Search found 15564 matches

by larryswedroe
Sat Jul 14, 2018 7:37 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Diversifying Through Reinsurance And Marketplace Lending Interval Funds
Replies: 50
Views: 3344

Re: Larry Swedroe: Diversifying Through Reinsurance And Marketplace Lending Interval Funds

Another case of making statements which are false One of the advantages of alternative investments (as well as residential real estate) is that they don't price every day Stone Ridge products, as all the alts we use, price daily with Ernst and Young as the auditor And fwiw, of course one should read...
by larryswedroe
Fri Jul 13, 2018 12:19 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Diversifying Through Reinsurance And Marketplace Lending Interval Funds
Replies: 50
Views: 3344

Re: Larry Swedroe: Diversifying Through Reinsurance And Marketplace Lending Interval Funds

Sorry but just had to post this, once again showing how people post without actually knowing what they are talking about yet making very declarative statements. I just received an email today from Stone Ridge with a new paper entitled An Alternative to Bonds in a Modern Portfolio, and of course LEND...
by larryswedroe
Wed Jul 11, 2018 8:52 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Diversifying Through Reinsurance And Marketplace Lending Interval Funds
Replies: 50
Views: 3344

Re: Larry Swedroe: Diversifying Through Reinsurance And Marketplace Lending Interval Funds

one other thought to add that again showing people make statements they have no clue about but speak as if they do, making declarative statements such as "That means P2P is left with loans that banks don't want to make, which are more likely (though not always) to be ones that involve more risk." th...
by larryswedroe
Wed Jul 11, 2018 7:49 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Diversifying Through Reinsurance And Marketplace Lending Interval Funds
Replies: 50
Views: 3344

Re: Larry Swedroe: Diversifying Through Reinsurance And Marketplace Lending Interval Funds

I just couldn't resist, It's this kind of post that is why I left, Absolute nonsense and typical of that poster as I have pointed out to him many times. One of the main reasons I won't get into debates any longer. Though will occasionally post to correct misunderstandings. "So, when return is the su...
by larryswedroe
Tue Jul 10, 2018 7:14 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Diversifying Through Reinsurance And Marketplace Lending Interval Funds
Replies: 50
Views: 3344

Re: Larry Swedroe: Diversifying Through Reinsurance And Marketplace Lending Interval Funds

golf caddy
Happen to answer any questions, just email me at lswedroe@bamadvisor.com
Also note that I only mentioned intermediate treasury as the typical fund used for fixed income. Obviously one should adjust for risks. With that said, vol of the two funds IMO is very similar, at least expected.
Larry
by larryswedroe
Tue Jul 10, 2018 6:27 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Diversifying Through Reinsurance And Marketplace Lending Interval Funds
Replies: 50
Views: 3344

Re: Larry Swedroe: Diversifying Through Reinsurance And Marketplace Lending Interval Funds

golf caddy Two points for you First it makes no sense to include the servicing fee at all. As I pointed out if held in security form it would be excluded, just as Vanguard bond funds that include MBS don't show the servicing fee as fund expense. It's just dumb SEC rule and obviously inconsistent. An...
by larryswedroe
Tue Jul 10, 2018 2:36 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Diversifying Through Reinsurance And Marketplace Lending Interval Funds
Replies: 50
Views: 3344

Re: Larry Swedroe: Diversifying Through Reinsurance And Marketplace Lending Interval Funds

To be helpful re Lendx and Expense ratio As I have pointed out many times the SEC unfortunately has very dumb rules about what should be in the ER. Example if you own a loan like LENDX does and someone performs the servicing the SEC requires you to show that as expense (instead of lower interest inc...
by larryswedroe
Sun Jun 24, 2018 8:17 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: The Battle Of Passive Strategies
Replies: 71
Views: 7319

