Search found 658 matches

by Uncorrelated
Thu May 28, 2020 4:14 pm
Forum: Investing - Theory, News & General
Topic: Understanding using treasury futures for leverage to implement risk parity
Replies: 170
Views: 17645

Re: Understanding using treasury futures for leverage to implement risk parity

Question (1): Assume equities and bonds (t-bills) are uncorrelated and equities have 3x the return and 3x the standard deviation as bonds. Does this imply the (unleveraged) super-efficient portfolio is 25/75 equities/t-bills? If not, how do we figure out what the super-efficient(risk-parity) portfo...
by Uncorrelated
Thu May 28, 2020 3:02 am
Forum: Investing - Theory, News & General
Topic: Goldman-Sachs Compares Bitcoin to the Tulip Bubble
Replies: 33
Views: 2050

Re: Goldman-Sachs Compares Bitcoin to the Tulip Bubble

Honestly the slide show looks like a joke. First they ask if bitcoin is a currency. There is no universally agreed upon definition of currency, so this question cannot be answered in an unbiased way. In my country a currency is anything that's used as a means of exchange, according to this definitio...
by Uncorrelated
Sat May 23, 2020 8:04 am
Forum: Investing - Theory, News & General
Topic: The Taleb Asness 'debate' in the light of Bogleheads philosophy
Replies: 146
Views: 6993

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

Taleb's argument however, appears to imply options are mispriced and that tail events are impossible to predict. Yet, the fund he's an advisor for deals in these securities. The irony I don't understand where there is irony. His point is that you can find mispriced options for technical, structural...
by Uncorrelated
Sat May 23, 2020 6:05 am
Forum: Investing - Theory, News & General
Topic: The Taleb Asness 'debate' in the light of Bogleheads philosophy
Replies: 146
Views: 6993

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

Multiple bogleheads are saying "in aggregate investors receive market returns". I'm not sure if that is true, but the point I want to make here is that it's irrelevant. It is trivial to beat the market. A 110% leveraged stock position will do. Why is not everybody using leveraged stock positions? Ul...
by Uncorrelated
Sat May 23, 2020 3:22 am
Forum: Investing - Theory, News & General
Topic: Warren Buffett "Most People Shouldn't Pick Individual Stocks"
Replies: 36
Views: 2697

Re: Warren Buffett "Most People Shouldn't Pick Individual Stocks"

Yes but if you get it right you hit the jackpot 8-) When I wrote this https://www.bogleheads.org/forum/viewtopic.php?f=1&t=258102 I put quite a bit of money in those 2 stocks. I am pretty happy with that decision 8-) They did much better than my ETFs Obligatory you cannot evaluate an investment dec...
by Uncorrelated
Mon May 18, 2020 4:52 am
Forum: Investing - Theory, News & General
Topic: The fallacy of hedging stock market investments
Replies: 16
Views: 1369

Re: The fallacy of hedging stock market investments

They have a different objective than you (long term investor). Protective put is a valid strategy (but not free) to hedge against short term downside risk. OK. I specifically made the argument in the context of a long term investor. I was not commenting on all trading objectives. The problem is tha...
by Uncorrelated
Mon May 18, 2020 3:39 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure Part II: The next journey
Replies: 4936
Views: 427207

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

Although you can avoid the high ER of UPRO and futures, you'll miss out on the auto adjusting leverage features. Although volatility decay often gets bad rep, rebalancing futures in monthly intervals isn't without it's faults. Depending on your target leverage it might be worth paying the ER on UPRO...
by Uncorrelated
Sat May 16, 2020 1:28 pm
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure Part II: The next journey
Replies: 4936
Views: 427207

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

Thanks for responding. Huge thread that I’ve jumped around on, and didn’t catch that borrowing costs had been mentioned on this page. So 1% over RFR plus expense ratio of 0.92%. That makes sense. The overnight LIBOR was around 2-2.5% middle of last year, so total expense would have been around 4-4....
by Uncorrelated
Sat May 16, 2020 11:18 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 1483
Views: 120342

Re: Starting Over?

