Search found 3359 matches

by triceratop
Tue Jan 16, 2018 11:41 am
Forum: Investing - Theory, News & General
Topic: “Future US Equity Returns: A Best-Case Upper Limit”
Replies: 16
Views: 772

Re: “Future US Equity Returns: A Best-Case Upper Limit”

The 2nd figure shows that pension fund allocation to equities has been high since 1998, yet we had two great crashes after 1998. These are not incongruous in the context of the post, from my reading. There is not an attempt to explain pension fund asset allocation as the driver of multiple expansio...
by triceratop
Tue Jan 16, 2018 3:50 am
Forum: Investing - Theory, News & General
Topic: Paul Merriman and Small Cap Value
Replies: 89
Views: 6944

Re: Paul Merriman and Small Cap Value

IJS is probably the best way to get exposure to small value. While it’s expense ratio is higher than others, they do enough share lending to make up for it. It also has the most liquidity. STAY AWAY from the Russell indices as they underperform significantly. About 95% of my domestic equity allocat...
by triceratop
Mon Jan 15, 2018 11:45 pm
Forum: Personal Consumer Issues
Topic: Besides Bogleheads, What Are Your Favorite Forums?
Replies: 58
Views: 5010

Re: Besides Bogleheads, What Are Your Favorite Forums?

Here are two suggestions: For Health, fitness, and bodybuilding: http://scoobysworkshop.com Lots of videos and interactive stuff. All n/c. Although I don’t spend much time there anymore (because I now have at least 10 correspondents around the world), I also like: http://www.fountainpennetwork.com/...
by triceratop
Mon Jan 15, 2018 11:15 pm
Forum: Personal Finance (Not Investing)
Topic: Considering PhD...but so much to consider...
Replies: 29
Views: 1887

Re: Considering PhD...but so much to consider...

BolderBoy wrote:
Mon Jan 15, 2018 9:35 pm
Would the PhD be about the money or would the PhD be about personal fulfillment?

I'm lukewarm about seeing you do it for the money.

I did mine for the personal fulfillment and the money just happened to be a secondary (BIG) side effect.
There is a lot of truth and wisdom here.
by triceratop
Mon Jan 15, 2018 9:01 pm
Forum: Personal Consumer Issues
Topic: Besides Bogleheads, What Are Your Favorite Forums?
Replies: 58
Views: 5010

Re: Besides Bogleheads, What Are Your Favorite Forums?

Ironically the best forums are ones where eternal September has not occurred, and the members know better than to loudly sing the forum's praises. Therefore, I will not share any of the groups that I frequent, for you should view with suspicion any such suggestion you receive.
by triceratop
Sun Jan 14, 2018 4:30 pm
Forum: Investing - Theory, News & General
Topic: Energy sector time to turn around?
Replies: 39
Views: 3204

Re: Energy sector time to turn around?

^ A department chair is more of a curse to one's research program than a position of recognition or nobility in the department. ValueThinker may also be thinking of Distinguished professor. Wikipedia doesn't cite any sources, but may be useful anyway? Professor
by triceratop
Sat Jan 13, 2018 10:57 pm
Forum: Investing - Help with Personal Investments
Topic: Merrill Edge best choice for higher net worth accounts?
Replies: 30
Views: 3155

Re: Merrill Edge best choice for higher net worth accounts?

No problem if you only need Vanguard ETFs. Some low-cost funds (munis) are offered only as mutual funds.
by triceratop
Sat Jan 13, 2018 8:46 pm
Forum: Investing - Theory, News & General
Topic: It's trivial to outperform Vanguard Total Bond Index for 2018 with same risk!
Replies: 25
Views: 4442

Re: It's trivial to outperform Vanguard Total Bond Index for 2018 with same risk!

You can outperform Vanguard Intermediate-term Treasury ETF by 0.63% as of the close on Friday. For a treasury fund that's even better given the lower yield!
by triceratop
Sat Jan 13, 2018 7:05 pm
Forum: Investing - Theory, News & General
Topic: Skating where the puck was; e.g., commodities. Factors next?
Replies: 35
Views: 2354

Re: Skating where the puck was; e.g., commodities. Factors next?

