Search found 15942 matches

by larryswedroe
Sun Jan 19, 2020 9:42 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1753
Views: 268038

Re: QSPIX - thoughts on interesting fund

Just a few thoughts for my last post First, to repeat the really wrong thoughts on PCRIX, but commodities in general, the classic mistake is that the poster and so many others make the mistake of thinking first in terms of isolated performance, not the impact on a portfolio. Second, they make the mi...
by larryswedroe
Sat Jan 18, 2020 1:43 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1753
Views: 268038

Re: QSPIX - thoughts on interesting fund

Basically we are hearing a lot of gobbledygook to explain the simple fact that when you bet against the market you get your head handed over to you. It's just that simple. Some people always think they are smarter than the market, including even those who claim to be passive, think they have a bett...
by larryswedroe
Sat Jan 18, 2020 9:08 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1753
Views: 268038

Re: QSPIX - thoughts on interesting fund

"So a normal contango reflects the cost of storage and borrowing rate. The collateral makes up the borrowing rate. Correct? How do I know when the storage cost is reasonable and when it is too large? Any actual percentage number for the DJ commodity index itself?" Yes you have it correct. You can se...
by larryswedroe
Fri Jan 17, 2020 5:44 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1753
Views: 268038

Re: QSPIX - thoughts on interesting fund

Few quick answers AQR does publish an attribution analysis which is very transparent and detailed and we go over it every quarter with them to make sure the fund is doing what it is supposed to. As to contango, have to understand that by definition there should always be contango on average equal to...
by larryswedroe
Fri Jan 17, 2020 3:39 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1753
Views: 268038

Re: QSPIX - thoughts on interesting fund

Angst, first with PCRIX what happened was I got rid of it LONG ago because they became active with the collateral and even though outcome at the time was positive they did not hold to what the fund was supposed to do, and didn't want that risk. Second cash flows led to persistent contango and IMO it...
by larryswedroe
Fri Jan 17, 2020 2:06 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1753
Views: 268038

Re: QSPIX - thoughts on interesting fund

Few quick thoughts. A) value is about 1/3 of the portfolio of the fund, and that is clearly stated, but value is also across stocks, bonds, commodities and currencies. As it turned out what was cheap far underperformed what was expensive for the last two years That is all we are talking about 2 year...
by larryswedroe
Fri Jan 17, 2020 10:33 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1753
Views: 268038

Re: QSPIX - thoughts on interesting fund

To try to be helpful. This action IMO is just another classic example of the mistakes of both resulting and recency, chasing performance. The fund is doing exactly what it is supposed to be doing and has done poorly recently basically because value (across all asset classes, but mostly equities) has...
by larryswedroe
Tue Jan 14, 2020 10:36 pm
Forum: Investing - Theory, News & General
Topic: Tributes to Jack Bogle
Replies: 206
Views: 29041

Re: In honor of my personal hero John C. Bogle

Thought you would all enjoy the following Vanguard Founder, John C. (Jack) Bogle, 1929-2019 Investing Public Speaks Out in FOJ Survey Commenters on Jack Bogle Alan Blinder, Gordon S. Rentschler Memorial Professor of Economics and Public Affairs Princeton University blinder@Princeton.EDU “Bogle’s rel...
by larryswedroe
Mon Jan 13, 2020 9:48 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Rising Rates Increase Worries
Replies: 114
Views: 20667

Re: Larry Swedroe: Rising Rates Increase Worries

Northern, like I said, I don't have more time to devote to this. With that said, first, and most importantly, the fund's recent returns are not due to any poor underwriting or anything else along those lines. The reinsurers they partner with had exactly the same experiences. Just happened like with ...
by larryswedroe
Sun Jan 12, 2020 4:00 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Rising Rates Increase Worries
Replies: 114
Views: 20667

Re: Larry Swedroe: Rising Rates Increase Worries

Northern, I did not say they don't have any with experience running reinsurance operations and evaluating risks. Of course they have people with very senior backgrounds from reinsurers who sat on the very opposite side of the table they are sitting now. Just that they don't need the same depth of pe...
by larryswedroe
Sun Jan 12, 2020 1:29 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Rising Rates Increase Worries
Replies: 114
Views: 20667

Re: Larry Swedroe: Rising Rates Increase Worries

Not Jacob Thanks for taking the time. Just trying to make sure people make informed, vs. uninformed decisions, basing on things they think/believe but are not factually accurate. And feel free to email any time. BTW, here's a more simple way to think about expenses and expense ratio. Roughly the ins...
by larryswedroe
Sun Jan 12, 2020 12:49 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Rising Rates Increase Worries
Replies: 114
Views: 20667

