Search found 100 matches

by Cantrip
Sun Jan 17, 2021 12:41 am
Forum: Investing - Theory, News & General
Topic: Is Virgin Galactic (SPCE) a value stock?
Replies: 23
Views: 1333

Re: Is Virgin Galactic (SPCE) a value stock?

Per the methodology guide, the CRSP indexes do not include SPACS. See http://www.crsp.org/files/Equity-Indexes-Methodology-Guide_0.pdf SPCE is not currently in the US Small Cap Value Index. Per methodology, with no growth or return on assets, it was not a growth stock. With no earnings, dividends, o...
by Cantrip
Sat Jan 09, 2021 9:56 am
Forum: Investing - Theory, News & General
Topic: Small Cap (Deluard) PE Ratio
Replies: 5
Views: 358

Re: Small Cap (Deluard) PE Ratio

Current profitability is not the only way to value a company. There are many companies, especially in the small cap space, that have been affected by COVID and are currently unprofitable. Banks are making less money due to interest spread compression. Oil companies are losing money due to low oil pr...
by Cantrip
Sun Dec 06, 2020 1:55 pm
Forum: Investing - Theory, News & General
Topic: Comparing US large cap value
Replies: 11
Views: 1163

Re: Comparing US large cap value

William Bernstein himself answered your question 6 years ago in this thread: viewtopic.php?f=10&t=141609&p=2098154&h ... e#p2098154

In summary he suggested the Vanguard Mid Cap Value fund instead of the Large Value fund.
by Cantrip
Sun Nov 22, 2020 1:16 am
Forum: Personal Investments
Topic: Paul Merriman vs JL Collins portfolio head-to-head
Replies: 55
Views: 6525

Re: Paul Merriman vs JL Collins portfolio head-to-head

What do you get from EBond Ladder/Ibonds? It looks like almost nothing. I was looking at Marcus no-penalty CD for 7 months at 0.55%. The Ebond if held for 20 years has a low 3.5% return but its better than current alternatives for bonds. It also acts as an emergency fund during the first few years ...
by Cantrip
Sat Nov 21, 2020 9:15 am
Forum: Personal Investments
Topic: Paul Merriman vs JL Collins portfolio head-to-head
Replies: 55
Views: 6525

Re: Paul Merriman vs JL Collins portfolio head-to-head

[/quote] Do you re-balance it yearly? Do you keep anything in bonds? Where do you keep Emergency Funds? In general. Paul is advocating for value funds. Why not growth? Thanks [/quote] Rebalance yearly on my birthday (though every two years would be more ideal to allow for momentum). I'm 40 years old...
by Cantrip
Thu Oct 29, 2020 4:53 pm
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3666
Views: 278820

Re: Small Cap Value heads Rejoice !!!

In regards to SVAL and equal weighting: There is an equal weight s&p 600 fund called EWSC which has been around since 2011. From 2011 to 2020 it has had a 5 factor alpha of -2.6%/year vs +1.2%/year for IJR (s&p 600 small cap) and +1.1% year for IWC (microcap index). There may be a possible d...
by Cantrip
Fri Oct 02, 2020 4:26 pm
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3666
Views: 278820

Re: Small Cap Value heads Rejoice !!!

Paul Merriman, Larry Swedroe, and Rick Ferri will be together to talk about investing next week on October 7th at 7:30cst. It is free and the link is: https://www.choosefi.com/events/money-talks-all-about-investing-with-rick-ferri-paul-merriman-larry-swedroe-and-jennifer-mah/ . Respond on this threa...
by Cantrip
Mon Sep 28, 2020 8:23 pm
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3666
Views: 278820

Re: Small Cap Value heads Rejoice !!!

I was looking at a period where SCV did well, 2001-2005 on PortfolioVisualiser. Something that surprised me: CAGR 2001-2005 67% IJS, 33% VTSMX: 8.6% 38% DFSVX, 62% VTSMX: 8.6% https://www.portfoliovisualizer.com/backtest-portfolio?s=y&timePeriod=4&startYear=2000&firstMonth=1&endYear...
by Cantrip
Thu Sep 10, 2020 5:16 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3666
Views: 278820

Re: Small Cap Value heads Rejoice !!!

