Search found 254 matches

by mtl325
Tue Jan 17, 2012 1:42 pm
Forum: Investing - Theory, News & General
Topic: Help finding some articles from C. Asness
Replies: 3
Views: 267

Re: Help finding some articles from C. Asness

thank you. I don't seem to be able to read the article in full text or download from SSRN. Is a subscription required?
by mtl325
Tue Jan 17, 2012 1:33 pm
Forum: Investing - Theory, News & General
Topic: Help finding some articles from C. Asness
Replies: 3
Views: 267

Help finding some articles from C. Asness

Does anyone know where I can view Mr. Asness' articles/essays called "Rubble Logic" and "Stocks versus Bonds: Explaining the Equity Risk Premium"? I had previously read these articles, found them extremely influential and wanted to re-read to see whether I could pick up a few more insights. Previous...
by mtl325
Mon Oct 31, 2011 8:59 pm
Forum: Investing - Theory, News & General
Topic: A 200 year old firm goes bankrupt
Replies: 24
Views: 4936

Re: A 200 year old firm goes bankrupt

Annnddd ... it's gone.

700M of client money cannot be accounted for ...

http://dealbook.nytimes.com/2011/10/31/ ... global/?hp
by mtl325
Thu Oct 07, 2010 9:10 pm
Forum: Personal Finance (Not Investing)
Topic: Deleted
Replies: 36
Views: 7905

As a member of the 'venerated' buy-side - don't waste your time with an MBA. Beg your way on to healthcare fund, work for sweat until you prove your value; I got in by providing a lot of near-free legal work. Our mba's (2) are treated like human computers - make me model, make me KPI's, make me meet...
by mtl325
Tue Oct 05, 2010 8:31 pm
Forum: Investing - Theory, News & General
Topic: How do Private Stocks work? NonPublic Companies?
Replies: 19
Views: 6331

Re: How do Private Stocks work? NonPublic Companies?

The 70% number is used a lot in private placement pitch decks I see, so I can't directly verify. But it makes sense, when I thought about it for a second. The S&P 500 has a market cap of ~10.5T and earnings are expected to be between $85-95 @1050. Even though the index is not equally weighed, it pro...
by mtl325
Wed Sep 29, 2010 11:43 pm
Forum: Personal Consumer Issues
Topic: Anyone using MiFi?
Replies: 34
Views: 6355

I'm really curious if anyone is trying mifi + skype? My ATT contract is up and this seems like a workable solution to cancel cable internet and my cell contract.
by mtl325
Wed Sep 29, 2010 10:13 pm
Forum: Investing - Theory, News & General
Topic: How do Private Stocks work? NonPublic Companies?
Replies: 19
Views: 6331

Re: How do Private Stocks work? NonPublic Companies?

Stock prices are not based purely on company worth, but also on future speculation of earnings. That speculation comes from the market. [. . . .] How do employees hold private stocks? Im assuming it cant be transferred to a brokerage account. [. . . .] Can former employees keep the shares they earn...
by mtl325
Wed Sep 29, 2010 9:40 pm
Forum: Investing - Theory, News & General
Topic: best hedge(s) against falling home equity?
Replies: 22
Views: 2579

Re: best hedge(s) against falling home equity?

as a lot of americans have a large portion of their net worth as home equity - how does one go about hedging this exposure? this is a subject i've never seen discussed. critical thinking required 8) Um ... isn't that what a 105% LTV non-recourse HELOC is for? Embedded in there is a put option with ...
by mtl325
Thu Sep 23, 2010 12:37 am
Forum: Personal Finance (Not Investing)
Topic: Part-time jobs
Replies: 13
Views: 2545

Considering you're an attorney or about to become one; I'd say the best part time jobs are directly related to your 7+ years of school. Writing articles can be compensated, but can also go a long way toward career development. Developing a client base should be at least a part time job on top of the...
by mtl325
Fri Sep 10, 2010 6:25 pm
Forum: Personal Investments
Topic: Roth Beneficiary Designations - Estate Tax vs. Income Tax
Replies: 44
Views: 4052

