Search found 35533 matches

by Valuethinker
Sun Oct 21, 2018 4:09 pm
Forum: Investing - Theory, News & General
Topic: Thoughts on 5 year TIPS bonds?
Replies: 24
Views: 1740

Re: Thoughts on 5 year TIPS bonds?

Thanks for all the interesting thoughts so far. When I look at the Fed Funds rate versus 5 year TIPS (see below), it makes me think that maybe buying 2 year TIPS as mentioned above is perhaps a decent strategy. Should we get a continuation up in the Fed Funds rate, it might be possible to get 5 yea...
by Valuethinker
Sun Oct 21, 2018 4:06 pm
Forum: Personal Consumer Issues
Topic: Why are Carbon Offset Credits so cheap?
Replies: 31
Views: 1773

Re: Why are Carbon Offset Credits so cheap?

This is a 2010 article, not sure if the regulations are better now. ...the business of carbon offsets is close to a billion dollar industry with nearly no regulation, enforcement, measurements or even proof that carbon offsets are doing anything but filling the coffers of middle men and adding extr...
by Valuethinker
Sun Oct 21, 2018 3:59 pm
Forum: Investing - Help with Personal Investments
Topic: “The Worst Kind of Bear Market”
Replies: 22
Views: 3665

Re: “The Worst Kind of Bear Market”

It's not surprising it took investors a long time to reorient themselves towards an inflationary environment - 3 decades, in fact. And many of us who came of age in the 1970s have been slow to reorient toward a low inflation environment. I still fear inflation, probably to my detriment as I've kept...
by Valuethinker
Sun Oct 21, 2018 3:43 pm
Forum: Investing - Theory, News & General
Topic: It's not enough to mumble "Stay the Course"... INT'L Investing has been a disaster!
Replies: 1194
Views: 99107

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

And who, exactly, is going to look after all these 80 90 100 something retirees that we will have? For agricultural labour we will import workers on seasonal contracts. That is how English fruit is picked now. Perhaps we shall do the same for care workers. Most likely that, or robots. It's hard to ...
by Valuethinker
Sun Oct 21, 2018 3:34 pm
Forum: Personal Consumer Issues
Topic: Why are Carbon Offset Credits so cheap?
Replies: 31
Views: 1773

Re: Why are Carbon Offset Credits so cheap?

I thought Palm oil was terrible for the environment because of the way forests were cleared in Indonesia. However, on a recent trip to Australia, an exhibit at the zoo talked about sustainable Palm oil.... Does this mean I can go back to eating Nutella, the only item on my diet that contains Palm o...
by Valuethinker
Sun Oct 21, 2018 1:08 pm
Forum: Investing - Theory, News & General
Topic: US Large Cap Value - valuation?
Replies: 16
Views: 881

Re: US Large Cap Value - valuation?

https://seekingalpha.com/article/4180641-another-look-growth-versus-value https://www.longtermtrends.net/growth-stocks-vs-value-stocks/ https://www.marketwatch.com/story/dominance-of-growth-over-value-is-a-trade-thats-nowhere-near-over-goldman-says-2018-03-19 https://blogs.cfainstitute.org/investor/...
by Valuethinker
Sun Oct 21, 2018 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: Should we downgrade our house?
Replies: 43
Views: 3699

Re: Should we downgrade our house?

We are very likely moving to Atlanta. It's for a good job opportunity, and it also presents us with a unique opportunity to adjust our lifestyle in a way that could greatly increase our savings. For a very similar monthly mortgage to what we have now we could get more house in a walkable neighborho...
by Valuethinker
Sun Oct 21, 2018 12:04 pm
Forum: Investing - Help with Personal Investments
Topic: “The Worst Kind of Bear Market”
Replies: 22
Views: 3665

Re: “The Worst Kind of Bear Market”

I'm very, very suspicious of any article about the bond market in real terms that starts its analysis in 1940. Why? Because despite the author's claim regarding inflation, there was significant inflation during the 1940s and early 1950s, initially due to the war effort, then due to the relative lac...
by Valuethinker
Sun Oct 21, 2018 11:42 am
Forum: Investing - Theory, News & General
Topic: US Large Cap Value - valuation?
Replies: 16
Views: 881

Re: US Large Cap Value - valuation?