Very interesting take on where the value premium actually comes from, why large-value stopped working in the early 80's and why small-value stopped working more recently; value is really just short volatility. Curious other value-heads thoughts on this. They are obviously selling a unique product t...
by Cantrip
Sat Sep 05, 2020 3:43 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3666
Views: 278820

Re: Small Cap Value heads Rejoice !!!

Avantis isn't that much more expensive than Vanguard. The small ER difference doesn't explain the large QDI difference. Sorry for responding before looking at your link from Avantis: QDI for AVDV is 85% but is only 35% for AVDVX (the mutual fund version of the same ETF)! I speculatively wonder if A...
by Cantrip
Thu Sep 03, 2020 9:30 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3666
Views: 278820

Re: Small Cap Value heads Rejoice !!!

Avantis has a really nice QDI page that they post: https://www.avantisinvestors.com/content/avantis/en/resources/tax-center/qualified-dividend-income.html Makes me think that although these aren't specifically tax managed that they still make decisions with tax implications in mind. Only ETF that h...
by Cantrip
Fri Jul 10, 2020 2:29 pm
Forum: Investing - Theory, News & General
Topic: DFA Small-Cap Value has now underperformed since inception
Replies: 111
Views: 6940

Re: DFA Small-Cap Value has now underperformed since inception

Would a 27-year forward test be construed as an out-of-sample failure of the F-F 3-factor model? No, because the FF 3-factor model makes no predictions for performance of the factors. This is not quite correct. The expected value of a risk premium is positive. How long of a test do we need to get a...
by Cantrip
Mon Jul 06, 2020 1:25 am
Forum: Investing - Theory, News & General
Topic: Futures are 1+% up and the coronavirus crisis is getting worse
Replies: 13
Views: 2024

Re: Futures are 1+% up and the coronavirus crisis is getting worse

Futures are 1+% up and the coronavirus crisis is getting worse. Does it make sense? What is the market thinking? Another proof that B&H is the only way. Does anyone care to comment? This weekend Warren Buffet made his first purchase since the pandemic started. I think this will coax some skitti...
by Cantrip
Tue Jun 09, 2020 1:44 am
Forum: Investing - Theory, News & General
Topic: RODM - Hartford Multifactor Developed Markets (ex-US) ETF
Replies: 9
Views: 535

Re: RODM - Hartford Multifactor Developed Markets (ex-US) ETF

Excepting small, I don't tilt to any factors internationally as the funds have higher costs and negative tracking error. The way I see it, any premium for value should come with higher risk, and I am not willing to pay higher expense ratios to take more risk. If vanguard made an international value ...
by Cantrip
Fri May 08, 2020 8:19 pm
Forum: Investing - Theory, News & General
Topic: Trying to understand Merriman portfolio options
Replies: 32
Views: 2182

Re: Trying to understand Merriman portfolio options

This is US LCB, US SCV, Int LCV, Int SCB. It maintains UBH 50/50 weighting of US and international. Anyone know if Merriman has compared this Simplified UB&H (from Trev H) to his domestic-only 4 fund combo? Would be very curious to know how this SUB&H allocation holds up using his long rang...
by Cantrip
Tue May 05, 2020 10:02 am
Forum: Personal Investments
Topic: Anyone use Acretrader?
Replies: 6
Views: 597

Re: Anyone use Acretrader?

See prior threads. https://www.bogleheads.org/forum/viewtopic.php?t=295760 I created an account on their site as I thought about buying some shares of farmland. Several things have stopped me from buying. Low yields: 3.3% - 0.5% acretrader fee - 0.5%+ fancy IRA fee (as there will be capital gains ye...
by Cantrip
Mon Apr 13, 2020 11:23 pm
Forum: Personal Investments
Topic: Paul Merriman vs JL Collins portfolio head-to-head
Replies: 55
Views: 6525

Re: Paul Merriman vs JL Collins portfolio head-to-head

I used a Paul Merriman portfolio initially, but (as livesoft suggests) ended up changing to the TrevH 4 fund less than a year later as it tracks the Merriman well with lower cost and simplicity. A vanguard retirement fund is highly likely to be your best choice. All in VTSAX is the lowest cost and m...
by Cantrip
Sun Apr 12, 2020 9:19 pm
Forum: Investing - Theory, News & General
Topic: BOOK: Fully Grown, Why a Stagnant Economy is a Sign of Success
Replies: 55
Views: 3553

