Search found 4181 matches

by triceratop
Sun May 27, 2018 1:12 pm
Forum: Investing - Theory, News & General
Topic: 2017 Relative Tax Efficiency
Replies: 53
Views: 7662

Re: 2017 Relative Tax Efficiency

Suggestion: Add a row for "After Foreign Tax Credit" after row 17 that is "US taxes" minus "Foreign Tax Paid". That would give you a comparison of which funds to put in your tax-deferred accounts versus taxable. This is a fantastic idea. One might even title it "Tax Efficiency", as a percentage of ...
by triceratop
Fri May 25, 2018 10:52 am
Forum: Investing - Theory, News & General
Topic: YTD: VBTLX down 2.28%; VBILX down 2.99%; VTSAX down 0.23%
Replies: 100
Views: 8965

Re: YTD: VBTLX down 2.28%; VBILX down 2.99%; VTSAX down 0.23%

livesoft wrote:
Fri May 25, 2018 10:21 am
Did anybody notice that bond ETFs are up about 0.75% in the past week? Since when do bond funds go up that much in a week? :twisted:
Can I get back to you after 6pm eastern?
by triceratop
Thu May 24, 2018 5:18 pm
Forum: Investing - Theory, News & General
Topic: Fact, Fiction, and the Size Effect
Replies: 78
Views: 5175

Re: Fact, Fiction, and the Size Effect

That the magnitude of effect of the value factor is dependent on size would be an example of a violation of independence between the variables. Although any given asset may load on both size and value factors, the factors themselves are independent. I don't believe they are. I'm confused about this...
by triceratop
Thu May 24, 2018 3:37 pm
Forum: Investing - Theory, News & General
Topic: Fact, Fiction, and the Size Effect
Replies: 78
Views: 5175

Re: Fact, Fiction, and the Size Effect

If controlling for quality addresses the issue, it still means that the 3-factor model is wrong. As I pointed out above the 3-factor model attempts to explain ex-post returns better than CAPM. Please explain how it is "wrong". How much of the data does beta explain? Note that this has nothing to do...
by triceratop
Thu May 24, 2018 2:21 pm
Forum: Investing - Theory, News & General
Topic: Fact, Fiction, and the Size Effect
Replies: 78
Views: 5175

Re: Fact, Fiction, and the Size Effect

The theory of factor models is that equity returns may be accurately modeled as a linear combination of independent factors (that is, as a linear model). We have clear evidence that size and value are not independent. The cited work shows/claims that size and quality are not independent. Draw your ...
by triceratop
Thu May 24, 2018 1:46 pm
Forum: Investing - Theory, News & General
Topic: Help me understand zero coupon bonds
Replies: 11
Views: 756

Re: Help me understand zero coupon bonds

Treasuries of initial maturity of 52 weeks or less are called Bills, and there is indeed discussion on bogleheads. Furthermore, they are always zero coupon, as the T-bills are sold at a discount to face (redemption) value. Here is a thread on the front page: https://www.bogleheads.org/forum/viewtopi...
by triceratop
Thu May 24, 2018 11:23 am
Forum: Investing - Theory, News & General
Topic: US T bills - first time user
Replies: 90
Views: 5882

Re: US T bills - first time user

gweezer wrote:
Thu May 24, 2018 11:08 am
What wouldn't you just pick the first bond in the list, the one with the highest YTM?
They might not have $200,000 in cash lying around in their settlement account.
by triceratop
Wed May 23, 2018 9:42 pm
Forum: Investing - Theory, News & General
Topic: Morningstar's new posting rules
Replies: 16
Views: 1116

Re: Morningstar's new posting rules

All engines stop. In the way I read Mister Taylor's post is that you have to log in each time you try to reply to a post, even if you were already logged in. If that's the case then adios M* (note, my last post at M* was number 14,000 early last year, I no longer go to the forums). Gracias por leer...
by triceratop
Wed May 23, 2018 3:24 pm
Forum: Investing - Theory, News & General
Topic: US T bills - first time user
Replies: 90
Views: 5882

Re: US T bills - first time user

The quotes you see are ranked by YTM/YTW, then displayed by quantity. That means that the available bid/ask quotes at your desired quantity are not as favorable.
by triceratop
Wed May 23, 2018 2:55 pm
Forum: Investing - Help with Personal Investments
Topic: Help with international using MSCI Indexes.
Replies: 14
Views: 869

Re: Help with international using MSCI Indexes.

