments
Topic: ETF verses Mutual Funds.
Replies: 37
Views: 1773

Re: ETF verses Mutual Funds.

By the way, there is nothing stopping future market structures from moving towards NAV-based limit orders for ETFs, which seems to be what you're asking for, S17C. We may well end up there one day; it would be interesting to see if anything has developed more recently in this area. I know NextShares...
by triceratop
Wed Apr 26, 2017 6:38 pm
Forum: Investing - Help with Personal Investments
Topic: ETF verses Mutual Funds.
Replies: 37
Views: 1773

Re: ETF versus Mutual Funds.

Ok, I will concede that ETFs are a superior speculative vehicle. In light of that I would like to ask for sage advice on how I can reliably sell VXUS shares at premium relative to the MF NAV at close that day. I converted some MF shares to ETF to take advantage of some brokerage bonuses with an int...
by triceratop
Wed Apr 26, 2017 3:59 pm
Forum: Investing - Help with Personal Investments
Topic: ETF verses Mutual Funds.
Replies: 37
Views: 1773

Re: ETF versus Mutual Funds.

Ok, I will concede that ETFs are a superior speculative vehicle. In light of that I would like to ask for sage advice on how I can reliably sell VXUS shares at premium relative to the MF NAV at close that day. I converted some MF shares to ETF to take advantage of some brokerage bonuses with an int...
by triceratop
Wed Apr 26, 2017 10:40 am
Forum: Investing - Help with Personal Investments
Topic: Fidelity taxable account - which is better ITOT ETF vs FSTVX index fund
Replies: 24
Views: 1368

Re: Fidelity taxable account - which is better ITOT ETF vs FSTVX index fund

I was critiquing the idea that investing only $20k makes a difference in which fund is best. Of course it does not: math is math and percentages are percentages. (And what's more, if one is only making a limited number of investments then the disadvantages of ETFs are more limited.) You continue to...
by triceratop
Wed Apr 26, 2017 9:24 am
Forum: Investing - Help with Personal Investments
Topic: ETF verses Mutual Funds.
Replies: 37
Views: 1773

Re: ETF verses Mutual Funds.

Nisiprius' advice is very good. The only thing I would add is that in a taxable account there can be real differences that matter to your after-tax returns; see point (4) in the ETFs vs. Mutual funds link. Note that this does not apply to choosing between Vanguard mutual funds and ETFs.
by triceratop
Wed Apr 26, 2017 9:04 am
Forum: Investing - Help with Personal Investments
Topic: Fidelity taxable account - which is better ITOT ETF vs FSTVX index fund
Replies: 24
Views: 1368

Re: Fidelity taxable account - which is better ITOT ETF vs FSTVX index fund

I disbelieve that it is actually only $20k. The OP says they have maxed out their retirement accounts and will be contributing monthly to taxable. It reads to me as if they are investing $20k per year. That is a significant sum. Which fund is "better" is not subject to a value judgement. ...
by triceratop
Wed Apr 26, 2017 8:32 am
Forum: Investing - Help with Personal Investments
Topic: Fidelity taxable account - which is better ITOT ETF vs FSTVX index fund
Replies: 24
Views: 1368

Re: Fidelity taxable account - which is better ITOT ETF vs FSTVX index fund

First, the investment amount is irrelevant. The OP asked which was "better". As jhfenton points out the fact this is a taxable account makes the decision of "better" a no-brainer. Of course, one is not obligated to choose the best, but that does not change the facts. I have to d...
by triceratop
Wed Apr 26, 2017 12:29 am
Forum: Investing - Help with Personal Investments
Topic: Fidelity taxable account - which is better ITOT ETF vs FSTVX index fund
Replies: 24
Views: 1368

Re: Fidelity taxable account - which is better ITOT ETF vs FSTVX index fund

Really? A wash? As pointed out above, FSTVX distributed 60bp in capital gains. Even assuming that is all long-term gains (it is not) and assuming no state income tax (which often is not the case), that is still typically 0.09% of drag on portfolio returns. We see people here seriously considering s...
by triceratop
Tue Apr 25, 2017 11:27 pm
Forum: Investing - Help with Personal Investments
Topic: Fidelity taxable account - which is better ITOT ETF vs FSTVX index fund
Replies: 24
Views: 1368