Re: Larry Swedroe: The Battle Of Passive Strategies

fyi,
YTD, 1 year and 3 year returns for BOSVX (my firm's choice of preferred fund), DFSVX, VISVX and S&P
9.0, 7.9, 5.1,4.0
22.8, 20.6, 16.2, 15.4
11.8, 9.1, 9.8, 11.4

And internationally SV has outperformed over 1, 3, 5, 10, 15 years (just not ytd)


Best wishes
Larry
by larryswedroe
Fri Jun 22, 2018 11:47 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: How To Use Benchmarks
Replies: 6
Views: 537

Re: Larry Swedroe: How To Use Benchmarks

Further clarification When you have a strategy for investors to consider the obvious question is how it performs (ed) relative to something else. A common comparison would be to a TSM or S&P 500 so that is what I did. That doesn't make the comparison alternative the appropriate benchmark and I would...
by larryswedroe
Fri Jun 22, 2018 10:11 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: How To Use Benchmarks
Replies: 6
Views: 537

Re: Larry Swedroe: How To Use Benchmarks

Just to clarify The purpose is to compare two entirely different strategies. One a TSM (market beta only) and a diversified by factor portfolio, which because it includes higher expected returning assets one can also hold more safe bonds, and due to correlation benefits (especially that high quality...
by larryswedroe
Fri Jun 15, 2018 8:07 am
Forum: Investing - Theory, News & General
Topic: Fresh Look at the "Larry Portfolio" from Portfolio Charts
Replies: 125
Views: 16114

Re: Fresh Look at the "Larry Portfolio" from Portfolio Charts

To help by showing how wrong the statement is Here's the claim In order for a risk premium to exist, there has to be a logical reason for most investment money to take the side of the bet that most likely will lose. Who is that large group of people that should invest in only growth stocks and avoid...
by larryswedroe
Thu Jun 14, 2018 3:58 pm
Forum: Investing - Theory, News & General
Topic: Factor-based strategy is better (winer), OK. then who are the losers?
Replies: 55
Views: 2633

Re: Factor-based strategy is better (winer), OK. then who are the losers?

To help
Factors are long-short portfolios
Thus the long side has a premium and the short side a negative premium
Thus the "losers" are growth, large, negative momentum, low profitability, low quality, high liquidity, and high beta stocks, meaning they have below market returns historically
by larryswedroe
Wed Jun 13, 2018 7:58 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: What Makes Factors Endure
Replies: 55
Views: 3611

Re: Larry Swedroe: What Makes Factors Endure

To be helpful and address STLUTZ comment< one of the MANY risk based explanations for value is that a common trait of value companies is that they have more volatile earnings. On top of that they tend to also have more operating (more irreversible capital) and more financial leverage. Now combine th...
by larryswedroe
Tue Jun 12, 2018 7:34 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: What Makes Factors Endure
Replies: 55
Views: 3611

Re: Larry Swedroe: What Makes Factors Endure

Taylor And you accept investopedia as the finance world's dictionary? No finance professor would even define it that way it's just media and marketing hype not a finance definition. Beta is defined in finance as exposure to a factor, which by definition cannot be smart or dumb, it just is. So you ca...
by larryswedroe
Mon Jun 11, 2018 8:28 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: What Makes Factors Endure
Replies: 55
Views: 3611

Re: Larry Swedroe: What Makes Factors Endure

Taylor Just to clarify, factor investing has NOTHING to do with "smart beta" which is almost 100% marketing hype as by definition beta is just exposure to a factor, how much loading a fund has on a factor. Thus, it cannot be smart or dumb, it just is. On other hand there is a bit of truth to the ter...
by larryswedroe
Fri Jun 08, 2018 10:05 am
Forum: Investing - Theory, News & General
Topic: The Psychology of Money - A Blog Post
Replies: 66
Views: 9285

Re: The Psychology of Money - A Blog Post

thanks for posting, outstanding article and why many financial advisors say they don't manage money as much as they manage people

