Search found 307 matches

by simplesauce
Fri May 29, 2020 7:18 am
Forum: Personal Finance (Not Investing)
Topic: Two accountants disagree - Bogleheads for the tiebreaker
Replies: 64
Views: 3670

Re: Two accountants disagree - Bogleheads for the tiebreaker

This is a perfect excel spread sheet problem. Both accountants are correct, but each is focusing on opposite ends of social security. For the spread sheet, project the cost. What is the SS tax with 100% to one of them. Take your pick, or just increment the pay for the other. Total how much is paid ...
by simplesauce
Fri May 29, 2020 7:18 am
Forum: Personal Finance (Not Investing)
Topic: Two accountants disagree - Bogleheads for the tiebreaker
Replies: 64
Views: 3670

Re: Two accountants disagree - Bogleheads for the tiebreaker

Not knowing anything like actual earnings, age, health, and prior SS earnings I imagine the wife should earn something to get credit ...it would be beneficial to get to the first SS bend point at least even if those earnings would not be taxed (above $137.7k in 2020). Need more information. More in...
by simplesauce
Fri May 29, 2020 7:13 am
Forum: Personal Investments
Topic: If not 3 fund, whats your strategy ?
Replies: 66
Views: 4035

Re: If not 3 fund, whats your strategy ?

First of all, I would concur 3 fund portfolio as balanced approach to market investing. :sharebeer Having said that, from https://www.bogleheads.org/wiki/Three-fund_portfolio, recommended Vanguard funds: Vanguard Total Stock Market Index Fund (VTSAX) Vanguard Total International Stock Index Fund (V...
by simplesauce
Fri May 29, 2020 7:05 am
Forum: Personal Finance (Not Investing)
Topic: Two accountants disagree - Bogleheads for the tiebreaker
Replies: 64
Views: 3670

Two accountants disagree - Bogleheads for the tiebreaker

Here is the simple scenario: A husband and wife work together (as Realtors,) 100% Commission-based income (1099, schedule C.) They have the option to decide who earns the income on each sale throughout the year. Their former accountant’s strategy was to have the husband take about 75% of the commiss...
by simplesauce
Fri May 29, 2020 1:20 am
Forum: Personal Investments
Topic: If not 3 fund, whats your strategy ?
Replies: 66
Views: 4035

Re: If not 3 fund, whats your strategy ?

First of all, I would concur 3 fund portfolio as balanced approach to market investing. :sharebeer Having said that, from https://www.bogleheads.org/wiki/Three-fund_portfolio, recommended Vanguard funds: Vanguard Total Stock Market Index Fund (VTSAX) Vanguard Total International Stock Index Fund (V...
by simplesauce
Wed May 27, 2020 1:35 pm
Forum: Investing - Theory, News & General
Topic: Bogleheads: What is your largest single stock holding? (if any)
Replies: 79
Views: 3911

Re: Bogleheads: What is your largest single stock holding? (if any)

deltaneutral83 wrote:
Wed May 27, 2020 8:41 am
Don't we all own 2% of MSFT, AAPL, and AMZN in S&P or TSM?
Yes, however I meant outside of index funds. In other words, an active choice in a company.
by simplesauce
Wed May 27, 2020 7:52 am
Forum: Investing - Theory, News & General
Topic: Bogleheads: What is your largest single stock holding? (if any)
Replies: 79
Views: 3911

Re: Bogleheads: What is your largest single stock holding? (if any)

Great responses! Thank you! I am glad to see that Bogleheads are true to their beliefs, and seemingly only have a few percent or less in individual stocks. This is very reassuring. For us, we bought our first ever individual stocks (and a sector ETF) during the Covid-19 downturn, as we felt the mark...
by simplesauce
Tue May 26, 2020 9:01 am
Forum: Investing - Theory, News & General
Topic: Bogleheads: What is your largest single stock holding? (if any)
Replies: 79
Views: 3911

Bogleheads: What is your largest single stock holding? (if any)

Clearly the majority of Bogleheads (including myself) are index fund investors for life. However many of us came here from prior investment philosophies, and perhaps you are still holding a few single stocks in your portfolio for the long-term. I am curious to hear some of your answers: 1. What is y...
by simplesauce
Sun May 24, 2020 1:42 pm
Forum: Investing - Theory, News & General
Topic: Spring 2020 Market Review for each asset class
Replies: 3
Views: 473

