Search found 259 matches

by Slick8503
Sat May 23, 2020 7:27 am
Forum: Investing - Theory, News & General
Topic: S&P500 vs World Performance
Replies: 131
Views: 8058

Re: S&P500 vs World Performance

Secondly, I remember in another post when this subject periodically comes up, a poster suggested that the x-us funds, since they are not single country funds get clobbered each year because there is always one country's problem that brings the rest of them down. I thought that was an interesting th...
by Slick8503
Thu May 14, 2020 6:40 pm
Forum: Investing - Theory, News & General
Topic: AQR/Asness on the Death of Value...Which Vanguard ETFs to Get?
Replies: 43
Views: 3496

Re: AQR/Asness on the Death of Value...Which Vanguard ETFs to Get?

This has been my biggest gripe with Merrill. The VG factor funds are blacklisted also. The platinum honors perks still make it a worthwhile platform imho. Luckily I have a fidelity account to hold the blacklisted etfs.
by Slick8503
Sun May 10, 2020 6:39 pm
Forum: Investing - Theory, News & General
Topic: Event-Driven Bear Markets in U.S. History, 1835-2020
Replies: 26
Views: 2631

Re: Event-Driven Bear Markets in U.S. History, 1835-2020

A silver lining is that big tech has held up well in terms of earnings so far. That bodes well for the future, given that they have been engines of growth for the bull market in the past decades. In that light, would love some thoughts from the board on how the earnings growth of the big advertisin...
by Slick8503
Sun May 10, 2020 6:38 pm
Forum: Investing - Theory, News & General
Topic: Event-Driven Bear Markets in U.S. History, 1835-2020
Replies: 26
Views: 2631

Re: Event-Driven Bear Markets in U.S. History, 1835-2020

A silver lining is that big tech has held up well in terms of earnings so far. That bodes well for the future, given that they have been engines of growth for the bull market in the past decades. In that light, would love some thoughts from the board on how the earnings growth of the big advertisin...
by Slick8503
Wed May 06, 2020 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: Capital One 360 Savings Promo
Replies: 88
Views: 9875

Re: Capital One Savings $500 bonus - worth it?

The offer is higher than 2.5 because you earn it in 90 days. You are free to chase another bonus after earning it.
by Slick8503
Fri May 01, 2020 3:39 pm
Forum: Investing - Theory, News & General
Topic: Bill Bernstein: Why value is dead
Replies: 96
Views: 8987

Re: Bill Bernstein: Why value is dead

And during the 90s the dot coms were going to change the way equities were priced and it was different that time. I wasn’t alive but I’m sure the nifty 50 were going to forever be dominant and small and out of favor companies just could not compete. I’m sure it was different that time as well. I don...
by Slick8503
Thu Apr 30, 2020 1:24 pm
Forum: Investing - Theory, News & General
Topic: ??? Thomas Stanley - Stop Acting Rich book
Replies: 121
Views: 13267

Re: ??? Thomas Stanley - Stop Acting Rich book

From my experience, which includes multiple close family members who farm, myself/wife who both work in town and then come home and farm, and from extensive knowledge of most of the farm families in our two or three county area, the prevailing reason farming produces a high rate of millionaires is t...
by Slick8503
Wed Apr 29, 2020 10:21 am
Forum: Investing - Theory, News & General
Topic: Likelihood of size and value factor returns being positive in future
Replies: 89
Views: 2790

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

No need to apologize. It was my mistake for assuming you were arguing for the increased cost to implement a factor tilt as a reason not to use one. To your point regarding beating the market, I think we both agree here. I just think the reason for the underperformance, at least for index(factor or t...
by Slick8503
Wed Apr 29, 2020 9:58 am
Forum: Investing - Theory, News & General
Topic: Likelihood of size and value factor returns being positive in future
Replies: 89
Views: 2790

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

... I would argue the “something” the average investor can’t do is stick with a factor portfolio. That's probably the case. "Factor" stories and funds giving people easy access to them can live on longer than many individuals investment horizon. If it stands a chance of surging though, it will be a...
by Slick8503
Wed Apr 29, 2020 9:27 am
Forum: Investing - Theory, News & General
Topic: Likelihood of size and value factor returns being positive in future
Replies: 89
Views: 2790