Re: Larry Swedroe: Rising Rates Increase Worries

typical investor But then again, it doesn't have the cost of running an insurance company so they have to cede back premiums. Sorry but you have misinterpreted what I said, or tried to say. Let's try this, an insurer has more costs than a reinsurer because they have the costs of originating the busi...
by larryswedroe
Sun Jan 12, 2020 9:02 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Rising Rates Increase Worries
Replies: 114
Views: 20667

Re: Larry Swedroe: Rising Rates Increase Worries

Northern I believe AQR hedges our market risk in their long-short style investments so that there is exposure to the style premium without being dominated by market beta. Misunderstanding what they do. There is no hedging whatsoever, and there are many positions which have nothing to do with the sto...
by larryswedroe
Sat Jan 11, 2020 8:33 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Rising Rates Increase Worries
Replies: 114
Views: 20667

Re: Larry Swedroe: Rising Rates Increase Worries

Northern I’m more concerned with correlation to some of our fixed income assets. First, if take from equity side maybe you give up slight expected return but you cut volatility by about 80%. Good trade. Second if take from bond side you get big premium and get rid of inflation risk in return for ill...
by larryswedroe
Sat Jan 11, 2020 5:20 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Rising Rates Increase Worries
Replies: 114
Views: 20667

Re: Larry Swedroe: Rising Rates Increase Worries

Northern, let's try to address your points First, SRRIX basically buys quota shares in which they buy a prorata share of all the risks of the reinsurer of the types of risks they seek (like hurricane, earthquake, marine transportation, etc). So there is no "cherry picking" etc. going on. And though ...
by larryswedroe
Fri Jan 10, 2020 9:46 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Rising Rates Increase Worries
Replies: 114
Views: 20667

Re: Larry Swedroe: Rising Rates Increase Worries

Just to be helpful here re the comment about scandalous fees. I completely agree that if funds like LENDX and SRRIX were buying publicly available securities the fees charged would be scandalous. Reason is that a passive buy the market strategy should be cheap to run. However, these funds are nothin...
by larryswedroe
Mon Jan 06, 2020 7:33 pm
Forum: Investing - Theory, News & General
Topic: Schiller's article on CAPE in NYT today
Replies: 147
Views: 11893

Re: Schiller's article on CAPE in NYT today

Just a historical note, Shiller was just a bit early
98-08 S&P returned real negative of -1.4
99-11 of -0.7 and
00-12 of -0.7
Larry
by larryswedroe
Mon Jan 06, 2020 12:03 pm
Forum: Investing - Theory, News & General
Topic: Schiller's article on CAPE in NYT today
Replies: 147
Views: 11893

Re: Schiller's article on CAPE in NYT today

Packer Of course g can change more or less than rates. And real rates now about 0, vs. historical +2 in US, so that has pushed up valuations some, as G while lower is not 2% lower. Now of course one might ask is that 0 real rate likely to persist? Should you rely on it when forecasting returns? And ...
by larryswedroe
Mon Jan 06, 2020 9:03 am
Forum: Investing - Theory, News & General
Topic: Schiller's article on CAPE in NYT today
Replies: 147
Views: 11893

Re: Schiller's article on CAPE in NYT today

Couple of things to consider 1. We had large corporate tax cut, driving EPS say 25%. That means that the earnings before the tax cut, that are in the CAPE 10, are understating earnings because they had different tax rate. That means, assuming the corp tax rate remains unchanged that the current P/E ...
by larryswedroe
Sun Dec 29, 2019 1:31 pm
Forum: Investing - Theory, News & General
Topic: Question for Swedroe - Black Swans book
Replies: 47
Views: 2917

Re: Question for Swedroe - Black Swans book

Mojo As explained in my Black Swans book, there are two perfectly good ways to use the premiums, either to take more risk in return for higher expected return, or use the premiums to diversify risks and lower beta exposure and add more safe bonds (and other uncorrelated assets). Choice is a preferen...
by larryswedroe
Sat Dec 07, 2019 8:52 pm
Forum: Investing - Theory, News & General
Topic: Confused about Fama-French 5 Factor Model
Replies: 3
Views: 413

Re: Confused about Fama-French 5 Factor Model

For those interested here's piece I wrote on investment factor research
https://alphaarchitect.com/2019/11/14/t ... d-returns/

