Search found 268 matches

by ChrisBenn
Fri Jun 05, 2020 1:44 pm
Forum: Personal Investments
Topic: Vanguard vs. Fidelity
Replies: 70
Views: 3565

Re: Vanguard's Fund Ownership

The mutual fund ownership bit has never seemed to actually present in any way meaningful . Sure, you "own" a share - but by buying it you sign away proxy voting rights to the fund -- so the whole mutual ownership thing feels like a bit if a sham from the investors point if view. Chris Benn: Vanguar...
by ChrisBenn
Thu Jun 04, 2020 8:31 pm
Forum: Personal Investments
Topic: Vanguard vs. Fidelity
Replies: 70
Views: 3565

Re: Vanguard vs. Fideli

I have about $30K invested in my IRA (total stock market) in Vanguard. My husband has about $33K invested in his IRA (S&P) with Fidelity. I'm struggling with whether I should stay with Vanguard or switch to Fidelity since I am a smaller investor (at least right now) and read that Fidelity is better...
by ChrisBenn
Thu Jun 04, 2020 4:49 pm
Forum: Investing - Theory, News & General
Topic: How do you calculate equity exposure with leveraged funds?
Replies: 8
Views: 330

Re: How do you calculate equity exposure with leveraged funds?

You're missing the third dimension, which is cash. 90/10 is really 90/10/0. 165/135 is really 165/135/-200. This probably does not translate to The 90/10 paradigm, because most investors do not use leverage. Up to you to assess whether or not it still allocates risk and return appropriately, as tha...
by ChrisBenn
Tue Jun 02, 2020 7:38 pm
Forum: Personal Finance (Not Investing)
Topic: HSABank changing terms about account minimums?
Replies: 28
Views: 1599

Re: HSABank changing terms about account minimums?

I also have Geha HDHP (as of this year), and did not get the email from HSA bank - where I keep a minimal balance. I think this is a mistake- their terms with Geha are contractual and we would probably get notice from Geha in addition to HSA bank. Per HSABank it's not (a mistake), and applies to GE...
by ChrisBenn
Tue Jun 02, 2020 6:24 pm
Forum: Personal Finance (Not Investing)
Topic: HSABank changing terms about account minimums?
Replies: 28
Views: 1599

Re: HSABank changing terms about account minimums?

I contacted GEHA, and they said they were not aware of this change, and it should not be the case; they are referring it to their HSA depertment for more investigation tomorrow (closed for the day). I contacted HSABank, and they couched this as a new policy they are "just implementing" for everyone ...
by ChrisBenn
Sun May 31, 2020 3:08 pm
Forum: Investing - Theory, News & General
Topic: SWAN ETF - 10% Leaps / 90% Treasuries
Replies: 167
Views: 16051

Re: SWAN ETF - 10% Leaps / 90% Treasuries

How would I go about calculating the tax cost of holding this in a taxable account? Take any income distributed by the fund and multiply it by my income tax rate and take any capital gains distributions from the fund and multiply it by my LTCG rate? (I'm sorry if that's completely wrong. I've never...
by ChrisBenn
Sun May 31, 2020 1:09 am
Forum: Investing - Theory, News & General
Topic: SWAN ETF - 10% Leaps / 90% Treasuries
Replies: 167
Views: 16051

Re: SWAN ETF - 10% Leaps / 90% Treasuries

Yes, I very much understood that this ETF makes a volatility bet and its kind of insulting for you to assume otherwise. Ok, I didn’t “assume that you didn’t know what options were”. And no, I also didn’t assume “that you don’t know this ETF makes a volatility bet”. I think you might’ve CONFLATED th...
by ChrisBenn
Sat May 30, 2020 8:03 pm
Forum: Investing - Theory, News & General
Topic: SWAN ETF - 10% Leaps / 90% Treasuries
Replies: 167
Views: 16051

Re: SWAN ETF - 10% Leaps / 90% Treasuries

(...) Source: https://joi.pm-research.com/content/28/1/64 If only the authors would get with the rest of the world and use arxiv. Can't read the paper unfortunately- so asking some questions: Did they ever quantify the implicit cost one pays for the leaps in this strategy, historically? I do agree ...
by ChrisBenn
Sat May 30, 2020 5:37 pm
Forum: Investing - Theory, News & General
Topic: SWAN ETF - 10% Leaps / 90% Treasuries
Replies: 167
Views: 16051