Re: Spring 2020 Market Review for each asset class

TIPS questions for the experts: 1. What allocation required within fixed assets to make the view worth the climb? 2. If you have a total bond fund: while you may lag a little behind TIPS in rising inflation won't deletion of maturing bonds and addition of new (higher-yielding bonds) mitigate or cer...
by simplesauce
Sun May 24, 2020 4:38 am
Forum: Investing - Theory, News & General
Topic: Two Portfolio Adjustments during Covid-19
Replies: 7
Views: 694

Re: Two Portfolio Adjustments during Covid-19

Regarding #1, it's not necessary for a portfolio to produce distributions in order for one to get income from it. Although I do agree that expected real returns of safe bonds are now lower, even negative. It's reasonable to save more because you just might need it. You can also take more risk if yo...
by simplesauce
Sat May 23, 2020 10:39 pm
Forum: Investing - Theory, News & General
Topic: Two Portfolio Adjustments during Covid-19
Replies: 7
Views: 694

Re: Two Portfolio Adjustments during Covid-19

This portfolio adjustment was put out today by Charley Ellis and Burton Malkiel’s company. Any insights or feedback from Bogleheads?: 1. In a world with near zero percent interest rates, the Investment Committee felt it important to seek alternative sources of income for our clients. In most portfo...
by simplesauce
Sat May 23, 2020 10:01 pm
Forum: Investing - Theory, News & General
Topic: Two Portfolio Adjustments during Covid-19
Replies: 7
Views: 694

Two Portfolio Adjustments during Covid-19

These 2 portfolio adjustments were put out today by Charley Ellis and Burton Malkiel’s company. Any insights or feedback from Bogleheads?: 1. In a world with near zero percent interest rates, the Investment Committee felt it important to seek alternative sources of income for our clients. In most po...
by simplesauce
Sat May 23, 2020 4:08 pm
Forum: Investing - Theory, News & General
Topic: Spring 2020 Market Review for each asset class
Replies: 3
Views: 473

Re: Spring 2020 Market Review for each asset class

I am especially thinking about their adjustment to add TIPS. Why at this time in particular?
by simplesauce
Sat May 23, 2020 8:50 am
Forum: Investing - Theory, News & General
Topic: Spring 2020 Market Review for each asset class
Replies: 3
Views: 473

Spring 2020 Market Review for each asset class

Below is a Spring 2020 Market Review for each asset class within stocks and bonds. ( This is from the Rebalance investment committee which includes Charley Ellis, Dr. Burton Malkiel, and Jay Vivian. ) (Also at the bottom, it includes the changes they are making to portfolios due to current market co...
by simplesauce
Fri May 22, 2020 7:52 am
Forum: Investing - Theory, News & General
Topic: Dr. Malkiel: “I believe that investors need to put more China into their portfolios“
Replies: 138
Views: 8858

Re: Dr. Malkiel: “I believe that investors need to put more China into their portfolios“

The reason to avoid China's equity markets can be summarized in one word: dilution. The best estimates are that the Chinese equity markets dilute their share pools on the order of about 20% per year, so even if the country is growing its GDP and corporate profits at slightly less than 10% pa, they ...
by simplesauce
Wed May 20, 2020 2:12 pm
Forum: Investing - Theory, News & General
Topic: Dr. Malkiel: “I believe that investors need to put more China into their portfolios“
Replies: 138
Views: 8858

Re: Dr. Malkiel: “I believe that investors need to put more China into their portfolios“

Chinese companies also have a high debt load. From: https://www.bloomberg.com/news/articles/2020-03-29/china-s-corporate-deleveraging-campaign-may-be-set-back-by-years China’s nonfinancial corporate debt accounted for 156.7% of the country’s gross domestic product as of the third quarter of last ye...
by simplesauce
Wed May 20, 2020 10:59 am
Forum: Investing - Theory, News & General
Topic: Dr. Malkiel: “I believe that investors need to put more China into their portfolios“
Replies: 138
Views: 8858

Re: Dr. Malkiel: “I believe that investors need to put more China into their portfolios“

Can you also explain how this compares to the Vanguard Total World Fund? It's thought that in time, with the full inclusion of ALL of China's mainland A-share stocks in the total world stock indexes, that its weight of total market cap will be about 12%-14%, exceeding that of Japan's (currently abo...
by simplesauce
Wed May 20, 2020 8:12 am
Forum: Investing - Theory, News & General
Topic: Dr. Malkiel: “I believe that investors need to put more China into their portfolios“
Replies: 138
Views: 8858

