Search found 1718 matches
- Sat Oct 23, 2010 6:16 pm
- Forum: Investing - Theory, News & General
- Topic: New DFA Article
- Replies: 78
- Views: 22683
- Sat Oct 23, 2010 6:00 pm
- Forum: Investing - Theory, News & General
- Topic: New DFA Article
- Replies: 78
- Views: 22683
28% US LV 42% US SV 12% Int LV 18% Int SV SH: Do you mind describing your bond allocation and your equity-fixed ratios? Thanks. I am 100% equity besides my emergency fund. Once I get to the point where I need bonds (I'll probably opt for 5-7 years of retirement income in fixed income to overcome in...
- Tue Sep 21, 2010 10:26 am
- Forum: Investing - Theory, News & General
- Topic: New DFA Article
- Replies: 78
- Views: 22683
- Mon Sep 20, 2010 11:54 am
- Forum: Investing - Theory, News & General
- Topic: New DFA Article
- Replies: 78
- Views: 22683
- Sun Sep 19, 2010 2:12 pm
- Forum: Investing - Theory, News & General
- Topic: New DFA Article
- Replies: 78
- Views: 22683
- Sun Sep 19, 2010 10:52 am
- Forum: Investing - Theory, News & General
- Topic: New DFA Article
- Replies: 78
- Views: 22683
- Sun Sep 19, 2010 10:46 am
- Forum: Investing - Theory, News & General
- Topic: New DFA Article
- Replies: 78
- Views: 22683
Hey, SmallHi. I don't remember you being such an EM fan. Is this new? I think what’s new is him not being such an EM fan. He seemed okay with EM at about 25% of equities (if I recall from distant threads). Then seemed to shift to zero in favor of all ISV (in place of EM). Initial arguments for the ...
- Wed Feb 10, 2010 6:24 pm
- Forum: Investing - Theory, News & General
- Topic: Larry Swedroe on Marketwatch
- Replies: 8
- Views: 2866
From the comments section appears an old friend with an interesting query (ruh-roh!): smallhi 02/10/10 | Report as spam RE: Why Bond Market Outperformance Is So Tough In your books, you have advocated a shifting allocation strategy between TIPS funds and short/interm. term T bond funds, depending o...
- Thu Sep 10, 2009 8:13 pm
- Forum: Investing - Theory, News & General
- Topic: Retirement withdrawal: The "old conventional wisdom&quo
- Replies: 20
- Views: 4721
Re: Retirement withdrawal: The "old conventional wisdom
. From Erin Botsford at http://www.cnbc.com/id/15840232?video=1248700943&play=1 . That's sort of old conventional wisdom. We don't believe in taking systematic withdrawals from balanced portfolios. I think Ms. Botsford is correct. The Trinity 4% SWR stuff is being replaced by something less vol...
- Tue Sep 08, 2009 12:49 pm
- Forum: Personal Consumer Issues
- Topic: Men's Dress Shoes
- Replies: 75
- Views: 15748
- Tue Sep 08, 2009 12:26 pm
- Forum: Personal Consumer Issues
- Topic: Men's Dress Shoes
- Replies: 75
- Views: 15748
When it comes to shoes, you get what you pay for. The best value for mens shoes are from Alden. SmallHi knows what he's talking about. Alden shoes are great and I've worn them for many years. (I also think he had recommended Samuelsohn suits in the past-my favorite brand). That said, I do think the...
- Mon Sep 07, 2009 8:03 pm
- Forum: Personal Consumer Issues
- Topic: Men's Dress Shoes
- Replies: 75
- Views: 15748
Appreciated shoes? Give me a break. I learned a long time ago that practically no one wants to buy used shoes. :) Don't believe me? Put up a poll to see if anyone will buy used Alden shoes. Thank goodness my job doesn't require anything more than Rockports and even those are too expensive so its To...
- Mon Sep 07, 2009 7:38 pm
- Forum: Personal Consumer Issues
- Topic: Men's Dress Shoes
- Replies: 75
- Views: 15748
When it comes to shoes, you get what you pay for. The best value for mens shoes are from Alden. Timeless stlyes that last a lifetime (when 2 or more pairs are rotated, stored with cedar shoe trees, and resoled/refurbished when they get old). For the average shoebuyer, their calfskin shoes will fit t...
- Wed Sep 02, 2009 6:34 pm
- Forum: Personal Consumer Issues
- Topic: 49er market correlation
- Replies: 16
- Views: 2582
Paul, Nate Davis has impressed, no doubt. I am a bit hesitant to crown him a starter this year, only because he did it against the other team's practice squad, which, if you think about it, isn't much more than a decent college team. And we know he had a good college career. For sure though, I like ...