I can see your atty's thoughts. I disagree because the value of maintaining tax deferral over the actuarial life of your presumptively younger beneficiaries is worth more than potential estate tax based on your asset totals (I assume you are split 50/50 between you and your spouse). Since estate tax...
by mtl325
Fri Sep 03, 2010 9:40 pm
Forum: Investing - Theory, News & General
Topic: Does Yield Ever matter?
Replies: 36
Views: 4120

bladder theory?
by mtl325
Tue Aug 31, 2010 1:22 am
Forum: Personal Finance (Not Investing)
Topic: Thinking of refinancing our rental house
Replies: 13
Views: 1845

I don't think it's possible to give an accurate answer without knowing your marginal federal tax rate and the existing p&l on the rental. Any broker will be able to tell you the current spread in a 3 minute phone call.
by mtl325
Tue Aug 31, 2010 1:06 am
Forum: Personal Consumer Issues
Topic: Charity CEO Pay
Replies: 63
Views: 7718

Throw in a 20 spot and consider it a tax deductible friendship tax. And the next time he has you over for a party, target the high value food and drink options as a donation in kind to the Gekko Foundation.
by mtl325
Tue Aug 31, 2010 12:54 am
Forum: Personal Consumer Issues
Topic: Scottish scientists develop whisky biofuel
Replies: 2
Views: 676

Interesting article - thanks. I wish there was some cost info. Having screened 30 US based biofuel companies, I always loved the negative commodity to positive commodity plans. We never jumped in due to a political risk that became reality. The $1 per gallon credit was extended annually, and has not...
by mtl325
Sat Aug 21, 2010 10:00 pm
Forum: Investing - Theory, News & General
Topic: Long bear-market strategies?
Replies: 40
Views: 4579

If your conviction is really long term bear, and you want a proper allocation according to the leading academic sources; I'd say the most appropriate strategy is to buy-write. While this will cap your return, volatility is above historical norms and writing 5% out of the money would provide ~7% prem...
by mtl325
Sat Aug 21, 2010 9:50 pm
Forum: Investing - Theory, News & General
Topic: ..
Replies: 57
Views: 6064

I respectfully disagree that everyone hates stocks. Maybe a few friends have given up on the market. However, if institutional AND retail hates equities, I'd think we'd be seeing a much cheaper market. At a 19 PE10, I'd say the market is still expensive on a historical basis. Due to a lot of luck I ...
by mtl325
Wed Jul 28, 2010 2:00 am
Forum: Personal Consumer Issues
Topic: Solar for Home - Is It Worth Doing?
Replies: 44
Views: 6577

We put a 7.2 kw system on our home in Pa in March. On the electricity savings, it's about 70 a month (more in the summer, less in the winter). The system cost 35k less 16k from the state and have a 5,700 tax credit. Our real payoff is coming from SREC sales - depending on market conditions they'll r...
by mtl325
Mon Apr 05, 2010 3:18 pm
Forum: Investing - Theory, News & General
Topic: 10 year treasury yield might hit 4% today..
Replies: 15
Views: 3914

Re: 10 year treasury yield might hit 4% today..

Might be first time since October 2008 that the treasury yield touches 4% today..any significance to it hitting that number? will it be a boost or pole fault to go even higher?4.50%?5.00%? It almost feels like the circle is now complete with that 4% mark cause that was the very depths of the recess...
by mtl325
Mon Apr 05, 2010 2:17 pm
Forum: Personal Investments
Topic: Mortgage on an equestrian facility - Questions!
Replies: 23
Views: 2072

The shopping around I have done so far has resulted in 3 dead ends. Only this bank that I mentioned in my original post has been willing to work with us. I think you should take it as a the bank's opinion of your risk if you are not offered the prime fixed rate. That other banks have denied your ap...
by mtl325
Fri Apr 02, 2010 7:08 pm
Forum: Investing - Theory, News & General
Topic: Long Term Investing and Corruption
Replies: 30
Views: 4095

Re: Long Term Investing and Corruption

In a company, the board is accountable to the shareholders and managers are accountable to the board. If shareholders are passive investors with long-term focus, wouldn't this reduce accountability? If there is corruption in the company and it affects the performance of the company, if the company ...
by mtl325
Fri Apr 02, 2010 6:57 pm
Forum: Investing - Theory, News & General
Topic: Rebalance Strategy at S&P 500 1,566
Replies: 32
Views: 4774