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

... I would argue the “something” the average investor can’t do is stick with a factor portfolio. That's probably the case. "Factor" stories and funds giving people easy access to them can live on longer than many individuals investment horizon. If it stands a chance of surging though, it will be a...
by Slick8503
Wed Apr 29, 2020 9:03 am
Forum: Investing - Theory, News & General
Topic: Likelihood of size and value factor returns being positive in future
Replies: 89
Views: 2790

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

For those that disagree with the value risk story... How do you view the performance of value during the latest pandemic fueled sell off? Did value not get pummeled? Doesn’t it seem to you that these value companies are at a much higher risk of bankruptcy than their large growth counterparts? Isn’t...
by Slick8503
Wed Apr 29, 2020 8:59 am
Forum: Investing - Theory, News & General
Topic: Likelihood of size and value factor returns being positive in future
Replies: 89
Views: 2790

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

For those that disagree with the value risk story... How do you view the performance of value during the latest pandemic fueled sell off? Did value not get pummeled? Doesn’t it seem to you that these value companies are at a much higher risk of bankruptcy than their large growth counterparts? Isn’t...
by Slick8503
Wed Apr 29, 2020 6:58 am
Forum: Investing - Theory, News & General
Topic: Likelihood of size and value factor returns being positive in future
Replies: 89
Views: 2790

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

For those that disagree with the value risk story... How do you view the performance of value during the latest pandemic fueled sell off? Did value not get pummeled? Doesn’t it seem to you that these value companies are at a much higher risk of bankruptcy than their large growth counterparts? Isn’t ...
by Slick8503
Sun Apr 26, 2020 12:32 pm
Forum: Investing - Theory, News & General
Topic: Vanguard factor funds performance - Q1 2020
Replies: 151
Views: 6259

Re: Vanguard factor funds performance - Q1 2020

I feel like people are talking past each other. Uncorrelated and others are saying they increase return and risk, with no mention of risk-adjusted return. Here's one posted yesterday 1) If small/value provide exposure to unique risk factors, then they should offer an advantage in boosting risk-adju...
by Slick8503
Wed Apr 08, 2020 11:13 pm
Forum: Investing - Theory, News & General
Topic: Bloomberg commodities index still in contango
Replies: 133
Views: 15841

Re: Bloomberg commodities index still in contango

Maybe the commodity market is anticipating a resolution of the Russia/Saudi/US oil supply glut, and also sees light at the end of the long dark COVID-19 economic tunnel, anticipating renewed economic growth and increased global commodity demand as businesses come back up to speed. Garland Whizzer S...
by Slick8503
Sat Mar 07, 2020 10:29 am
Forum: Investing - Theory, News & General
Topic: Maximizing HSA Strategies
Replies: 65
Views: 3195

Re: Maximizing HSA Strategies

If you have any Roth space available, you should convert the HSA funds to the Roth. This will simplify the paperwork process. Sorry, that doesn't make sense. It makes perfect sense. The current hsa money is effectively a Roth with the added caveat that it must be withdrawn for medical expenses to n...
by Slick8503
Fri Feb 14, 2020 9:40 pm
Forum: Investing - Theory, News & General
Topic: [Market is acting like late August, 2000, or late October, 2007]
Replies: 82
Views: 7182

Re: It's starting to smell like

There is still a lot of cash sitting on the sidelines that could push the stock market to higher levels. These fund assets now stand at $3.6 trillion, the highest level in more than 10 years, but still below the $3.9 trillion peak in January 2009. Investors pulled their cash out of the market in dr...
by Slick8503
Wed Feb 05, 2020 12:06 pm
Forum: Investing - Theory, News & General
Topic: Well, I am market timing due to coronavirus... Wish me luck.
Replies: 1121
Views: 97001

Re: Well, I am market timing... Wish me luck.

I did it, I just could not help myself. With markets are all time highest and the coronavirus causing China to quarantine 50 million people, the USA stopping all flights to China and China basically putting their economy on hold for a few weeks I had to take some profits and rebalance my investment...
by Slick8503
Sun Feb 02, 2020 5:28 pm
Forum: Investing - Theory, News & General
Topic: The Value Premium - New FF paper
Replies: 264
Views: 14784

Re: The Value Premium - New FF paper

Good point. Have to agree with that. The “financialization” of CCFs in particular make your point. Does that take away from the benefit of building a portfolio from uncorrelated components? Correlations between size, value, and market remain low despite all this common knowledge. Dave Are we certai...
by Slick8503
Sun Feb 02, 2020 4:58 pm
Forum: Investing - Theory, News & General
Topic: The Value Premium - New FF paper
Replies: 264
Views: 14784