You know if you stay in place eventually the puck comes back.:) Skating where the puck was isn't that bad as long as you stop when you get there (i.e. don't switch from value to momentum to quality as each posts nice 3 year returns) I have to admit it's amusing to see people talking so confidently ...
by triceratop
Sat Jan 13, 2018 2:05 pm
Forum: Investing - Help with Personal Investments
Topic: Merrill Edge - Platinum Honors
Replies: 17
Views: 1535

Re: Merrill Edge - Platinum Honors

It looks like a rational call on a credit- and term-adjusted basis would be NEAR for funds held less than about 6 months and ICSH for funds held more than about 6 months, due to the differences in spreads and expense ratios. Have you tried to estimate how much of the spread you are paying? I’ve bee...
by triceratop
Fri Jan 12, 2018 7:58 pm
Forum: Investing - Help with Personal Investments
Topic: Merrill Edge - Platinum Honors
Replies: 17
Views: 1535

Re: Merrill Edge - Platinum Honors

stlutz wrote:
Fri Jan 12, 2018 7:36 pm
Actually the safest almost-money-market ETF would be SHV (ishares Treasury < 1 year). Currently yields 1.24%.
Correct, in that a money market is not 'safe'.

Edit: as lack_ey notes, just use T-bills then.
by triceratop
Fri Jan 12, 2018 6:51 pm
Forum: Personal Finance (Not Investing)
Topic: Resource on good financial practices for a graduate student?
Replies: 17
Views: 506

Re: Resource on good financial practices for a graduate student?

As I read this I thought about oft-asked topics: Is my stipend taxable? And do I have to pay FICA/medicare taxes myself if they are not taken out? Does my stipend allow me to contribute to an IRA, that is, Is my stipend compensation or earned income? I've been in a few university bookstores. A few ...
by triceratop
Fri Jan 12, 2018 6:50 pm
Forum: Investing - Help with Personal Investments
Topic: loads and fees Vanguard mutual fund and ETF
Replies: 8
Views: 431

Re: loads and fees Vanguard mutual fund and ETF

Generally there is no difference between the Vanguard mutual fund and ETF vehicles for tax purposes if investing in the same fund (the funds are structured as a single pool of money with share classes, so mutual funds and ETFs are just two vehicles). If buying Vanguard mutual funds and ETFs at Vang...
by triceratop
Fri Jan 12, 2018 6:29 pm
Forum: Investing - Help with Personal Investments
Topic: loads and fees Vanguard mutual fund and ETF
Replies: 8
Views: 431

Re: loads and fees Vanguard mutual fund and ETF

Generally there is no difference between the Vanguard mutual fund and ETF vehicles for tax purposes if investing in the same fund (the funds are structured as a single pool of money with share classes, so mutual funds and ETFs are just two vehicles). If buying Vanguard mutual funds and ETFs at Vangu...
by triceratop
Fri Jan 12, 2018 6:20 pm
Forum: Personal Finance (Not Investing)
Topic: Resource on good financial practices for a graduate student?
Replies: 17
Views: 506

Re: Resource on good financial practices for a graduate student?

This may not be beneficial for you given you have just one year left in grad school (congratulations), but for future readers: Look in to opening a 529 plan for yourself. We were able to contribute to our state's 529 plan for the tax deduction, then withdraw the funds to pay qualified education exp...
by triceratop
Fri Jan 12, 2018 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Resource on good financial practices for a graduate student?
Replies: 17
Views: 506

Re: Resource on good financial practices for a graduate student?

Personal Finance for Dummies by Eric Tyson is great, whether or not you're a graduate student. Beyond that (and this is a bit esoteric), realize that your debt is part of a deal you willingly made. You could have just worked somewhere without a graduate degree, saved up a bunch of money, then paid ...
by triceratop
Fri Jan 12, 2018 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: Resource on good financial practices for a graduate student?
Replies: 17
Views: 506

Re: Resource on good financial practices for a graduate student?

adamthesmythe wrote:
Fri Jan 12, 2018 1:35 pm
Graduate students don't make enough for any significant savings.
This is incorrect.
by triceratop
Fri Jan 12, 2018 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: Resource on good financial practices for a graduate student?
Replies: 17
Views: 506

Re: Resource on good financial practices for a graduate student?