Re: BOOK: Fully Grown, Why a Stagnant Economy is a Sign of Success

What about the shift of women from home to the workplace? Surely that would have increased GDP in the past (and can't now).
by Cantrip
Sun Mar 22, 2020 1:20 am
Forum: US Chapters
Topic: New Bogleheads Local Chapter in Little Rock, AR
Replies: 38
Views: 9077

Re: New Bogleheads Local Chapter in Little Rock, AR

The next meeting is cancelled due to coronavirus. As I will be moving to Texarkana in a few months, and our group has remained small, we will be dissolving the Little Rock chapter. If you would like to meet up or chat, send a me a PM.
by Cantrip
Wed Mar 18, 2020 9:22 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3666
Views: 278820

Re: [Small Cap Value heads Rejoice !!!]

Anyone know off-hand what are the size and value factor loadings for the Vg small value fund? Thank you The CRSP SCV index from 7/2001 to 7/2019 has the following factor loads (beta ~1): 3 factor: 0.56 smb, 0.43 hml, +1.73 yearly alpha 4 factor: 0.56 smb, 0.42 hml, -0.03 mom 5 factor: 0.61 smb, 0.2...
by Cantrip
Tue Mar 17, 2020 8:09 pm
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3666
Views: 278820

Re: [Small Cap Value heads Rejoice !!!]

What is everyone's choice for US SCV? I am between IJS and AVUV Interestingly there is only 25% fund overlap between the 2 Both of those are good choices. VBR while less pure, is also a good choice and my preference. As it covers a larger section of the market it has twice the number of stocks, and...
by Cantrip
Tue Mar 17, 2020 7:58 pm
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3666
Views: 278820

Re: [Small Cap Value heads Rejoice !!!]

There are a lot of really weird pricing things going on today with a lot of ETFs. I tax loss harvested VIOV last week. The Bid-Ask spread was 0.6%. Looked at IJS and it was the same. Thought about not doing the tax loss harvest due to this penalty, but instead pre-purchased the vanguard small cap f...
by Cantrip
Tue Mar 17, 2020 7:48 pm
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3666
Views: 278820

Re: [Small Cap Value heads Rejoice !!!]

Does anyone have a logical explanation why SCV is doing worse than TSM in this crisis? What stocks do you think are in the small cap value index? Banks which now aren't earning much money with interest rates being cut. Leveraged energy companies which now can't pay their bills. Retail companies whe...
by Cantrip
Wed Mar 11, 2020 3:32 pm
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure Part II: The next journey
Replies: 7300
Views: 714679

Re: HEDGEFUNDIE's excellent adventure Part II: The next journey

Woah! TMF just crashed outta nowhere. Anybody have an explanation? I feel like I missed some news or something. My brother was in 100% bonds until yesterday (he has been in 100% bonds since he lost everything trading options in 2009). However yesterday when 10 year treasury rates went from 0.5 to 0...
by Cantrip
Sat Mar 07, 2020 12:22 am
Forum: Investing - Theory, News & General
Topic: Bond Convexity: Why You Shouldn't Fear Bonds With Low Rates
Replies: 76
Views: 9808

Re: Bond Convexity: Why You Shouldn't Fear Bonds With Low Rates

I have a question on expected returns related to convexity. The article linked by the OP has a graph called "Bond Fund Interest Rate Sensitivity, Range of total returns for +/- 1% change in interest rates". The long duration 30 year treasury has some interesting behavior due to convexity. ...
by Cantrip
Thu Jan 30, 2020 2:28 pm
Forum: Personal Investments
Topic: Tilt In Stock Subasset Allocation Based On CAPE (Overbalancing)
Replies: 7
Views: 527

Re: Tilt In Stock Subasset Allocation Based On CAPE (Overbalancing)