Re: The Value Premium - New FF paper

I think the market prices assets individually and does not account for how individual participants incorporate the assets in individual portfolios. Dave Dave I don't think that's correct. It might be your opinion but it's not the theory. The market prices each security both based on its underlying ...
by Slick8503
Sun Feb 02, 2020 4:37 pm
Forum: Investing - Theory, News & General
Topic: The Value Premium - New FF paper
Replies: 264
Views: 14784

Re: The Value Premium - New FF paper

Interesting thought indeed... Could it not be argued that 50/50 VTI/VIOV is more diversified than VBR, for the same factor exposure? No. TSM has exposure to 1 factor: MKT. 50/50 has exposures to non-market factors, which can increase expected return. You can't claim 100 and 50/50 have the same fact...
by Slick8503
Sun Feb 02, 2020 4:24 pm
Forum: Investing - Theory, News & General
Topic: The Value Premium - New FF paper
Replies: 264
Views: 14784

Re: The Value Premium - New FF paper

I think the market prices assets individually and does not account for how individual participants incorporate the assets in individual portfolios. Dave Dave I don't think that's correct. It might be your opinion but it's not the theory. The market prices each security both based on its underlying ...
by Slick8503
Sun Feb 02, 2020 4:20 pm
Forum: Investing - Theory, News & General
Topic: The Value Premium - New FF paper
Replies: 264
Views: 14784

Re: The Value Premium - New FF paper

I’m not arguing that the factor tilts themselves should make it a superior combination, I’m arguing that their lack of correlation should.
by Slick8503
Sun Feb 02, 2020 3:50 pm
Forum: Investing - Theory, News & General
Topic: The Value Premium - New FF paper
Replies: 264
Views: 14784

Re: The Value Premium - New FF paper

Seasonal, Overwhelmingly I think you and I are on the same page. We strongly believe in market efficiency and that what matters is the portfolio as a whole. I have trouble reconciling TSM being on the efficient frontier though. I’m confident a portfolio can be moved further towards the northwest co...
by Slick8503
Sun Feb 02, 2020 3:47 pm
Forum: Investing - Theory, News & General
Topic: The Value Premium - New FF paper
Replies: 264
Views: 14784

Re: The Value Premium - New FF paper

Is the average market participant a middle to upper income w2 wage earner who intends to retire sometime in the next 5-20 years? If not, then why would the market portfolio be the correct one for the average boglehead?
by Slick8503
Sun Feb 02, 2020 2:55 pm
Forum: Investing - Theory, News & General
Topic: A Simple Test In Your Belief In Market Efficiency
Replies: 228
Views: 11043

Re: A Simple Test In Your Belief In Market Efficiency

Not that it matters a great deal but the possible extra tax drag of intl funds if the person is not able to benefit from the foreign tax credit could be an issue. That was implicit in my mention of costs. Dave Understood. Just for the record, slightly higher costs are not enough for me to have a ho...
by Slick8503
Sun Feb 02, 2020 2:36 pm
Forum: Investing - Theory, News & General
Topic: A Simple Test In Your Belief In Market Efficiency
Replies: 228
Views: 11043

Re: A Simple Test In Your Belief In Market Efficiency

Not that it matters a great deal but the possible extra tax drag of intl funds if the person is not able to benefit from the foreign tax credit could be an issue.
by Slick8503
Sat Feb 01, 2020 7:03 am
Forum: Investing - Theory, News & General
Topic: The Value Premium - New FF paper
Replies: 264
Views: 14784

Re: The Value Premium - New FF paper

It’s all time periods. What would this paper’s conclusion have been if it were written in 2003-2004 a decade after the initial paper? Something like “Yep, we totally nailed that value premium thing.” What would it have said if written in ‘99? “Whoa, we should have kept our mouths shut?”
by Slick8503
Fri Jan 24, 2020 11:25 am
Forum: Personal Investments
Topic: Last gasp of the bull
Replies: 118
Views: 18105

Re: Last gasp of the bull

Hdas, do you really need to become more aggressive after the downturn? I’ve found myself moving my portfolio to a more conservative allocation quicker than I had initially planned. Not because I think I can time the market but because I no longer need to take the risk. With market returns as high as...
by Slick8503
Thu Jan 09, 2020 3:11 pm
Forum: Investing - Theory, News & General
Topic: Good Capital Allocation and Buybacks
Replies: 7
Views: 323