There is not to my knowledge any specific information on good financial practices for a graduate student. As noted, the experiences of graduate students are wildly different. Here are a range of examples and the outcomes (so far) from close friends in my college class: (1) M.D. student at state medi...
by triceratop
Fri Jan 12, 2018 12:01 pm
Forum: Investing - Theory, News & General
Topic: When the Fed stops what do you do?
Replies: 17
Views: 2285

Re: When the Fed stops what do you do?

Have watched the Fed closely for years, I believe they will continue on their program of Fed funds rate rises until they hit 3.0% in 2020. Thinking ahead while also looking back at the last decade’s low interest rate environment, I am considering the following investment strategy change to enjoy an...
by triceratop
Fri Jan 12, 2018 11:51 am
Forum: Investing - Help with Personal Investments
Topic: tax consequences of converting Vanguard MFs to ETFs
Replies: 13
Views: 672

Re: tax consequences of converting Vanguard MFs to ETFs

There is a benefit if one holds Vanguard MFs at Vanguard and wants to use a halfway-decent brokerage. Or, if one wants to TGH while keeping the same funds. Otherwise, I agree there is little benefit. One other benefit: you can easily transfer ETFs among brokerages and earn their asset transfer bonu...
by triceratop
Fri Jan 12, 2018 11:39 am
Forum: Investing - Help with Personal Investments
Topic: tax consequences of converting Vanguard MFs to ETFs
Replies: 13
Views: 672

Re: tax consequences of converting Vanguard MFs to ETFs

There is a benefit if one holds Vanguard MFs at Vanguard and wants to use a halfway-decent brokerage. Or, if one wants to TGH while keeping the same funds. Otherwise, I agree there is little benefit.
by triceratop
Fri Jan 12, 2018 11:16 am
Forum: Personal Consumer Issues
Topic: Keeping sensitive documents in the cloud -- bad idea?
Replies: 45
Views: 2402

Re: Keeping sensitive documents in the cloud -- bad idea?

If I were to put sensitive documents on the cloud I would keep them in a GPG-encrypted directory. Since I am a nerd as well as a Linux user I would use something like EncFS (the FUSE encryption plugin) or GnuPG + FUSE. But, I do not put sensitive documents on the cloud. Instead, since I do not trust...
by triceratop
Fri Jan 12, 2018 9:41 am
Forum: Investing - Help with Personal Investments
Topic: tax consequences of converting Vanguard MFs to ETFs
Replies: 13
Views: 672

Re: tax consequences of converting Vanguard MFs to ETFs

Be aware that while it is not a taxable event to convert Vanguard MFs to ETFs, that does not mean it is not an event which does not have consequences in a taxable account. By that I mean that Vanguard very often screws up cost basis information during these conversions, because, well, Vanguard. It c...
by triceratop
Thu Jan 11, 2018 6:34 pm
Forum: Investing - Theory, News & General
Topic: New [Vanguard] CEO will do well - Works the media well
Replies: 5
Views: 688

Re: New CEO will do well - Works the media well

CEO? From what company? Vanguard. Might be worth editing the thread title. Thanks, I fixed it. I don't understand this quote: Hougan: Is there room for smart beta in the Vanguard portfolio? Buckley: In November, we announced a suite of actively managed factor ETFs, our first such offering. But plea...
by triceratop
Thu Jan 11, 2018 3:19 pm
Forum: Investing - Help with Personal Investments
Topic: Merrill Edge - Platinum Honors
Replies: 17
Views: 1535

Re: Merrill Edge - Platinum Honors

Thanks lack_ey. It looks like a rational call on a credit- and term-adjusted basis would be NEAR for funds held less than about 6 months and ICSH for funds held more than about 6 months, due to the differences in spreads and expense ratios. If I ever roll my own treasury ladder (probably not in the ...
by triceratop
Thu Jan 11, 2018 2:23 pm
Forum: Investing - Help with Personal Investments
Topic: Merrill Edge - Platinum Honors
Replies: 17
Views: 1535