Re: Fidelity taxable account - which is better ITOT ETF vs FSTVX index fund

I hold both: FSTVX and FTIPX in taxable with no issues. The tax benefits of 20k in an ETF vs mutual are a wash in my opinion for the low periodic capital gains you will receive once or twice a year. I opted for the ease of the mutual funds for automatic investments and reinvestments and have had no...
by triceratop
Tue Apr 25, 2017 11:01 pm
Forum: Investing - Help with Personal Investments
Topic: Fidelity taxable account - which is better ITOT ETF vs FSTVX index fund
Replies: 24
Views: 1368

Re: Fidelity taxable account - which is better ITOT ETF vs FSTVX index fund

One advantage of having ETFs is that you can move them from/to different brokerage houses, e.g. Vanguard to Merrill Edge. Sometimes you'll get an incentive reward for moving assets, still need to address the commission if using say VTI in a non Vanguard account. But not at Merrill Edge with signifi...
by triceratop
Mon Apr 24, 2017 1:37 pm
Forum: Investing - Theory, News & General
Topic: Schwab False Ad (4X Cheaper than VG)
Replies: 20
Views: 1687

Re: Schwab False Ad (4X Cheaper than VG)

Non-profit seems like a squishy term. Isn't it always possible to find (or generate) sufficient expenses to balance income? Just issue some bonuses to all the execs and presto, no profit. In any event, with $4 trillion AUM, and an average ER of 0.10%, I am sure someone is making some money. I don't...
by triceratop
Mon Apr 24, 2017 12:59 pm
Forum: Investing - Theory, News & General
Topic: Schwab False Ad (4X Cheaper than VG)
Replies: 20
Views: 1687

Re: Schwab False Ad (4X Cheaper than VG)

Non-profit seems like a squishy term. Isn't it always possible to find (or generate) sufficient expenses to balance income? Just issue some bonuses to all the execs and presto, no profit. In any event, with $4 trillion AUM, and an average ER of 0.10%, I am sure someone is making some money. I don't...
by triceratop
Mon Apr 24, 2017 12:03 pm
Forum: Investing - Theory, News & General
Topic: Morningstar rating: S&P 5-stars, but TSM 4-stars?
Replies: 10
Views: 1178

Re: Morningstar rating: S&P 5-stars, but TSM 4-stars?

I believe I read in a M* post (by Benz?) that the stars are entirely algorithmic and due to the shorter life span of VTSAX it is understandable (yet nonsensical!) why TSM would have a lower star rating. However the Gold/Silver/Bronze ratings are forward-looking. Anyway, why do you care what Mornings...
by triceratop
Mon Apr 24, 2017 11:43 am
Forum: Investing - Help with Personal Investments
Topic: A few questions about International... VXUS, VEA, VWO... low returns
Replies: 24
Views: 1568

Re: A few questions about International... VXUS, VEA, VWO... low returns

Emerging performs better over time One things to always watch out for is verb tenses. What you should say is that "emerging has performed better over time." I say that not to be pedantic, but to point out that variations in performance generally result from events that could not have been...
by triceratop
Mon Apr 24, 2017 11:17 am
Forum: Investing - Theory, News & General
Topic: Schwab False Ad (4X Cheaper than VG)
Replies: 20
Views: 1687

Re: Schwab False Ad (4X Cheaper than VG)

Just to add, too, that I doubt Schwab matters terribly much as "competition" to Vanguard. Why should it? Vanguard isn't operating for profit so competition has to be defined along some other axis. Like: lower fees. I don't get the point here. We usually rank companies by profit or revenue...
by triceratop
Mon Apr 24, 2017 9:37 am
Forum: Investing - Theory, News & General
Topic: Schwab False Ad (4X Cheaper than VG)
Replies: 20
Views: 1687

Re: Schwab False Ad (4X Cheaper than VG)

Regardless, I think it's good that Vanguard still has competition in this arena. Investors are the benefited party in this race to the bottom of ERs. I'm waiting for someone to come out with a fund or ETF with a 1 basis point ER. Vanguard can never win the race to the bottom ironically because they...
by triceratop
Sun Apr 23, 2017 7:45 pm
Forum: Local Chapters and Bogleheads Community
Topic: The next generation of Boglehead authors
Replies: 40
Views: 2804