Re: Dr. Malkiel: “I believe that investors need to put more China into their portfolios“

I see that the passage in question is included in the 2015 edition. He states specifically that "the best way" is "to buy a broad-based index fund of Chinese companies." He then goes on to name specific funds: Three of them that trade on the New York Stock Exchange are YAO (an index fund representi...
by simplesauce
Wed May 20, 2020 3:08 am
Forum: Investing - Theory, News & General
Topic: Dr. Malkiel: “I believe that investors need to put more China into their portfolios“
Replies: 138
Views: 8858

Re: Dr. Malkiel: “I believe that investors need to put more China into their portfolios“

Bill Bernstein wrote: The reason to avoid China's equity markets can be summarized in one word: dilution. The best estimates are that the Chinese equity markets dilute their share pools on the order of about 20% per year, so even if the country is growing its GDP and corporate profits at slightly l...
by simplesauce
Tue May 19, 2020 11:15 pm
Forum: Investing - Theory, News & General
Topic: Dr. Malkiel: “I believe that investors need to put more China into their portfolios“
Replies: 138
Views: 8858

Re: Dr. Malkiel: “I believe that investors need to put more China into their portfolios“

Has anyone considered adding a China ETF to their portfolios based on this flaw presented by Dr. Malkiel? Anyone who has been a passive investor in an emerging markets index fund in recent years (using either MSCI or FTSE indexes) has been automatically adding an increased China exposure to their p...
by simplesauce
Tue May 19, 2020 11:14 pm
Forum: Investing - Theory, News & General
Topic: Dr. Malkiel: “I believe that investors need to put more China into their portfolios“
Replies: 138
Views: 8858

Re: Dr. Malkiel: “I believe that investors need to put more China into their portfolios“

The reason to avoid China's equity markets can be summarized in one word: dilution. The best estimates are that the Chinese equity markets dilute their share pools on the order of about 20% per year, so even if the country is growing its GDP and corporate profits at slightly less than 10% pa, they ...
by simplesauce
Tue May 19, 2020 7:42 am
Forum: Investing - Theory, News & General
Topic: Dr. Malkiel: “I believe that investors need to put more China into their portfolios“
Replies: 138
Views: 8858

Dr. Malkiel: “I believe that investors need to put more China into their portfolios“

I am hoping Bogleheads can help explain this topic to me, as I find it confusing. Dr. Burton Malkiel wrote the below statement in one of his books. He discusses that the Total World Index only has about a 2 percent China weighting, however this is a major flaw according to him. He says: “ Most index...
by simplesauce
Sun May 17, 2020 10:07 am
Forum: Personal Investments
Topic: Still using total bond market?
Replies: 140
Views: 16584

Re: Still using total bond market?

nix4me wrote:
Sun May 17, 2020 9:59 am
The 80's were the bond heyday.
90's worse.
20's worse.
2010-2020 - even worse.

So yes, the average is going down down down
Any guess for the future of Total Bond Market? Perhaps...
2020-2030 - 0-4% return
2030-2040 - 4-8% return
2040-2050 - 8-10% return
by simplesauce
Sat May 16, 2020 7:48 pm
Forum: Personal Investments
Topic: Still using total bond market?
Replies: 140
Views: 16584

Re: Still using total bond market?

Bogleheads: Perhaps the best way to understand Vanguard's Total Bond Market Index Fund is to look at its historical benchmark risk and returns: YEAR--INFLATION--BOND INDEX 1976-------4.9%--------15.6% 1977-------6.7-----------3.0 1978-------9.0-----------1.4 1979------13.3-----------1.9 1980------1...
by simplesauce
Sat May 16, 2020 9:15 am
Forum: Personal Investments
Topic: Still using total bond market?
Replies: 140
Views: 16584

Re: Still using total bond market?

