Search found 584 matches

by VaR
Tue Oct 09, 2018 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: Moving to NYC, self-employed, with a kid. How big will my tax hit be?
Replies: 21
Views: 2160

Re: Moving to NYC, self-employed, with a kid. How big will my tax hit be?

If you did your taxes on TurboTax last year, it might be worth buying the NY State edition and seeing how you would have done if you were a NYC resident. I figure this isn't an option, though, because with such a big business you had your taxes done by an outside preparer.
by VaR
Sun Oct 07, 2018 12:18 am
Forum: Personal Consumer Issues
Topic: [Small, Portable, and Ductless Air Conditioners]
Replies: 60
Views: 3773

Re: [Small, Portable, and Ductless Air Conditioners]

Wonder if the OP decided to go with the mini-split installation or not. We are getting estimates for a mitsubishi. It looks like it will two condensers and 4 units. I wonder how it looks outside on the siding with all the conduits running. I have been googling a few images but there are not many ou...
by VaR
Fri Sep 21, 2018 12:16 am
Forum: Investing - Theory, News & General
Topic: New [Vanguard] environmental, social, governance (ESG) ETFs
Replies: 25
Views: 1869

Re: New [Vanguard] environmental, social, governance (ESG) ETFs

Looking at the ten largest companies in each fund, these aren't in the social fund top 10: Amazon, Berkshire Hathaway, & Exxon. Why Amazon & Berkshire? Here are the Sustainalitics scores for the companies along with their percentiles (higher percentile is better): Amazon - 45; 15th percentile; poor...
by VaR
Sun Sep 09, 2018 12:26 pm
Forum: Investing - Theory, News & General
Topic: Is individual Bonds better than Bond Fund?
Replies: 58
Views: 5353

Re: Is individual Bonds better than Bond Fund?

One thing I know about Bogleheads in general is that they can be VERY against individual bonds. It makes sense -- if you hold 5-8 different bonds, that's a lot of risk. OTOH, my advisor at Fidelity recommends holding some bonds individually, as long as they're investment grade. So I don't know whic...
by VaR
Wed Sep 05, 2018 2:25 pm
Forum: Investing - Help with Personal Investments
Topic: 401k Help. They are removing index funds.
Replies: 28
Views: 2072

Re: 401k Help. They are removing index funds.

Maybe ask Pension Consultants whether they hold themselves up to the fiduciary standard or if they merely hold themselves to the suitability standard? The fiduciary rule may be dead but we don't have to put up with a lower standard. That said, since improper asset allocation is the most common mista...
by VaR
Mon Sep 03, 2018 11:20 am
Forum: Investing - Theory, News & General
Topic: Investing in the food industry
Replies: 13
Views: 887

Re: Investing in the food industry

OP, are you asking for investment advice for an actual portfolio or is this for some kind of hypothetical or contest? For actual advice, assuming that you for mysterious reasons are constrained to the food industry, you could either invest in one of a number of food & beverage ETFs or, if you can, o...
by VaR
Sat Sep 01, 2018 6:14 am
Forum: Investing - Theory, News & General
Topic: It's not enough to mumble "Stay the Course"... INT'L Investing has been a disaster!
Replies: 1194
Views: 99318

Re: It's not enough to mumble "Stay the Course"... INT'L Investing has been a disaster!

Another observation is that I haven't seen a lot of non-active options for investing in global developed markets in a fashion similar to the S&P 500, but would also include companies like Samsung, Toyota, Shell, etc. I think it's Blackrock that has a Global 100 or something to that effect, but that...
by VaR
Fri Aug 31, 2018 6:39 am
Forum: Investing - Help with Personal Investments
Topic: Looking to park 1m into Vanguard IRA
Replies: 7
Views: 1349

Re: Looking to park 1m into Vanguard IRA

OP, do you have any other tax-deferred accounts that you could convert? I'd be quite hesitant to give up a guaranteed 5% return. How sure are you that this rate will hold into the future? One thought is to not do anything until this rate goes down. Also, how many years of Roth conversions do you hav...
by VaR
Tue Aug 28, 2018 2:26 pm
Forum: Investing - Help with Personal Investments
Topic: 6 figure sum to Vanguard Money Market or Savings account?
Replies: 12
Views: 1292

Re: 6 figure sum to Vanguard Money Market or Savings account?