Larry
by larryswedroe
Mon Jun 04, 2018 11:55 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Two Articles On Reinsurance
Replies: 41
Views: 3357

Re: Larry Swedroe: Two Articles On Reinsurance

Just to clarify Stone Ridge interval funds limit 5% per quarter withdrawals. So investors need to have patient capital and willing and able to earn illiquidity premium. Since most investors don't have need for liquidity for 100% of their portfolio, for at least some portion a liquidity premium is a ...
by larryswedroe
Mon Jun 04, 2018 8:21 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Two Articles On Reinsurance
Replies: 41
Views: 3357

Re: Larry Swedroe: Two Articles On Reinsurance

Just to correct a few misconceptions First, there have been claims that Stone Ridge is a bunch of people who have only derivatives experience not "real" experience working with real reinsurers. Amazing to me that there are people on this site who often make claims as facts when they have no clue wha...
by larryswedroe
Sat Jun 02, 2018 7:42 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Two Articles On Reinsurance
Replies: 41
Views: 3357

Re: Larry Swedroe: Two Articles On Reinsurance

Nedsaid In case had not noticed, for last 12 months the SV fund we use BOSVX has outperformed S&P 500 by about 5%, still trailing S&p 500 for last 5 but by about 1.3%. Not as much underperformance as people think, and internationally small value has far outperformed over any period want to look at. ...
by larryswedroe
Fri Jun 01, 2018 11:00 am
Forum: Investing - Theory, News & General
Topic: Best comprehensive Larry Swedroe book?
Replies: 23
Views: 1365

Re: Best comprehensive Larry Swedroe book?

Thought would share this from the blog post mentioned, it's summary of the outcomes The data shows the results investors could have earned using both passive strategies. The data covers the 20-year period from May 1998 through April 2018. It shows the annualized returns, the volatility, and the Shar...
by larryswedroe
Fri Jun 01, 2018 10:14 am
Forum: Investing - Theory, News & General
Topic: Best comprehensive Larry Swedroe book?
Replies: 23
Views: 1365

Re: Best comprehensive Larry Swedroe book?

just Osda Don't know when it will come out as we are talking to publisher's now and trying to decide whether to self publish or go the publisher route. If self publish would hope to get out by year end. With publisher would much more likely be first half of next year I would add that using Sharpe's ...
by larryswedroe
Fri Jun 01, 2018 9:46 am
Forum: Investing - Theory, News & General
Topic: Best comprehensive Larry Swedroe book?
Replies: 23
Views: 1365

Re: Best comprehensive Larry Swedroe book?

BFRAME I am just putting the finishing touches on what will be not only my most comprehensive book, but IMO the most comprehensive book written on the subject "Your Complete Guide to a Safe and Secure Retirement." Here's the TOC Acknowledgments Preface Introduction-The Four Horesemen of Retirement P...
by larryswedroe
Fri May 11, 2018 4:58 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Thinking In Bets
Replies: 22
Views: 2409

Re: Larry Swedroe: Thinking In Bets

Sorry, no on returning, just thought would be helpful to "straighten" things out
by larryswedroe
Fri May 11, 2018 11:48 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Thinking In Bets
Replies: 22
Views: 2409

Re: Larry Swedroe: Thinking In Bets

Acceptable level of risk of "failure" No right answer. But one for each person. As pointed out by one poster, part of the answer is it depends on the implications of being wrong and if you have options that you can exercise if the left tail risk shows up. If you have acceptable options, like cutting...
by larryswedroe
Wed May 09, 2018 9:42 am
Forum: Investing - Theory, News & General
Topic: Peer-to-peer lending as an investment?
Replies: 67
Views: 7911

Re: Peer-to-peer lending as an investment?