Re: The next generation of Boglehead authors

Larry Swedroe isn't retiring, he just isn't posting on the forum anymore. You can find his writing at these places. http://www.etf.com/contributors/larry-swedroe https://www.advisorperspectives.com/search?author=Larry%20Swedroe http://blog.alphaarchitect.com/author/larryswedroe/ Oh, but his shelf l...
by triceratop
Sun Apr 23, 2017 7:40 pm
Forum: Investing - Theory, News & General
Topic: Larry Portfolio Equities: What % Each Market?
Replies: 50
Views: 3605

Re: Larry Portfolio Equities: What % Each Market?

Equities[/b]: US : IJS....... Devel+Emerg : DWUSX Bonds : DFXIX (tax-deferred)+DFMPX (taxable) What is the effective expense of using these funds to you, divided by asset base? That is, including not just expense ratio but advisor fees. What are your expectations of the relevant premia going forwar...
by triceratop
Sun Apr 23, 2017 7:26 pm
Forum: Investing - Theory, News & General
Topic: I don't understand the case for EE bonds
Replies: 309
Views: 15259

Re: I don't understand the case for EE bonds

It's a long thread already, so here's my two cents: 1. Optionality: I can redeem my EE bonds if interest rates go up. It's like owning a 3.5% 20-year Treasury with a free put option. 2. Tax deferral / reduction: I'm in the 33% bracket now, but expect to have some years in the 0-15% bracket during e...
by triceratop
Sun Apr 23, 2017 5:32 pm
Forum: Investing - Theory, News & General
Topic: Larry Portfolio Equities: What % Each Market?
Replies: 50
Views: 3605

Re: Larry Portfolio Equities: What % Each Market?

...please post the funds that you plan to use Equities : US : IJS....... Devel+Emerg : DWUSX Bonds : DFXIX (tax-deferred)+DFMPX (taxable) What is the effective expense of using these funds to you, divided by asset base? That is, including not just expense ratio but advisor fees. What are your expec...
by triceratop
Sun Apr 23, 2017 2:54 pm
Forum: Personal Consumer Issues
Topic: National Parks in Northern CA
Replies: 34
Views: 2144

Re: National Parks in Northern CA

From having driven (on several vacations) in California, they seem to not have as many guardrails as most states. I've done a fair amount of driving on the east coast in addition to California. I was always more terrified of the "protection" available on some of the bridges out east. Here...
by triceratop
Sun Apr 23, 2017 12:59 pm
Forum: Investing - Theory, News & General
Topic: Vanguard and the Department of Labor Fiduciary Rule Modifications
Replies: 7
Views: 1085

Re: Vanguard and the Department of Labor Fiduciary Rule Modifications

I fixed a misspelling of Uncle Pennybag's post, to avoid an unfortunate possible misreading.
by triceratop
Fri Apr 21, 2017 12:56 pm
Forum: Investing - Theory, News & General
Topic: Schwab Target Index Funds Investor Shares drop (.08%)
Replies: 21
Views: 1738

Re: Schwab Target Index Funds Investor Shares drop (.08%)

Excellent news! My teenager has his Roth IRA in their 2060 fund, both because of Schwab's low $100 initial investment to open and because even before this latest drop, their ER was the lowest. Schwab is positioning themselves very attractively for young people IMO. I agree, and with banking too. Ba...
by triceratop
Fri Apr 21, 2017 12:28 pm
Forum: Investing - Theory, News & General
Topic: Schwab Target Index Funds Investor Shares drop (.08%)
Replies: 21
Views: 1738

Re: Schwab Target Index Funds Investor Shares drop (.08%)

I don't see a reason to go to Vanguard for these funds. Schwab is cheaper, has better customer service, and they'll pay you a bonus if you have significant assets already. Buying from Vanguard is like buying a Ford because they were the first to bring the cost down on cars. I prefer to have 100% of...
by triceratop
Thu Apr 20, 2017 4:18 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe says "Goodbye."
Replies: 336
Views: 34967

Re: Larry Swedroe says "Goodby."

I removed an off-topic post. Please remain on-topic to Larry's departure and avoid personal attacks on other members.