US Large Cap Value has underperformed US Large Cap Growth very significantly over the last 5-10 years. Does anybody have data how Value stocks are currently valued compared to their own history? When looking at the Spider S&P 500 Value ETF (SPYV) in Morningstar I can see that the Forward P/E ratio ...
by Valuethinker
Sun Oct 21, 2018 10:03 am
Forum: Personal Consumer Issues
Topic: Why are Carbon Offset Credits so cheap?
Replies: 31
Views: 1773

Re: Why are Carbon Offset Credits so cheap?

Where are you buying offsets for $3.30/ton per year? I just pulled that number from the link I posted in the original post. I saw other numbers, like $10/t (2200lbs), but looks like not all offsets are created equal. Even at that price, seems pretty cheap to me. I don't fully understand the credit....
by Valuethinker
Sun Oct 21, 2018 9:55 am
Forum: Personal Consumer Issues
Topic: Why are Carbon Offset Credits so cheap?
Replies: 31
Views: 1773

Re: Why are Carbon Offset Credits so cheap?

Where are you buying offsets for $3.30/ton per year? I just pulled that number from the link I posted in the original post. I saw other numbers, like $10/t (2200lbs), but looks like not all offsets are created equal. Even at that price, seems pretty cheap to me. I don't fully understand the credit....
by Valuethinker
Sun Oct 21, 2018 9:47 am
Forum: Personal Consumer Issues
Topic: Why are Carbon Offset Credits so cheap?
Replies: 31
Views: 1773

Re: Why are Carbon Offset Credits so cheap?

Note the European Emission Trading System emissions credits are up around 40 Euros I believe. Per tonne emitted. System seems to be doing what it was designed to do. The Dec EUA futures contract closed at 19.77 Eur on Friday, peak was around 30 before the financial crisis, but was under 10 from 201...
by Valuethinker
Sun Oct 21, 2018 9:32 am
Forum: Investing - Theory, News & General
Topic: It's not enough to mumble "Stay the Course"... INT'L Investing has been a disaster!
Replies: 1194
Views: 99107

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

Europe + Japan make up about 60% of ex-US. What’s the basis for expecting any kind of significant economic expansion in those areas over the next decade? The US very well may be headed for a dark period, but I wouldn’t look to those areas to save the day. Waiting around mean reversion (which might ...
by Valuethinker
Sun Oct 21, 2018 8:23 am
Forum: Investing - Help with Personal Investments
Topic: Investing a $1.5m windfall [Great Britain]
Replies: 7
Views: 898

Re: Investing a $1.5m windfall [Great Britain]

Hello - first post on the forum Following a family decision aiming at changing our lifestyle, we sold our central London home to move out to the British country side, in a more modestly priced house. Through this operation, we have netted $1.5m, now sitting on a checking account. Now comes the time...
by Valuethinker
Sun Oct 21, 2018 7:40 am
Forum: Investing - Theory, News & General
Topic: Thoughts on 5 year TIPS bonds?
Replies: 24
Views: 1740

Re: Thoughts on 5 year TIPS bonds?

Every once in awhile lately I mull buying some 5 year TIPS in retirement accounts. Maybe 10% of our FI to start with. 5 year TIPS because we are retired at age 70 and can easily hold to maturity. The current rates are starting to look tempting. Should I be tempted? The current rate is 1.07%. Here i...
by Valuethinker
Sat Oct 20, 2018 12:56 pm
Forum: Investing - Theory, News & General
Topic: Are bonds the Maginot Line of Modern Investing?
Replies: 42
Views: 3521

Re: Are bonds the Maginot Line of Modern Investing?

In the 1940's and early 1950's, cash and short-term bonds were slaughtered. All fixed income securities were slaughtered due to the government not allowing yields to go up to reflect ongoing high inflation. Gold ownership was illegal. There were no obvious shelters, people having been just burned b...
by Valuethinker
Sat Oct 20, 2018 12:28 pm
Forum: Personal Consumer Issues
Topic: Why are Carbon Offset Credits so cheap?
Replies: 31
Views: 1773

Re: Why are Carbon Offset Credits so cheap?