Re: Good Capital Allocation and Buybacks

Yes SovereignInvestor, my apologies if it seemed as though I was trying to single you out on beating the buyback drum too loudly or for the wrong reasons. I certainly agree that there needs to be consideration given to how buybacks have affected cape ratios and the tax benefits. I’m right there with...
by Slick8503
Thu Jan 09, 2020 10:25 am
Forum: Investing - Theory, News & General
Topic: Wall of Worry
Replies: 21
Views: 2667

Re: Wall of Worry

I love the wall of worry reasons to sell chart but does anyone else feel a little underwhelmed with the reasons to buy chart? Aside from the iPad, CRISPR and cancer death rate, i don’t see much market moving potential. Cubs win World Series? Really?lol
by Slick8503
Thu Jan 09, 2020 9:23 am
Forum: Investing - Theory, News & General
Topic: Good Capital Allocation and Buybacks
Replies: 7
Views: 323

Re: Good Capital Allocation and Buybacks

To take this a step further... perhaps an additional layer to the default buyback use is the fear from company leadership that a move away from repurchases shows a lack of enthusiasm for their companies prospects and that a change to issuing more dividends would signal to outside investors that they...
by Slick8503
Thu Jan 09, 2020 9:20 am
Forum: Investing - Theory, News & General
Topic: Good Capital Allocation and Buybacks
Replies: 7
Views: 323

Re: Good Capital Allocation and Buybacks

Yes tilting to value could be a possible alternative to lessen an investors exposure if this is an actual issue. Does anyone else think default share repurchases are the fly in the ointment when compared to issuing dividends? Let’s use AAPL again for an example... is the company planning to purchase...
by Slick8503
Wed Jan 08, 2020 4:37 pm
Forum: Investing - Theory, News & General
Topic: Good Capital Allocation and Buybacks
Replies: 7
Views: 323

Re: Good Capital Allocation and Buybacks

Yes, selling is always an option, but are investors doing that? Maybe indexers aren't, but there is enough price discovery in the market so it's not a concern? I agree with your concerns regarding metric hitting, and executive comp. On edit: Without shorting AAPL, MSFT etc an indexer is kind of stuc...
by Slick8503
Wed Jan 08, 2020 4:14 pm
Forum: Investing - Theory, News & General
Topic: Good Capital Allocation and Buybacks
Replies: 7
Views: 323

Good Capital Allocation and Buybacks

The ongoing Shiller NYTimes thread and subsequent discussion by SovereignInvestor and others regarding buybacks affecting CAPE10 prompted this, and I thought it deserved a separate thread. Forgive me if this has been hashed out already. I'm a frequent reader, but it's possible I've missed it. I woul...
by Slick8503
Sat Nov 23, 2019 10:06 pm
Forum: Personal Finance (Not Investing)
Topic: Investing in farmland
Replies: 14
Views: 1998

Re: Investing in farmland

Not going to get 3 to 4% yield on farmland currently in any location I’m aware of. Also counting on 5.9% appreciation in current environment is pipe dream as well. Farm ground has been steady to down the last few yrs. Farmers love to own land. If it’s selling for a perceived discount, which a 4% ren...
by Slick8503
Sun Nov 10, 2019 6:25 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity - promotion bonus
Replies: 43
Views: 6811

Re: Fidelity - promotion bonus

I guess I'm glad that so many find chasing these things not worth the time. If everyone realized that the pay/hr was so high the bonuses would probably dry up. Maybe the long term relationship just has very little value to me. I was with VG for a good while prior to transferring to Merrill. The serv...
by Slick8503
Fri Nov 08, 2019 1:11 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity - promotion bonus
Replies: 43
Views: 6811

Re: Fidelity - promotion bonus

I'm only speaking to transferring assets "in kind" where they are not out of the market. As an example, I transferred funds from VG to Merrill to take advantage of an account bonus and to qualify for Preferred Rewards. I hold the identical funds as before, the process took a minimal amount of time, ...
by Slick8503
Fri Nov 08, 2019 7:37 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity - promotion bonus
Replies: 43
Views: 6811

Re: Fidelity - promotion bonus

Do those of you who say it’s not worth the effort still go to 9 to 5 jobs? My thinking is that if you are willing to work for an hourly wage then you should almost certainly be willing to “work” to get these account bonuses. Unless your income is extremely high the bonus will pay way more on the hou...
by Slick8503
Thu Oct 31, 2019 5:12 pm
Forum: Personal Finance (Not Investing)
Topic: $500 KeyBank bonus worth it?
Replies: 36
Views: 4642

Re: $500 KeyBank bonus worth it?