- Wed Sep 02, 2009 3:39 pm
- Forum: Personal Consumer Issues
- Topic: 49er market correlation
- Replies: 16
- Views: 2582
I too am a diehard (and I mean diehard) 49ers fan. I only came along in the early 80s (due to my age :wink: ), but have more than made up for lost time. 2 for 2 on attending preseason games this year, as a matter of fact! I am a little bit more optimistic about this year. I think Hill is the consuma...
- Tue Aug 11, 2009 10:35 pm
- Forum: Investing - Theory, News & General
- Topic: Hulbert: Hold or Fold, but Don’t Waver (NYT)
- Replies: 20
- Views: 3868
- Tue Aug 11, 2009 10:16 pm
- Forum: Personal Investments
- Topic: How much are you up since March 9?
- Replies: 48
- Views: 6687
- Tue Aug 11, 2009 9:58 pm
- Forum: Investing - Theory, News & General
- Topic: Hulbert: Hold or Fold, but Don’t Waver (NYT)
- Replies: 20
- Views: 3868
- Tue Aug 11, 2009 9:45 pm
- Forum: Investing - Theory, News & General
- Topic: Last 10 years' lessons about equity risk
- Replies: 81
- Views: 22095
and yet for the same 10 year period, we also have: Vanguard Sm Value - +5.72% Vanguard Sm Growth - +5.11% Vanguard small cap - +4.20% Vanguard tax managed small - +5.98% Of course the only thing constant about those funds in the last decade has been their names, as each one except TM small has chan...
- Tue Aug 11, 2009 9:21 pm
- Forum: Investing - Theory, News & General
- Topic: Last 10 years' lessons about equity risk
- Replies: 81
- Views: 22095
I'd say the fact that small value underperformend mid cap value, and had very similar performance to small growth over the past 10 years, would imply caution when applying the three factor model too regilously. Last 10 years annualized return, % (latest data from MSCI website as of today - http://w...
- Tue Aug 11, 2009 8:01 pm
- Forum: Personal Investments
- Topic: How much are you up since March 9?
- Replies: 48
- Views: 6687
. Up about 50% for a 75:25 stock:bond portfolio. FWIW I track several portfolios in M*, largely for learning/demonstration purposes (on asset allocation, security selection, and market timing). Here are the returns of each since March 9 (according M*). Asset Allocation - ETF ..........................
- Sun Aug 09, 2009 2:45 pm
- Forum: Investing - Theory, News & General
- Topic: Getting out of Small Value - exit point?
- Replies: 41
- Views: 5518
. FWIW - 'recent' analysis suggest a much smaller difference between PCE and CPI. BEA’s comparion [see second slide] BLS’s comparison “Both the Bureau of Labor Statistics (BLS) and the Bureau of Economic Analysis (BEA) produce measures of the change in prices that consumers pay on the goods that th...
- Sat Aug 08, 2009 7:39 pm
- Forum: Investing - Theory, News & General
- Topic: Mid cap value?
- Replies: 6
- Views: 1773
- Sat Aug 08, 2009 7:33 pm
- Forum: Investing - Theory, News & General
- Topic: Economic Risk vs. Political Risk
- Replies: 5
- Views: 1578
Economic Risk vs. Political Risk
We all know that owning emerging markets expose you to a massive amount of political risk . You also know, owning smaller and more value oriented stocks in developed markets exposues you to a higher degree of economic/business risk . Tilting to small and value has rewarded investors with returns of ...
- Sat Aug 08, 2009 6:43 pm
- Forum: Investing - Theory, News & General
- Topic: Getting out of Small Value - exit point?
- Replies: 41
- Views: 5518
...most investors ignore the fact that our standard of living* has increased approximately 5-fold in the last 80 years, or by about 2% per year beyond the overall increase in inflation ... If your wealth didn't keep pace with our increase in standard of living, then you lost relative purchasing pow...
- Sat Aug 08, 2009 3:36 pm
- Forum: Investing - Theory, News & General
- Topic: Getting out of Small Value - exit point?
- Replies: 41
- Views: 5518
Stocks (TSM) have outpaced bonds (five-year notes) about as often and by as much as small value stocks have outpaced TSM: 28-08 TSM>5YR =+3.7% SV>TSM =+3.5% # of 5YR periods: TSM>5YR = 74% SV>TSM = 68% # of 10YR periods: TSM>5YR = 83% SV>TSM = 75% This seems obvious. Your risk and reward from moving...
- Wed Aug 05, 2009 6:07 pm
- Forum: Investing - Theory, News & General
- Topic: DFA Core and Vector Factor Loadings
- Replies: 3
- Views: 2021
More on Core:
Any updates on this? I'm just learning about the DFA core and vector funds while considering moving to a DFA adviser. Here are a few updates: a) don't hire an advisor to get access to DFA Vector funds, hire one because you need one b) it is largely irrelevant what the loading factors have been over...