Bogleheads: I think it is a mistake to gamble our retirement on one small part of the total U.S. stock market outperforming. Look at it this way: If you were starting over, would you invest in a small-cap value fund or would you invest in a total market index fund? If your answer is the total marke...
by Uncorrelated
Sat May 16, 2020 4:14 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure Part II: The next journey
Replies: 4936
Views: 427207

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

Thanks for responding. Huge thread that I’ve jumped around on, and didn’t catch that borrowing costs had been mentioned on this page. So 1% over RFR plus expense ratio of 0.92%. That makes sense. The overnight LIBOR was around 2-2.5% middle of last year, so total expense would have been around 4-4....
by Uncorrelated
Fri May 15, 2020 3:59 am
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?

All the three criteria are related. First you should define your goals. An example of a goal is "When I retire at age 70 I want to have a minimum retirement spending of $10k plus social security, and then some additional discretionary spending if possible". Second, you should define your risk tolera...
by Uncorrelated
Thu May 14, 2020 3:46 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure Part II: The next journey
Replies: 4936
Views: 427207

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

Your math of leveraged ETFs which brings returns to -6% simply ignores my rebalancing. Actually, I doubt if you really understand the math of leveraged ETFs. In theory, if all holders reset their own positions on a daily basis (adding when the fund is down and withdrawing when the fund is up), fund...
by Uncorrelated
Thu May 14, 2020 3:21 am
Forum: Investing - Theory, News & General
Topic: WisdomTree 90/60 U.S. Balanced Fund [NTSX]
Replies: 292
Views: 22431

Re: WisdomTree 90/60 U.S. Balanced Fund [NTSX]

Used on its own 100% NTSX vs 100% PSLDX what do you guys think? Pros for NTSX: Lower ER, can be used in taxable, lower exposure to bond duration Pros for PSLDX: Higher returns since inception. Differences: PSLDX is more leveraged so higher gains and loses. Structure requires it be held in IRA. The ...
by Uncorrelated
Wed May 13, 2020 5:29 pm
Forum: Investing - Theory, News & General
Topic: WisdomTree 90/60 U.S. Balanced Fund [NTSX]
Replies: 292
Views: 22431

Re: WisdomTree 90/60 U.S. Balanced Fund [NTSX]

Used on its own 100% NTSX vs 100% PSLDX what do you guys think? Pros for NTSX: Lower ER, can be used in taxable, lower exposure to bond duration Pros for PSLDX: Higher returns since inception. Differences: PSLDX is more leveraged so higher gains and loses. Structure requires it be held in IRA. The ...
by Uncorrelated
Wed May 13, 2020 5:15 pm
Forum: Investing - Theory, News & General
Topic: Follow-up discussion on AA around one's retirement date
Replies: 58
Views: 2306

Re: Follow-up discussion on AA around one's retirement date

What approach would you recommend in retirement if not a cash cushion? I recommend reading the papers from https://www.aacalc.com/about titled "Floor and Upside Investing in Retirement with ..." and go from there. Asset allocation in retirement is a very complicated problem. Depending on your beque...
by Uncorrelated
Wed May 13, 2020 10:55 am
Forum: Investing - Theory, News & General
Topic: First 20% of bonds in long-term Treasuries
Replies: 807
Views: 51727

Re: First 20% of bonds in long-term Treasuries

Forgiveness if moving this thread off track... But: Inflation protected index % rule of thumb based on age? E.g. assuming one is young but has a larger bond AA (as you mentioned, say ~40% Bonds), seems little inflation protection is needed if someone is in their prime accumulation years with maybe ...
by Uncorrelated
Wed May 13, 2020 7:50 am
Forum: Investing - Theory, News & General
Topic: Follow-up discussion on AA around one's retirement date
Replies: 58
Views: 2306

Re: Follow-up discussion on AA around the retirement years

research by Gordon Irman has shown that the optimal glidepath for accumulation can be approximated with very simple rules. The asset allocation (stock allocation = 50% * ( 1 + future income / current net worth)) brings you within 5% of the optimal possible asset allocation. I have had a chance to "...
by Uncorrelated
Wed May 13, 2020 12:26 am
Forum: Investing - Theory, News & General
Topic: Follow-up discussion on AA around one's retirement date
Replies: 58
Views: 2306