OP, my short-answer recommendation if you're super-paranoid is to put your money in the Vanguard Treasury Money Market Fund (VUSXX). It holds only US Treasury bills. I would have no qualms about putting my money in the Vanguard Federal Money Market Fund (VMFXX). It is the settlement fund for Vanguar...
by VaR
Tue Aug 28, 2018 12:23 am
Forum: Investing - Theory, News & General
Topic: It's not enough to mumble "Stay the Course"... INT'L Investing has been a disaster!
Replies: 1194
Views: 99318

Re: It's not enough to mumble "Stay the Course"... INT'L Investing has been a disaster!

But if the EMH is accurate, then the risk-adjusted returns for individual stocks, sectors, factors, nations, etc., should be approximately the same over the long-term. Otherwise, there would be a 'free lunch' (in risk-adjusted terms) by investing in certain stocks, sectors, factors, nations, etc. A...
by VaR
Mon Aug 27, 2018 8:39 pm
Forum: Investing - Theory, News & General
Topic: It's not enough to mumble "Stay the Course"... INT'L Investing has been a disaster!
Replies: 1194
Views: 99318

Re: It's not enough to mumble "Stay the Course"... INT'L Investing has been a disaster!

If we believe and argue vigorously that all markets around the globe are reasonably efficient, would anyone be willing to equal weight every country? That would be a compromise from the ne plus ultra of efficient markets, the equal weight every stock in every market in every country around the worl...
by VaR
Sun Aug 26, 2018 5:41 pm
Forum: Investing - Help with Personal Investments
Topic: Calculating the average combined return of several mutual funds?
Replies: 5
Views: 359

Re: Calculating the average combined return of several mutual funds?

I'm embarrassed by my inability to find this answer elsewhere before having to ask it here: our son has 8 mutual funds (equities, F.I., international). I'm recommending either a. 3 fund portfolio or b. a target date fund (he's 33). Want to figure out the average annual return of the COMBINED funds....
by VaR
Sun Aug 26, 2018 2:47 am
Forum: Investing - Help with Personal Investments
Topic: Game Changing Inheritance of Stocks! Now what?
Replies: 75
Views: 7083

Re: Game Changing Inheritance of Stocks! Now what?

Information for those who don't know tickers by heart, OPs 403Bs/Roth are invested in: VASGX - Vanguard LifeStrategy Growth Fund Investor Shares VTTHX - Vanguard Target Retirement 2035 Fund Investor Shares OP, will you take itemized deductions or the standard deduction for 2018? I'd like to reiterat...
by VaR
Sun Aug 19, 2018 12:51 am
Forum: Investing - Theory, News & General
Topic: Vanguard predicts 10 year equity returns
Replies: 91
Views: 10471

Re: Vanguard predicts 10 year equity returns

so if all experts agree that US will do worse than Int'l over the next 10 years, https://www.morningstar.com/articles/842900/experts-forecast-longterm-stock-and-bond-returns-2.html why are there people here who say you don't need Int'l? (based on last 10 years results I guess) Are there *any* exper...
by VaR
Sun Aug 19, 2018 12:21 am
Forum: Investing - Theory, News & General
Topic: Vanguard predicts 10 year equity returns
Replies: 91
Views: 10471

Re: Vanguard predicts 10 year equity returns

As you showed in the part you quoted, this is what Vanguard calls a central tendency I know. :) I'm glad at least you got it. That said, I think that saying that Vanguard predicts 10-year returns as 3%-4% is deceptive in that it implies to those who don't a priori understand what kinds of "predicti...
by VaR
Sat Aug 18, 2018 8:01 pm
Forum: Investing - Theory, News & General
Topic: Vanguard predicts 10 year equity returns
Replies: 91
Views: 10471

Re: Vanguard predicts 10 year equity returns

just listened to yesterdays clark howard podcast where he talked about vanguards predictions of annual equity returns for the next 10 years. i don't know if this is on their website or not. insert appropriate caveats... domestic 3%-4% international 6%-7% Is this the official prediction of Vanguard ...
by VaR
Sat Aug 18, 2018 4:50 pm
Forum: Investing - Theory, News & General
Topic: It's not enough to mumble "Stay the Course"... INT'L Investing has been a disaster!
Replies: 1194
Views: 99318

Re: It's not enough to mumble "Stay the Course"... INT'L Investing has been a disaster!