- Sun Jul 26, 2009 5:11 pm
- Forum: Investing - Theory, News & General
- Topic: Is Merriman nuts?..Shouldn't fire your investment advisor
- Replies: 93
- Views: 11489
This thread is a case study in behavioral economics: overconfidence! The amount of individuals that have the ability (not just the intellect, including reading a few books and corresponding on internet chat sites) to successfully manage their own money is miniscule. I believe Bernstein has it pegged...
- Tue Jul 21, 2009 11:53 am
- Forum: Investing - Theory, News & General
- Topic: Emerging Markets Article by bill Bernstein
- Replies: 102
- Views: 20383
Trying to take a (no sides approach) to looking at the issue of EM. Seems to me that a fair comparison would be to look at Large Caps only if you are going to look at EM Large Only. Not so fair to compare Multi Factor portfolio's vs Components, or to choose specific periods. In an attempt to compar...
- Sun Jul 19, 2009 4:17 pm
- Forum: Investing - Theory, News & General
- Topic: Emerging Markets Article by bill Bernstein
- Replies: 102
- Views: 20383
- Sun Jul 19, 2009 4:16 pm
- Forum: Investing - Theory, News & General
- Topic: Emerging Markets Article by bill Bernstein
- Replies: 102
- Views: 20383
saurabhec, Sorry, but I don't buy it. There are all number of posts talking about how Bernstein cautioned on emerging markets investings, share dilution, lack of correlation between growth and stock market returns et al. To say nothing of the fact that the patron saint of Bogleheads Jack Bogle is no...
- Sun Jul 19, 2009 3:49 pm
- Forum: Investing - Theory, News & General
- Topic: Emerging Markets Article by bill Bernstein
- Replies: 102
- Views: 20383
Robert, Thanks for responses, a few quick comments: SH wrote: Consider value or small dimensions, and EM would have (has) no appeal whatsoever Robert T wrote: This seems to be a significant shift from some of your earlier posts. If I’m not mistaken you had 1/3 of your equity allocation in EM at one ...
- Sat Jul 18, 2009 1:35 pm
- Forum: Investing - Theory, News & General
- Topic: Emerging Markets Article by bill Bernstein
- Replies: 102
- Views: 20383
- Fri Jul 17, 2009 7:00 pm
- Forum: Investing - Theory, News & General
- Topic: Emerging Markets Article by bill Bernstein
- Replies: 102
- Views: 20383
Re: concluding thoughts
I'd say emerging markets investing deserves more critical thinking than Bogleheads have committed to the subject. I know you like to tweak Bogleheads now and then especially given their mistrust of small and value premiums, but on emerging markets if anything Bogleheads seem to be even bigger skept...
- Fri Jul 17, 2009 1:38 pm
- Forum: Investing - Theory, News & General
- Topic: Emerging Markets Article by bill Bernstein
- Replies: 102
- Views: 20383
concluding thoughts
Hi Small, Using Simba's spreadsheet: 1975-1995 VFINX (S&P500) CAGR=15% VDMIX (Int'l Developed) CAGR=15% VEIEX (Emg. Mkts.) CAGR=27% 2000-2008 VEIEX (Emg. Mkts.) CAGR=4% VTRIX (Int'l Value) CAGR=1% The 2000-2008 period is the latest data Simba has, but the numbers don't come close to matching yo...
- Thu Jul 16, 2009 10:33 pm
- Forum: Investing - Theory, News & General
- Topic: Emerging Markets Article by bill Bernstein
- Replies: 102
- Views: 20383
EM looks awful growthy
Looking to iShares and DFA websites for independent verification: iShares Emerging Markets Index BtM = 0.36 iShares EAFE Growth Index BtM = 0.33 iShares EAFE Value Index BtM = 0.71 DFA Emerging Markets Fund BtM = 0.49 DFA International LC (EAFE) BtM = 0.68 DFA International LV BtM = 1.05 DFA Interna...
- Thu Jul 16, 2009 6:39 pm
- Forum: Investing - Theory, News & General
- Topic: Emerging Markets Article by bill Bernstein
- Replies: 102
- Views: 20383
Did Bernstein really write this? For an investor in his early years, an EM index is the place to be for at least 20% of his equity allocation. Stocks are about taking risks to get rewards. If value matters, in the long term equities reflect the degree of growth in the underlying entities. So where ...
