Search found 1670 matches

by Angst
Wed Feb 21, 2018 9:26 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1250
Views: 186550

Re: QSPIX - thoughts on interesting fund

Also as a follow-up, if you track performance since Goldfarb left Sequoia (1H 2015), the performance of SEQUX is 18.9% per year versus 21% for S&P 500 and only 8.4% per year for QSPIX . Who cares? Seriously, this is just cherry picking dates and serves no purpose within the context of our discussio...
by Angst
Wed Feb 21, 2018 1:48 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1250
Views: 186550

Re: QSPIX - thoughts on interesting fund

Also as a follow-up, if you track performance since Goldfarb left Sequoia (1H 2015), the performance of SEQUX is 18.9% per year versus 21% for S&P 500 and only 8.4% per year for QSPIX . Who cares? Seriously, this is just cherry picking dates and serves no purpose within the context of our discussio...
by Angst
Wed Feb 21, 2018 12:18 am
Forum: Investing - Theory, News & General
Topic: Vanguard US Multifactor Funds Launch
Replies: 26
Views: 3153

Re: Larry Swedroe, Cliff Asness... Can we get a little help here?

My big take away from the article is that the author thinks single and multi-factor funds are just another fund industry scam. On this, I think he is mostly correct as factors beautifully lend themselves to telling a good 'story.' And stories are what the fund industry loves to tell, especially one...
by Angst
Tue Feb 20, 2018 7:38 pm
Forum: Investing - Theory, News & General
Topic: 30 yr tips auction 2/15: 1.0% yield?
Replies: 110
Views: 8380

Re: 30 yr tips auction 2/15: 1.0% yield?

Inflation has been next to nothing for the past decade and it poised to stay that way. If real interest rates were to rise to say the historical average of around 5 or 6 % and you are tied up for 30 years in a 1% vehicle you will never be able to sell it early unless you want a 30 or 40% haircut. S...
by Angst
Mon Feb 19, 2018 7:57 pm
Forum: Investing - Theory, News & General
Topic: 30 yr tips auction 2/15: 1.0% yield?
Replies: 110
Views: 8380

Re: 30 yr tips auction 2/15: 1.0% yield?

Hmm... sorry Doc, but it looks to me like you've charted ST Treasury vs. ST TIPS - no Intermediate Term here. I don't traffic in those items, although your results are interesting to see. We can't blame Lehman for it! My bad. A was trying to find a comparison from Lehman to today and was going to f...
by Angst
Mon Feb 19, 2018 7:38 pm
Forum: Investing - Theory, News & General
Topic: Vanguard US Multifactor Funds Launch
Replies: 26
Views: 3153

Re: Vanguard US Multifactor Funds Launch

I invested in the Multifactor Admiral Shares on Day One, something I've never done before. I'm trusting the Vanguard Quantitative Equity Group to put together a good portfolio. They've done a fair job previously with funds like Vanguard U.S. Value and Vanguard Select Equity, even with narrower mand...
by Angst
Mon Feb 19, 2018 6:48 pm
Forum: Investing - Theory, News & General
Topic: What seems to matter
Replies: 21
Views: 2728

Re: What seems to matter

Great post Robert for putting both the current market and all markets in perspective. People would probably also enjoy Taylor's recent post linking to Jonathan Clements' latest blog entry at www.humbledollar.com titled "The Morning After".
by Angst
Mon Feb 19, 2018 5:58 pm
Forum: Investing - Theory, News & General
Topic: Vanguard US Multifactor Funds Launch
Replies: 26
Views: 3153

Re: Vanguard US Multifactor Funds Launch

I invested in the Multifactor Admiral Shares on Day One, something I've never done before. I'm trusting the Vanguard Quantitative Equity Group to put together a good portfolio. They've done a fair job previously with funds like Vanguard U.S. Value and Vanguard Select Equity, even with narrower mand...
by Angst
Mon Feb 19, 2018 5:52 pm
Forum: Investing - Theory, News & General
Topic: 30 yr tips auction 2/15: 1.0% yield?
Replies: 110
Views: 8380

Re: 30 yr tips auction 2/15: 1.0% yield?