They are cheap because supply far outweighs demand. Utilities are already producing energy from alternative sources. Let’s say 15% of energy is being sourced from alternative sources. If we do nothing, we are all reducing the carbon footprint by 15%. If someone wants to use 100% alternative energy,...
by Valuethinker
Sat Oct 20, 2018 10:16 am
Forum: Investing - Theory, News & General
Topic: Are bonds the Maginot Line of Modern Investing?
Replies: 42
Views: 3521

Re: Are bonds the Maginot Line of Modern Investing?

Nonetheless, I believe most investors (US) should have up to half their bond weighting in TIPS bonds. And that USians should generally buy the maximum number of ibonds they are allowed, every year (assuming other investing priorities are met). I personally own no Series I bonds. I'm not sure if tha...
by Valuethinker
Sat Oct 20, 2018 10:04 am
Forum: Investing - Theory, News & General
Topic: Are bonds the Maginot Line of Modern Investing?
Replies: 42
Views: 3521

Re: Are bonds the Maginot Line of Modern Investing?

I have no opinion on the future of bonds, but I would take issue with the consensus here that "As a defensive strategy, the Maginot Line served its purpose." The purpose of the Maginot Line, I would suggest to you, was to prevent France from being invaded by Germany. That is, the point of the dumb ...
by Valuethinker
Sat Oct 20, 2018 9:06 am
Forum: Investing - Theory, News & General
Topic: Malkiel no longer endorses blind-folded monkeys, likes smart beta
Replies: 31
Views: 3236

Re: Malkiel no longer endorses blind-folded monkeys, likes smart beta

OK, now I have what Burton Malkiel wrote in the 2015 edition of "A Random Walk Down Wall Street." I said "he trashed it" and that's correct. He spends a full chapter on it, chapter 11, pp. 260-288, "Is Smart Beta Really Smart?" He knocks down everything, listing "the positives" and "the negatives" ...
by Valuethinker
Fri Oct 19, 2018 4:16 pm
Forum: Investing - Theory, News & General
Topic: Are bonds the Maginot Line of Modern Investing?
Replies: 42
Views: 3521

Re: Are bonds the Maginot Line of Modern Investing?

...I think it's just a good reminder to diversify more than the 3 fund. Factors, reinsurance, alt lending, bonds, stocks, etc. and any new products that add additional diversification at a reasonable price with a decent expected return. The tricky bit is 'decent expected return.' I still have some ...
by Valuethinker
Fri Oct 19, 2018 11:30 am
Forum: Investing - Theory, News & General
Topic: Are bonds the Maginot Line of Modern Investing?
Replies: 42
Views: 3521

Re: Are bonds the Maginot Line of Modern Investing?

Valuethinker, my understanding was that the French loss in World War II had much to do with tactics. My understanding is that the French tanks were actually better than the German ones but that the Germans massed their tanks in Armored Divisions whereas the French spread the tanks out among the inf...
by Valuethinker
Fri Oct 19, 2018 10:01 am
Forum: Investing - Theory, News & General
Topic: Sears, a 125 year old company is now a penny stock.
Replies: 123
Views: 14458

Re: Sears, a 125 year old company is now a penny stock.

All companies that are successful in a given era are market oriented. But IMO like all empires, leaders change or environments change or sometimes even a little luck in timing is off and then we say they are not market oriented. If Sears, GE and the Roman Empire can all stop innovating then we shou...
by Valuethinker
Fri Oct 19, 2018 9:46 am
Forum: Investing - Theory, News & General
Topic: Are bonds the Maginot Line of Modern Investing?
Replies: 42
Views: 3521

Re: Are bonds the Maginot Line of Modern Investing?

I mean, who predicted the World Trade center being brought down as the cause of the 2001 crash? While we're debunking myths... I've seen this casually mentioned a few times on this forum, but I don't think there's much evidence to associate 9/11 with a crash. S&P 500 earnings and the value of the i...
by Valuethinker
Fri Oct 19, 2018 9:44 am
Forum: Investing - Theory, News & General
Topic: Are bonds the Maginot Line of Modern Investing?
Replies: 42
Views: 3521

Re: Are bonds the Maginot Line of Modern Investing?