Re: SWAN ETF - 10% Leaps / 90% Treasuries

But the question I pose is just how flat that market really needs to be. You call it "flat or near flat". But I think you might find it doesn't have to be that flat really. Even in widely fluctuating markets, a 20/80 might still beat SWAN. And you'd need REALLY big price swings before SWAN actually...
by ChrisBenn
Sat May 30, 2020 1:37 am
Forum: Investing - Theory, News & General
Topic: Is Buying Fractional Shares a Great Thing??
Replies: 31
Views: 2611

Re: Is Buying Fractional Shares a Great Thing??

What am I missing? Why is the ability to buy fractional shares such a game changer? I have heard of people suggesting they will go through the hassle of changing custodians to be able to do fractional shares. I feel like I'm missing something important or taking stupid pills, or do I have it right?...
by ChrisBenn
Sat May 30, 2020 1:26 am
Forum: Investing - Theory, News & General
Topic: SWAN ETF - 10% Leaps / 90% Treasuries
Replies: 167
Views: 16051

Re: SWAN ETF - 10% Leaps / 90% Treasuries

I think the real potential gotcha is flat or near flat markets. If they don't drop much you don't derive any utility from the call option insurance. If they are flat or don't rise much you are just burning the ER + theta on the options. For my usecase (EF) I look at those as insurance against volati...
by ChrisBenn
Fri May 29, 2020 6:59 am
Forum: Investing - Theory, News & General
Topic: SWAN ETF - 10% Leaps / 90% Treasuries
Replies: 167
Views: 16051

Re: SWAN ETF - 10% Leaps / 90% Treasuries

Is there a way to simulate SWAN in PortfolioVisualizer? I've seen these posts in this thread: https://www.bogleheads.org/forum/viewtopic.php?f=10&t=263557#p4772558 https://www.bogleheads.org/forum/viewtopic.php?f=10&t=263557#p4885144 ...but seems not an easy way to accurately replicate. The first o...
by ChrisBenn
Thu May 28, 2020 8:42 pm
Forum: Investing - Theory, News & General
Topic: SWAN ETF - 10% Leaps / 90% Treasuries
Replies: 167
Views: 16051

Re: SWAN ETF - 10% Leaps / 90% Treasuries

SPDR S&P CLL OPT 6/20 245 5.75% SPDR S&P CLL OPT 12/20 283 3.96% It has June 2020 and Dec 2020 options. June 2020 option will be rolled to June 2021 option. Rolled by a year. This will lead to STCG. I'm assuming (don't see historical holdings) they bought this option in June 2019. When December cam...
by ChrisBenn
Thu May 28, 2020 2:56 pm
Forum: Investing - Theory, News & General
Topic: SWAN ETF - 10% Leaps / 90% Treasuries
Replies: 167
Views: 16051

Re: SWAN ETF - 10% Leaps / 90% Treasuries

If one wanted to diy the equivalent of SWAN, is there 1 (or maybe 2) ETFs that could be used as a replacement for the treasury side of holdings? I'm considering the diy path if I can convince myself I'll be able to avoid some of the psychological pitfalls that may come with mechanically buying/roll...
by ChrisBenn
Thu May 28, 2020 2:02 pm
Forum: Investing - Theory, News & General
Topic: SWAN ETF - 10% Leaps / 90% Treasuries
Replies: 167
Views: 16051

Re: SWAN ETF - 10% Leaps / 90% Treasuri

I am strongly considering adding this to my taxable portfolio. Anyone know what the tax efficiency on this is? Specifically how are LEAPs taxed? From the PDF that marshall posted above: Rebalancing of options: • Every6months,eithertheJuneoptionortheDecemberoptionwillbe rolled to the following year....
by ChrisBenn
Tue May 26, 2020 11:07 pm
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure Part II: The next journey
Replies: 5059
Views: 439561