Btw, it might be worth adding that I don't think that one can get any "safer" in the fixed income side of their portfolio than with TIPS, so one might feel able to hold a small bit more of their portfolio in equity than otherwise. (Yes, in the 2008 crash TIPS briefly misbehaved; there are some expl...
by Angst
Mon Feb 19, 2018 5:16 pm
Forum: Investing - Theory, News & General
Topic: Vanguard US Multifactor Funds Launch
Replies: 26
Views: 3153

Larry Swedroe, Cliff Asness... Can we get a little help here?

And as long as we are on this topic, here is an interesting article in Institutional Investor about Smart Beta, i.e. Factor Funds https://www.institutionalinvestor.com/article/b16x0v5q14ky2k/smart-beta-is-making-this-strategist-sick That's one very "interesting article" there, to say the least. I'd...
by Angst
Mon Feb 19, 2018 4:03 pm
Forum: Investing - Theory, News & General
Topic: 30 yr tips auction 2/15: 1.0% yield?
Replies: 110
Views: 8380

Re: 30 yr tips auction 2/15: 1.0% yield?

I'm not sure what you're asking here, above and beyond what I've already said. Do you mean Roth vs. Trad? My 401k is Trad., so I chose Roth to tax diversify, and I like the idea of my Roth IRA/LMP being entirely "real", i.e. both inflation protected and free of taxation upon withdrawal. As far as o...
by Angst
Mon Feb 19, 2018 3:27 pm
Forum: Investing - Theory, News & General
Topic: Vanguard Extended Market Index Fund
Replies: 7
Views: 913

Re: Vanguard Extended Market Index Fund

It's 2018. What's everyone's thoughts on this fund? What is your opinion with Tesla being it's #1 holding at 0.9%? https://personal.vanguard.com/us/funds/snapshot?FundId=0098&FundIntExt=INT#tab=2 No need for a bunch of opinions here, I'd just assume that Tesla is #501, more or less. Maybe if you re...
by Angst
Mon Feb 19, 2018 3:05 pm
Forum: Investing - Help with Personal Investments
Topic: 401K options, I think I can choose better funds
Replies: 16
Views: 588

Re: 401K options, I think I can choose better funds

Angst is spot on. You're lucky to get such awesome fund choices in your 401k. Believe me, it is pretty rare (though it doesn't appear so among Bogleheads), as I haven't seen better choices at my employers over the last over two decades of working. Tilting basically is overweighting any one category...
by Angst
Mon Feb 19, 2018 12:35 pm
Forum: Investing - Help with Personal Investments
Topic: 401K options, I think I can choose better funds
Replies: 16
Views: 588

Re: 401K options, I think I can choose better funds

Hello Community, I want some opinions about the funds offering provided by my employer. [Snip...] Now let's get to it: Below is the fund offering my plan has. My take is that I could be in lower expense ratio funds. (I have only been contributing for last than 6 months so I want to make a turn arou...
by Angst
Mon Feb 19, 2018 11:07 am
Forum: Investing - Theory, News & General
Topic: 30 yr tips auction 2/15: 1.0% yield?
Replies: 110
Views: 8380

Re: 30 yr tips auction 2/15: 1.0% yield?

If I make believe that I just turned 40, this is how I'd address my little LMP for the future: Year 40 would be the beginning of my accumulation of 30-yr TIPS, and I'd confine my annual auction purchases to the annual contribution limit of my Roth IRA. I'd continue fully funding my 401k, 529, HSA a...
by Angst
Sun Feb 18, 2018 8:15 pm
Forum: Investing - Theory, News & General
Topic: 30 yr tips auction 2/15: 1.0% yield?
Replies: 110
Views: 8380

Re: 30 yr tips auction 2/15: 1.0% yield?