Pickle11 wrote:
Thu Oct 31, 2019 11:02 am
I attempted, it said I need a reservation code.
Thank you for the data point and saving some of us the some time.
by Slick8503
Wed Oct 30, 2019 9:22 pm
Forum: Personal Finance (Not Investing)
Topic: $500 KeyBank bonus worth it?
Replies: 36
Views: 4642

Re: $500 KeyBank bonus worth it?

The fine print says you must receive a personalized email from them to receive the bonus. Can anyone confirm the bonus will work just by following the link and using the code given without the email?
by Slick8503
Sun Jun 09, 2019 6:26 am
Forum: Investing - Theory, News & General
Topic: The logical fallacy behind "Bonds Are For Safety"
Replies: 248
Views: 17746

Re: The logical fallacy behind "Bonds Are For Safety"

Risk parity portfolios are the five years ago permanent portfolios it seems. Just substitute gold and st bonds with more equities and lt bonds because gold has had a rough patch so it doesn’t backrest as well in comparison now. No doubt the story regarding holding only lt bonds with equities seems v...
by Slick8503
Sat Jun 01, 2019 1:06 pm
Forum: Investing - Theory, News & General
Topic: Why is Tangible Book Value Dropping for US Stocks?
Replies: 26
Views: 1593

Re: Why is Tangible Book Value Dropping for US Stocks?

I did some brief research as well and came up empty handed.
by Slick8503
Sat Jun 01, 2019 11:53 am
Forum: Investing - Theory, News & General
Topic: Why is Tangible Book Value Dropping for US Stocks?
Replies: 26
Views: 1593

Re: Why is Tangible Book Value Dropping for US Stocks?

How do international stocks compare using this metric over the same period?
by Slick8503
Tue May 21, 2019 8:26 pm
Forum: Investing - Theory, News & General
Topic: Don't add currency risk on top of equity risk
Replies: 68
Views: 5512

Re: Don't add currency risk on top of equity risk

Volatility is obviously not the only form of risk.
by Slick8503
Sun May 19, 2019 5:35 pm
Forum: Investing - Theory, News & General
Topic: Valuations of International Equities vs. US Equities
Replies: 31
Views: 3282

Re: Valuations of International Equities vs. US Equities

The first post in the thread lists earnings growth percentages. Those data points don’t seem to jive with the prevailing justification for US valuations being higher due to better future prospects vs Ex-US. Anyone have any thoughts about that?
by Slick8503
Sat May 04, 2019 10:32 am
Forum: Investing - Theory, News & General
Topic: "Vanguard Patented a Way to Avoid Taxes on Mutual Funds"
Replies: 140
Views: 10635

Re: How ETFs use "Heartbeats" to wash-out gains

Wait...Can a really smart Boglehead explain WTH a 'heartbeat' transaction is, so a second grader could understand it? This just seems like a financial 'sleight of hand' where value somehow just disappears. Poof! The value is gone. Wouldn't the IRS get irritated? If it is such a good thing, why does...
by Slick8503
Sat May 04, 2019 10:29 am
Forum: Investing - Theory, News & General
Topic: "Vanguard Patented a Way to Avoid Taxes on Mutual Funds"
Replies: 140
Views: 10635

Re: How ETFs use "Heartbeats" to wash-out gains

Large investment banks “invest” in an etf by giving representative baskets of stocks of the underlying etf. After a short period of time the inv banks redeem the dollar value of their initial “investment” but instead of receiving the underlying basket of stocks they provided, the investment banks re...
by Slick8503
Mon Apr 08, 2019 7:09 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Benefits Of International Diversification
Replies: 86
Views: 7698

Re: Larry Swedroe: Benefits Of International Diversification

While I haven't implemented intl bonds in my own portfolio I would agree that it should apply there as well.
by Slick8503
Sun Apr 07, 2019 1:36 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Benefits Of International Diversification
Replies: 86
Views: 7698

Re: Larry Swedroe: Benefits Of International Diversification

Ferdinand2014 wrote:
Sun Apr 07, 2019 10:27 am
From both a fiscal (debt to GDP) and demographic (population growth and age) standpoint, the U.S. is better off than virtually every MSCI-EAFE country.
[/quote]

Not really.

http://worldpopulationreview.com/countr ... onal-debt/