Re: Follow-up discussion on AA around one's retirement date

Also want to ask, doesn't how money is withdrawn affect the outcome? If one has a 60/40 portfolio and stocks decline and it goes to 55/45, wouldnt the first money be withdrawn from bonds until back to 60/40? I don’t think where you withdraw the funds matters for SOR. It comes down to the varying pe...
by Uncorrelated
Tue May 12, 2020 5:54 pm
Forum: Investing - Theory, News & General
Topic: Follow-up discussion on AA around one's retirement date
Replies: 58
Views: 2306

Re: Follow-up discussion on AA around the retirement years

I don't recall any serious academic using the words sequence of returns risk. I would refer you to the Pfau and Kitces paper. Don’t know if that meets your definition of “serious”. I will provide a link later, I am on my way out the door right now. I believe you are referring to this paper: https:/...
by Uncorrelated
Tue May 12, 2020 12:23 pm
Forum: Investing - Theory, News & General
Topic: Follow-up discussion on AA around one's retirement date
Replies: 58
Views: 2306

Re: Follow-up discussion on AA around the retirement years

I don't recall any serious academic using the words sequence of returns risk. I would refer you to the Pfau and Kitces paper. Don’t know if that meets your definition of “serious”. I will provide a link later, I am on my way out the door right now. I believe you are referring to this paper: https:/...
by Uncorrelated
Tue May 12, 2020 11:08 am
Forum: Investing - Theory, News & General
Topic: Follow-up discussion on AA around one's retirement date
Replies: 58
Views: 2306

Re: Follow-up discussion on AA around the retirement years

Studies have shown that sequence-of-return risk is mostly in the first 10 years. Ehm. Excuse me, but it would be more accurate to say that blogs have shown that sequence of returns risk is mostly in the first 10 years. I don't recall any serious academic using the words sequence of returns risk. Al...
by Uncorrelated
Tue May 12, 2020 3:50 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 1483
Views: 120342

Re: "Fool me once your fault. Fool me twice my fault."

Bogleheads: Long time investors (I'm 96) remember the fads promoted by the investment industry: Penny stocks, Day Trading, the "Nifty-Fifty," Dogs of the Dow, IPOs, Commodities,--and now Small-Cap Value stocks (based almost entirely on past performance which the government warns us against). Invest...
by Uncorrelated
Sat May 09, 2020 12:48 pm
Forum: Investing - Theory, News & General
Topic: The Goal based Asset Allocation Ratio (non-age based)
Replies: 35
Views: 1739

Re: The Goal based Asset Allocation Ratio (non-age based)

Please see my topic Optimal asset allocation strategies for retirement & saving , which offers a solution to your goal based asset allocation. The optimal solution isn't anywhere near your suggested allocation. The optimal solution to the utility function "1 if net worth >= X at date Y, otherwise 0"...
by Uncorrelated
Fri May 08, 2020 6:00 am
Forum: Investing - Theory, News & General
Topic: Risk Parity ETF launched (RPAR)
Replies: 24
Views: 2790

Re: Risk Parity ETF launched (RPAR)

At the end, of last year this thread’s commentators were humorously deriding this etf, specifically with respect to commodities as part of its allocation strategy. The fact of the matter is that YTD, RPAR is up 0.55 % and the conventional 60/40 3 fund portfolio is down, what, 6 or 7% with most like...
by Uncorrelated
Fri May 08, 2020 5:19 am
Forum: Investing - Theory, News & General
Topic: A bond rule of thumb better than "age in bonds"
Replies: 152
Views: 10377

Re: A bond rule of thumb better than "age in bonds"

The optimal allocation given isn't really optimal. The optimal allocation is not static, it is trivial to do better than this specific glidepath. Gordon Irlam did extensive research on optimal asset allocations. He suggests that you calculate your net worth as (current net worth + future income), an...
by Uncorrelated
Thu May 07, 2020 4:33 am
Forum: Investing - Theory, News & General
Topic: Fascinating take on a rebalanced Permanent Portfolio - BreakingTheMarket.com
Replies: 126
Views: 11922