Fair enough. But one could ask how relevant data from 90 years ago is to today's global economy. To that, there is no objective answer. I don't think the question is objective, but that's not what I want to discuss. Instead, I want to ask which of the following are you saying: 1. ex-US markets are ...
by VaR
Tue Aug 14, 2018 4:47 pm
Forum: Investing - Theory, News & General
Topic: It's not enough to mumble "Stay the Course"... INT'L Investing has been a disaster!
Replies: 1194
Views: 99318

Re: It's not enough to mumble "Stay the Course"... INT'L Investing has been a disaster!

Another interesting tidbit about the tear that U.S. markets have been on in the past decade: 1. Total market capitalization of the S&P 500 in 2008 - about $11 trillion. 2. Total market capitalization of the S&P 500 on 3/31/2018 - about $23.6 trillion 3. Market cap of Apple: 3/31/2008 =$123 billion ;...
by VaR
Tue Aug 14, 2018 3:56 pm
Forum: Investing - Theory, News & General
Topic: It's not enough to mumble "Stay the Course"... INT'L Investing has been a disaster!
Replies: 1194
Views: 99318

Re: It's not enough to mumble "Stay the Course"... INT'L Investing has been a disaster!

The inception date of Vanguard Total Stock U.S. Stock Market Index Fund ( VTSMX ) was 4/27/1992. The inception date of Vanguard Total International Stock Index Fund ( VGTSX ) was 4/29/1996. Per Morningstar , as of 8/13/2018, if you had invested $10,000 in both funds on 4/30/1996, you would currentl...
by VaR
Thu Aug 09, 2018 7:27 pm
Forum: Investing - Theory, News & General
Topic: Illiquidiity scenarios for Mutual Funds/ETFs
Replies: 21
Views: 1248

Re: Illiquidiity scenarios for Mutual Funds/ETFs

Vanguard has previously said they were uncomfortable with offering an ETF on potentially illiquid junk bonds because: 1. ETFs on junk bonds tend to trade at a premium to NAV when money is flowing into the asset class and at a discount to NAV when money is flowing out of the asset class. “Those swing...
by VaR
Sat Jul 21, 2018 10:42 pm
Forum: Personal Consumer Issues
Topic: Rain shower
Replies: 25
Views: 2681

Re: Rain shower

I concur with those saying that it's a personal preference whether a rain shower head is enjoyable or annoying. I got one that I never use. I wish I had spent the money instead on a combination regular shower head and slide mounted hand shower that would double-up as a second shower head at a differ...
by VaR
Sat Jul 21, 2018 9:44 pm
Forum: Investing - Help with Personal Investments
Topic: Structured Note
Replies: 19
Views: 1640

Re: Structured Note

I think it's also worth noting that these products are designed to play to people's cognitive biases - particularly loss aversion. That combined with the fact that they are designed to make money for the issuer means that you are getting the short end of the stick. As an alternative it's financially...
by VaR
Sat Jul 21, 2018 12:14 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard Sub-Asset Allocation Model, Personal Advisor Service
Replies: 26
Views: 2499

Re: Vanguard Sub-Asset Allocation Model, Personal Advisor Service

VaR ...... I should have been a little more specific regarding my PAS's discussion of factor tilting. I took some liberties with terms. He said there is a bit of market segment chasing in these funds. IOW, the holdings in a particular factor fund might be trending upward in value but by the time th...
by VaR
Sat Jul 21, 2018 2:41 am
Forum: Investing - Help with Personal Investments
Topic: I'm about to inherit a single stock with a worth of just over 7 figures....
Replies: 103
Views: 9159

Re: I'm about to inherit a single stock with a worth of just over 7 figures....