Re: Rebalance Strategy at S&P 500 1,566

what do you think of this strategy? why 1566 rather than 1466 or 1666? what's magic about that level? if the market hits a peak at 1565 and noses back down for a while, what will you do? why use a specific numeric index value of one asset class as a trigger to rebalance a different asset class? bec...
by mtl325
Fri Apr 02, 2010 6:17 pm
Forum: Personal Finance (Not Investing)
Topic: what insurance do we need?
Replies: 17
Views: 2687

Since you do have some assets to protect, I would definitely get with the umbrella. Ours was cheaper than pushing up liability on the auto policy and home owners. We carry 4m and I think it's dirt cheap, a net of about 350 per annum because we pushed our auto and home liability to state minimum. Lif...
by mtl325
Wed Mar 31, 2010 7:31 pm
Forum: Personal Finance (Not Investing)
Topic: Pensioner Envy!
Replies: 21
Views: 6473

I don't think you've given enough information, specifically whether your parents could have the retirement lifestyle they want on your father's pension alone and whether the pension is COLA'd If that is possible, your mother could retire now even if your father (g-d forbid) passed away tomorrow. The...
by mtl325
Wed Mar 31, 2010 11:49 am
Forum: Personal Finance (Not Investing)
Topic: S-Corp, LLC, ????
Replies: 38
Views: 3841

As we deal with the question of pass through v. C all the time, here are a few simple guidelines we chat about. - Talk to an attorney or advisory service for sure, it's a mess to do this on your own and have it blow up. 1. Where is the business going? As realistic a expectation do you see the need f...
by mtl325
Wed Mar 31, 2010 11:12 am
Forum: Investing - Theory, News & General
Topic: government bonds--‘Canary in coal mine’ just died
Replies: 21
Views: 4345

Forgive my ignorance - I should know this ... but isn't the swap spread just the cost of exchanging variable rate corporate debt for a fixed rate (in this case a10 year treasury)? Does this actually say anything about default or that investors are willing to accept risk in order to get a floating in...
by mtl325
Wed Mar 31, 2010 10:43 am
Forum: Investing - Theory, News & General
Topic: Wine as an Alternative Investment
Replies: 35
Views: 4785

I actually looked into this one. Basically the only luxury feature in our home is a wine cellar the previous owners installed. We thought it would be fun to buy a few cases of high end wines each year, earmark a few bottles for personal consumption and hopefully break even by selling the other bottl...
by mtl325
Sun Mar 28, 2010 3:44 am
Forum: Investing - Theory, News & General
Topic: The Only Two Numbers That Predict the Stock Market
Replies: 37
Views: 5824

Re: The Only Two Numbers That Predict the Stock Market

Problem is that people are mistaking Astrology for Astronomy. Technical Analysis does NOT deal with Predicting markets (other than Elliot). Its more based upon getting Entry / Exit levels based on parameters that have worked in the past. Theoretically prediction is also there in Fundamental Analysi...
by mtl325
Wed Mar 24, 2010 2:31 pm
Forum: Investing - Theory, News & General
Topic: Americans Say They Missed 73% Rise in S&P 500
Replies: 37
Views: 5792

A couple things: 1. We see this every time - whether it be performance chasing, over allocation, panic selling, eliminating contributions, ect. Why would this time be any different for the average retail investor? 2. The S&P is still ~20% off it's high. Even using all the proper techniques, there is...
by mtl325
Wed Mar 24, 2010 11:14 am
Forum: Personal Consumer Issues
Topic: Help on New Indoor Tanning Tax
Replies: 54
Views: 6652

It's really a tax targetted at Anthony Mozillo, it's a pigovian tax to dissuade subprime lending. Ta-Da, we fixed it.
by mtl325
Mon Mar 22, 2010 1:00 pm
Forum: Personal Investments
Topic: Some Corp. Bond spreads now negative=> stick to treasurie
Replies: 7
Views: 2087

I was long winded in saying that it's a fundamental mispricing.
by mtl325
Mon Mar 22, 2010 11:42 am
Forum: Personal Investments
Topic: Some Corp. Bond spreads now negative=> stick to treasurie
Replies: 7
Views: 2087

Read the article last night and it darned near made my head explode. Generally the bond guys are the smart money. But right now everyone and their grandma thinks the short UST trade is the next short-subprime lottery ticket. While I'm a big believer in EMH in the medium term, there is no way using t...
by mtl325
Tue Mar 16, 2010 5:16 pm
Forum: Personal Finance (Not Investing)
Topic: How much student loan debt is too much?
Replies: 68
Views: 9651

Re: How much student loan debt is too much?