Re: Merrill Edge - Platinum Honors

Fidelity has a higher yielding settlement fund, better bond selection (including brokered CDs), no commissions on Treasury bonds, and different mutual funds available (including actually having money market funds). Essentially, Merrill Edge is relatively bad for cash or near-cash allocations. Depen...
by triceratop
Thu Jan 11, 2018 12:33 am
Forum: Investing - Help with Personal Investments
Topic: WSJ: Discount Brokers Win Bonuses to Push Costlier Products
Replies: 38
Views: 3047

Re: WSJ: Discount Brokers Win Bonuses to Push Costlier Products

I find a polite "no" works well on the rare occasion it's needed. It's an extremely small price to pay for accurate record keeping and a decent brokerage platform. I hope Vanguard reads this forum. Never have I seen index investors so scathing in their (accurate) perceptions about brokerage quality...
by triceratop
Wed Jan 10, 2018 5:53 pm
Forum: Investing - Theory, News & General
Topic: Kodakcoin
Replies: 99
Views: 7274

Re: Kodakcoin

Didn't Paul Simon do a song about this way back when? Are there any schemes combining multi-level marketing and cryptocurrency yet? If not, that must be next. "Kodachrome They give us those nice bright colors They give us the greens of summers Makes you think all the world's a sunny day" A beautifu...
by triceratop
Wed Jan 10, 2018 4:53 pm
Forum: Investing - Help with Personal Investments
Topic: STCG distributions in Fidelity Total Stock Market fund!?
Replies: 10
Views: 542

Re: STCG distributions in Fidelity Total Stock Market fund!?

This thread is unique and not a duplicate! It discusses STCG which are especially evil. Therefore it will not be merged. This is meant only slightly jokingly. :happy Plus, if there are more topic titles about tax efficiency on the front page of bogleheads.org maybe people will pay more attention to ...
by triceratop
Wed Jan 10, 2018 2:52 pm
Forum: Investing - Theory, News & General
Topic: Why bother with corporate bond funds instead of just U.S. Treasuries + Stock Index Fund/ETF?
Replies: 16
Views: 765

Re: Why bother with corporate bond funds instead of just U.S. Treasuries + Stock Index Fund/ETF?

There are many people with a very high level of investment expertise who would agree with you regarding holding treasuries, although if you are going to hold individual treasury bonds you may want to consider holding FDIC-insured CDs instead for their higher rate. I think it is beneficial to separa...
by triceratop
Wed Jan 10, 2018 2:32 pm
Forum: Investing - Theory, News & General
Topic: Why bother with corporate bond funds instead of just U.S. Treasuries + Stock Index Fund/ETF?
Replies: 16
Views: 765

Re: Why bother with corporate bond funds instead of just U.S. Treasuries + Stock Index Fund/ETF?

Cost is low, control is a illusion according to behavioral economics, and all of my bonds are in tax advantage space. So I would push those objections to one side. That leaves us with 2 questions. Does the credit risk of bonds compensate for risk? How correlated is credit risk with Equity Risk Prem...
by triceratop
Wed Jan 10, 2018 11:49 am
Forum: Investing - Help with Personal Investments
Topic: Taxable Dilemma: Fidelity Mutual vs Vanguard ETF
Replies: 12
Views: 974

Re: Taxable Dilemma: Fidelity Mutual vs Vanguard ETF

^ haha yea right.

Actually, someone should e-mail them and see if they even know their numbers are useless. Maybe I'll do that for amusement.
by triceratop
Wed Jan 10, 2018 11:32 am
Forum: Investing - Help with Personal Investments
Topic: Taxable Dilemma: Fidelity Mutual vs Vanguard ETF
Replies: 12
Views: 974

Re: Taxable Dilemma: Fidelity Mutual vs Vanguard ETF

@triceratop, you should contact Morningstar and offer your services to fix their tax cost ratio problems. You could even give them a tool where their clients could plug in their tax rates and Morningstar would provide a customized tax cost ratio to that customer. The tool could even be added to the...
by triceratop
Wed Jan 10, 2018 11:29 am
Forum: Investing - Help with Personal Investments
Topic: Taxable Fidelity Account - FSTVX vs ITOT
Replies: 53
Views: 3385