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

I had no idea. So everyday its a taxable event? That is correct. I think you need to re read the question. A taxable event is an event that triggers tax liability. Daily settlement by itself does not trigger tax liability. For further clarification I believe that it's not a taxable event inasmuch a...
by ChrisBenn
Tue May 26, 2020 7:44 pm
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure Part II: The next journey
Replies: 5059
Views: 439561

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

Is it really more tax friendly with futures? If you use micro e-minis aren’t you going to have to pay 60% LTCG and 40% STCG every 3 months when you roll over a contract? Future contracts are marked to market and must be settled daily as the price changes. That means that every trading day at 5pm ED...
by ChrisBenn
Sun May 24, 2020 4:45 pm
Forum: Investing - Theory, News & General
Topic: SWAN ETF - 10% Leaps / 90% Treasuries
Replies: 167
Views: 16051

Re: SWAN ETF - 10% Leaps / 90% Treasuries

I am strongly considering adding this to my taxable portfolio. Anyone know what the tax efficiency on this is? Specifically how are LEAPs taxed? From the PDF that marshall posted above: Rebalancing of options: • Every6months,eithertheJuneoptionortheDecemberoptionwillbe rolled to the following year....
by ChrisBenn
Sun May 24, 2020 2:34 pm
Forum: Investing - Theory, News & General
Topic: SWAN ETF - 10% Leaps / 90% Treasuries
Replies: 167
Views: 16051

Re: SWAN ETF - 10% Leaps / 90% Treasuries

I am strongly considering adding this to my taxable portfolio. Anyone know what the tax efficiency on this is? Specifically how are LEAPs taxed? From the PDF that marshall posted above: Rebalancing of options: • Every6months,eithertheJuneoptionortheDecemberoptionwillbe rolled to the following year....
by ChrisBenn
Fri May 22, 2020 9:12 pm
Forum: Investing - Theory, News & General
Topic: Fidelity Full View transition to eMoney
Replies: 161
Views: 25889

Re: Fidelity Full View transition to eMoney

The already ugly "transition" to eMoney continues. Fidelity has shown that it's ability to produce a poor product is without challenge. Has anyone else noticed that, without warning, Fidelity has eliminated reporting the aggregate daily portfolio balance change and associated daily percentage portf...
by ChrisBenn
Fri May 22, 2020 3:23 pm
Forum: Investing - Theory, News & General
Topic: The Taleb Asness 'debate' in the light of Bogleheads philosophy
Replies: 146
Views: 7041

Re: The Taleb Asness 'debate' in the light of Bogleheads philosphy

Lets do the math a) 99% invested conservatively (Taleb was pushing tbills last I checked) returns ~0% b) 1% returns like 100x randomguy. We are not Taleb. He has about 100X to 200X his annual expense. So, essentially, he is FI with T-Bills. For normal people like us, the answer would be A) 99% in a...
by ChrisBenn
Fri May 22, 2020 1:17 pm
Forum: Investing - Theory, News & General
Topic: The Taleb Asness 'debate' in the light of Bogleheads philosophy
Replies: 146
Views: 7041

Re: The Taleb Asness 'debate' in the light of Bogleheads philosphy

(...) My understanding is that Taleb has recommended a sort of barbell approach to investing: invest a portion of the portfolio in very high risk/reward assets and invest the remainder in the safest assets. I think this creates some significant potential common ground for him, Asness, and Boglehead...
by ChrisBenn
Thu May 21, 2020 12:29 pm
Forum: Investing - Theory, News & General
Topic: Smarter approach to "emergency funds"?
Replies: 114
Views: 9283

Re: Smarter approach to "emergency funds"?