[. . . .] I've heard some "rules of thumb" concerning acceptable student loan debt. Two of the more common include the following: 1.) No more in total student loans than a reasonable expectation of the first year's salary. 2.) Monthly student loan payments do not exceed 15% of anticipated monthly g...
by mtl325
Wed Mar 10, 2010 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: Solar PV = fixed income?
Replies: 46
Views: 5219

FWIW, $2.50/watt seems rather inexpensive. A few years back the best price I could find was $4.00/watt. Also remember money saved this way is equivelant to a tax-free return. They are about ready to bust the $1/kw.... Do you know where to get panels for under $1 per watt? I'd certainly be intereste...
by mtl325
Wed Mar 10, 2010 5:58 pm
Forum: Personal Finance (Not Investing)
Topic: Personal Finance Advice for High School Students
Replies: 101
Views: 16618

Maybe have them read the "Richest Man in Babylon" by George Samuel Clason. I believe the original King James English version is available free online. The modern english version should be available on Amazon. It was written in the 1920's, a time when a large portion of the nation was at a 9th grade ...
by mtl325
Tue Mar 09, 2010 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: Solar PV = fixed income?
Replies: 46
Views: 5219

Thank you all for the input. VT as always - excellent post. All gave me new perspectives and I value your thoughts. Conservation is certainly important as many have mentioned. We're just in a tight spot. Our home was built in 1890. While we love the period details, retrofitting the home to current i...
by mtl325
Mon Mar 08, 2010 6:50 pm
Forum: Personal Finance (Not Investing)
Topic: Solar PV = fixed income?
Replies: 46
Views: 5219

How did you end up with 9%? What did you assume for the life of the system? Assumptions: 1. Warranted 20 year life at 80% of output, 95% output warranted for 10 years. 2. SREC's straightline to zero between now and 2020. Sloppy math, but economic forecasts on SREC's go from double digit CAGR to wor...
by mtl325
Mon Mar 08, 2010 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: Solar PV = fixed income?
Replies: 46
Views: 5219

Solar PV = fixed income?

An aquaintance has been trying to sell me a Solar PV system for my home and according to all the independent research I have done it's a good deal ($2.25 per watt after Federal and State incentives). The system would be 13.5k and should reduce our electric bill by 110 per month on a weighted average...
by mtl325
Thu Mar 04, 2010 1:23 pm
Forum: Personal Finance (Not Investing)
Topic: Is college worth it?
Replies: 152
Views: 14411

OP, have you considered contract work as a bridge while you're looking for new employment? At my old firm (I went in-house ~6 months ago), our document reviewers made ~35 an hour plus overtime. During fire drills the contractors out earned 3rd year associates and the associates were putting in more ...
by mtl325
Mon Mar 01, 2010 1:41 pm
Forum: Investing - Theory, News & General
Topic: Rising Interest Rates - Real Estate Prices - Rent Prices
Replies: 6
Views: 1705

Re: Rising Interest Rates - Real Estate Prices - Rent Prices

Assume interest rates start rising in the near future. I understand that real estate prices will go down. But do rent prices go down also? [. . . .] How much will the purchase price fall with every 1% increase in the interest rate? I don't believe it is safe to forecast any sort of reduction in hom...
by mtl325
Fri Feb 26, 2010 10:05 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone have a cheap smart phone?
Replies: 33
Views: 5092

[. . . .] You must get significantly better performance from your iPhone than I do. I would go mad waiting for the internet on the iPhone. RE 4g on clear, is the $50/month for 5gig of data? I don't think that would be enough for us. BearWolf Clear is unlimited usage up/down. Speed is 6 mbps down an...
by mtl325
Fri Feb 26, 2010 7:15 pm
Forum: Personal Finance (Not Investing)
Topic: NYT: Preparing for the Next Bubble
Replies: 9
Views: 2028