Also despite William Bernstein's talk about how extended US valuations are.... he still has only a 30% international allocation in his own portfolio (I can't quote a source on this, but I vividly remember reading it somewhere).
by Cantrip
Thu Jan 30, 2020 2:24 pm
Forum: Personal Investments
Topic: Tilt In Stock Subasset Allocation Based On CAPE (Overbalancing)
Replies: 7
Views: 527

Re: Tilt In Stock Subasset Allocation Based On CAPE (Overbalancing)

https://www.morningstar.com/etfs/arcx/vt/portfolio shows the US weighting of equity to be 54%, which is significantly different than the 44% you have quoted above. VT may be missing some Chinese stocks and such -- I'm not sure which number is more accurate. I tilted last year and put 40% instead of ...
by Cantrip
Thu Jan 30, 2020 10:54 am
Forum: Personal Investments
Topic: 21 Male - Looking for investing tips
Replies: 37
Views: 2430

Re: 21 Male - Looking for investing tips

When I was 24 (15 years ago) I started investing using a target retirement fund. It was a good choice with both stock and bond diversification. I would move your existing VTSAX into VLXVX (Target Retirement 2065), and put all future ROTH contributions into that fund. This is what I recommend to my f...
by Cantrip
Tue Jan 28, 2020 10:44 pm
Forum: Investing - Theory, News & General
Topic: VT Total World Stock ETF and the Foreign Tax Credit Pinch Out
Replies: 48
Views: 9305

Re: VT Total World Stock ETF and the Foreign Tax Credit Pinch Out

Sorry to hear that isotherm. Thanks for letting us know.
by Cantrip
Sun Jan 12, 2020 1:27 am
Forum: Investing - Theory, News & General
Topic: Gold - How Do Investors Model Price?
Replies: 406
Views: 14494

Re: Gold - How Do Investors Model Price?

Gold does not compound. I also thought gold did not compound until a few days ago. However if real GDP growth > gold supply growth, gold historically gained value in real terms. For instance in the 1800s when gold was money, the median annual deflation was 2%/year. Prices for goods and services wer...
by Cantrip
Sat Jan 11, 2020 10:09 am
Forum: Investing - Theory, News & General
Topic: Gold - How Do Investors Model Price?
Replies: 406
Views: 14494

Re: Gold - How Do Investors Model Price?

Gold was confiscated in 1933 at $20/oz. It was then revalued in 1934 at $35/oz. Therefore $20/oz would be a low estimate and $35/oz in 1934 would be a high price estimate for gold. If the only thing affecting the gold price is inflation (CPI) a high estimate would be $664 in 2020 dollars. However, c...
by Cantrip
Sat Jan 04, 2020 9:23 pm
Forum: Investing - Theory, News & General
Topic: Paul Merriman will be our February 2020 "Bogleheads on Investing" guest.
Replies: 90
Views: 7108

Re: Paul Merriman will be our February 2020 "Bogleheads on Investing" guest.

willthrill81 wrote: Sat Jan 04, 2020 8:43 pm but DFA is still the only provider of an ex-U.S. SCV fund, TMK.
AVDV, avantis international small cap value fund, is an etf with an expense ratio of 36 basis points. I do not know if it does security lending, anyone know?
by Cantrip
Sat Jan 04, 2020 9:20 pm
Forum: Investing - Theory, News & General
Topic: Paul Merriman will be our February 2020 "Bogleheads on Investing" guest.
Replies: 90
Views: 7108

Re: Paul Merriman will be our February 2020 "Bogleheads on Investing" guest.

I'm also curious about how Paul Merriman feels about the newer multi-factor funds such as XSVM, and VFMF, which combine momentum and value. These funds are typically less diversified or have a reduced value load. Is a regular value fund strategy good enough?
by Cantrip
Sat Jan 04, 2020 9:16 pm
Forum: Investing - Theory, News & General
Topic: Paul Merriman will be our February 2020 "Bogleheads on Investing" guest.
Replies: 90
Views: 7108

Re: Paul Merriman will be our February 2020 "Bogleheads on Investing" guest.