Unless, of course, your net worth is $10 million from before. In that case, you can keep it. Well, at $10 MM the $1 million position would be 10% of assets and likely more than 10% of investable assets and so it would still be a concentrated position. As a result any advisor would recommend that yo...
by VaR
Sat Jul 21, 2018 2:33 am
Forum: Investing - Help with Personal Investments
Topic: Vanguard Sub-Asset Allocation Model, Personal Advisor Service
Replies: 26
Views: 2499

Re: Vanguard Sub-Asset Allocation Model, Personal Advisor Service

Here is what my PAS said about factor tilting: we can do this by adding funds to you portfolio that accomplish factor tilting if you want to do that. The up-side is that factor tilting funds have the potential for better performance over time than an Index fund. It requires some element of market t...
by VaR
Sat Jul 21, 2018 2:13 am
Forum: Investing - Help with Personal Investments
Topic: Should I Dump a Pile of Money on Young Son?
Replies: 157
Views: 13793

Re: Should I Dump a Pile of Money on Young Son?

Here's some information that might provide some context that everyone might not have calculated out. If that $1 million is invested for 30 years, it could end up as $6-8 million, or even more. Possibly less as well, but $6-8 is a good expected value for 6-7% compound annual returns. Note that by the...
by VaR
Sat Jul 21, 2018 1:46 am
Forum: Investing - Help with Personal Investments
Topic: Received $1m windfall with additional upside; looking for feedback on plan to hedge against market correction
Replies: 44
Views: 7614

Re: Received $1m windfall with additional upside; looking for feedback on plan to hedge against market correction

@VaR: Re: #2, where do you suggest I find fee-only advisors? AFAICT Vanguard advisors charge 30 bps in AUM, so aren't fee-only, right? As per this thread , the top recommendations seem to be finding one through http://www.napfa.org/ or https://www.garrettplanningnetwork.com// Re #4, I did set aside...
by VaR
Fri Jul 20, 2018 3:55 am
Forum: Investing - Help with Personal Investments
Topic: I'm about to inherit a single stock with a worth of just over 7 figures....
Replies: 103
Views: 9159

Re: I'm about to inherit a single stock with a worth of just over 7 figures....

Unless, of course, your net worth is $10 million from before. In that case, you can keep it. Well, at $10 MM the $1 million position would be 10% of assets and likely more than 10% of investable assets and so it would still be a concentrated position. As a result any advisor would recommend that yo...
by VaR
Thu Jul 19, 2018 4:00 pm
Forum: Investing - Help with Personal Investments
Topic: I'm about to inherit a single stock with a worth of just over 7 figures....
Replies: 103
Views: 9159

Re: I'm about to inherit a single stock with a worth of just over 7 figures....

I may have. I see giving up the $35,000 annually as a potential mistake. I don't disagree in being diversified but if this is a solid asset and the OP is comfortable owing an individual stock then he should run with it. If not, then go with index funds. Giving up the free lunch of diversification i...
by VaR
Thu Jul 19, 2018 3:32 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard Sub-Asset Allocation Model, Personal Advisor Service
Replies: 26
Views: 2499

Re: Vanguard Sub-Asset Allocation Model, Personal Advisor Service

Thanks, VaR ....... appropriate, detailed and very useful in my circumstance. Just printed out the IPS page you linked to. I'll be working on that. I will read the threads you suggested. You're very welcome. Let me know if you want some help in finding the threads. I don't know them offhand but I'v...
by VaR
Thu Jul 19, 2018 3:09 pm
Forum: Investing - Help with Personal Investments
Topic: I'm about to inherit a single stock with a worth of just over 7 figures....
Replies: 103
Views: 9159

Re: I'm about to inherit a single stock with a worth of just over 7 figures....

Besides agreeing with everyone else advising to sell and diversify now when there are no capital gains due to step-up basis, I'd like to observe that we get a fair number of people coming to the forum asking for advice on what to do when they have a concentrated position (usually with AAPL) with a f...
by VaR
Wed Jul 18, 2018 9:38 pm
Forum: Investing - Help with Personal Investments
Topic: Why Does Vanguard Emerging Markets not Tie to Market Caps?
Replies: 7
Views: 907

Re: Why Does Vanguard Emerging Markets not Tie to Market Caps?