Just to straighten people out, as I explained before, think it was to STLutz, the ER is NOT 4% or anything close to it. The SEC has very STUPID rules on what it forces funds to include in the expense ratio, which literally make no sense. The ER of the fund is if my memory serves about 1.94. Among fu...
by larryswedroe
Wed May 09, 2018 9:34 am
Forum: Investing - Theory, News & General
Topic: Rationale for placing high expected return funds in Roth rather than tIRA
Replies: 15
Views: 1251

Re: Rationale for placing high expected return funds in Roth rather than tIRA

Simple explanation is that you OWN 100% of your ROTH and only 1-your tax rate of your traditional IRA or other tax advantaged accounts. And as noted don't have to take withdrawals, allowing tax free growth to continue as long as possible.
Larry
by larryswedroe
Thu Apr 12, 2018 4:54 pm
Forum: Investing - Theory, News & General
Topic: 2-year AA Munis at Vanguard and Fidelity Today
Replies: 134
Views: 9788

Re: 2-year AA Munis at Vanguard and Fidelity Today

great example of what I have been telling people for 20 plus years, there are significant advantages of building individual portfolios. While we won't buy A rated bonds, we won't sell if downgraded to A and 3 years or less to maturity as credit risk as you note is negligible if GO or essential servi...
by larryswedroe
Wed Apr 04, 2018 3:08 pm
Forum: Investing - Theory, News & General
Topic: Make your retirement money last
Replies: 56
Views: 16328

Re: Make your retirement money last

as an fyi, just finished first draft of Your Complete Guide to a Safe and Secure Retirement, it will cover the broadest array of topics of any retirement book to date. Hopefully will get out around year end
Larry
by larryswedroe
Sun Apr 01, 2018 6:16 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe’s New Book Available: Reducing Risk Of Black Swans
Replies: 130
Views: 14397

Re: Larry Swedroe’s New Book Available: Reducing Risk Of Black Swans

To help out here, First, happy to always answer questions from readers You can email me at lswedroe@bamadvisor.com Second, sometimes, as noted Treasuries, especially longer ones, help, as in in 2008. Sometimes they make the problem worse, as mentioned. That is why you might want to consider adding a...
by larryswedroe
Sun Apr 01, 2018 8:40 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Active Can’t Crack Inefficient Markets
Replies: 22
Views: 2951

Re: Larry Swedroe: Active Can’t Crack Inefficient Markets

thought would correct this misstatement by Packer Larry when he laid out his LP with a SCV portfolio in 2011, set up a testable hypothesis with various levels of bond & SCV versus bonds & S&P 500 & it failed pretty bad in real world forward looking terms. 2011 was when someone, Carl Richards, told r...
by larryswedroe
Sat Mar 24, 2018 4:00 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Alternative Approach To Alts
Replies: 22
Views: 3492

Re: Larry Swedroe: Alternative Approach To Alts

Anyone can see daily pricing on yahoo.com and you would see it at your custodian's website.
and if looking at prices daily you get drop on distribution dates
There is total transparency
Larry
by larryswedroe
Fri Mar 23, 2018 2:03 pm
Forum: Local Chapters and Bogleheads Community
Topic: St Louis Bogleheads
Replies: 68
Views: 9963

Saint Louis Area diehards

[Post merged into here, see below. --admin LadyGeek]

fyi, I will be doing a talk at the STL Main Library downtown on 4/26 at 6
See you there
Larry
by larryswedroe
Mon Mar 19, 2018 6:17 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Don’t Count Out Commodities
Replies: 51
Views: 6458

Re: Larry Swedroe: Don’t Count Out Commodities

Salty
FWIW, one way to judge the ability to hedge is correlations. Correlation of TIPS and inflation obviously highly correlated.
Monthly correlation of Bloomberg Commodity Total Return index to CPI was 0.243 while to one month bills was 0.128
Larry
by larryswedroe
Mon Mar 05, 2018 7:58 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe’s New Book Available: Reducing Risk Of Black Swans
Replies: 130
Views: 14397