Since Paul Merriman believes in factor investing, I would like to know how he evaluates between two etfs with similar factor loads, but differing alphas. For instance Rafi funds claim positive alpha as a reason for investors to pay a higher expense ratio for their funds (about an extra 20bp over wha...
by Cantrip
Wed Jan 01, 2020 9:46 pm
Forum: Investing - Theory, News & General
Topic: Theoretically, which will fair better in recessions? Value or growth stocks?
Replies: 58
Views: 3461

Re: Theoretically, which will fair better in recessions? Value or growth stocks?

This is a link to the DFA matrix book: http://static.fmgsuite.com/media/documents/dfa8e2eb-70a8-4830-bbab-2e967cef3871.pdf It depends.... From 1929 through 1934 a recreated S&P 500 compounded at negative 9.7%/year. From 1929 through 1934 a recreated Large Value Index compounded at negative 13.7%...
by Cantrip
Sun Dec 29, 2019 9:13 am
Forum: US Chapters
Topic: New Bogleheads Local Chapter in Little Rock, AR
Replies: 38
Views: 9077

Re: New Bogleheads Local Chapter in Little Rock, AR

Next meeting coming up in two weeks: Saturday January 11, 2020 at 8am. Topic will be Asset Allocation. We had covered this topic a couple years ago, but there has been made a request to revisit it. Will be interesting to see if people stayed the course :). Location remains the same at Guillermo's Co...
by Cantrip
Sun Dec 29, 2019 9:07 am
Forum: Investing - Theory, News & General
Topic: I don't have faith in small and value premiums
Replies: 409
Views: 15291

Re: I don't have faith in small and value premiums

Understood, but if we believe valuations properly account for the expected future growth of different companies, then what harm occurs when holding them at say equal weight, or fundamental economic weight, or at market-cap weight? Shouldn't they all be valued in such a way to have equal returns, or...
by Cantrip
Wed Dec 18, 2019 9:42 am
Forum: Personal Investments
Topic: US Growth vs 500 Index
Replies: 10
Views: 1521

Re: US Growth vs 500 Index

More diversification and lower cost. Switch to the Vanguard 500 fund.
by Cantrip
Mon Dec 09, 2019 3:46 pm
Forum: Investing - Theory, News & General
Topic: Understanding bond fund purchase fees vs. how ETFs avoid them
Replies: 3
Views: 386

Re: Understanding bond fund purchase fees vs. how ETFs avoid them

I don't know the answers to your questions but the topic is interesting. ETF.com lists the median premium as 0.22 (range of -0.32 to +0.53) with an average spread of 0.01. So it appears highly liquid, and that on average anyone who buys the fund does pay the 0.25 purchase fee. You could arbitrage th...
by Cantrip
Mon Dec 09, 2019 1:08 am
Forum: Investing - Theory, News & General
Topic: VTI P/E 20.9x vs VIOV 15x, price/book 3.0x vs 1.4x
Replies: 37
Views: 2622

Re: VTI P/E 20.9x vs VIOV 15x, price/book 3.0x vs 1.4x

I have wondered what securities lending income is on SLYV (State Street SP 600 value) and VBR (Vanguard CRSP small value). I know expense ratio of SLYV is .15 and VBR is .07 but need the securities lending to know true cost. You can calculate the security lending revenue from the annual report of e...
by Cantrip
Sun Dec 08, 2019 12:38 am
Forum: Investing - Theory, News & General
Topic: VTI P/E 20.9x vs VIOV 15x, price/book 3.0x vs 1.4x
Replies: 37
Views: 2622

Re: VTI P/E 20.9x vs VIOV 15x, price/book 3.0x vs 1.4x

[/quote] What is really weird is that VIOV has an expense ratio of 0.20% and a 4 star rating from Morningstar. The iShares product that I own has an expense ratio of 0.25% and a 5 star rating from Morningstar. The two products follow the same index. What gives? [/quote] I agree with you that VIOV is...
by Cantrip
Sun Dec 08, 2019 12:14 am
Forum: Investing - Theory, News & General
Topic: VTI P/E 20.9x vs VIOV 15x, price/book 3.0x vs 1.4x
Replies: 37
Views: 2622

Re: VTI P/E 20.9x vs VIOV 15x, price/book 3.0x vs 1.4x

Numbers are as reported on ETF.com and I think they are correct.