And the profitability (and quality) factor research is discussed in detail in Your Complete Guide to Factor Based Investing

Best wishes
Larry
by larryswedroe
Tue Dec 03, 2019 11:17 am
Forum: Investing - Theory, News & General
Topic: Question for Swedroe - Black Swans book
Replies: 47
Views: 2917

Re: Question for Swedroe - Black Swans book

Okay one more. I believe I have made clear that they should have similar risk-adjusted returns and that the SR is NOT the perfect measure of risk and explained why. It's possible in trying to answer a question I may have said similar SR, and that is pretty true for most public broadly diversified eq...
by larryswedroe
Tue Dec 03, 2019 11:08 am
Forum: Investing - Theory, News & General
Topic: Question for Swedroe - Black Swans book
Replies: 47
Views: 2917

Re: Question for Swedroe - Black Swans book

LRGF, with value and MOM having negative correlations and similar risk-adjusted returns, and low correlations of the other factors (e.g, quality with market beta) should get some benefit, but the fund has very low loading on each of them, Also adding to acegolfer's points, there are limits to arbtir...
by larryswedroe
Tue Dec 03, 2019 10:48 am
Forum: Investing - Theory, News & General
Topic: Question for Swedroe - Black Swans book
Replies: 47
Views: 2917

Re: Question for Swedroe - Black Swans book

The AQR case is not an equity fund, it's multi factor across stocks, bonds, commodities and currencies, and there is basically no market beta exposure. When you add SV to TSM you still have big part of return of SV explained by market beta, say 2/3 or more because beta is >1. The big benefit as I ha...
by larryswedroe
Tue Dec 03, 2019 10:32 am
Forum: Investing - Theory, News & General
Topic: Question for Swedroe - Black Swans book
Replies: 47
Views: 2917

Re: Question for Swedroe - Black Swans book

Random This gets pretty complicated because when simply tilting to say SV that means you add some unique risks, but remember that the SV stocks have high betas. In CAPM world for example, DFSVX has market beta of about 1.2. So that is taking more beta risk than market while adding other sources of r...
by larryswedroe
Tue Dec 03, 2019 9:07 am
Forum: Investing - Theory, News & General
Topic: Question for Swedroe - Black Swans book
Replies: 47
Views: 2917

Re: Question for Swedroe - Black Swans book

Hope this helps IF you believe markets efficient than must believe all risk assets have similar risk-adjusted returns, not similar returns, but similar risk-adjusted returns. Now risk isn't just SD, it includes things like liquidity risk and skewness and kurtosis, and when risks show up-does it corr...
by larryswedroe
Sun Dec 01, 2019 2:44 pm
Forum: Investing - Theory, News & General
Topic: Purchase of Re-insurance risk outside of re-insurance funds
Replies: 33
Views: 2182

Re: Purchase of Re-insurance risk outside of re-insurance funds

Packer, first, keep in mind that you can BUY the fund daily, not restricted to quarterly. Also while cannot sell except quarterly clients do experience the returns as often as they check the NAV (:-)) And fwiw, don't think would make any difference in decision of whether to invest or not. I would ad...
by larryswedroe
Sun Dec 01, 2019 12:36 pm
Forum: Investing - Theory, News & General
Topic: Purchase of Re-insurance risk outside of re-insurance funds
Replies: 33
Views: 2182

Re: Purchase of Re-insurance risk outside of re-insurance funds

Packer All interval funds have the same sell limitations. The difference is at least for us we have daily buy liquidity, though the same redemption risks. But at least we know that SRRIX is marked to market daily. You can see this if you watch the fund NAV as a storm approaches. While no losses have...
by larryswedroe
Sun Dec 01, 2019 11:55 am
Forum: Investing - Theory, News & General
Topic: Purchase of Re-insurance risk outside of re-insurance funds
Replies: 33
Views: 2182

Re: Purchase of Re-insurance risk outside of re-insurance funds

Packer One other item about buying interval funds that provide limited liquidity, the return data (and correlations) may be a mirage. The fund run by Stone Ridge is not like say private equity without daily pricing and thus serial correlation in returns. The fund prices risks DAILY based on industry...
by larryswedroe
Sun Dec 01, 2019 11:07 am
Forum: Investing - Theory, News & General
Topic: Purchase of Re-insurance risk outside of re-insurance funds
Replies: 33
Views: 2182

Re: Purchase of Re-insurance risk outside of re-insurance funds

re Girya's statements The first statement about the MOST the fund will redeem is 5/20 is factually incorrect. It is the LEAST the fund will redeem. It holds liquid assets equal to 5% and also has back up lines of credit it can call on. This is SEC requirement to be an interval fund. Stone Ridge has ...
by larryswedroe
Thu Nov 28, 2019 7:49 pm
Forum: Investing - Theory, News & General
Topic: Stay away from Stoneridge Funds....
Replies: 158
Views: 8823

Re: Stay away from Stoneridge Funds....