"Still using total bond market" Desert Investor: We have been using Vanguard Total Bond Market since its inception in 1986 -- and are very happy with it. It's worst annual decline was -2.66% in 1994 (it gained +16% in 1995). Vanguard reports that TBM is up +10.86% during the past year compared with...
by simplesauce
Fri May 15, 2020 7:24 am
Forum: Investing - Theory, News & General
Topic: Expected Future Return of Vanguard’s Target Retirement Funds
Replies: 21
Views: 1477

Re: Expected Future Return of Vanguard’s Target Retirement Funds

From https://interactive.researchaffiliates.com/asset-allocation Expected real returns based on "valuation dependent model: Total US Stock Market: 1.3% Total International Stock Market: 7.2% (EAFE) Total US Bond Market: -1.2% Total International Bond Market: -0.7% (global ex-US treasury, so not qui...
by simplesauce
Fri May 15, 2020 7:22 am
Forum: Personal Investments
Topic: Still using total bond market?
Replies: 140
Views: 16584

Re: Still using total bond market?

I still have a total bond in my employer 401k. It's not a Vanguard product but similar from a competitor. I think about it every day. I rebalanced out of a large percentage during our last drop, small percentages at a time, during March and April, into a more aggressive Russell 1000/2000 index fund...
by simplesauce
Thu May 14, 2020 9:34 pm
Forum: Investing - Theory, News & General
Topic: If “cost” is the #1 reason Active managers lose, why not use Vanguard’s low-cost active funds?
Replies: 61
Views: 3719

Re: If “cost” is the #1 reason Active managers lose, why not use Vanguard’s low-cost active funds?

My goal is to beat the S&P with funds that have a proven track record because I am investing for 40+ years. VTSAX + VIGAX is a good start. When I helped manage mom's portfolio, based on her age, I put her in Wellesley. After I inherited her portfolio I moved it to Wellington as I plan to move to my...
by simplesauce
Thu May 14, 2020 3:27 pm
Forum: Investing - Theory, News & General
Topic: If “cost” is the #1 reason Active managers lose, why not use Vanguard’s low-cost active funds?
Replies: 61
Views: 3719

Re: If “cost” is the #1 reason Active managers lose, why not use Vanguard’s low-cost active funds?

sport wrote:
Thu May 14, 2020 2:51 pm
There are some active Vanguard funds that are favored by some Bogleheads. Some that come to mind are Wellington, Wellesly, and PRIMECAP. These funds have excellent track records.
I don’t hear about these all that much. Do some Bogleheads use these funds instead of total market funds?
by simplesauce
Thu May 14, 2020 2:43 pm
Forum: Investing - Theory, News & General
Topic: If “cost” is the #1 reason Active managers lose, why not use Vanguard’s low-cost active funds?
Replies: 61
Views: 3719

If “cost” is the #1 reason Active managers lose, why not use Vanguard’s low-cost active funds?

It appears from the research that Active funds largely cannot beat index funds mainly due to cost or high expenses. If this is the main factor of underperformance, haven’t Vanguard’s low-cost Active funds largely eliminated this concern? Their expense ratios are extremely low. So can Vanguard’s acti...
by simplesauce
Thu May 14, 2020 2:00 pm
Forum: Investing - Theory, News & General
Topic: Should stocks/bonds mix be based on goals, risk tolerance, or maximizing return?
Replies: 11
Views: 771

Re: Should stocks/bonds mix be based on goals, risk tolerance, or maximizing return?

Goal: Get to financial independence as fast as possible. Solution: 100% stocks. Only if #2 is also met. (I say this as someone who was 100% stocks to age 58). Otherwise you will suffer significant, permanent asset loss. Yes, #2 (risk tolerance) needs to be met! If you only need to be 50/50, but you...
by simplesauce
Thu May 14, 2020 1:44 pm
Forum: Personal Investments
Topic: Still using total bond market?
Replies: 140
Views: 16584

Re: Still using total bond market?

GaryA505 wrote:
Tue Apr 14, 2020 1:31 pm
I think Total Bond is obsolete. I suspect the Boglehead doctine will reflect this soon.
What do you believe the Bogleheads will recommend as an alternative?

I just finished reading the Bogleheads Guide book and Total Bond Market and a TIPS Fund was their recommendation.
by simplesauce
Thu May 14, 2020 8:25 am
Forum: Investing - Theory, News & General
Topic: Expected Future Return of Vanguard’s Target Retirement Funds
Replies: 21
Views: 1477

Expected Future Return of Vanguard’s Target Retirement Funds

I was browsing the Bogleheads Wiki and came across this page where several experts including Bogle, Bernstein, and Ferri attempt to project the future earnings of stocks and bonds: https://www.bogleheads.org/wiki/Historical_and_expected_returns In trying to determine willingness, ability, and need t...
by simplesauce
Thu May 14, 2020 7:31 am
Forum: Investing - Theory, News & General
Topic: Fixed Income lessons learned from Coronavirus?
Replies: 48
Views: 4260

Re: Fixed Income lessons learned from Coronavirus?