You're not looking at free float, are you? Most stock indexes intended for investment adjust weights for float. I wasn't aware of that. So when we say market cap weighted which we do on here constantly, that is a misnomer. It should be free float market cap weighted as there are some rather large d...
by VaR
Wed Jul 18, 2018 9:28 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard Sub-Asset Allocation Model, Personal Advisor Service
Replies: 26
Views: 2499

Re: Vanguard Sub-Asset Allocation Model, Personal Advisor Service

There's nothing to complain about with the Vanguard PAS recommendation. It's a textbook portfolio for your age and risk tolerance. Here are some highlights on what I think are its worthwhile corrections to the original portfolio allocations, IMHO: 1. It eliminates a moderate tilt towards "small vs l...
by VaR
Tue Jul 17, 2018 5:41 pm
Forum: Investing - Help with Personal Investments
Topic: How to reinvest previous years gains to facilitate compounding effect.
Replies: 6
Views: 813

Re: How to reinvest previous years gains to facilitate compounding effect.

I do the following: 1. Set all tax-advantaged accounts (IRA, Roth, 401k, etc) to "reinvest" so that distributions are plowed back into the an approximation of my original asset allocations. 2. Set my taxable accounts to "cash". I do this because I want to avoid small tax lots. Strictly speaking, thi...
by VaR
Tue Jul 17, 2018 5:29 pm
Forum: Investing - Help with Personal Investments
Topic: When to invest 100000?
Replies: 36
Views: 2821

Re: When to invest 100000?

First, read the following two articles from the wiki: https://www.bogleheads.org/wiki/Managing_a_windfall - in case this $100k is a windfall to you https://www.bogleheads.org/wiki/Dollar_cost_averaging#Dollar_cost_averaging_versus_lump_sum - summarizes the tradeoffs between lump sum investment of a ...
by VaR
Tue Jul 17, 2018 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: Where to get a $100 bill?
Replies: 49
Views: 5374

Re: Where to get a $100 bill?

Giving a $100 bill as a gift is not necessarily a good idea. I know it is legal tender, but most merchants are reluctant to accept it unless the purchase is greater than $50. Why not just give two $50 bills or five $20 bills? I'm not sure why, but giving a crisp new Benjamin as a cash gift in an en...
by VaR
Tue Jul 17, 2018 4:46 pm
Forum: Personal Consumer Issues
Topic: Excel Spread sheets -mac or. Windows?
Replies: 21
Views: 1146

Re: Excel Spread sheets -mac or. Windows?

Another possible solution is to use the online version of Excel at https://office.live.com/start/Excel.aspx As someone said above, my preferred choice is to import the Excel sheet into Google Sheets, but if there are compatibility issues I will sometimes just use it in Excel online instead of fixing...
by VaR
Tue Jul 17, 2018 4:20 pm
Forum: Personal Consumer Issues
Topic: Going solar?
Replies: 73
Views: 6254

Re: Going solar?

No, I asked and they don't do leases. Maybe I will try another company Conventional wisdom says that owning your panels is better than leasing, financially speaking. https://www.energysage.com/solar/financing/should-you-buy-or-lease-your-solar-panel-system/ [With a solar loan/cash purchase] You can...
by VaR
Mon Jul 16, 2018 7:11 pm
Forum: Personal Finance (Not Investing)
Topic: Class Reunion Fund: How to Hold and Where to Invest?
Replies: 14
Views: 849

Re: Class Reunion Fund: How to Hold and Where to Invest?

I've never done this myself, but it seems to me that alumni organizations often file for an EIN as a 501(c)(7) organization - a tax-exempt social or recreational club that is organized for pleasure, recreation, and other nonprofitable purposes. That way you don't have to worry about paying income ta...
by VaR
Mon Jul 16, 2018 6:19 am
Forum: Investing - Theory, News & General
Topic: Six stocks make up 98% of S&P 500 gains in 2018
Replies: 87
Views: 13196

Re: Six stocks make up 98% of S&P 500 gains in 2018

My understanding is Netflix is basically priced as if it will account for 50% of the entire TV industry in 10 years. That just doesn't seem very likely to me. I agree that it is unlikely that Netflix will account for 50% of the entire TV industry in 10 years, but I suspect that the analysis that le...
by VaR
Sun Jul 15, 2018 6:49 pm
Forum: Personal Consumer Issues
Topic: Seeking advice about "defective" computer
Replies: 22
Views: 1601