BTW, re Buffett on reinsurance, One thing about Buffett is he loves to talk his book. if you want to know what he really thinks, his reinsurance company has been growing its exposure, not shrinking it as his comments would lead one to believe BTW, AVRPX is up almost 5% YTD and SRRIX is down about 2....
by larryswedroe
Thu Nov 28, 2019 6:30 pm
Forum: Investing - Theory, News & General
Topic: Stay away from Stoneridge Funds....
Replies: 158
Views: 8823

Re: Stay away from Stoneridge Funds....

Just another correction "As I recall these alternate funds were marketed as vehicles to produce "equity-like returns with bond-like risk and volatility." As to equity like, just to clarify, with the expected return of US stocks to be about say 4-5% percent above riskless rate that is what was expect...
by larryswedroe
Thu Nov 28, 2019 4:49 pm
Forum: Investing - Theory, News & General
Topic: Stay away from Stoneridge Funds....
Replies: 158
Views: 8823

Re: Stay away from Stoneridge Funds....

While I have no intention of posting, I do want to make an exception here to make a few points, providing facts. Not here to debate, just provide information that corrects totally wrong statements. First, I don't know how anyone could complain about the performance of LENDX, as it has basically done...
by larryswedroe
Thu Nov 14, 2019 10:20 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe's Retirement book is #1 in WSJ listing
Replies: 13
Views: 2423

Re: Larry Swedroe's Retirement book is #1 in WSJ listing

Thanks Mel, and as I hope all Bogleheads know, I'm always happy to answer questions from readers. Just email me at lswedroe@bamadvisor.com.
That's the second time the WSJ has chosen one of my books as one of the best of the year. The first time was my first book!
Best wishes
Larry
by larryswedroe
Fri Sep 27, 2019 1:02 pm
Forum: Investing - Theory, News & General
Topic: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX
Replies: 119
Views: 8821

Re: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX

psteinx Re the fee at 1.94%. I have SAID that is the ER, but one has to look at it beyond the fee itself. The reason is , as I explained, you can have two funds with the EXACT SAME positions and same holdings but one charges on AUM and other on investor assets. When you use leverage that makes the E...
by larryswedroe
Thu Sep 26, 2019 8:18 pm
Forum: Investing - Theory, News & General
Topic: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX
Replies: 119
Views: 8821

Re: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX

Amazing how some are able to TWIST or misunderstand what I say virtually 100% of time and when I correct it no acknowledgement that they are wrong in first place Nowhere did I say one should ignore ERs. What I have said persistently is that one should consider NOT just the ERs but the value the fund...
by larryswedroe
Thu Sep 26, 2019 4:57 pm
Forum: Investing - Theory, News & General
Topic: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX
Replies: 119
Views: 8821

Re: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX

Nisi, you have known me via postings for very long time, why would you think I believe that at least some of the funds are immune to economic issues you raised? Of course funds like LENDX are not immune to economic cycle risks as defaults correlate with UE (though not stock prices, which can crash w...
by larryswedroe
Thu Sep 26, 2019 3:52 pm
Forum: Investing - Theory, News & General
Topic: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX
Replies: 119
Views: 8821

Re: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX

Angst, no reason for you to expect it without knowing the underlying math. I know it and I believe that is very reasonable based on current yields, expenses, leverage and expected AVERAGE defaults. The fund has been operating for several years now with returns in that range DESPITE rising rates. Rou...
by larryswedroe
Thu Sep 26, 2019 1:28 pm
Forum: Investing - Theory, News & General
Topic: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX
Replies: 119
Views: 8821

Re: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX

Nisi, and Angst Simple explanation. With today's valuations most financial economists forecast US equity returns to be in range of 6-7% or 4-5% above cash so yes I would say 4-5% above cash is equity like returns. Which is why IMO it is totally appropriate to use that phrase, equity like returns. At...
by larryswedroe
Thu Sep 26, 2019 9:43 am
Forum: Investing - Theory, News & General
Topic: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX
Replies: 119
Views: 8821