I've yet to purchase individual TIPs but am certainly intrigued. I am 70:30 with the bond portion in tax deferred. The bond portion is currently split between Vanguard's Short Term Bond fund and their TIPs Fund but as the market's previous years returns have pushed me closer to "winning the game" I...
by Angst
Sun Feb 18, 2018 7:34 pm
Forum: Investing - Help with Personal Investments
Topic: Please help me sensibly add EM and Dev into my portfolio
Replies: 13
Views: 531

Re: Please help me sensibly add EM and Dev into my portfolio

Sorry, I must have had it confused. So Developing and Emerging is one and the same. It appears then that International is broken up into only 2 subcategories, Developed and Developing (aka Emerging)? This makes the TSP I fund look even worse, as it doesn't include one out of only two international ...
by Angst
Sun Feb 18, 2018 6:09 pm
Forum: Investing - Help with Personal Investments
Topic: Please help me sensibly add EM and Dev into my portfolio
Replies: 13
Views: 531

Re: Please help me sensibly add EM and Dev into my portfolio

Inspired by this thread: https://www.bogleheads.org/forum/viewtopic.php?f=1&t=241997 I have wanted to add some Emerging and Developing markets into my asset allocation since I have started to take the Bogle style of investing pretty seriously. ~ 5 months ago. The following is my current asset alloc...
by Angst
Fri Feb 16, 2018 6:36 am
Forum: Investing - Theory, News & General
Topic: 30 yr tips auction 2/15: 1.0% yield?
Replies: 110
Views: 8380

Re: 30 yr tips auction 2/15: 1.0% yield?

Auction basics are explained here: https://explorebonds.com/topics/tips-auctions The Auction Date is the date when the Treasury Department actually holds the auction. The cutoff time is specified in the announcement, usually around 12:00 p.m. Eastern Time. Your order must be received on or before t...
by Angst
Wed Feb 14, 2018 10:26 pm
Forum: Investing - Theory, News & General
Topic: 30 yr tips auction 2/15: 1.0% yield?
Replies: 110
Views: 8380

Re: 30 yr tips auction 2/15: 1.0% yield?

We're up to about 1.02% today! Let's keep channeling those inflation fears, please... at least for the next 12 - 14 hours. :)
by Angst
Wed Feb 14, 2018 12:53 pm
Forum: Investing - Theory, News & General
Topic: Vanguard US Multifactor Fund
Replies: 52
Views: 4152

Re: Vanguard US Multifactor Fund

Bogleheads: I was intrigued by the above list of twelve factor funds so I checked with Morningstar to read their 1-yr; 3-yr; 5-yr and 10-yr history. Here's what I found: The bottom four funds (OMFL; MFUS; USMF; GMFL) are not listed by Morningstar. Of the eight remaining (none have been in business ...
by Angst
Wed Feb 14, 2018 2:05 am
Forum: Investing - Theory, News & General
Topic: Vanguard US Multifactor Fund
Replies: 52
Views: 4152

Re: Vanguard US Multifactor Fund

Bogleheads: I was intrigued by the above list of twelve factor funds so I checked with Morningstar to read their 1-yr; 3-yr; 5-yr and 10-yr history. Here's what I found: The bottom four funds (OMFL; MFUS; USMF; GMFL) are not listed by Morningstar. Of the eight remaining (none have been in business ...
by Angst
Tue Feb 13, 2018 11:37 am
Forum: Investing - Theory, News & General
Topic: Vanguard US Multifactor Fund
Replies: 52
Views: 4152

Re: Vanguard US Multifactor Fund

I googled and found a poorly-formatted preliminary prospectus which indicates an effective date of February 13, 2018, just in time for Valentine's Day! I tend to agree, although the SEC probably wouldn't. Quickly looked at the prospectus. This fund is nothing like the style premia multi factor fund...
by Angst
Mon Feb 12, 2018 7:48 pm
Forum: Investing - Theory, News & General
Topic: 30 yr tips auction 2/15: 1.0% yield?
Replies: 110
Views: 8380

Re: 30 yr tips auction 2/15: 1.0% yield?

I'm not 100% in agreement here. To me, the problem with this ^ is that "problem" needs to be plural. Can any of our new posters identify another one? Similar to what Yukon points out there is no guarantee that future TIPS will be linked to CPI-U. Yes, thank you triceratop! That's a bird in the hand...
by Angst
Mon Feb 12, 2018 6:45 pm
Forum: Investing - Theory, News & General
Topic: 30 yr tips auction 2/15: 1.0% yield?
Replies: 110
Views: 8380

Re: 30 yr tips auction 2/15: 1.0% yield?