Re: Fascinating take on a rebalanced Permanent Portfolio - BreakingTheMarket.com

Here is a simple example in python that optimizes for the max geometric return under normally distributed returns. It presumably gives answers that are close enough for other distributional assumptions. import scipy.optimize import numpy as np # returns in excess of risk free rate asset_returns = np...
by Uncorrelated
Tue May 05, 2020 2:56 am
Forum: Investing - Theory, News & General
Topic: Risk Parity ETF launched (RPAR)
Replies: 24
Views: 2790

Re: Risk Parity ETF launched (RPAR)

At the end, of last year this thread’s commentators were humorously deriding this etf, specifically with respect to commodities as part of its allocation strategy. The fact of the matter is that YTD, RPAR is up 0.55 % and the conventional 60/40 3 fund portfolio is down, what, 6 or 7% with most like...
by Uncorrelated
Sun May 03, 2020 2:30 pm
Forum: Investing - Theory, News & General
Topic: Bill Bernstein: Why value is dead
Replies: 96
Views: 8997

Re: Bill Bernstein: Why value is dead

I would argue that it is simple common sense that value will struggle relative to growth at times of low inflation. You're not the only one who thinks that, but unless markets are widely inefficient, it's all priced in. If value struggles more in times of low inflation, the value/growth spreads wil...
by Uncorrelated
Sat May 02, 2020 4:13 pm
Forum: Investing - Theory, News & General
Topic: Bill Bernstein: Why value is dead
Replies: 96
Views: 8997

Re: Bill Bernstein: Why value is dead

I don't think he is predicting that low current inflation predicts low value returns, but he does suggest that periods of high inflation are kinder to value stocks in particular, while low inflation is kinder to growth stocks. That certainly seems to have been the case. He says: And then the second...
by Uncorrelated
Sat May 02, 2020 2:50 pm
Forum: Investing - Theory, News & General
Topic: Campbell Harvey lecture on p-hacking
Replies: 5
Views: 836

Re: Campbell Harvey lecture on p-hacking

This topic deserves more attention. It's really common to hear about factors, backtested trading strategies or alternative assets. 9 out of 10 times, these are the result of p-hacking. I dismiss most backrests shared on this forum almost immediately because I just can't be sure that the author did a...
by Uncorrelated
Sat May 02, 2020 1:19 pm
Forum: Investing - Theory, News & General
Topic: Bill Bernstein: Why value is dead
Replies: 96
Views: 8997

Re: Bill Bernstein: Why value is dead

And yet, there is this chart from Bernstein illustrating the relationship between annualized inflation and annualized value returns. http://www.efficientfrontier.com/ef/701/value.gif Here is my data, using the same methodology as in the Bernstein post (data points are decade-aligned), but omitting ...
by Uncorrelated
Sat May 02, 2020 11:15 am
Forum: Investing - Theory, News & General
Topic: Bill Bernstein: Why value is dead
Replies: 96
Views: 8997

Re: Bill Bernstein: Why value is dead

Nonsense. Is future monthly inflation related to future monthly value premium? We run regressions as HML = constant + CPI * x HML = constant + RF * x. HML is defined as the 1-month value premium obtained from ken french. RF is defined as the 1-month T-bill obtained from ken french. CPI is defined as...
by Uncorrelated
Sat May 02, 2020 3:45 am
Forum: Investing - Theory, News & General
Topic: The Bottom Line on Factor Investing
Replies: 290
Views: 12587

Re: The Bottom Line on Factor Investing

I think people should invest in what they believe in. If you don’t believe in factors, then don’t do it. But I can’t help but notice the double standard between views regarding the various stock factors and the equity premium itself, which is actually another factor. Factor skeptics curiously have ...
by Uncorrelated
Sat May 02, 2020 3:22 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 1483
Views: 120342

Re: Small Cap Value heads Rejoice !!!