Re: Larry Swedroe’s New Book Available: Reducing Risk Of Black Swans

Was reading some of the comments and thought I would clarify a few things that might be helpful First, re factors. I think it's fair to say I'm highly skeptical of research. As evidence I submit that there are over 600 factors identified in the literature, and I've vetted them down, using strong cri...
by larryswedroe
Sat Feb 24, 2018 10:09 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: What Investors Should Worry About
Replies: 118
Views: 11036

Re: Larry Swedroe: What Investors Should Worry About

Just thought I would respond very briefly to the comments about commodities and state IMO how completely misplace the comments are for whole variety of reasons, and I will write a blog showing why.
by larryswedroe
Fri Feb 09, 2018 3:53 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: 4 Horsemen Of Your Portfolio
Replies: 111
Views: 12008

Re: Larry Swedroe: 4 Horsemen Of Your Portfolio

Just wanted to comment that selling volatility has decades of track record, just not in public funds. Also so people understand AVRPX has NOTHING to do with VIX and instead sells puts and calls on over 500 securities, earning the vol premium. And there is a ton of academic research and it's common s...
by larryswedroe
Tue Dec 26, 2017 11:47 am
Forum: Investing - Theory, News & General
Topic: Email from Larry Swedroe about "Reducing the Risk of Black Swans" book 2nd ed.
Replies: 8
Views: 2319

Re: Email from Larry Swedroe about "Reducing the Risk of Black Swans" book 2nd ed.

Note we finished the editing today. Hoping to get Ross Stevens foreward by very early Jan and move to production
Best wishes to all for a healthy, happy and prosperous New Year.
Larry
by larryswedroe
Fri Oct 20, 2017 2:30 pm
Forum: Investing - Theory, News & General
Topic: Annual AAII Conference in Orlando Nov 3
Replies: 1
Views: 457

Annual AAII Conference in Orlando Nov 3

I'll be speaking at 130 in Pacifica 11-12 at the conference on Nov 3, opening day I'm pretty free that morning until the talk and be happy to meet up with diehards attending. Or can just come up and introduce yourself before or after the talk. If would like to get together, perhaps over a "cup of co...
by larryswedroe
Wed Apr 26, 2017 4:20 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe says "Goodbye."
Replies: 336
Views: 49270

Re: Larry Swedroe says "Goodby."

I thought I would wait till the thread seemed to have run its course and then thank everyone for taking the time to post their gratitude. It is greatly appreciated and made me feel that all the time spent was worthwhile. And I've gotten dozens of PMs as well. Please note that I'm still happy to answ...
by larryswedroe
Thu Apr 20, 2017 10:34 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe says "Goodbye."
Replies: 336
Views: 49270

Re: Larry Swedroe says "Goodby."

To the Boglehead community I had no intention of looking any further at the site, but Taylor sent me PM letting me know about all the comments so I wanted to first thank all those for taking the time to let me know how much they appreciated the efforts over the years. I've also gotten dozens of PMs ...
by larryswedroe
Sun Apr 09, 2017 3:03 pm
Forum: Investing - Theory, News & General
Topic: Alts:new sources of risk/return improve portfolio efficiency
Replies: 119
Views: 12446

Re: Alts:new sources of risk/return improve portfolio efficiency

nedsaid skepticism is quite healthy and asking questions, which is fine, is another, and so is pointing out what are risks, but making statements as facts when what you don't know or don't understand is completely another. Just look at this statement that is highlighted above Big thing to remember i...
by larryswedroe
Sun Apr 09, 2017 10:56 am
Forum: Investing - Theory, News & General
Topic: How to approach a tilted portfolio as retirement approaches
Replies: 20
Views: 2016

Re: How to approach a tilted portfolio as retirement approaches

Moto
One of best books on value investing is Quantitative Value, Can also read Expected Returns
Glad you are enjoying the book and finding it helpful. And can always email me if have questions if prefer,
Larry
by larryswedroe
Sun Apr 09, 2017 10:54 am
Forum: Investing - Theory, News & General
Topic: Alts:new sources of risk/return improve portfolio efficiency
Replies: 119
Views: 12446

