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Cantrip

I tax loss harvested the mutual fund equivalent of VWO into IEMG a little over a month ago. I placed a sell order on the mutual fund VWO. I then purchased an approximately equivalent amount of the etf IEMG towards the end of the trading day. As it takes 3 days for ETFs to settle and 1 day for mutual...

Cantrip

I just performed this transaction today. Mutual Funds settle in day +1. Stocks/Etfs settle in day +2. You do not need to have money in the settlement to fund the etf purchase until day +2. Therefore you can buy an etf with no money in the settlement account, and then sell a mutual fund for the same ...

Cantrip

Bumping up the Little Rock thread. Our next meeting is this Saturday (June 9th) at 8am at Guillermo's Coffeehouse. Hope to see you there.

Cantrip

Why is VWO down 2.21% but the mutual fund equivalents (VEMAX, VEIEX) only down 1.28%? Traders expected more losses to come in the underlying stocks. Interesting. I tax loss harvested yesterday by selling VEMAX (Vanguard Emerging Markets Fund down 1.28% end of day, I expected it to be lower) and buy...

Cantrip

No one know what the future holds, and a total market portfolio may do better than a sliced one. I note that you are 51 years old and so will likely be moving from your 80/20 allocation to a more conservative one in the next 15 years. The DFA small cap funds are VERY small cap. DFSVX for instance ha...

Cantrip

Account transfer fee of $125 is about typical. Its a small price to pay compared with your yearly AUM fee which is several times that. I moved an account to Merrill Edge recently and when speaking with them they gave me an account bonus of the transfer fees (which I haven't seen yet) -- but I don't ...

Cantrip

Lose 0.8% in regard to the prices of the underlying stocks in the Index assuming a 4% for 100% turnover cost (which was the turn over cost between 1995-2006). I do not know the current turnover cost for small cap value stocks. https://insight.factset.com/the-heartbeat-of-etf-tax-efficiency-part-thre...

Cantrip

To discover turnover cost for small caps, you could take two identical ETFs following the same index but with different turnover percentages. Since I am assuming the turnover to be a substantial cost, it should swamp any differences from security lending. Examples for the S&P 600 index SLYV, ER 0.15...

Cantrip

Bumping up this thread as turn over numbers in ETFs are troubling to me. The article linked below this paragraph shows that in 2018 transaction costs for a midcap etf was 1% per 100% turnover between the costs of the market maker and broker/dealer. It was surprising to me that this did not affect in...

Cantrip

The current US total market bond (VBTLX) sec yield is 2.99% and the current total international bond (VTABX) sec yield is 0.81%. If the sec yields were switched, with US at 0.81% and international at 2.99%, would you change your mind? I presume the US fund would have a large gain in price, and the f...

Cantrip

Our meetings will be quarterly from this point on. The second Saturday morning of each quarter at 8am. Location remains the same at Guillermo's Coffeehouse, next to Chilis at I430 and Rodney Parham. Therefore the schedule of our next two meetings will be: June 9 at 8am September 8 at 8am If you woul...

Cantrip

Its market cap seems a bit high to me. A good valuation (IMO) of Spotify is here: https://www.youtube.com/watch?v=F0nONPyL6CU

I'd watch it before you make a purchase.

Cantrip

Little Rock Bogleheads, As our first meeting went well, we desired to have a meeting once a month. Let's set the date for our second meeting as Saturday April 7, 2018 at 7:15am at the same location -- Guillermo's Coffeehouse, next to Chilis at I430 and Rodney Parham. On the agenda will be setting a ...

Cantrip

As the correlations are lower, I ran some portfolios with them (admittedly for a very short time period) expecting a nice return correlation bonus but did not find any. My guess is that since they are multifactor instead of a particular class (value, growth, momentum, size) even though they have a d...

Cantrip

Little Rock Bogleheads,

As a two day reminder, the time of our first meeting is at 7am on Saturday March 10. It will be at Guillermo’s Coffeehouse (which is next to Chili's at I430 and Rodney Parham).

I look forward to meeting everyone.

Cantrip

Had friends over for dinner last night. Add me to the waiting list. Thanks

Cantrip

Little Rock Bogleheads, Our first meeting is scheduled for 0700 on Saturday, 10 March at Guillermo’s Coffeehouse which is located at 10700 N Rodney Parham Rd (next door to Chili's at Rodney Parham & I-430). The store opens at 0700, so I anticipate a 15 minute lull while we purchase drinks and gather...

Cantrip

Hello All Little Rock area Bogleheads: As the new Local Chapter Coordinator, please send me your first name, forum user name and an e-mail address where you can be reached (will be kept confidential) to the LittleRockBogleheads@gmail.com by Saturday, 24 February. Include any preferred day(s) (e.g. S...

Cantrip

I live in (almost) West Little Rock as well. I sleep during the day, so mornings (6am starbucks would be fine) or evenings is best for me -- prefer no lunch or afternoons.

Cantrip

Azanon notified me of your thread. I'm in Little Rock and would be interested in meeting up with other posters.