One idea I had around emergency fund management involved mixing a lot of very low risk assets with a leveraged equities sprinkle tossed in. The basic idea is that leveraged ETFs limits your maximum equity losses better than a 20% stock allocation while also giving similar exposure. I was inspired b...
by ChrisBenn
Sat May 16, 2020 1:55 pm
Forum: Investing - Theory, News & General
Topic: Why it’s a good idea to hold long term Treasuries as your emergency fund
Replies: 114
Views: 9036

Re: Long Term Treasuries Don't Seem Like They'd Work For Me

I like hearing both sides of the discussion. For now, I'm going to follow Swedroe and W.Bernstein and go high quality of short-intermediate duration....but I'll keep reading because I'm not sure that that decision is correct. Nobody knows...everyone here can only speculate. My emergency fund would ...
by ChrisBenn
Fri May 15, 2020 8:33 am
Forum: Investing - Theory, News & General
Topic: Why it’s a good idea to hold long term Treasuries as your emergency fund
Replies: 114
Views: 9036

Re: Why it’s a good idea to hold long term Treasuries as your emergency fund

This past week has taught me the importance of a cash reserve. You might be looking at the need for an emergency fund through too narrow of a lens. A cash reserve is not just in case of a layoff during a market selloff/recession. It's also valuable insurance, for example, in the event of a car cras...
by ChrisBenn
Thu May 14, 2020 8:25 am
Forum: Investing - Theory, News & General
Topic: Why it’s a good idea to hold long term Treasuries as your emergency fund
Replies: 114
Views: 9036

Re: Why it’s a good idea to hold long term Treasuries as your emergency fund

This past week has taught me the importance of a cash reserve. It’s also made me think about switching the majority of that cash reserve to long term Treasuries (or long term munis if you are in a high tax bracket). 1. Assuming your job is correlated with the economy, a recession is exactly when yo...
by ChrisBenn
Sun May 10, 2020 9:57 am
Forum: Investing - Theory, News & General
Topic: Looking for alternative to Vanguard
Replies: 107
Views: 7068

Re: Looking for alternative to Vanguard

Does Vanguard truly require a medallion guarantee to reset a password? Of course not. Medallion Signature Guarantees are for asset transfers only. I think it would actually be an interesting solution to 2fa recovery though -- it's used for transfers, but it seems useful in this case as well -- per ...
by ChrisBenn
Sun May 10, 2020 9:52 am
Forum: Investing - Theory, News & General
Topic: Looking for alternative to Vanguard
Replies: 107
Views: 7068

Re: Looking for alternative to Vanguard

Interactive Brokers can do 2FA app-based authentication using their mobile app... just another option. I second IB, you get a pass key or can use the fingerprint on your phone. I really wish places would drop the custom apps (fidelity as well) and just use a standard totp code, for which tons of ap...
by ChrisBenn
Sun May 10, 2020 9:46 am
Forum: Investing - Theory, News & General
Topic: Looking for alternative to Vanguard
Replies: 107
Views: 7068

Re: Looking for alternative to Vanguard

Same thing they do now if you forget your password/don't have sms, or loose your phone # through some process Most sites let you reset your account via email. Most email accounts can be reset via SMS, which brings us full circle back to where we started. I'm not sure what you are saying here? Vangu...
by ChrisBenn
Sun May 10, 2020 9:43 am
Forum: Investing - Theory, News & General
Topic: Looking for alternative to Vanguard
Replies: 107
Views: 7068

Re: Looking for alternative to Vanguard

Same thing they do now if you forget your password/don't have sms, or loose your phone # through some process Most sites let you reset your account via email. Most email accounts can be reset via SMS, which brings us full circle back to where we started. I'm not sure what you are saying here? Vangu...
by ChrisBenn
Sat May 09, 2020 5:53 pm
Forum: Investing - Theory, News & General
Topic: The Fed buying Corporate Bond ETFs
Replies: 90
Views: 5278

Re: The Fed buying Corporate Bond ETFs

Fed buys the old debt, bails out bondholders, and then issues new debt from the Fed. Where was the default? So you think the Fed is going to keep rolling over corporate loans forever. We'll see. Ron Just pointing out the moral hazard of Fed intervention whereby a business can never default. Without...
by ChrisBenn
Sat May 09, 2020 5:44 pm
Forum: Investing - Theory, News & General
Topic: Looking for alternative to Vanguard
Replies: 107
Views: 7068

Re: Looking for alternative to Vanguard

Same thing they do now if you forget your password/don't have sms, or loose your phone # through some process Most sites let you reset your account via email. Most email accounts can be reset via SMS, which brings us full circle back to where we started. I'm not sure what you are saying here? Vangu...
by ChrisBenn
Sat May 09, 2020 4:18 pm
Forum: Investing - Theory, News & General
Topic: Looking for alternative to Vanguard
Replies: 107
Views: 7068