Nice read by Valuethinker. I've always been interested in WW II history, but couldn't have summed up the war as nicely as he did. I thought the reasons we are Bogleheads is we don't have to worry about that which is unknowable? I don't believe anyone here knows what the next disaster is going to be...
by Valuethinker
Fri Oct 19, 2018 8:32 am
Forum: Investing - Theory, News & General
Topic: "Why Jack Bogle Doesn't Own Non-U.S. Stocks"
Replies: 203
Views: 10637

Re: "Why Jack Bogle Doesn't Own Non-U.S. Stocks"

At the risk of being called those lovely names again found in this thread above, I genuinely have fundamental disagreements with how certain countries are politically run. Serious concerns related to human rights, individual liberty, self-determination, state interference, corruption, etc., and I f...
by Valuethinker
Fri Oct 19, 2018 8:27 am
Forum: Investing - Theory, News & General
Topic: Are bonds the Maginot Line of Modern Investing?
Replies: 42
Views: 3521

Re: Are bonds the Maginot Line of Modern Investing?

Good read from Matt Topley about some comments by Jeremy Schwartz https://matttopley.com/topleys-top-ten-october-19-2018/. It's a truism that generals fight the last war and that investors prepare for the last down turn. I think we underestimate the chance of a 1970s type scenario where both bonds ...
by Valuethinker
Fri Oct 19, 2018 7:01 am
Forum: Investing - Theory, News & General
Topic: 30 yr TIPs auction: Oct. 18: 1.2% real yield?
Replies: 44
Views: 3804

Re: 30 yr TIPs auction: Oct. 18: 1.2% real yield?

To be fair, it’s not as if bond yields have no natural level. But the natural level is I think roughly related to gdp growth. Ie I think long term real rates might be some function of long term real gdp growth. And I don’t think that level is lower than it used to be. I respectfully disagree. Aging...
by Valuethinker
Fri Oct 19, 2018 6:56 am
Forum: Personal Consumer Issues
Topic: Corporate politics/culture
Replies: 43
Views: 3879

Re: Corporate politics/culture

I've had some real drag out fights with people on this board telling me I am a chump because I work in this industry and dont make 300k, but I value work-life balance and great culture over the $$$. Cheers :beer I know too many casualties of high powered financial services employers. I also know to...
by Valuethinker
Fri Oct 19, 2018 6:37 am
Forum: Personal Consumer Issues
Topic: Corporate politics/culture
Replies: 43
Views: 3879

Re: Corporate politics/culture

Consultants can provide real insights into market & competitor dynamics. They an go out there and interview customers etc. and identify actual trends and perceived strengths and weaknesses. Also sometimes you get deep specialisms e.g. supply chain and they can provide real insight. On the other han...
by Valuethinker
Fri Oct 19, 2018 6:35 am
Forum: Personal Consumer Issues
Topic: Corporate politics/culture
Replies: 43
Views: 3879

Re: Corporate politics/culture

The thing I shake my head about is all the young 20-somethings who start here in junior roles... who never worked anywhere else. Complain about the silliest things or get focused only on the fact that Google pays more and have no idea how lucky we are. Every generation makes the same mistakes due t...
by Valuethinker
Fri Oct 19, 2018 6:17 am
Forum: Investing - Theory, News & General
Topic: It's not enough to mumble "Stay the Course"... INT'L Investing has been a disaster!
Replies: 1194
Views: 99107

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

I just looked at the price charge for VEU (Total International Vanguard ETF) and in August 2008 before the Financial Crisis kicked in, the ETF traded in the low 48s. Price today: 48.28. That's more than 10 years of earning nothing other than the dividend. Incredible. And the 48 back in 2008 was alr...
by Valuethinker
Fri Oct 19, 2018 6:13 am
Forum: Investing - Theory, News & General
Topic: It's not enough to mumble "Stay the Course"... INT'L Investing has been a disaster!
Replies: 1194
Views: 99107

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

Europe + Japan make up about 60% of ex-US. What’s the basis for expecting any kind of significant economic expansion in those areas over the next decade? The US very well may be headed for a dark period, but I wouldn’t look to those areas to save the day. Waiting around mean reversion (which might ...
by Valuethinker
Fri Oct 19, 2018 6:12 am
Forum: Investing - Theory, News & General
Topic: It's not enough to mumble "Stay the Course"... INT'L Investing has been a disaster!
Replies: 1194
Views: 99107