Re: Alts:new sources of risk/return improve portfolio efficiency

It really amazes me how blind people are to their own beliefs which causes them to totally misinterpret things. Here are two perfect examples Saying reinsurance has 'less tail risk' is hilarious. No nowhere did I say anything like this. In fact reinsurance has tail risk, it has negative skewness, wh...
by larryswedroe
Sun Apr 09, 2017 8:34 am
Forum: Investing - Theory, News & General
Topic: Which Larry Portfolio variation would you choose?
Replies: 30
Views: 4292

Re: Which Larry Portfolio variation would you choose?

Just to add that it's highly likely that consumer staple returns are explained by the common factors to which they have exposure to. And we can see that looking at VCSAX, consumer staples fund. As you would expect these are defensive type stocks, and that shows up in the very high loading on quality...
by larryswedroe
Sun Apr 09, 2017 8:29 am
Forum: Investing - Theory, News & General
Topic: Lies, Damn Lies and Financial Statistics by Coy
Replies: 11
Views: 2361

Re: Lies, Damn Lies and Financial Statistics by Coy

That's why any investment/factor should be required to pass the many criteria Andy Berkin and I included in our Factor book-- Not just evidence of a premium but evidence in out of sample tests--being persistent across long periods of time, being pervasive around the globe and even asset classes, bei...
by larryswedroe
Sun Apr 09, 2017 8:25 am
Forum: Investing - Theory, News & General
Topic: Alts:new sources of risk/return improve portfolio efficiency
Replies: 119
Views: 12446

Re: Alts:new sources of risk/return improve portfolio efficiency

Avalpert That is very simple to answer---why is it different The model was used by people who had INCENTIVE to create more product, to allow more assets to be highly rated, so they could collect more fees (including the ratings agencies). Here there are no incentives to companies and individuals to ...
by larryswedroe
Sat Apr 08, 2017 7:33 pm
Forum: Investing - Theory, News & General
Topic: Alts:new sources of risk/return improve portfolio efficiency
Replies: 119
Views: 12446

Re: Alts:new sources of risk/return improve portfolio efficiency

you keep talking about the diversified nature of the reinsurance contracts in exactly the same way that diversification, and an assumption about correlation of those diversified entities, was used to support AAA ratings of CDOs - we now know the correlation assumptions there were dangerously wrong....
by larryswedroe
Sat Apr 08, 2017 7:28 pm
Forum: Investing - Theory, News & General
Topic: Part 2 of the series on alternative sources, this one on alternative lending
Replies: 16
Views: 3027

Re: Part 2 of the series on alternative sources, this one on alternative lending

Phil
I don't see how it's even remotely possible to make multi-year loans and have daily liquidity for a fund. It has to be closed end in some way.
Larry
by larryswedroe
Sat Apr 08, 2017 6:33 pm
Forum: Investing - Theory, News & General
Topic: Alts:new sources of risk/return improve portfolio efficiency
Replies: 119
Views: 12446

Re: Alts:new sources of risk/return improve portfolio efficiency

Oblivious IMO the best operating assumption in free capital markets is that all publicly available information is in prices---it's not always perfectly the case but markets are highly, if not perfectly, efficient. And again, repeat, reinsurance portfolios are highly diversified by types of risks. La...
by larryswedroe
Sat Apr 08, 2017 6:23 pm
Forum: Investing - Theory, News & General
Topic: Alts:new sources of risk/return improve portfolio efficiency
Replies: 119
Views: 12446

Re: Alts:new sources of risk/return improve portfolio efficiency

Avalpert I totally disagree with your statement. That model, or if you prefer to think it's misuse (which is the same thing),had literally nothing to do with it, it was frauds and excessive leverage and regulators failing to do their jobs, etc. Even making that statement IMO is totally absurd. And I...