The ishares ETF IEMG would provide emerging markets exposure complementary to the MSCI EAFE developed markets index. The EAFE index excludes Canada as well, so you will still be missing exposure to that country. You could get that with the ETF EWC, but it would be a small enough part of your overal...
by triceratop
Wed May 23, 2018 12:29 pm
Forum: Personal Finance (Not Investing)
Topic: IRS working on SALT deduction with more to come
Replies: 2
Views: 944

Re: IRS working on SALT deduction with more to come

This is an IRS announcement that they intend to propose regulations. From the linked PDF: This notice informs taxpayers that the Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) intend to propose regulations addressing the federal income tax treatment of certa...
by triceratop
Wed May 23, 2018 11:55 am
Forum: Investing - Help with Personal Investments
Topic: Indexing [investor in Emerging Market country]
Replies: 7
Views: 648

Re: Indexing [investor in Emerging Market country]

Hi CarpeDiem22,
I retitled your thread to more clearly indicate that you are an investor who lives in an EM-designated country rather than the question of investing into EM-designated markets.

Welcome!
by triceratop
Wed May 23, 2018 10:07 am
Forum: Investing - Theory, News & General
Topic: US T bills - first time user
Replies: 90
Views: 5882

Re: US T bills - first time user

This might merit its own post, but I have some of the same questions about T Bills. However, I wonder about using Merrill Edge. I have seen recommendations in the past for Fidelity for this, but have incentive to keep transactions at Merrill Edge for Preferred Rewards. Any pros/cons to using Merril...
by triceratop
Tue May 22, 2018 9:42 pm
Forum: Investing - Theory, News & General
Topic: US T bills - first time user
Replies: 90
Views: 5882

Re: US T bills - first time user

I thought that all buyers (competitive and non) pay the same price at treasury auctions; the lowest price that clears the offer. I pay TDAmeritrade the same price for new issue tbills as reported on the treasury website to 4 decimals. Maybe they rake a penny here and there, like they did on "Office...
by triceratop
Tue May 22, 2018 4:05 pm
Forum: Investing - Theory, News & General
Topic: US T bills - first time user
Replies: 90
Views: 5882

Re: US T bills - first time user

bberris wrote:
Tue May 22, 2018 4:02 pm
Buy new issues if you can to avoid the spread. Some brokers charge some customers a fee, so check first. Or you can use treasury direct.
OP uses Schwab (I recognize the screengrab) which has no commissions and no markups on T-bills.
by triceratop
Mon May 21, 2018 11:09 pm
Forum: Personal Consumer Issues
Topic: Road trip Newark NJ to Albany
Replies: 76
Views: 3351

Re: Road trip Newark NJ to Albany

There's a pretty interesting town a few miles east of Newark and easily accessible by train. I forget its name. But if I remember correctly they have a baseball team, and I think Frank Sinatra and Billy Joel wrote songs about it. It's kind of like Albany but bigger. If you are flying from Californi...
by triceratop
Mon May 21, 2018 12:24 pm
Forum: Investing - Theory, News & General
Topic: Vanguard Announces Plans To Launch Total World Bond ETF
Replies: 30
Views: 3095

Re: Vanguard Announces Plans To Launch Total World Bond ETF

Lots of threads about international bonds being overrated. I think a small allocation is okay but this fund (probably), Target Date, and Lifestrategy hold too much IMO. A lot of those people make the point that it's added complexity to need to rebalance between domestic and international bonds and ...
by triceratop
Sun May 20, 2018 5:40 pm
Forum: Investing - Theory, News & General
Topic: Buffett says Bonds are a terrible investment now. What should we invest in besides stocks?
Replies: 81
Views: 10936

Re: Buffett says Bonds are a terrible investment now. What should we invest in besides stocks?

US Stocks right now have a forward earnings yield of around 6%. Add in around 2% in earnings growth (tagged to real GDP growth) and that is almost an 8% real return. That's not really that bad. I am afraid you are confusing earning yield and dividend yield. Expected (real) returns for the US stock ...
by triceratop
Sun May 20, 2018 5:22 pm
Forum: Investing - Theory, News & General
Topic: China and EM
Replies: 20
Views: 1969

Re: China and EM

It seems inevitable that FTSE will eventually transition China to a developed market status. That would certainly have an interesting effect on an emerging markets fund like VWO. It seems ripe for a bloodbath, if you’re asleep at the switch and don’t sell off ahead of time. Why specifically would t...
by triceratop
Sun May 20, 2018 4:22 pm
Forum: Investing - Theory, News & General
Topic: Buffett says Bonds are a terrible investment now. What should we invest in besides stocks?
Replies: 81
Views: 10936

Re: Buffett says Bonds are a terrible investment now. What should we invest in besides stocks?