Re: Taxable Fidelity Account - FSTVX vs ITOT

You should be using $64.53 instead of $74.47 as that is the closing NAV of FSTVX in December 2016. Why? I used the 2017 capital gains distributions from April and December and used the weighted average of the NAV on the dates of the distributions. I see. I view the tax efficiency metric as trying t...
by triceratop
Wed Jan 10, 2018 10:43 am
Forum: Investing - Help with Personal Investments
Topic: Taxable Fidelity Account - FSTVX vs ITOT
Replies: 53
Views: 3385

Re: Taxable Fidelity Account - FSTVX vs ITOT

this doesn't matter inside a Roth account correct? Correct. This needs to be the first reply! :oops: Why? The title clearly states "Taxable". Thanks - so in kind means you would have FSTVX at VG. I'm very happy with FSTVX -but I will consider future purchases to ITOT. Yes. And yes, FSTVX is a fine ...
by triceratop
Wed Jan 10, 2018 9:40 am
Forum: Investing - Help with Personal Investments
Topic: Taxable Fidelity Account - FSTVX vs ITOT
Replies: 53
Views: 3385

Re: Taxable Fidelity Account - FSTVX vs ITOT

I read in another thread that you can transfer like for like to vanguard - is that possible? Any taxable event triggered? Though I can't see how this couldn't be a taxable event. transferring in kind to vanguard is possible and is not a taxable event; but that is different from holding a vanguard m...
by triceratop
Wed Jan 10, 2018 2:09 am
Forum: Personal Finance (Not Investing)
Topic: Forget Customer Service--Vanguard has lousy Computers
Replies: 22
Views: 3095

Re: Forget Customer Service--Vanguard has lousy Computers

Well, this reminds me of the UNIX operating system in the early days. People would ask why it and its "bad" command line interface would let them do seemingly stupid things that other operating systems often wouldn't. I believe the answer was partly that the developers wanted to make it small and r...
by triceratop
Wed Jan 10, 2018 12:49 am
Forum: Investing - Help with Personal Investments
Topic: Taxable Dilemma: Fidelity Mutual vs Vanguard ETF
Replies: 12
Views: 974

Re: Taxable Dilemma: Fidelity Mutual vs Vanguard ETF

Yes, see that thread linked above. Just a note on Morningstar: their tax cost ratio numbers are plain silly; some call them garbage and I agree. Here's the simplest example: VTI and VTSAX are identical funds in every respect in terms of tax efficiency. Morningstar gives them wildly different tax cos...
by triceratop
Tue Jan 09, 2018 10:44 pm
Forum: Investing - Help with Personal Investments
Topic: Taxable Fidelity Account - FSTVX vs ITOT
Replies: 53
Views: 3385

Re: Taxable Fidelity Account - FSTVX vs ITOT

To compute the tax drag for 2017 for FSTVX (and 2017 was a particularly bad year for capital gains in this fund), you can use the following formula: (0.4533 * LT + 0.0567 * ST) / 74.47, where LT is your long term capital gains tax rate and ST is your short term capital gains tax rate (your marginal...
by triceratop
Tue Jan 09, 2018 5:18 pm
Forum: Investing - Help with Personal Investments
Topic: Taxable Fidelity Account - FSTVX vs ITOT
Replies: 53
Views: 3385

Re: Taxable Fidelity Account - FSTVX vs ITOT

Wow -- FSTVX is shockingly tax-inefficient. Its December distribution had a capital gains distribution which was 40% of the dividend distribution. That is just, wow. :shock: Thank you for the OP, as I will include FSTVX as a cautionary tale in my annual tax efficiency post. How much tax would you o...
by triceratop
Tue Jan 09, 2018 4:59 pm
Forum: Investing - Help with Personal Investments
Topic: Taxable Fidelity Account - FSTVX vs ITOT
Replies: 53
Views: 3385