Next bubble is energy. We have so much now. Next move its going to be a huge shortage. Plan your next move. MWCA, here is a solution for all your energy related worries: http://www.cbsnews.com/video/watch/?id=6228923n Not to go OT, but the Bloom Box is not a complete solution. Even discounting exec...
by mtl325
Fri Feb 26, 2010 6:51 pm
Forum: US Chapters
Topic: Philadelphia PA Chapter Meeting - January 23, 2010
Replies: 25
Views: 6660

Philadelphia area Bogleheads may be interested a talk by Michael Lewis, one of my favorite authors, at the Free Library on April 8 to discuss his new book The Big Short . $14 in auditorium or $6 by simulcast when the main auditorium sells out. http://libwww.freelibrary.org/authorevents/index.cfm?ID=...
by mtl325
Fri Feb 26, 2010 4:41 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone have a cheap smart phone?
Replies: 33
Views: 5092

I'm keeping an eye on Clear (Wimax/4g), currently home and mobile internet is $50 per month+10 for additional mobile devices. The problem right now is coverage area and lack of devices. Once a quality device appears that can make calls through skype it will be like having an unlimited call/data/SMS ...
by mtl325
Mon Feb 15, 2010 1:50 pm
Forum: Investing - Theory, News & General
Topic: Tonight's Lecture from Hedge Fund Manager
Replies: 26
Views: 3731

Understanding the divide between b-school and real world psychology may help a bit. I'd say I'm fairly connected to Wharton through professional relationships. My organization, a buy-side middle market PE fund, frequently attends the conferences the school puts on and I get to chat with students and...
by mtl325
Tue Feb 09, 2010 5:23 pm
Forum: Personal Consumer Issues
Topic: Do you own the fruits of your snow removal labor?
Replies: 58
Views: 6448

In Philly, it's not the law, but it is common courtesy not to use someone's spot if they had to dig it out. Park in a spot that's not yours if you wish, but don't be surprised if you have four flat tires the next morning... :thumbsup Actually, someone got shot over this issue about a decade ago in ...
by mtl325
Mon Jan 18, 2010 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: Negotiating buying a new car
Replies: 24
Views: 3919

I have had great success going to Edmunds.com and printing out the TMV report on the specific car/trim. After receiving the first offer, I'd show the salesman the print out. Salesperson would leave and the manager would show up - in every instance, the dealership was willing to match or slightly bea...
by mtl325
Mon Jan 18, 2010 1:16 am
Forum: Personal Finance (Not Investing)
Topic: Negotiation
Replies: 27
Views: 3148

Re: Negotiation

I frequently see people on this forum and in books say that "anything is negotiable." I am trying to work some negotiation into my life and so far, I'm not having much luck. One of the biggest areas I'd like to be able to negotiate is car repairs. They charge $125/hour for labor at the place I go. ...
by mtl325
Wed Jan 13, 2010 11:24 am
Forum: Personal Consumer Issues
Topic: Poll: Do you hold gold?
Replies: 71
Views: 11926

I inherited a few ounce coins from my Grandfather 10 years ago. I couldn't bring myself to sell it at the time. Found them sitting in my safe/firebox last year, so I added them to my allocation. However, I'd prefer to pass them along to my hypothetical grandkids.
by mtl325
Tue Jan 12, 2010 12:04 pm
Forum: Investing - Theory, News & General
Topic: S&P down 8.53% today? What the heck???
Replies: 48
Views: 14118

I think something funky is going on with the yahoo feed. Check out the 10 and 30 year treasury quotes. Each are down almost a full percentage in yield. Bloomberg contradicts, i think yahoo is having a decimal issue.
by mtl325
Mon Jan 04, 2010 9:30 pm
Forum: Investing - Theory, News & General
Topic: A century of PE10
Replies: 61
Views: 7753

[. . . .] Rather than use statistics, probably better to dig into history and try to understand what was really going on in those unusually good or bad periods. Actually, I have found myself trying to distinguish the 1966-82 period from the present and can find a decent analogy to the 1966-1970 per...