Refer to the forum policies.
by triceratop
Wed Apr 19, 2017 10:56 pm
Forum: Investing - Theory, News & General
Topic: Questions for Bridgeway Capital research team
Replies: 12
Views: 995

Re: Questions for Bridgeway Capital research team

I've got most of my questions written up; adding a question about the indices which the Schwab Fundamental ETFs use.

Any unanswered questions people had from reading Larry's recent book?
by triceratop
Wed Apr 19, 2017 10:19 pm
Forum: Investing - Theory, News & General
Topic: Questions for Bridgeway Capital research team
Replies: 12
Views: 995

Re: Questions for Bridgeway Capital research team

Theoretical, great questions; i'll ask it more generally concerning the difficulties in trading a momentum factor strategy and specifically how one does the attribution analysis say on a fund like BRSMX (btw: portfoliocharts shows only 2.24% negative alpha) Just one. When are you going to open up a ...
by triceratop
Wed Apr 19, 2017 9:38 pm
Forum: Personal Consumer Issues
Topic: Fidelity card 2% but NOT as statement credit
Replies: 27
Views: 2550

Re: Fidelity card 2% but NOT as statement credit

Careful not to apply the Citi DC as a statement credit or you won't get 2% either; the reason being is that you get 2% = 1% for purchases + 1% for payments, but applying the statement credit reduces the needed payment on the purchases. So your effective cashback ratio is less than 2%. It's 1.99%. N...
by triceratop
Wed Apr 19, 2017 9:30 pm
Forum: Investing - Theory, News & General
Topic: A test for when risk factors have positive expected returns
Replies: 41
Views: 2513

Re: A test for when risk factors have positive expected returns

Sorry, my joke about orthogonality was in the non-mathematical sense where maximizing explanation of variance is unrelated to finding risk factors with positive expected return. In other words PCA isn't really optimizing for the right quantity. That probably wasn't very clear from my poor attempt at...
by triceratop
Wed Apr 19, 2017 8:07 pm
Forum: Investing - Theory, News & General
Topic: A test for when risk factors have positive expected returns
Replies: 41
Views: 2513

Re: A test for when risk factors have positive expected returns

Completely agree. I'm a quant in a hedge fund for what it's worth. Fama/French 3 factor is used in the industry as a risk model, *not* as having positive expected returns. It is very possible to have risk factors without any positive expected value. As you mention, market risk is one with a clearly...
by triceratop
Wed Apr 19, 2017 7:26 pm
Forum: Investing - Theory, News & General
Topic: Questions for Bridgeway Capital research team
Replies: 12
Views: 995

Re: Questions for Bridgeway Capital research team

whodidntante wrote:Just one. When are you going to open up a backdoor so Bogleheads can buy your funds?


Heh, as much as I want to ask a question like that, perhaps with a lock-up period to ensure the integrity of the fund's strategy, this is the research team not marketing.
by triceratop
Wed Apr 19, 2017 6:17 pm
Forum: Personal Finance (Not Investing)
Topic: On the 0.00218% Securities Transaction Fee
Replies: 7
Views: 1126

Re: On the 0.00218% Securities Transaction Fee

I couldn't care less about the fee itself, but I'm just dying to know how they came up with the number "0.00218%." Ask and ye shall receive... The Commission will calculate the amount of Section 31 fees due from a covered SRO by multiplying the aggregate dollar amount of its covered sales...
by triceratop
Wed Apr 19, 2017 4:02 pm
Forum: Personal Consumer Issues
Topic: Fidelity card 2% but NOT as statement credit
Replies: 27
Views: 2550

Re: Fidelity card 2% but NOT as statement credit

For those like me who have both Fidelity and Citi double cash and think of both as their 2% cards, I learned something interesting today. I had decided that instead of putting the money into my son's 529, that I would instead take advantage of the statement credit. Going through the process, indeed...
by triceratop
Wed Apr 19, 2017 3:42 pm
Forum: Investing - Theory, News & General
Topic: Ally Bank Just Raised 5yr CD to 2.25%
Replies: 28
Views: 3830