Apart from the mean reversion which most of us expect, I think the fate of value lies in whatever happens to currencies & bonds in the 2020s. Still, a week where SCV is positive and megacap is negative. No more mean reversion. Read https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3442539 Sorry b...
by Uncorrelated
Thu Apr 30, 2020 12:27 pm
Forum: Investing - Theory, News & General
Topic: Likelihood of size and value factor returns being positive in future
Replies: 89
Views: 2791

Re: Likelihood of size and value factor returns being positive in future

Then there is the question whether tilting improves risk-adjusted returns for a specific investors preference. I offer two counter-arguments. First, I have seen little evidence that rational investors are not mean-variance (or CRRA or HARA) investors. The only arguments that I have seen that argue ...
by Uncorrelated
Thu Apr 30, 2020 10:45 am
Forum: Investing - Theory, News & General
Topic: Likelihood of size and value factor returns being positive in future
Replies: 89
Views: 2791

Re: Likelihood of size and value factor returns being positive in future

Exactly. A point I have been making for years. If someone could determine their personal preferences across the range of risks in financial assets, not just skewness, AND determine that they were less averse to certain dimensions of risk than the market average, then they could select a subset of i...
by Uncorrelated
Thu Apr 30, 2020 4:08 am
Forum: Investing - Theory, News & General
Topic: Likelihood of size and value factor returns being positive in future
Replies: 89
Views: 2791

Re: Likelihood of size and value factor returns being positive in future

Easy answer professor. You can't eat risk adjusted returns. Our results vs VTI. Don't confuse strategy with outcome. If you want a more intuitive example, consider a portfolio of 100% stocks (sharpe ratio approx 0.5) and a 60/40 portfolio (sharpe ratio 0.6). Which is the best choice? That depends o...
by Uncorrelated
Wed Apr 29, 2020 5:52 pm
Forum: Investing - Theory, News & General
Topic: Likelihood of size and value factor returns being positive in future
Replies: 89
Views: 2791

Re: Likelihood of size and value factor returns being positive in future

That is called the default or credit factor. The magnitude of this factor is too small to bother with. Researchers even disagree whether the historical return for this factor is positive or not. So you agree that "different kind of risk" alone doesn't justify investment. one should also believe tha...
by Uncorrelated
Wed Apr 29, 2020 5:19 pm
Forum: Investing - Theory, News & General
Topic: Likelihood of size and value factor returns being positive in future
Replies: 89
Views: 2791

Re: Likelihood of size and value factor returns being positive in future

I measure risk (volatility) the old fashioned way. GSD (Geometric Standard Deviation). Sharpe Ratio = CAGR/GSD. Why are these useless to the average investor? What benefit do we get using your far more complicated methods? A lot of people think investing is precise; like eye surgery. It's more like...
by Uncorrelated
Wed Apr 29, 2020 4:37 pm
Forum: Investing - Theory, News & General
Topic: SCV fund which screens for quality
Replies: 21
Views: 995

Re: SCV fund which screens for quality

I am not sure why there is confusion about using a quality screen on small or value companies. Just because a company is small or cheaper does not mean it cannot have quality characteristics such as Financial Strength and other quality indicators. Most funds have limited information on how they scr...
by Uncorrelated
Wed Apr 29, 2020 4:15 pm
Forum: Investing - Theory, News & General
Topic: Likelihood of size and value factor returns being positive in future
Replies: 89
Views: 2791

Re: Likelihood of size and value factor returns being positive in future

I define risk-adjusted returns with a CRRA utility function. For perfectly rational investors, the utility can be approximated with r - .5 * γ * σ 2 , with γ being a constant related to your personal risk tolerance ("coefficient of relative risk aversion". r = return, σ 2 = variance), usually betwe...
by Uncorrelated
Wed Apr 29, 2020 3:48 pm
Forum: Investing - Theory, News & General
Topic: Likelihood of size and value factor returns being positive in future
Replies: 89
Views: 2791