Since there are some new posters here I will restate what I have said before. First, I have no disagreement with a 30 year inflation adjusted LMP. But, with long term real rates at only about 1% compared to historical 2% to 3% I think that thirty year TIPS are too expensive. Instead of buying a thi...
by Angst
Mon Feb 12, 2018 1:58 pm
Forum: Investing - Theory, News & General
Topic: 30 yr tips auction 2/15: 1.0% yield?
Replies: 110
Views: 8380

Re: 30 yr tips auction 2/15: 1.0% yield?

Still can't fathom purchasing a 30-year bond unless I was confident both the return and cash flow offered by the bond is all I would need. Looking back 30 years and seeing where rates were, and looking back 30 years before that, I just think it's crazy for individuals to do it otherwise. Perhaps if...
by Angst
Mon Feb 12, 2018 12:53 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Driver’s Behind The Dip
Replies: 27
Views: 2725

Re: Larry Swedroe: Driver’s Behind The Dip

Honestly, yawns and milquetoasts come to mind... if all that Bogleheads can conclude from this article is "Oh yeah, Larry's got that right - the market can drop 50% anytime! Better have an appropriate AA, and stay the course!!" Well, duh... but I for one found the article somewhat disappointing. Thr...
by Angst
Thu Feb 08, 2018 4:20 pm
Forum: Investing - Theory, News & General
Topic: 30 yr tips auction 2/15: 1.0% yield?
Replies: 110
Views: 8380

Re: 30 yr tips auction 2/15: 1.0% yield?

So, even if you cannot imagine yourself thinking like this about your own needs, are you at least able to put yourself into a mindset where it might actually make a little sense to you? Or do you still think I'm just ("We're just", I'm not alone here after all!) nothing but "crazy"? :wink: I'm behi...
by Angst
Thu Feb 08, 2018 2:49 pm
Forum: Investing - Theory, News & General
Topic: 30 yr tips auction 2/15: 1.0% yield?
Replies: 110
Views: 8380

Re: 30 yr tips auction 2/15: 1.0% yield?

Still can't fathom purchasing a 30-year bond unless I was confident both the return and cash flow offered by the bond is all I would need. Looking back 30 years and seeing where rates were, and looking back 30 years before that, I just think it's crazy for individuals to do it otherwise. Perhaps if...
by Angst
Thu Feb 08, 2018 1:49 pm
Forum: Investing - Theory, News & General
Topic: 30 yr tips auction 2/15: 1.0% yield?
Replies: 110
Views: 8380

Re: 30 yr tips auction 2/15: 1.0% yield?

jebmke wrote: I'll get interested again when the 10-year gets up in the 2% range. 1+ I wouldn't touch a 30 year bond instrument of any type now without an expected real yield of 2%. Rates on 10 yr and 30 yr. bonds are going up now and IMO that trend is likely to continue for some time. If you want ...
by Angst
Mon Feb 05, 2018 12:26 pm
Forum: Investing - Theory, News & General
Topic: Vanguard REIT fund changes objective, name & index
Replies: 15
Views: 2415

Re: Vanguard REIT fund changes objective, name & index

Wow, I can't imagine that people who want REITs specifically are happy about this at all, especially those who say it's a different asset class from regular stocks based on the structure. Well, there's still Schwab U.S. REIT ETF (SCHH). I don't imagine the performance difference would be anything s...
by Angst
Mon Feb 05, 2018 11:55 am
Forum: Investing - Theory, News & General
Topic: Recent (future) EE Bond purchases ?
Replies: 6
Views: 346

Re: Recent (future) EE Bond purchases ?

Interested to hear opinions from people who have either bought EE Bonds recently (last couple of years) or intend to. With rates for 20 year hitting ~3% do you thinks its prudent to dump recent purchases, and/or hold off future purchases , as its seems more risky, or continue to hold/buy (as a bet ...
by Angst
Mon Jan 29, 2018 9:49 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Rising Rates Increase Worries
Replies: 86
Views: 12957

Re: Larry Swedroe: Rising Rates Increase Worries

Larry takes attacks on his integrity VERY SERIOUSLY. He emailed me a copy of one of his investment statements to prove he takes his own advice. He has AVRPX, LENDX, SRRIX in a tax advantaged account. Obviously I’m a highly biased huge fan of his. But just because I’m biased doesn’t mean I can’t be ...
by Angst
Wed Jan 24, 2018 11:29 pm
Forum: Investing - Theory, News & General
Topic: Attribution of historical TIPS vs. nominal Treasury return?
Replies: 12
Views: 832

Re: Attribution of historical TIPS vs. nominal Treasury return?