Stinky wrote:
Wed May 13, 2020 10:02 pm
I’m still comfortable with short and intermediate term investment grade corporate bond funds.

Also have an ultra short corporate bond fund.
I used to own corporate bonds but they are too equity-like for me. I prefer stability in times of market crisis.
by simplesauce
Wed May 13, 2020 10:15 pm
Forum: Investing - Theory, News & General
Topic: Reacting to low interest rates
Replies: 80
Views: 5951

Re: Reacting to low interest rates

It is challenging to stick with the timeless recommendations of using Total Bond Market. At the same time, I quite like the point made above which indicates that bond returns are low, but so is inflation. I would like to share what Dr. Burton Malkiel said when he declared he could no longer recommen...
by simplesauce
Wed May 13, 2020 9:40 pm
Forum: Investing - Theory, News & General
Topic: Fixed Income lessons learned from Coronavirus?
Replies: 48
Views: 4260

Re: Fixed Income lessons learned from Coronavirus?

2 changes that I have made: 1. I now plan to limit my municipal bonds to 25% of my fixed income allocation. I didn't anticipate the volatility we have recently seen. I should have. 2. I was ambivalent about having an emergency fund. Not anymore. I have 6 months in high yield savings accounts and wi...
by simplesauce
Wed May 13, 2020 8:17 pm
Forum: Investing - Theory, News & General
Topic: Fixed Income lessons learned from Coronavirus?
Replies: 48
Views: 4260

Re: Fixed Income lessons learned from Coronavirus?

Are there any “lessons” you have learned or adjustments you have made? I learned that if yields go low enough for the expected real return to drop below zero, then there is no need to hold fixed income when in the accumulation phase and nowhere near retirement, other than a liquid cash emergency fu...
by simplesauce
Wed May 13, 2020 4:59 pm
Forum: Investing - Theory, News & General
Topic: Fixed Income lessons learned from Coronavirus?
Replies: 48
Views: 4260

Re: Fixed Income lessons learned from Coronavirus?

2. Allocate 5% to cash : Some are allocating say 5% of their total portfolio to cash , in case of a financial crisis (doomsday.) Does anyone see any need to have 5% of their portfolios in cash? (I’ll admit, I don’t understand this. Wouldn’t Vanguard’s money market fund (or short-term Treasury fund)...
by simplesauce
Wed May 13, 2020 6:57 am
Forum: Investing - Theory, News & General
Topic: Under the hood: Vanguard's Muni Bond Funds
Replies: 5
Views: 848

Under the hood: Vanguard's Muni Bond Funds

I am looking to better understand the municipal bond market. Many use VTEB (Vanguard Tax-Exempt ETF) in their taxable account. As I understand it, VTEB invests in bonds from state or local governments, which if broadly diversified, should be fairly low risk. Are there also investments in utility com...
by simplesauce
Wed May 13, 2020 6:31 am
Forum: Investing - Theory, News & General
Topic: Fixed Income lessons learned from Coronavirus?
Replies: 48
Views: 4260

Fixed Income lessons learned from Coronavirus?

Hello all. I am curious how Bogleheads are viewing or adjusting their investment portfolios during this uncertain time. Some are staying the course. Others are reworking their investment strategies. Are there any “lessons” you have learned or adjustments you have made? Some questions come to mind fo...
by simplesauce
Wed May 13, 2020 6:08 am
Forum: Personal Investments
Topic: FDIC insured consideration... Big deal, overblown, what? Any case studies or personal experiences?
Replies: 24
Views: 1844

Re: FDIC insured consideration... Big deal, overblown, what? Any case studies or personal experiences?