Re: Taxable Fidelity Account - FSTVX vs ITOT

I too have a fairly big chunk of my portfolio (taxable) in FSTVX...now I'm wondering how to handle it, or if I should at all. So does VTSAX or ITOT just not have capital gains at all? I own plenty of VTSAX as well, mostly in tax advantaged accounts though. Selling FSTVX would mean some decent capit...
by triceratop
Tue Jan 09, 2018 4:16 pm
Forum: Investing - Theory, News & General
Topic: Corporate bonds vs. Treasuries
Replies: 52
Views: 4115

Re: Corporate bonds vs. Treasuries

Very interesting post. One more point to add. If you have an equity dominated portfolio, say 90/10, 80/20, 75/25, a case can be made for a very high or even 100% allocation to Treasuries in the bond portfolio. In that case you have considerable equity risk and also considerable upside appreciation ...
by triceratop
Tue Jan 09, 2018 4:04 pm
Forum: Investing - Theory, News & General
Topic: Corporate bonds vs. Treasuries
Replies: 52
Views: 4115

Re: Corporate bonds vs. Treasuries

Very interesting post. One more point to add. If you have an equity dominated portfolio, say 90/10, 80/20, 75/25, a case can be made for a very high or even 100% allocation to Treasuries in the bond portfolio. In that case you have considerable equity risk and also considerable upside appreciation ...
by triceratop
Tue Jan 09, 2018 4:01 pm
Forum: Investing - Help with Personal Investments
Topic: Taxable Fidelity Account - FSTVX vs ITOT
Replies: 53
Views: 3385

Re: Taxable Fidelity Account - FSTVX vs ITOT

I hold FSTVX in my taxable account. So far it been pretty good. It does create some dividends. However, please note the customer service at fidelity has been second to none... Hope this helps. Top It in fact does not help. FSTVX creates more than dividends; as mentioned above there are significant ...
by triceratop
Tue Jan 09, 2018 3:13 pm
Forum: Investing - Help with Personal Investments
Topic: Taxable Fidelity Account - FSTVX vs ITOT
Replies: 53
Views: 3385

Re: Taxable Fidelity Account - FSTVX vs ITOT

Wow -- FSTVX is shockingly tax-inefficient. Its December distribution had a capital gains distribution which was 40% of the dividend distribution. That is just, wow. :shock: Thank you for the OP, as I will include FSTVX as a cautionary tale in my annual tax efficiency post. That is quite interestin...
by triceratop
Tue Jan 09, 2018 2:44 pm
Forum: Personal Consumer Issues
Topic: New York City Restaurant Week Suggestions
Replies: 15
Views: 858

Re: New York City Restaurant Week Suggestions

I'll second "Tamarind - Tribeca" -- my best NY meal was there and they actually trusted me on how spicy I like my food, despite my complexion. Though, I liked their old location better. "Il Cantori" is good for Italian. I went to "La Lanterna di Vittorio" for restaurant week once and it has a unique...
by triceratop
Tue Jan 09, 2018 3:54 am
Forum: Investing - Theory, News & General
Topic: Year 2000 retirees using the '4% rule' - Where are they now?
Replies: 277
Views: 22617

Re: Year 2000 retirees using the '4% rule' - Where are they now?

I thought the 4% rule was calculated using actual historical market performance. I would certainly expect it to work for anyone who retired in 2000. The biggest problem with the 4% rule is that it is planning for the worst case scenario regardless of reality. If every retiree does this we are colle...
by triceratop
Tue Jan 09, 2018 3:20 am
Forum: Investing - Theory, News & General
Topic: Year 2000 retirees using the '4% rule' - Where are they now?
Replies: 277
Views: 22617

Re: Year 2000 retirees using the '4% rule' - Where are they now?

What I would really be interested in, is a hypothetical 75% crash 1 year after retirement, bear market for 5 years, then a status quo 6.5% annual return after that. 6.5% returns after a 75% crash aren't "status quo". They represent a continuing decline. It is pretty easy to see why... Imagine start...
by triceratop
Mon Jan 08, 2018 8:39 pm
Forum: Investing - Help with Personal Investments
Topic: Smallest % worth Allocating in your Portfolio
Replies: 30
Views: 1970

Re: Smallest % worth Allocating in your Portfolio

This is a trick question: it's a reverse-Zeno's paradox.

That is to say, I don't think there is a minimum amount and I agree with what livesoft said above.