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

I just looked at the price charge for VEU (Total International Vanguard ETF) and in August 2008 before the Financial Crisis kicked in, the ETF traded in the low 48s. Price today: 48.28. That's more than 10 years of earning nothing other than the dividend. The longest comparison (in multiples of 5 y...
by Valuethinker
Fri Oct 19, 2018 6:09 am
Forum: Investing - Theory, News & General
Topic: It's not enough to mumble "Stay the Course"... INT'L Investing has been a disaster!
Replies: 1194
Views: 99107

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

Europe has not bounced back from the financial crisis as fast as the US, still keeping QE place for a little longer because of it, Chinese economy is not in great shape. I'd have to check but I think recent European GDP growth is actually ahead of USA. You get this 2 speed where the northern tier i...
by Valuethinker
Fri Oct 19, 2018 5:20 am
Forum: Investing - Theory, News & General
Topic: Thoughts on consumer staples funds?
Replies: 9
Views: 535

Re: Thoughts on consumer staples funds?

SpringMan wrote:
Fri Oct 19, 2018 4:04 am
HEDGEFUNDIE wrote:
Fri Oct 19, 2018 3:31 am
Bogleheads don’t buy sector funds.
Many Bogleheads invest in Vanguard's REIT fund.
REITs are not the same as ordinary stocks. They are more akin to MLPs in fact.

I had a post yesterday on the differences if you search my name and posts last 24 hours.
by Valuethinker
Fri Oct 19, 2018 5:02 am
Forum: Investing - Theory, News & General
Topic: Italian crisis: which are more at risk, big banks or big insurance companies?
Replies: 2
Views: 448

Re: Italian crisis: which are more at risk, big banks or big insurance companies?

The yield of Italian govenrment bonds is increasing and apparently hundreds of billions worth of them are owned by banks, as well as by Insurance companies like Assicuarazioni Generali (where retail investors can also invest their money in structured products guaranteeing their capital). I don't kn...
by Valuethinker
Fri Oct 19, 2018 4:27 am
Forum: Investing - Help with Personal Investments
Topic: What if your risk tolerance is lower than what's best for your portfolio?
Replies: 51
Views: 3647

Re: What if your risk tolerance is lower than what's best for your portfolio?

Hi, Bogleheads. My AA is 37/63 now, after this slight correction. I lost more than a year's expenses in one week. I just hate losing money, even if it's only paper losses, especially now that I'm semi-retired. (I've lived through bears and recessions and don't panic sell. But my mood goes south.) I...
by Valuethinker
Fri Oct 19, 2018 4:04 am
Forum: Investing - Theory, News & General
Topic: "Why Jack Bogle Doesn't Own Non-U.S. Stocks"
Replies: 203
Views: 10637

Re: "Why Jack Bogle Doesn't Own Non-U.S. Stocks"

I think you are reading too much into short term news cycle. The potential for any country to grow despite all the technological advances is hugely dependent on how much natural resources are still at it's disposal, Sure like the economy of Singapore (higher GDP per capita than most countries in Eu...
by Valuethinker
Fri Oct 19, 2018 3:45 am
Forum: Investing - Theory, News & General
Topic: "Why Jack Bogle Doesn't Own Non-U.S. Stocks"
Replies: 203
Views: 10637

Re: "Why Jack Bogle Doesn't Own Non-U.S. Stocks"

How is that possible?? That is not going to happen. They have 4x as many people as us! And in China, they restrict births. To be clear, the birth restrictions in China have been significantly relaxed in recent years. If you want to have 2 or 3 children I don't think they are significant, now. From ...
by Valuethinker
Fri Oct 19, 2018 3:43 am
Forum: Investing - Theory, News & General
Topic: "Why Jack Bogle Doesn't Own Non-U.S. Stocks"
Replies: 203
Views: 10637

Re: "Why Jack Bogle Doesn't Own Non-U.S. Stocks"

India and China are both in the the top 12 countries held in the Vanguard Total Intl Stock Fund, so it isn't hard to invest in them (not counting countless other ETFs/funds). It will become even easier (if it isn't easy enough now) as their economies become larger, more open and more advanced. So f...
by Valuethinker
Thu Oct 18, 2018 4:23 pm
Forum: Investing - Theory, News & General
Topic: Take your canes out in Emerging Markets
Replies: 38
Views: 7012