Re: Looking for alternative to Vanguard

If your asking for my preference, it would be to allow multiple 2 factors methods, and just require you to have 2 (how twitter does it). I would use yubikey as my primary, and a printed TOTP QR code as the backup (for an app like google auth, etc.). That said, I also wouldn't want to support people...
by ChrisBenn
Sat May 09, 2020 3:42 pm
Forum: Investing - Theory, News & General
Topic: Looking for alternative to Vanguard
Replies: 107
Views: 7068

Re: Looking for alternative to Vanguard

I think you are focused on Vanguard being compromised directly, and that's a red herring. Consider instead this case - - Your password is compromised (malware, password re-use from another site that got leaked, phishing, etc.) - You had two factor SMS, but the bad actor called the phone company and...
by ChrisBenn
Sat May 09, 2020 11:28 am
Forum: Investing - Theory, News & General
Topic: Looking for alternative to Vanguard
Replies: 107
Views: 7068

Re: Looking for alternative to Vanguard

Up front - my point isn't that vanguard has bad security; I think their security posture is entirely reasonable and consistent with common practices in their industry (though it can definitely be improved on, that comes at a cost). My disagreement was with the notion that Vanguard was somehow the e...
by ChrisBenn
Sat May 09, 2020 10:42 am
Forum: Investing - Theory, News & General
Topic: Looking for alternative to Vanguard
Replies: 107
Views: 7068

Re: Looking for alternative to Vanguard

Sure are a lot of people here who think they know more about security than the security professionals at Vanguard. Exactly, if Vanguard thought it was worth the cost, they could ship all their customers a Yubikey and backup Yubikey. They could make use of the Yubikey mandatory, but they don't. I th...
by ChrisBenn
Fri May 08, 2020 11:04 pm
Forum: Investing - Theory, News & General
Topic: Looking for alternative to Vanguard
Replies: 107
Views: 7068

Re: Looking for alternative to Vanguard

Sure are a lot of people here who think they know more about security than the security professionals at Vanguard. Exactly, if Vanguard thought it was worth the cost, they could ship all their customers a Yubikey and backup Yubikey. They could make use of the Yubikey mandatory, but they don't. I th...
by ChrisBenn
Fri May 08, 2020 2:42 pm
Forum: Investing - Theory, News & General
Topic: The Fed buying Corporate Bond ETFs
Replies: 90
Views: 5278

Re: The Fed buying Corporate Bond ETFs

Well, I already own corporate bonds as they are a part of my two fund portfolio. So I don’t avoid something just because the Fed now makes it more attractive. But I don’t go changing my investment portfolio every time the wind changes direction. That’s the beauty of a diversified portfolio, it’s de...
by ChrisBenn
Thu May 07, 2020 10:33 pm
Forum: Investing - Theory, News & General
Topic: The Fed buying Corporate Bond ETFs
Replies: 90
Views: 5278

Re: The Fed buying Corporate Bond ETFs

The Fed has responded in a very specific way to a very specific crisis. I don't count on that necessarily being the case for all future market crashes. I invest in a simple two fund portfolio and this crisis has not changed my strategy in that regards. I tune out the noise and stay the course. I am...
by ChrisBenn
Thu May 07, 2020 12:58 am
Forum: Investing - Theory, News & General
Topic: The Fed buying Corporate Bond ETFs
Replies: 90
Views: 5278

Re: The Fed buying Corporate Bond ETFs

This isn't 1929. This is about the moral hazard of the Fed backstopping all non-banking investments from any kind of loss. What does common sense and imagination have to say when government removes all risk from investments? Since you see what the Fed is doing, what are you doing as an investor? Go...
by ChrisBenn
Wed May 06, 2020 5:10 pm
Forum: Investing - Theory, News & General
Topic: Looking for alternative to Vanguard
Replies: 107
Views: 7068