As such, the yield curve for nominal bonds is steeper than that it is for TIPS. And we can see that by comparing the inflation breakevens for various terms. Notice that the 5 year breakeven is consistently lower than for the longer terms: https://fred.stlouisfed.org/graph/fredgraph.png?g=hMCW https...
by Angst
Wed Jan 24, 2018 10:50 pm
Forum: Investing - Theory, News & General
Topic: Attribution of historical TIPS vs. nominal Treasury return?
Replies: 12
Views: 832

Re: Attribution of historical TIPS vs. nominal Treasury return?

TIPS are still subject to interest-rate risk just like other bonds, too. I disagree. TIPS are only subject to changes in real interest rates. Other bonds are subject to changes in nominal interest rates. If a person believes that nominal rates will be more volatile than real interest rates going fo...
by Angst
Mon Jul 24, 2017 7:34 pm
Forum: Investing - Theory, News & General
Topic: A One World, Global Market for Stocks?
Replies: 13
Views: 1660

Re: A One World, Global Market for Stocks?

I look forward to reading the article. My initial reaction to the graphic is "Why is Japan so far off on its own?"
by Angst
Mon Jul 24, 2017 6:31 pm
Forum: Investing - Theory, News & General
Topic: Can a TIPS ladder 'fail' ?
Replies: 101
Views: 10107

Re: Can a TIPS ladder 'fail' ?

@Angst Never say never. Sith happens. It sure does! That said I don't expect that the 30 will go negative. But if I was going to create a 30 year TIPS LMP under current conditions I would use triple rungs of ten's not single rungs of thirty's. Yes, I would have gathered this would be your way of do...
by Angst
Mon Jul 24, 2017 5:54 pm
Forum: Investing - Theory, News & General
Topic: Can a TIPS ladder 'fail' ?
Replies: 101
Views: 10107

Re: Can a TIPS ladder 'fail' ?

This I find confusing. The Yield to Maturity calculation takes into account coupons. Otherwise your yield on a bond is very low. What you are really describing is a zero coupon bond. Where the discount at purchase means that the capital gain at redemption, annualized, gives you a YTM-- there's no r...
by Angst
Mon Jul 24, 2017 4:55 pm
Forum: Investing - Theory, News & General
Topic: Can a TIPS ladder 'fail' ?
Replies: 101
Views: 10107

Re: Can a TIPS ladder 'fail' ?

For me personally, all I want or "expect" in real terms from my growing LMP's 2017 purchase at auction of $X,000 TIPS is its real purchase price equivalent 30 years from now, coupons are secondary. Except at a recent TIPS auction the real yield was negative which means you would not get your princi...
by Angst
Mon Jul 24, 2017 3:47 pm
Forum: Investing - Theory, News & General
Topic: Can a TIPS ladder 'fail' ?
Replies: 101
Views: 10107

Re: Can a TIPS ladder 'fail' ?

This is a prudent approach: protect your $X from inflation for 10 or 30 years and ignore the coupons. Are you paying attention to the real rates? Or $X today = $X (real) in 2047 is enough for you? Victoria Oh I do pay attention to real rates! Like a hobby, but yes: "$X today = $X (real) in 2047" is...
by Angst
Mon Jul 24, 2017 3:12 pm
Forum: Investing - Theory, News & General
Topic: TIPS question - ytm for Jan vs. Jul issues
Replies: 8
Views: 776

Re: TIPS question - ytm for Jan vs. Jul issues

When you're in a crunch, who you gonna call? :wink:
by Angst
Mon Jul 24, 2017 3:04 pm
Forum: Investing - Theory, News & General
Topic: Can a TIPS ladder 'fail' ?
Replies: 101
Views: 10107

Re: Can a TIPS ladder 'fail' ?