US Stocks right now have a forward earnings yield of around 6%. Add in around 2% in earnings growth (tagged to real GDP growth) and that is almost an 8% real return. That's not really that bad. I am afraid you are confusing earning yield and dividend yield. Expected (real) returns for the US stock ...
by triceratop
Sun May 20, 2018 12:25 am
Forum: Investing - Theory, News & General
Topic: Bogle featured in Barrons cover story
Replies: 38
Views: 3405

Re: Bogle featured in Barrons cover story

In any case, the problem is the behavior, not the vehicle in my humble opinion. triceratop: Mr. Bogle feels the same. He has said that ETFs held long-term are perfectly acceptable. Best wishes. Taylor Taylor, that may well be, but it is distinctly not the impression one gets from reading that artic...
by triceratop
Sat May 19, 2018 7:46 pm
Forum: Investing - Theory, News & General
Topic: Bogle featured in Barrons cover story
Replies: 38
Views: 3405

Re: Bogle featured in Barrons cover story

Bogle's criticisms of ETFs as an investment vehicle continue to make no sense to me. They seem to be full of lazy assumptions and never have any recognition that plenty of investors use them for long-term investing. Reading his comments in Barron's would make one think ETFs will cause someone to fre...
by triceratop
Sat May 19, 2018 6:57 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: No Need For Corp Bonds?
Replies: 38
Views: 3699

Re: Larry Swedroe: No Need For Corp Bonds?

Can someone point me to a time when owning a broad based corporate bond fund led to losing a tangible percentage of money and that this was *specifically* due to companies defaulting on the bond payments? Isn't that a really hard thing to do, simply because of how the funds are set up? Aren't many ...
by triceratop
Fri May 18, 2018 1:24 pm
Forum: Investing - Help with Personal Investments
Topic: Taking advantage of 0% tax rate on capital gains
Replies: 18
Views: 1904

Re: Taking advantage of 0% tax rate on capital gains

Basically you sell, the money hits your checking account in two business days, then you set up a one-time automatic transaction for the next day. You'll miss out on two or three days max of market activity. Don't purchase a similar fund or sit on the sidelines for a month. Now that I think about it...
by triceratop
Fri May 18, 2018 12:03 pm
Forum: Personal Consumer Issues
Topic: Road trip Newark NJ to Albany
Replies: 76
Views: 3351

Re: Road trip Newark NJ to Albany

It can be very grand and unforgettable around Newark airport. Everyone should see it once to experience it. It really is one of the 7+ wonders of the world. It's actually quite thrilling and breathtaking. Don't miss it if you have never seen it. So many lanes and signs and an amazing landscape of m...
by triceratop
Fri May 18, 2018 10:28 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: No Need For Corp Bonds?
Replies: 38
Views: 3699

Re: Larry Swedroe: No Need For Corp Bonds?

I can't deal with half the world saying that the Bloomberg Barclay's Aggregate Index is too heavily weighted in government issues and that everyone should have more corporates than that, half the world say that everyone should be 100% Treasuries, and the third half saying that everyone should hold ...
by triceratop
Fri May 18, 2018 9:59 am
Forum: Investing - Theory, News & General
Topic: Rob Arnott:index Investors Buy High, Sell Low
Replies: 51
Views: 4909

Re: Rob Arnott:index Investors Buy High, Sell Low

Don't listen to the arguments. Look at the data. If Rob is right, and this buy-high sell-low phenomenon in the markets is so easy to avoid, where is the outperformance by active managers? Right. And, don't confuse claimed effect with impact of claimed effect; like, this one: We tested index data fr...
by triceratop
Thu May 17, 2018 7:20 pm
Forum: Investing - Help with Personal Investments
Topic: Taking advantage of 0% tax rate on capital gains
Replies: 18
Views: 1904

Re: Taking advantage of 0% tax rate on capital gains

kenyan wrote:
Thu May 17, 2018 7:18 pm
As far as state tax, I've noticed that an incredible number (>90%) of active-duty military seem to hail from states with no state taxes, regardless of where they are currently stationed. :D
Incredible! :wink:
by triceratop
Thu May 17, 2018 7:08 pm
Forum: Investing - Help with Personal Investments
Topic: Taking advantage of 0% tax rate on capital gains
Replies: 18
Views: 1904

Re: Taking advantage of 0% tax rate on capital gains

Don't forget about state tax. Is it 0%? (It may still be smart to do this trade, I'm just pointing it out in case you haven't considered it) The question is effectively how you can replicate VTSAX with other mutual funds. While tax gain harvesting is not the specific purpose of the wiki page, it is ...
by triceratop
Wed May 16, 2018 9:39 pm
Forum: Investing - Help with Personal Investments
Topic: VFITX For Entire Bond Allocation [Vanguard Intermediate Term Treasury]
Replies: 11
Views: 1239

Re: VFITX For Entire Bond Allocation [Vanguard Intermediate Term Treasury]

Do you have a particular reason for listing the active treasury fund, or are you simply interested in targeting intermediate-term risks? I ask because Vanguard also runs an indexed product, the Vanguard Intermediate-Term Treasury Index Fund Admiral Shares (VSIGX) . Since it is an index fund the mini...
by triceratop
Wed May 16, 2018 4:56 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Value Premium Lives!
Replies: 39
Views: 2851

Re: Larry Swedroe: Value Premium Lives!