On the fund comparison page, https://www.etfrc.com/viov , on the ETFs that show the most similarity, VBR doesn't even show up when compared to VIOV. Therefore it has less than a 30% overlap with VIOV.
by Cantrip
Sat Dec 07, 2019 11:53 pm
Forum: Investing - Theory, News & General
Topic: VTI P/E 20.9x vs VIOV 15x, price/book 3.0x vs 1.4x
Replies: 37
Views: 2622

Re: VTI P/E 20.9x vs VIOV 15x, price/book 3.0x vs 1.4x

Per ETF.com (which takes the total earnings of the companies and divides by market capitalization) VTI P/E: 25.69 VIOV P/E: -1,210.15 (the average company is losing a little bit of money) VBR P/E: 27.21 Vanguard removes a company from its PE calculation if it is losing money. So of the companies mak...
by Cantrip
Thu Nov 14, 2019 3:49 am
Forum: Investing - Theory, News & General
Topic: If you were forced to pick an alternative asset...
Replies: 107
Views: 8040

Re: If you were forced to pick an alternative asset...

I considered buying shares of farmland. Has low volatility, generates income, and historically has gone up every year in price. Go to acretrader.com to learn more. Also viewtopic.php?f=1&t=282606&p=4651578#p4651578
by Cantrip
Tue Oct 08, 2019 3:12 am
Forum: US Chapters
Topic: New Bogleheads Local Chapter in Little Rock, AR
Replies: 38
Views: 9077

Re: New Bogleheads Local Chapter in Little Rock, AR

Unfortunately I am unable to make the Saturday October 12, 2019 meeting. Therefore will reschedule the meeting to the next week: October 19th, 2019 at 8am. Topic will be Estate Planning. Location remains the same at Guillermo's Coffeehouse, next to Chilis at I430 and Rodney Parham. Hope to see you t...
by Cantrip
Thu Sep 05, 2019 10:46 pm
Forum: Personal Investments
Topic: Church Development Funds?
Replies: 14
Views: 4149

Re: Church Development Funds?

I've searched the archives, but not much information here regarding investment in church development funds. I was not even aware of their existence until our pastor promoted a particular fund from the pulpit during a financial-health-based sermon. When I got home and started looking at some of thes...
by Cantrip
Fri Aug 30, 2019 1:22 pm
Forum: Investing - Theory, News & General
Topic: Dr. Bill Bernstein: Next "Bogleheads on Investing" podcast guest
Replies: 56
Views: 6472

Re: Dr. Bill Bernstein: Next "Bogleheads on Investing" podcast guest

+1 on asif408. Should foreign equity allocation be increased since it appears significantly cheaper? If so, how to mechanically do it.
by Cantrip
Mon Aug 26, 2019 10:35 am
Forum: Personal Investments
Topic: Emergency Fund - Short Term Bond Funds or Money Market Funds?
Replies: 29
Views: 3670

Re: Emergency Fund - Short Term Bond Funds or Money Market Funds?

I just purchased Ibonds for my emergency fund (accessible 1 year from now). Currently has a 0.5% fixed rate, and in November the variable inflation rate will probably increase to the 2% ballpark for a total return of 2.5% state tax free.
by Cantrip
Mon Aug 26, 2019 2:45 am
Forum: Investing - Theory, News & General
Topic: Getting deeper small-cap value exposure in taxable is almost free
Replies: 59
Views: 14038

Re: Getting deeper small-cap value exposure in taxable is almost free

Learned how to compute factor loading from index returns today. Over the full period for which we have return data, the CRSP Small Cap Value index has had a similar value load to the S&P600 Value index, but with more positive alpha. July 2001 - August 2019 S&P600 Value Index (IJS/VIOV) Beta:...
by Cantrip
Tue Aug 13, 2019 3:58 am
Forum: Investing - Theory, News & General
Topic: Getting deeper small-cap value exposure in taxable is almost free
Replies: 59
Views: 14038

Re: Getting deeper small-cap value exposure in taxable is almost free

By just looking at tax efficiency and factor load it seems VIOV is the obvious choice over VBR. But I am worried about fund alpha. From 2001-2007, when the value factor was at its best, the S&P600 value index returned only 0.5% more than the S&P600 index and had a negative 3.5% alpha per yea...