Re: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX

typical investor [OT comment removed by admin LadyGeek] Ferri of course pointed out it was simulated and the asset class has zero expected returns, but nevertheless Larry did say the PIMCO fund would have almost certainly have had double digit returns of 15.9%+. Just above that you note the index re...
by larryswedroe
Wed Sep 25, 2019 7:40 pm
Forum: Investing - Theory, News & General
Topic: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX
Replies: 119
Views: 8821

Re: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX

Two last comments First, re Homer's statement "You do, however, have confidence that your calculation of the ODDS is correct. That your models are correct." Just another example of a persistent misstatement of my beliefs, even after restating them Homer repeats the error I have always said these are...
by larryswedroe
Wed Sep 25, 2019 8:23 am
Forum: Investing - Theory, News & General
Topic: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX
Replies: 119
Views: 8821

Re: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX

Few comments First, this is totally wrong statement and cannot figure out how one could make this mistake ,"so according to this claim, expected returns of PCRIX in 2007 is double returns from DJ-AIG minus t-bill plus TIP" No return is DJ AIG plus tIps minus tbills, NOT DOUBLE. Also the fund had bit...
by larryswedroe
Wed Sep 25, 2019 3:50 am
Forum: Investing - Theory, News & General
Topic: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX
Replies: 119
Views: 8821

Re: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX

stlutz
I cannot help it if reporters make mistakes in this case no idea where he got one year from
Also the person who claimed I forecasted double digit returns to CCF said that about TIPS as well, unless I misread it. Don't have time to go back and look
by larryswedroe
Tue Sep 24, 2019 7:23 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Individual Stock Investing Increases Risk
Replies: 105
Views: 6947

Re: Larry Swedroe: Individual Stock Investing Increases Risk

Thought some perspective might help re this post "I don't see the logic in attempting to pick value stocks in today's markets ....that is surely searching for the needle in the haystack. Why even discuss this? It is purely speculation don't you think?" Try this I think most people would say Buffett ...
by larryswedroe
Tue Sep 24, 2019 7:23 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Individual Stock Investing Increases Risk
Replies: 105
Views: 6947

Re: Larry Swedroe: Individual Stock Investing Increases Risk

Thought some perspective might help re this post "I don't see the logic in attempting to pick value stocks in today's markets ....that is surely searching for the needle in the haystack. Why even discuss this? It is purely speculation don't you think?" Try this I think most people would say Buffett ...
by larryswedroe
Tue Sep 24, 2019 7:08 am
Forum: Investing - Theory, News & General
Topic: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX
Replies: 119
Views: 8821

Re: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX

Further corrections First, I NEVER recommended combining SV with 1 year Treasuries. Typically 5 year Treasuries or intermediate fund .Where people even get these ideas is often beyond me, like I forecasted double digit returns to TIPS when the forecast has always been whatever the current yield is!!...
by larryswedroe
Mon Sep 23, 2019 7:23 am
Forum: Investing - Theory, News & General
Topic: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX
Replies: 119
Views: 8821

Re: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX

I thought I would just make few comments to correct the amazingly totally wrong statements made by several people, including Taylor about my views and what I have said or recommended First, re Taylor's about recommended all SV. I have never RECOMMENDED ALL SV. for those who have read my books, inclu...
by larryswedroe
Mon Sep 23, 2019 4:11 am
Forum: Investing - Theory, News & General
Topic: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX
Replies: 119
Views: 8821

Re: Swedroe Advocates: LENDX, SRRIX, AVRPX, QRPRX/QSPRX

I thought I would just make few comments to correct the amazingly totally wrong statements made by several people, including Taylor about my views and what I have said or recommended First, re Taylor's about recommended all SV. I have never RECOMMENDED ALL SV. for those who have read my books, inclu...
by larryswedroe
Mon Sep 16, 2019 6:28 am
Forum: Investing - Theory, News & General
Topic: Ex DFA CIO launches competitor which will also have ETFs
Replies: 249
Views: 29274

Re: Ex DFA CIO launches competitor which will also have ETFs

Basically value plus profitability measure, and MOM screens. The team is all ex DFA I believe.
Larry
by larryswedroe
Wed Sep 11, 2019 3:53 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: 3% is the new 4%
Replies: 699
Views: 56769

Re: Larry Swedroe: 3% is the new 4%

Will MCS isn't perfect of course and has that limitation. But don't know any better tool. And note it makes no sense to assume IMO mean reversion since we don't know what the mean is, and you only get higher expected returns if valuations fall, not stock prices. Example might be that Dems win all th...