Many times you read about one account/investment versus another and someone mentions how one may be FDIC insured and one isn't. In practice, is this really a big thing to consider? I was just reading about using a Roth IRA as part of an emergency fund, which is what prompted this question. I guess ...
by simplesauce
Wed May 13, 2020 4:12 am
Forum: Investing - Theory, News & General
Topic: Bonds in Taxable (Low tax state)
Replies: 18
Views: 754

Re: Bonds in Taxable (Low tax state)

I think this makes the municipal bond fund a clear winner for my situation. But perhaps I can add a little bit of safety by having my taxable bond allocation look like this: 75% VTEB (intermediate munis) 25% VGIT (intermediate treasuries) So many people on this forum are concerned about munis, so I...
by simplesauce
Tue May 12, 2020 9:34 am
Forum: Investing - Theory, News & General
Topic: Bonds in Taxable (Low tax state)
Replies: 18
Views: 754

Re: Bonds in Taxable (Low tax state)

If concerned about the performance of various high-quality bond funds in a stock market selloff, it's worth looking at their relative performance during the 2008-09 Financial Crisis, when liquidity issues were not as pronounced (chart below). Of course, Treasuries held up the best, corporate bonds ...
by simplesauce
Tue May 12, 2020 7:58 am
Forum: Investing - Theory, News & General
Topic: Bonds in Taxable (Low tax state)
Replies: 18
Views: 754

Re: Bonds in Taxable (Low tax state)

Hi all. I rarely hear discussion about someone who is in a high federal tax bracket but a low tax state (like PA.) After some research, I feel an appropriate buy-and-hold bond portfolio for a taxable account could be: 50% Intermediate Treasuries 50% Internediate Munis The concern is that the treasu...
by simplesauce
Tue May 12, 2020 7:57 am
Forum: Investing - Theory, News & General
Topic: Bonds in Taxable (Low tax state)
Replies: 18
Views: 754

Re: Bonds in Taxable (Low tax state)

Generally munis do not make sense for lower tax bracket. In taxable account, the after tax yield will not beat total bond market. CD's are also a good option right now with Treasury yields low. It is also generally more tax efficient to place bonds (your lowest growing asset) in your pretax account...
by simplesauce
Tue May 12, 2020 7:49 am
Forum: Investing - Theory, News & General
Topic: Bonds in Taxable (Low tax state)
Replies: 18
Views: 754

Bonds in Taxable (Low tax state)

Hi all. I rarely hear discussion about someone who is in a high federal tax bracket but a low tax state (like PA.) After some research, I feel an appropriate buy-and-hold bond portfolio for a taxable account could be: 50% Intermediate Treasuries 50% Internediate Munis The concern is that the treasur...
by simplesauce
Mon May 11, 2020 11:28 pm
Forum: Investing - Theory, News & General
Topic: Best Bonds in 2020 (Taxable Account)
Replies: 1
Views: 434

Best Bonds in 2020 (Taxable Account)

William Bernstein wrote in 2002: “If you’re confused, join the crowd. The choice of bond vehicles for your taxable accounts is a difficult decision, and the “right” answer may change from week to week. My advice is to split your taxable accounts among all three of the above bond classes (municipal, ...
by simplesauce
Mon May 11, 2020 11:15 pm
Forum: Investing - Theory, News & General
Topic: William Bernstein: “Split your taxable accounts among municipal, treasury, and corporate bonds.”
Replies: 30
Views: 5856

Re: William Bernstein: “Split your taxable accounts among municipal, treasury, and corporate bonds.”

Is this still prudent advice on how to diversify bonds in a taxable account? It all depends upon the investor, their stage in life, and their particular circumstances. We've been 50/50, all-taxable investors for most of our investing career (after selling a business in the 1990s), and our taxable b...
by simplesauce
Mon May 11, 2020 8:20 am
Forum: Investing - Theory, News & General
Topic: The Bottom Line on Factor Investing
Replies: 290
Views: 12594

Re: The Bottom Line on Factor Investing

So... is there a Bottom Line (conclusion) to the "Bottom Line of Factor Investing" thread? I'll assume everyone came in with the basic knowledge that "factor tilt is a life-long commitment, and it may/should work over >20 years, maybe more". Have we learned anything new from this discussion? This t...
by simplesauce
Sun May 10, 2020 5:46 pm
Forum: Investing - Theory, News & General
Topic: 2007 to 2020: The changing advice of "A Random Walk Down Wall Street"
Replies: 41
Views: 5259

Re: 2007 to 2020: The changing advice of "A Random Walk Down Wall Street"

See also Walking Down Wall Street in 1973 . I think the book has been misinterpreted a bit. A Random Walk Down Wall Street was intended as a punning way to suggest a ramble through assorted investing topics. However, it was one of the earliest books to talk about Fama, the idea that stock prices ar...