Mr. Swedroe's Conclusion: "My conclusion is that the most recent 10 years of performance is likely just another of those occasionally occurring but fairly long periods in which the value premium is negative." It is difficult (and expensive) to try to "beat the market." Best wishes. Taylor Meanwhile...
by triceratop
Wed May 16, 2018 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Can a <median household save 1 year of expenses every year?
Replies: 158
Views: 7583

Re: On the topic of Saving vs Savings

Bogleheads: We seem to be getting tripped up on a semantic point: not all saving results in an increase in savings . In fact they even have different units, as expected befitting their different parts of speech. Savings is a stock, an accumulated surplus of wealth. Saving is a rate, a flow, of exce...
by triceratop
Wed May 16, 2018 2:59 pm
Forum: Personal Finance (Not Investing)
Topic: Can a <median household save 1 year of expenses every year?
Replies: 158
Views: 7583

Re: On the topic of Saving vs Savings

So somebody with $95,000 of student loans and $90,000 home equity is not saving by paying off the loans, but someone with $95,000 of student loans and $100,000 home equity is? 1) You can't save if you have a negative net worth. All you can do is dig yourself out of a hole. 2) You can only say you'r...
by triceratop
Wed May 16, 2018 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Can a <median household save 1 year of expenses every year?
Replies: 158
Views: 7583

Re: On the topic of Saving vs Savings

So somebody with $95,000 of student loans and $90,000 home equity is not saving by paying off the loans, but someone with $95,000 of student loans and $100,000 home equity is? 1) You can't save if you have a negative net worth. All you can do is dig yourself out of a hole. 2) You can only say you'r...
by triceratop
Wed May 16, 2018 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: Can a <median household save 1 year of expenses every year?
Replies: 158
Views: 7583

Re: On the topic of Saving vs Savings

Bogleheads: We seem to be getting tripped up on a semantic point: not all saving results in an increase in savings . In fact they even have different units, as expected befitting their different parts of speech. Savings is a stock, an accumulated surplus of wealth. Saving is a rate, a flow, of exce...
by triceratop
Wed May 16, 2018 1:27 pm
Forum: Personal Finance (Not Investing)
Topic: Can a <median household save 1 year of expenses every year?
Replies: 158
Views: 7583

Re: Can a <median household save 1 year of expenses every year?

chevca wrote:
Wed May 16, 2018 1:25 pm
So, someone that cash flowed college or paid cash for a house saved that amount then?
Someone who cash flowed college spent money on college.

Someone who paid cash for a house may have saved the money in the past, but the act of purchasing a house is not saving.
by triceratop
Wed May 16, 2018 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: Can a <median household save 1 year of expenses every year?
Replies: 158
Views: 7583

On the topic of Saving vs Savings

Bogleheads: We seem to be getting tripped up on a semantic point: not all saving results in an increase in savings . In fact they even have different units, as expected befitting their different parts of speech. Savings is a stock, an accumulated surplus of wealth. Saving is a rate, a flow, of exces...
by triceratop
Tue May 15, 2018 8:10 pm
Forum: Personal Finance (Not Investing)
Topic: Can a <median household save 1 year of expenses every year?
Replies: 158
Views: 7583

Re: Can a <median household save 1 year of expenses every year?

My wife and I qualified very near to this for first 2 years out of college. She made 60k and I was in school. 6% to 401k and nearly 40% to student loans before taxes. We were well above 50% of after tax. Edit: didn't live with family (not that there's anything wrong with that but it would've made i...
by triceratop
Tue May 15, 2018 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: Can a <median household save 1 year of expenses every year?
Replies: 158
Views: 7583

Re: Can a <median household save 1 year of expenses every year?

wrongfunds wrote:
Tue May 15, 2018 2:43 pm
As long as moderators are participating, the hammer does not come down.
There is an implicit actionable question of "how" it possible to achieve such a result that the OP asked about.
by triceratop
Tue May 15, 2018 2:23 pm
Forum: Personal Finance (Not Investing)
Topic: Can a <median household save 1 year of expenses every year?
Replies: 158
Views: 7583

Re: Can a <median household save 1 year of expenses every year?