- Thu Jul 16, 2009 6:35 pm
- Forum: Investing - Theory, News & General
- Topic: Emerging Markets Article by bill Bernstein
- Replies: 102
- Views: 20383
Ok - let's go back a little further to the inception year of AEMGX (Acadian EM) to cover a 16-17 yr span.... Value of $10k invested on 9/30/93 to 7/15/09: VIVAX: $26,029 (VG Large Value) DFLVX: $30,210 (DFA US LV) AEMGX: $33,792 (Acadian Emerging Markets - Value tilted) From October of 1993 through...
- Thu Jul 16, 2009 5:01 pm
- Forum: Investing - Theory, News & General
- Topic: Emerging Markets Article by bill Bernstein
- Replies: 102
- Views: 20383
Makes sense, right? Developing countries are, after all, expected to lead us out of this global recession. And in the long run, countries like China and India will almost certainly leave economies in the U.S., Europe, and Japan in the dust. There's just one glitch: Economic growth and stock returns...
- Thu Jun 25, 2009 12:06 pm
- Forum: Investing - Theory, News & General
- Topic: RAFI vs. DFA
- Replies: 131
- Views: 31926
- Mon Jun 22, 2009 9:44 pm
- Forum: Investing - Theory, News & General
- Topic: RAFI vs. DFA
- Replies: 131
- Views: 31926
- Mon Jun 22, 2009 9:31 pm
- Forum: Investing - Theory, News & General
- Topic: RAFI vs. DFA
- Replies: 131
- Views: 31926
Momentum and Reconstitution ramblings...
Robert, Just comparing returns of two Ken French series: one rebalanced annually, the other rebalanced quarterly. The results didn't suggest more frequent rebalancing helped returns. I agree, momemtum is likely part of the explanation for the difference. True, after controlling for momentum, there w...
- Fri Jun 19, 2009 9:03 pm
- Forum: Investing - Theory, News & General
- Topic: RAFI vs. DFA
- Replies: 131
- Views: 31926
. Larry, To be honest, I’m not sure to what extent more frequent reconstitution helps. Here are the returns from 1926-2008 of the Fama-French Research portfolios which are rebalanced annually , and the Fama-French Benchmark portfolios which are rebalanced quarterly . Large Small -------------------...
- Fri May 29, 2009 12:53 pm
- Forum: Investing - Theory, News & General
- Topic: Small Cap Value
- Replies: 7
- Views: 1814
Re: Small Cap Value
Here is one writer's view of performance of Small Cap Value (SCV): http://seekingalpha.com/article/139932-small-cap-value-beta-still-relevant Sometimes SCV overperforms, sometimes under. I notice 1987 to 2003, or even 1987 to 2008 returns were equalized. So to make use of SCV's "premium" ...
- Thu May 28, 2009 10:46 pm
- Forum: Investing - Theory, News & General
- Topic: Bond investment firm touts 100% bond allocation
- Replies: 6
- Views: 1924
A really, really horrible article ( no offense to Tom, by the way, thanks for posting it ), right along with the Arnott dribble. All of these bond bulls (if ever there was a better case of recency, I'd like to see it) never mention that bonds underperformed inflation for 50 years from 1940 to 1990! ...
- Wed May 27, 2009 12:26 pm
- Forum: Personal Investments
- Topic: S&P 500 Index Return YTD
- Replies: 4
- Views: 3684
S&P 500 YTD Returns
S&P 500 Index = +1.94%
IVV = +2.14%
DFLCX = +2.06%
FSMKX = +1.96%
VFINX = +1.96%
SPY = +1.90%
SWPIX = +1.87%
sh
IVV = +2.14%
DFLCX = +2.06%
FSMKX = +1.96%
VFINX = +1.96%
SPY = +1.90%
SWPIX = +1.87%
sh
- Fri May 22, 2009 9:18 pm
- Forum: Personal Investments
- Topic: S&P500 over 30yrs with reinvesting dividends
- Replies: 17
- Views: 4014
- Thu May 21, 2009 6:20 pm
- Forum: Personal Investments
- Topic: S&P500 over 30yrs with reinvesting dividends
- Replies: 17
- Views: 4014
- Tue May 19, 2009 11:58 am
- Forum: Investing - Theory, News & General
- Topic: RZV - What a difference a month makes.
- Replies: 17
- Views: 4130
I am a bit less concerned with the concentration in the larger areas of the market than I am in small/micro. There are less large/mid cap stocks overall, and dispersion between individual names is much lower. Am I in love with 120 stocks when other comparable indexes hold 2X to 5X as many? You alrea...
- Mon May 18, 2009 2:56 pm
- Forum: Investing - Theory, News & General
- Topic: RZV - What a difference a month makes.
- Replies: 17
- Views: 4130
Of course, its still highly negative and significant over the entire period available (back to 1995)--an issue that is even more problematic given that most of that period is simuated: even in backtests the strategy looked lousy. Furthermore, as I mentioned in a previous post, adding the momentum fa...