Re: Seeking advice about "defective" computer

What's the reason everyone seems to be shy about having a tech come out and replace the motherboard? It failed once but was "flea rebooted" back into working. This seems to me to tilt the scales slightly towards a new motherboard being better than the old motherboard, since the old one got into a fa...
by VaR
Sun Jul 15, 2018 6:43 pm
Forum: Investing - Help with Personal Investments
Topic: Helping parent invest small windfall near retirement
Replies: 14
Views: 1170

Re: Helping parent invest small windfall near retirement

There is a good chance your mother could live another 30 years. So just because she has a relatively short time until she retires does not mean her investing horizon is short too. While a high stock exposure probably does not make sense given her limited assets, an investment like the Vanguard Life...
by VaR
Sun Jul 15, 2018 7:35 am
Forum: Investing - Help with Personal Investments
Topic: Helping parent invest small windfall near retirement
Replies: 14
Views: 1170

Re: Helping parent invest small windfall near retirement

Does your mom have any idea of what her living expenses are now and what they will be in retirement? It will be good to figure out how much she will need to supplement her social security. You can use this to estimate how long she will have to work before she can retire. It also might be eye opening...
by VaR
Sat Jul 14, 2018 8:31 pm
Forum: Investing - Help with Personal Investments
Topic: Received $1m windfall with additional upside; looking for feedback on plan to hedge against market correction
Replies: 44
Views: 7614

Re: Received $1m windfall with additional upside; looking for feedback on plan to hedge against market correction

Other responders have done a decent job of responding to most of your investment questions, but I'll respond to the few that haven't gotten great responses yet. 1. Regarding institutional diversity, remember that there's a difference between having your money deposited at a bank (even Chase), where ...
by VaR
Sat Jul 14, 2018 1:48 pm
Forum: Investing - Theory, News & General
Topic: Getting antsy with indexing? Reporter doing story.
Replies: 12
Views: 3019

Re: Getting antsy with indexing? Reporter doing story.

I'm fascinated with the idea that people actually getting antsy with indexing. Can't wait to read the article.
by VaR
Fri Jul 13, 2018 12:22 pm
Forum: Personal Consumer Issues
Topic: To take or not to take delivery of Tesla 3
Replies: 1326
Views: 111576

Re: To take or not to take delivery of Tesla 3

The mid for a one-year CDS on Tesla (protection for Tesla debt) is 4.5% or so. The implied default probability at 40% recovery is 7%, according to my rough calculations. So bank broker-dealers will sell you protection on Tesla defaulting on its debt in the next year for 6% upfront or a 9.5% probabi...
by VaR
Fri Jul 13, 2018 10:37 am
Forum: Personal Consumer Issues
Topic: To take or not to take delivery of Tesla 3
Replies: 1326
Views: 111576

Re: To take or not to take delivery of Tesla 3

Good chance Tesla folds in a year or so. The mid for a one-year CDS on Tesla (protection for Tesla debt) is 4.5% or so. The implied default probability at 40% recovery is 7%, according to my rough calculations. So bank broker-dealers will sell you protection on Tesla defaulting on its debt in the n...
by VaR
Fri Jul 13, 2018 8:45 am
Forum: Personal Consumer Issues
Topic: To take or not to take delivery of Tesla 3
Replies: 1326
Views: 111576

Re: To take or not to take delivery of Tesla 3

Back on the original topic, I do think there's a risk of the company declaring Chapter 11, but I suspect that even if it does, it'll be brought out of bankruptcy due to the strength of the brand and the product. That said, I do think there is a good chance that they get close to their production tar...
by VaR
Fri Jul 13, 2018 1:29 am
Forum: Investing - Theory, News & General
Topic: Total returns
Replies: 20
Views: 1851

Re: Total returns

That's not really how you're supposed to do it either. I'm not the arbiter of what is "supposed" to be done, but it's the exact same comparison, whether you subtract ERs from the index or add them to the funds. Apologies for that, I was going to do it differently but then changed my mind and decide...
by VaR
Thu Jul 12, 2018 6:23 pm
Forum: Investing - Theory, News & General
Topic: Total returns
Replies: 20
Views: 1851

Re: Total returns

According to the links above, the benchmark returns were 21.41%. Expense ratios: .11% vtiax and .17% for vgtsx Returns: 27.55% vtiax and 27.40% vgtsx Subtracting the expense ratios off the top of these returns gives me 27.44% and 27.23% which are no where near the benchmarks. So there must be some ...