Cantrip

I agree with you that getting emerging market exposure through stocks rather than bonds/local currency is a cheaper/more efficient way doing it. Throwing out commodities and replacing with gold makes it simpler and the backtest (at portfoliovisualizer.com) looks even better: only a 3% max drawdown o...

Cantrip

DFA is no longer just using profitability as a screen, but has built a new fund. Since about 60 days ago if you have DFA access you can purchase DURPX (DFA US High Relative Profitability). Top names are Amazon, Apple, and Microsoft. The fund is too new for factor regression. I've done a quick look f...

Cantrip

Answering my own question: value-weighted is capitalization weighted (see https://alphaarchitect.com/2017/07/24/m ... gs.5VPa1Yo). Therefore FF small value is a capitalization weighted index which could be achieved with reasonable portfolio turnover.

Cantrip

Recall that HML is calculated as 1/2 (Small Value + Big Value) - 1/2 (Small Growth + Big Growth), so there is an outsized influence of the small value and small growth portfolios. If small value outperforms relative to what is expected based on its value and size loads over a certain period of time...

Cantrip

Totally ignored the "t-stat". Besides actively managed funds such as VPMAX (which barely squeaks by with a t-stat of 2.17) , the positive or negative alpha for pretty much any index fund put into the model (even VFINX since 1976) is not statistically significant.

Cantrip

It turns out I was mistaken above. After many more regression analysis runs, the "alpha" on different funds seems pretty random, except that high expense ratios tend to cause more negative alpha. There are value index funds with positive alpha, and growth index funds with negative alpha. Even balanc...

Cantrip

William Bernstein in this post (http://www.efficientfrontier.com/ef/0adhoc/fi.htm) made it quite obvious that value investing comes with negative alpha, and growth investing comes with positive alpha. The summary of the article in my mind is: From 1926-2016 the value factor premium has been 4.8%. Ho...

Cantrip

My story (the debt is not too bad): I graduated medical school 5 years ago, and family medicine residency 2 years ago. Because I did family medicine, I was eligible for a special kind of loan with a 0% interest rate throughout medical school and residency. The rate increased when I graduated and so ...

Cantrip

I went with Vanguard for my son's 529. Easy to setup, and it's listed on the same screen as my other accounts at Vanguard. I live in Arkansas which offers a state tax deduction, but with the ER savings at Vanguard vs my own state, the difference after 18 years turns out to be a wash.

Cantrip

Last night I skimmed the "Optimal Versus Naive Diversification: How Inefficient is the 1/N Portfolio Strategy?" which on this forum is often used to support the total stock market strategy. However it appears to me, that the paper actually supports an equal weighting strategy. Taken to the extreme, ...

Cantrip

Currently MSFT is the #1 holding of VVIAX, the CRSP Large Value Index making up 4.7% of the index. This is larger than Apple of the S&P 500 (3.6%). It has made huge gains in price the last three years. However now it is no longer a value stock versus its own industry (Tech) or the S&P. It is no long...

Cantrip

If possible, you might try looking at DPS for the 5 REITS which were largest at the start of the time period, including any that no longer exist. I was unfortunately unable to find a list of the top 5 REITS in 1994. However it was easy to find a the actual *income return* paid out by the Vanguard R...

Cantrip

Changing this as Valuethinker answered some questions and gave me homework to do. Thank you, I enjoy your posts :). Of note, Larry Swedroe states that Morningstar on March 31, 2017 listed the REIT index (VGSIX) P/CF as 7.0 which was 27% more expensive than overall market (VFINX) at 8.9. On May 31 (t...

Cantrip

SPG, Simmons Property Group, #1 REIT in the Vanguard Index: Current dividend is $7/share vs $1.92/share in 1994 (3.65x as high today as 24 years ago) Inflation rate between 1993 and 2017 was ~2.22% per year, for 23 years that is 1.0222^23=1.66 Thus real dividend multiple increase has been 3.65/1.66=...

Cantrip

The Vanguard Total International fund has ~20% allocated to small cap stocks, and ~20% allocated to emerging market stocks which are not present in the "RT L&G MSCI EAFE A" fund (thanks TropikThunder). This is easily replicated in your Vanguard Roth account by placing 6% ($3570) of your stock alloca...

Cantrip

Given your desired asset allocation (which is very reasonable), I would structure the investments like this: Old 401k: All in VITSX (Domestic Stock) Current 401k: All international in "RT L&G MSCI EAFE A", All bonds in "VBTLX", rest in "RT L&G S&P 500 DC A" Roth: All in VTSMX (Domestic Stock) HSA: A...

Cantrip

I was trying to a do a back-door ROTH for my wife last night. Goal was to transfer $5500 from a money market fund (TRAD. IRA) to the retirement 2045 fund (ROTH IRA). Instead by mistake transferred to the retirement 2045 fund in the same account (TRAD. IRA). Vanguard will not cancel even though the t...

Cantrip

If the employer SS payment is non-recoverable, then clearly having an S-corp no longer makes sense for me. Thank you for replying Spirit Rider.

Cantrip

"In most cases an S-corp would be disadvantageous for a moonlighting job for a high income individual. ...you have the problem of double paying social security taxes. Presumably you earn close to the maximum ceiling for social security, currently $113,700, in your day job. If you moonlight through ...

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