Re: Likelihood of size and value factor returns being positive in future

Academic papers can only look backward. Which is worthless looking forward. We're on our own. It's not as simply as it looks. If you accept the risk-based explanation for factors, the market will only offer a positive reward for known risks. The market cannot offer a reward for risks that nobody re...
by Uncorrelated
Wed Apr 29, 2020 3:35 pm
Forum: Investing - Theory, News & General
Topic: Likelihood of size and value factor returns being positive in future
Replies: 89
Views: 2791

Re: Likelihood of size and value factor returns being positive in future

Crystal balls are cloudy. No one knows what the future will bring. Since there is no evidence that these factors provide increased risk adjusted returns, there is little reason, other than curiosity, to care. There is plenty of evidence that factors provide increased returns. If factors provide hig...
by Uncorrelated
Wed Apr 29, 2020 10:46 am
Forum: Investing - Theory, News & General
Topic: SCV fund which screens for quality
Replies: 21
Views: 995

Re: SCV fund which screens for quality

VFMF screens for various value measurements which results in a positive RmW and CmA exposure. Press material below: https://investor.vanguard.com/etf/profile/VFMF After applying an initial screen to remove the most volatile stocks in the universe, stocks are then selected according to their equally ...
by Uncorrelated
Wed Apr 29, 2020 10:13 am
Forum: Investing - Theory, News & General
Topic: Does an active fund return converge to the market return?
Replies: 31
Views: 1025

Re: Does an active fund return converge to the market return?

DFA has a good paper on the effects of diversification in a real-world setting. In this paper they compare the Dimensional All Country World Adjusted Large 1 Index (a large/mid cap, all-world, value index) with the MSCI ACWI index. They investigate how the fund characteristics change when under-samp...
by Uncorrelated
Wed Apr 29, 2020 6:42 am
Forum: Investing - Theory, News & General
Topic: Likelihood of size and value factor returns being positive in future
Replies: 89
Views: 2791

Re: Likelihood of size and value factor returns being positive in future

Value will come back (growth cannot be bid to infinity) but the real question then is one of mean reversion, versus an ongoing reassertion of value's premium. I have much more confidence in momentum (probably best implemented at the index level aka trend) and low volatility, since these factors (if...
by Uncorrelated
Wed Apr 29, 2020 3:06 am
Forum: Investing - Theory, News & General
Topic: Bogleheads Wiki: Small Caps
Replies: 29
Views: 1530

Re: Bogleheads Wiki: Small Caps

According to portfoliovisualizer starting at 1992, DFSCX (DFA US Micro Cap I) generated returns of 0.92% per month (0.97% before expenses), VTSMX (Vanguard Total Stock Mkt Idx Inv) generated returns of 0.79% per month (0.8% before expenses?). This clearly indicates that small caps have generated hig...
by Uncorrelated
Wed Apr 29, 2020 2:34 am
Forum: Investing - Theory, News & General
Topic: Likelihood of size and value factor returns being positive in future
Replies: 89
Views: 2791

Re: Likelihood of size and value factor returns being positive in future

This is all fine. What I don't understand is: what is the rationale behind the expectation that these factors will continue to provide positive returns? Diversification benefit is only valid if return expectation is positive. The theoretical rationale is that small and/or value companies have a hig...
by Uncorrelated
Tue Apr 28, 2020 4:52 pm
Forum: Investing - Theory, News & General
Topic: First 20% of bonds in long-term Treasuries
Replies: 807
Views: 51727

Re: First 20% of bonds in long-term Treasuries

You responded by saying that the optimal duration is not linear with the investment horizon. And that's not what I said. I said optimal duration is not linear with AGE, because age is not a linear function of investment horizon. We're really in the weeds here, at a technical level that is WAY beyon...
by Uncorrelated
Tue Apr 28, 2020 10:47 am
Forum: Investing - Theory, News & General
Topic: First 20% of bonds in long-term Treasuries
Replies: 807
Views: 51727

Re: First 20% of bonds in long-term Treasuries

There is no evidence that duration matching is optimal. (unless you do 100% liability matching with SPIA's). Nonsense. There's plenty of evidence on the optimality of duration matching, and the idea that the only way to do it is with 100% SPIAs is just wrong. Where in world did that idea come from?...