Re: Take your canes out in Emerging Markets

No doubt that hidden debt is a risk for China and we don't know accurately the full extent of the problem. Having said that it's important to recall that the greatest global debt default crisis since the Great Depression originated right under our blind eyes in the USA with the massive financial co...
by Valuethinker
Thu Oct 18, 2018 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: Bitcoin after death...some thoughts to consider
Replies: 10
Views: 2306

Re: Bitcoin after death...some thoughts to consider

If the encryption that bitcoin is based on is brute force cracked by this mythical soon-to-come computing power, the cracking of bitcoin will be dwarfed in significance to the cracking of encryption protecting US Dollar and Euro based financial systems. It's not mythical, it's called Quantum Comput...
by Valuethinker
Thu Oct 18, 2018 4:08 pm
Forum: Investing - Theory, News & General
Topic: Why dismiss sectors?
Replies: 31
Views: 1604

Re: Why dismiss sectors?

I have been reading this forum for quite some time, paying attention to people's views on asset allocation, investment strategies etc. It seems to me that most Bogleheads dislike sectors. While I see why you should not put a big chunk of your money into a specific sector, I do not quite see why a p...
by Valuethinker
Thu Oct 18, 2018 11:17 am
Forum: Personal Consumer Issues
Topic: Cross-country trip via Amtrak
Replies: 52
Views: 4362

Re: Cross-country trip via Amtrak

If you search on youtube, there are several *long* amtrak travel videos that really give you the feeling of what it is like. And there are lots of tips and pros and cons of the experience. Check them out. There is one from Chicago to the West Coast that is great (in winter with heat failure issues ...
by Valuethinker
Thu Oct 18, 2018 11:11 am
Forum: Personal Consumer Issues
Topic: Cross-country trip via Amtrak
Replies: 52
Views: 4362

Re: Cross-country trip via Amtrak

For the past year or so I've been thinking of taking a trip to the East Coast (Boston, New York, etc.) to visit friends and family. I'm pretty sure now that I'm gonna do it next spring. I've flown across the country many times (I live in Oregon). Now I'm toying with the idea of making the trip via ...
by Valuethinker
Thu Oct 18, 2018 10:11 am
Forum: Investing - Theory, News & General
Topic: Sin as investment strategy
Replies: 26
Views: 3532

Re: Sin as investment strategy

Larry, Sin stock investing as a factor has been on my mind off and on the last couple years, and I came across this post of yours from a few years ago (thank you for posting the link). In the years since, have you come across any reasonably analogous alternative to VICEX, hopefully one with an ER l...
by Valuethinker
Thu Oct 18, 2018 10:04 am
Forum: Investing - Theory, News & General
Topic: Top stocks of 2000 trail the market over the next 18 years
Replies: 39
Views: 2859

Re: Top stocks of 2000 trail the market over the next 18 years

First, Has anyone did a rolling approach looking further back at 5, 10, 20 year intervals. Think you need to do that before you can say this thought has some wheels otherwise it may just be a sampling error. Agreed. Although if you just look at the makeup of the ten largest stocks in the S&P 500, y...
by Valuethinker
Thu Oct 18, 2018 9:09 am
Forum: Investing - Theory, News & General
Topic: BRKB overlap with VTSAX overweight AAPL?
Replies: 5
Views: 492

Re: BRKB overlap with VTSAX overweight AAPL?

I was hoping to find an answer to a question that has been bugging me lately. I noticed that Berkshire Hathaway Inc. is the 5th largest holding in VTSAX. I also know that this company holds a lot of Apple and other major US companies which are also in the top holdings. My question is, because compa...
by Valuethinker
Thu Oct 18, 2018 9:05 am
Forum: Investing - Theory, News & General
Topic: Top stocks of 2000 trail the market over the next 18 years
Replies: 39
Views: 2859

Re: Top stocks of 2000 trail the market over the next 18 years

I became aware earlier of research which indicated that the largest companies in a country's stock market, as defined by market capitalization, tend to underperform the rest of the market going forward. But it wasn't until today that I came across such a dramatic example of this in action from Rese...