Re: Ally Bank Just Raised 5yr CD to 2.25%

It's hard for me to get excited about maybe keeping pace with inflation. This CD rate is above the current inflation rate as well as the Fed target rate of 2%. That is with little interest rate risk and no principal risk. I'd be excited if I had any significant amount of fixed income in my portfoli...
by triceratop
Wed Apr 19, 2017 3:35 pm
Forum: Investing - Theory, News & General
Topic: Ally Bank Just Raised 5yr CD to 2.25%
Replies: 28
Views: 3830

Re: Ally Bank Just Raised 5yr CD to 2.25%

It's hard for me to get excited about maybe keeping pace with inflation. This CD rate is above the current inflation rate as well as the Fed target rate of 2%. That is with little interest rate risk and no principal risk. I'd be excited if I had any significant amount of fixed income in my portfolio.
by triceratop
Wed Apr 19, 2017 3:31 pm
Forum: Investing - Theory, News & General
Topic: Selling Mutual Fund shares - watch ETF prices at 3:45pm?
Replies: 19
Views: 1991

Re: Selling Mutual Fund shares - watch ETF prices at 3:45pm?

^^ Yes, it can be done but instances are rare and livesoft has caught a number of them. Anyway you shouldn't be doing too much trading, only at the margins. I look only for such opportunities when contributing new monies or for tax loss harvest opportunities. There was an occasion more recently, on ...
by triceratop
Wed Apr 19, 2017 12:56 pm
Forum: Investing - Theory, News & General
Topic: Is it necessary to diversify across Factors?
Replies: 123
Views: 6609

Re: Is it necessary to diversify across Factors?

PS: Your international in taxable might be just fine depending on your tax bracket. I used that tax efficiency spreadsheet that is floating around here to make my decision. Cool, I didn't know about that! If I used it correctly just now, EFV and VWO are fine, and VSS was basically a wash with VBR, ...
by triceratop
Wed Apr 19, 2017 12:19 pm
Forum: Investing - Theory, News & General
Topic: Questions for Bridgeway Capital research team
Replies: 12
Views: 995

Questions for Bridgeway Capital research team

Hi all, I have the chance to sit down with a senior member of the research team (being vague here to protect my identity, but if it is research-related then trust me that they should know the answer) from Bridgeway Capital. For factor nuts: this is the one that runs Larry's favored BOSVX SCV fund, a...
by triceratop
Wed Apr 19, 2017 2:16 am
Forum: Investing - Theory, News & General
Topic: Is it necessary to diversify across Factors?
Replies: 123
Views: 6609

Re: Is it necessary to diversify across Factors?

Yes, I'd want to know where the "typical 401k" stated as a fact comes from. As one data point, my midsize company 401k includes these the following : NORTHERN SM CAP VAL (NOSGX) I don't do factor investing, but I could with that. That's a great example, that makes my point well. It's an e...
by triceratop
Wed Apr 19, 2017 2:11 am
Forum: Personal Finance (Not Investing)
Topic: Did anything surprise you in your 2016 taxes?
Replies: 82
Views: 6499

Re: Did anything surprise you in your 2016 taxes?

My son fired me as his tax preparer :mrgreen: I did his taxes by hand, not difficult, then I do them with my son so he learns. The nice surprise was that since he earns only $30,000 a year but maxes his 401k and his HSA, his earned income is low, his taxable income was zero and taxes owed were zero...
by triceratop
Wed Apr 19, 2017 2:09 am
Forum: Investing - Theory, News & General
Topic: Selling Mutual Fund shares - watch ETF prices at 3:45pm?
Replies: 19
Views: 1991

Re: Selling Mutual Fund shares - watch ETF prices at 3:45pm?

You are describing market timing. What will you be selling the mutual fund shares to buy? If the same asset class, then it doesn't matter all that much when you switch as the correlation will be close to 1. If not, then you're discussing market timing in setting an allocation. The only exception to ...
by triceratop
Wed Apr 19, 2017 2:03 am
Forum: Investing - Theory, News & General
Topic: Is it necessary to diversify across Factors?
Replies: 123
Views: 6609

Re: Is it necessary to diversify across Factors?

Yes, I'd want to know where the "typical 401k" stated as a fact comes from. As one data point, my midsize company 401k includes these the following : NORTHERN SM CAP VAL (NOSGX) I don't do factor investing, but I could with that. That's a great example, that makes my point well. It's an e...

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