So before we go off on different tangents, you might want to back up and state exactly what it is that you're expecting out of your TIPS ladder. Each rung at maturity delivers greater or equal in real terms that at which it was bought at. What else could or should one expect of it ? So from previou...
by Angst
Sun Jul 23, 2017 4:08 pm
Forum: Investing - Theory, News & General
Topic: US and International Bond Fund Allocation
Replies: 109
Views: 10172

Re: US and International Bond Fund Allocation

What I called a liability matching portfolio (Bill Bernstein), Sharpe calls a riskless portfolio (TIPS). So the the two portfolios, risk and riskless are separate. The market amount of int'l bonds is presently 21%. Any other allocation is betting, not investing. That's an interesting thought what y...
by Angst
Fri Jul 21, 2017 6:03 am
Forum: Investing - Theory, News & General
Topic: Bogle is pro-SCV!
Replies: 36
Views: 4692

Re: Bogle is pro-SCV!

[Snip...] 5) so arguably one could take 2 different roads: a) treasuries and small cap value or b) tips and total stock market. With a) the treasuries should hedge the deflationary scenaRios when scv does poorly. But i prefer b) as the inflation hedge is more guaranteed and tips offer some protecti...
by Angst
Fri Jul 21, 2017 4:47 am
Forum: Investing - Help with Personal Investments
Topic: ibond purchases on treasurydirect
Replies: 11
Views: 1607

Re: ibond purchases on treasurydirect

Is it a direct deposit into the checking account I linked up, or do they send me a check, or does it collect virtually and I can check the amount under my account in the website? Ah, wouldn't that be nice! The Bogleheads Wiki pages on savings bonds should answer all your questions. In addition to t...
by Angst
Wed Jul 19, 2017 3:28 pm
Forum: Investing - Theory, News & General
Topic: New Swensen Op Ed "Wall Street Profits by Putting Investors in the Slow Lane"
Replies: 15
Views: 1840

Re: New Swensen Op Ed "Wall Street Profits by Putting Investors in the Slow Lane"

However I don't see how this can matter too much for Bogleheads since the most popular Boglehead ETFs have 1-2c (about 0.01%) spreads, paid once or twice over one's lifetime. It's hard for me to conceptualize the significance, but Vanguard does the actual trading on the mutual fund side (and I supp...
by Angst
Wed Jul 19, 2017 2:41 pm
Forum: Investing - Theory, News & General
Topic: New Swensen Op Ed "Wall Street Profits by Putting Investors in the Slow Lane"
Replies: 15
Views: 1840

Re: New Swensen Op Ed "Wall Street Profits by Putting Investors in the Slow Lane"

Good article. I like the last sentence - it's a good question. And btw, does anyone know what control Vanguard might have as far as how its trading is routed? [edit] Alright, here's that last sentence: Maybe it’s time for the Securities and Exchange Commission to start enforcing its own best-executi...
by Angst
Wed Jul 12, 2017 7:46 pm
Forum: Investing - Help with Personal Investments
Topic: EE Bonds?
Replies: 44
Views: 2645

Re: EE Bonds?

Thesaints wrote:Wouldn't holding beyond the 20-year mark be a mistake for essentially anybody ?
I don't suppose so. If someone's marginal tax rate is expected to plummet in year 22, can you not imagine waiting until year 22 to cash in their Savings Bond being a cost-effective choice?
by Angst
Wed Jul 12, 2017 6:03 pm
Forum: Investing - Help with Personal Investments
Topic: EE Bonds?
Replies: 44
Views: 2645

Re: EE Bonds?

Since about the 19 years I-Bonds have been around, there has only been two periods when the variable rate was negative: May 2009 and May 2015. Every other year the variable rate was higher then the 0.10% you get with EE-Bonds. https://www.treasurydirect.gov/indiv/research/indepth/ibonds/IBondRateCh...
by Angst
Wed Jul 12, 2017 1:15 pm
Forum: Investing - Help with Personal Investments
Topic: EE Bonds?
Replies: 44
Views: 2645

Re: EE Bonds?

A 20-year rate of 3.50% on a Treasury issue looks like a bargain right now . Who can tell how it will look down the road, especially considering the huge early withdrawal penalty ? Yep - I am tempted to throw just 6k in this year and starting throwing 10k every year till I'm 50 years old. (I can us...