Re: Looking for alternative to Vanguard

The MS article actually specifically states that long complex passwords, which are only practical with a PW manager, are a mitigation/protection against brute force attacks, as well as unique passwords per site (again, only practical with a pw manager), being an effective mitigation/prevention for ...
by ChrisBenn
Wed May 06, 2020 4:14 pm
Forum: Investing - Theory, News & General
Topic: Looking for alternative to Vanguard
Replies: 107
Views: 7068

Re: Looking for alternative to Vanguard

I wonder whatever happened with this: https://www.inquirer.com/business/vanguard-escheat-scott-capps-lance-tobin-us-attorney-bill-mcswain-stolen-dead-customers-20190315.html Strong passwords and 2FA won't protect you from a Vanguard employee embezzling money from your account. So are you saying tha...
by ChrisBenn
Wed May 06, 2020 12:47 pm
Forum: Investing - Theory, News & General
Topic: Looking for alternative to Vanguard
Replies: 107
Views: 7068

Re: Looking for alternative to Vanguard

A password the same length as "correct horse battery staple" comprised of random digits, punctuation, capitalization, etc. is going to have much more possible combination, so more entropy So the cartoon is kind of comparing apples to oranges i.e. a password with 11 characters compared to one with 2...
by ChrisBenn
Wed May 06, 2020 11:40 am
Forum: Investing - Theory, News & General
Topic: Looking for alternative to Vanguard
Replies: 107
Views: 7068

Re: Looking for alternative to Vanguard

change all your passwords to unique long strings of random characters What about that xkcd that said strings of words are more secure? I don't fully understand it. That is based on the assumption that a human will have to remember the password. With a PW manager that requirement is taken out (other...
by ChrisBenn
Wed May 06, 2020 11:22 am
Forum: Investing - Theory, News & General
Topic: Looking for alternative to Vanguard
Replies: 107
Views: 7068

Re: Looking for alternative to Vanguard

Doesn't Vanguard have a fraud protection policy? Yes, here it is: https://personal.vanguard.com/us/help/SecurityOnlineFraudPledgeContent.jsp Note that if you access your vanguard account via their ios app, you will have removed any fraud protection per their policy, since there aren't anti-virus ca...
by ChrisBenn
Tue May 05, 2020 11:13 pm
Forum: Investing - Theory, News & General
Topic: Looking for alternative to Vanguard
Replies: 107
Views: 7068

Re: Looking for alternative to Vanguard

Vanguard supports hardware keys if you want that. You can also set options to ALWAYS require 2-factor authentication includes every login. I understand the possibility for SIM swap, but that's why SMS is the second factor, not the only factor. It seems like it would have to be a quite targeted atta...
by ChrisBenn
Tue May 05, 2020 6:22 pm
Forum: Investing - Theory, News & General
Topic: Introducing Schwab Stock Slices™ – Designed to Make Investing Easier and More Accessible
Replies: 29
Views: 2980

Re: Introducing Schwab Stock Slices™ – Designed to Make Investing Easier and More Accessible

Fidelity mobile is superior to this and allows fractional shares/dollar purchases of etfs and stocks. I have switched taxable account to fidelity because of this as I now just put in how much dollars I want to buy of etfs like for mutual funds. M1 finance is better as well for fractional shares. ++...
by ChrisBenn
Tue May 05, 2020 6:14 pm
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure Part II: The next journey
Replies: 5059
Views: 439561

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

The index inception itself though was published in 1993, albeit there were some methodology changes. Right, but you can't trade an index directly. All of the volatility ETFs/ETNs hold VIX futures contracts. VIX futures incepted March 26, 2004. Yes, I understand that, but you can use the index as a ...
by ChrisBenn
Tue May 05, 2020 10:30 am
Forum: Investing - Theory, News & General
Topic: Build Browne Permanent Portfolio at M1; leverage it and hold the cash in a reward checking account.
Replies: 33
Views: 2362

Re: Build Browne Permanent Portfolio at M1; leverage it and hold the cash in a reward checking account.

Margin is effectively negative cash, so you'd likely be better off dropping the cash allocation first. On a pure math basis that's absolutely true. But you also have to have an emergency fund and it has to be in cash (or perhaps some in T Bills or I Bonds or something similar). Everyone has cash dr...