Pretty sure the OP asked only about households. I may have missed where they asked about single people and their savings rates no matter what the living situation though? :happy If you want to get really technical about it, the OP didn't state that they were interested in the combined household inc...
by triceratop
Tue May 15, 2018 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: Can a <median household save 1 year of expenses every year?
Replies: 158
Views: 7583

Re: Can a <median household save 1 year of expenses every year?

And, the survey methodologies are not consistent with your definition. Hmm, that's funny. :wink: Got me. I'm definitely smiling. :) I do wonder how people with roommates actually respond to such census questions given the counterintuitive definition for households with independent adults sharing a ...
by triceratop
Tue May 15, 2018 2:14 pm
Forum: Investing - Help with Personal Investments
Topic: VBK [Vanguard Small Cap Growth]
Replies: 8
Views: 417

Re: VBK [Vanguard Small Cap Growth]

I edited the topic title to be a little more descriptive.

Meaty, it is often considered helpful to not speak in ticker language, but to describe the actual fund you are considering with its full, more descriptive name.
by triceratop
Tue May 15, 2018 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: Can a <median household save 1 year of expenses every year?
Replies: 158
Views: 7583

Re: Can a <median household save 1 year of expenses every year?

I quoted the IRS for defining a single person. I don't disagree with the census definition, it's a fine definition for a household. I do find your reasoning for dismissing a valid way to meet the OP's question to be utterly bizarre. Since our finances are separate it's inappropriate to combined our ...
by triceratop
Tue May 15, 2018 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: Can a <median household save 1 year of expenses every year?
Replies: 158
Views: 7583

Re: Can a <median household save 1 year of expenses every year?

Maybe you would care to share a link or at least the definitions you speak of? And, combined are you under or over the median income level? The IRS considers someone single if one is considered unmarried and does not qualify for any other status. Yes combined we are over the median income level for...
by triceratop
Tue May 15, 2018 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Can a <median household save 1 year of expenses every year?
Replies: 158
Views: 7583

Re: Can a <median household save 1 year of expenses every year?

People whose stories about how they can/do save 1 year of expenses every year don't count for this thread: 1) Those who can , but don't, but list how they could. 2) Those who live with a roommate. 3) Those without a partner and those without kids 4) Those with few bills/responsibilities I am sure t...
by triceratop
Tue May 15, 2018 1:09 pm
Forum: Investing - Theory, News & General
Topic: YTD: VBTLX down 2.28%; VBILX down 2.99%; VTSAX down 0.23%
Replies: 100
Views: 8965

Re: YTD: VBTLX down 2.28%; VBILX down 2.99%; VTSAX down 0.23%

Are you selling swaps in the event stocks underperform bonds over arbitrary 10-year periods? Bonds are there useful because stocks can and have previously gone through extremely brutal sustained drawdowns. I may be wrong but I don't believe VTSAX has undergone any 10 year segments where the price w...
by triceratop
Tue May 15, 2018 11:54 am
Forum: Investing - Theory, News & General
Topic: YTD: VBTLX down 2.28%; VBILX down 2.99%; VTSAX down 0.23%
Replies: 100
Views: 8965

Re: YTD: VBTLX down 2.28%; VBILX down 2.99%; VTSAX down 0.23%

Are you selling swaps in the event stocks underperform bonds over arbitrary 10-year periods? Bonds are there useful because stocks can and have previously gone through extremely brutal sustained drawdowns. Not every market crash is guaranteed to be like the 2008 crisis. There are even 10-year period...
by triceratop
Tue May 15, 2018 10:48 am
Forum: Personal Finance (Not Investing)
Topic: Can a <median household save 1 year of expenses every year?
Replies: 158
Views: 7583

Re: Can a <median household save 1 year of expenses every year?

People whose stories about how they can/do save 1 year of expenses every year don't count for this thread: 1) Those who can , but don't, but list how they could. 2) Those who live with a roommate. 3) Those without a partner and those without kids 4) Those with few bills/responsibilities I am sure th...
by triceratop
Mon May 14, 2018 9:13 pm
Forum: Personal Finance (Not Investing)
Topic: Do you know your marginal tax rate?
Replies: 27
Views: 2925

Re: Do you know your marginal tax rate?

Technically you've computed a number for your marginal tax rate which is only valid on December 31, or the date of your last dollar of taxable income received. And, yes, I do. My December 31 marginal tax rate for 2017 was 18%. This year is tricky because I move onto W-2 income mid-year so there will...