Search found 524 matches

by Bill Bernstein
Sat Oct 21, 2017 11:58 am
Forum: Personal Consumer Issues
Topic: Turn fridge off when gone or leave it running?
Replies: 40
Views: 50452

Re: Turn fridge off when gone or leave it running?

Interesting thread. We're currently away from home, but our electrical utility has a daily usage feature, which shows that we're using about 2kWh per day. I'm guessing almost all of that is the fridge. So, that's about $50-60 per year, which is not worth the trouble of emptying everything out and tu...
by Bill Bernstein
Sat Aug 12, 2017 2:45 pm
Forum: Investing - Help with Personal Investments
Topic: Bernstein's Simpleton's Portfolio
Replies: 40
Views: 4928

Re: Bernstein's Simpleton's Portfolio

One book? Either "Common Sense on Mutual Funds" or the little book version. Over the past quarter century I've never been too far from 50/50. Aside from a smidge of REITs, I don't like commercial or residential real estate. There's nothing wrong with it investment-wise, especially if it's not your b...
by Bill Bernstein
Sat Aug 12, 2017 1:19 pm
Forum: Investing - Help with Personal Investments
Topic: Bernstein's Simpleton's Portfolio
Replies: 40
Views: 4928

Re: Bernstein's Simpleton's Portfolio

I favorably mention low-expense target date funds in If You Can. I don't recall specifically mentioning life strategy funds. The only difference is that with the former, you really don't have to pay too much attention as you age, since the fund automatically decreases equity allocation over the year...
by Bill Bernstein
Sat Aug 12, 2017 1:10 pm
Forum: Investing - Help with Personal Investments
Topic: Bernstein's Simpleton's Portfolio
Replies: 40
Views: 4928

Re: Bernstein's Simpleton's Portfolio

Good comments all. Bottom line: the "perfect portfolio" is knowable only in hindsight, and has already been mentioned, the perfect is the enemy of the good. What's far more important than fine tuning your allocation, whether it's 2 equity classes (US and Int'l total stock) or extreme slice and dice ...
by Bill Bernstein
Sun Jul 23, 2017 11:10 pm
Forum: Personal Finance (Not Investing)
Topic: Costco Visa foreign transaction fee
Replies: 44
Views: 17833

Re: Costco Visa foreign transaction fee

When it comes to credit cards and foreign ATMs, there certainly are free lunches: 1) Multiple credit cards come without forex fees; as noted by other posters, CapitalOne has none, you get 1.5%, and the exchange rates are very close to the interbank rate, i.e., there's no fee embedded in the exchange...
by Bill Bernstein
Tue Jul 11, 2017 3:28 pm
Forum: Investing - Theory, News & General
Topic: William Bernstein on Meb Faber's podcast
Replies: 54
Views: 7504

Re: William Bernstein on Meb Faber's podcast

Callguy1 raises a very good point: Yes, if you can live off your stock dividends with a bit of safety margin, then you can own 100% equity. To do that with domestic stocks, you need your burn rate to be less than 1.5%, or if you're burning the 2% domestic dividend, you then need about a 5-10% cash c...
by Bill Bernstein
Sun Jul 09, 2017 11:09 pm
Forum: Investing - Theory, News & General
Topic: William Bernstein on Meb Faber's podcast
Replies: 54
Views: 7504

Re: William Bernstein on Meb Faber's podcast

Well, sure, you simply invert the criteria for panics, except for the last one (extreme predictions) which stays the same, except with the opposite sign. I did write about the weak/strong hands high/low correlation phenomena in "Skating Where the Puck Was." The beauty of the two theories is that the...
by Bill Bernstein
Sun Jul 09, 2017 3:51 pm
Forum: Investing - Theory, News & General
Topic: William Bernstein on Meb Faber's podcast
Replies: 54
Views: 7504

Re: William Bernstein on Meb Faber's podcast

As a few have posted above, it's hard to nail everything down in an "in the moment" podcast. The one thing I could have been a little more careful with is to clarify "expenses" as residual expenses, i.e., after Social Security and fixed pensions. In both "Ages of the Investor" and "Rational Expectat...
by Bill Bernstein
Thu Jul 06, 2017 9:37 pm
Forum: Investing - Theory, News & General
Topic: William Bernstein on Meb Faber's podcast
Replies: 54
Views: 7504

Re: William Bernstein on Meb Faber's podcast

I should add that 3 months back I visited Toronto, which has a real estate market that looks a lot like the US in 2006. I gave a talk there which included my bubble criteria, and with each of the four points, I could see lots of audience nodding and laughing.

Bill
by Bill Bernstein
Thu Jul 06, 2017 3:25 pm
Forum: Investing - Theory, News & General
Topic: William Bernstein on Meb Faber's podcast
Replies: 54
Views: 7504

Re: William Bernstein on Meb Faber's podcast

Hi All: I do like anzon's "why not 100% stocks" criteria. i've thought about it, but don't consider it quite strong enough. more telling was the motley fool's chant from the tech bubble, which went something like "every penny you don't invest in stocks will hurt you," as i recall. But anzon is certa...
by Bill Bernstein
Thu Jun 22, 2017 1:10 pm
Forum: Investing - Theory, News & General
Topic: Argentina issuing 100-year bond.
Replies: 64
Views: 7012

Re: Argentina issuing 100-year bond.

Good catch, I was sloppy, meant to say maturity.

As you point out, most (but not all) of the interest rate risk of the Argentine security is embedded in the US one as well, so it's not that much of a consideration.

Bill
by Bill Bernstein
Thu Jun 22, 2017 12:41 pm
Forum: Investing - Theory, News & General
Topic: Argentina issuing 100-year bond.
Replies: 64
Views: 7012

Re: Argentina issuing 100-year bond.

It's a very interesting question. It's clearly a risky asset, and an unusual one at that for a bond, since its duration is much longer than almost anyone's lifetime. As Benjamin Graham observed, at a high enough price, a even the highest quality security is a sell, and at a low enough price, a dodgy...
by Bill Bernstein
Wed May 03, 2017 11:58 am
Forum: Personal Consumer Issues
Topic: Microsoft, I want my computer back!
Replies: 175
Views: 16220

Re: Microsoft, I want my computer back!

Bite the bullet and learn how to install and use Linux. Lubuntu is a lightweight distro that will run on even a 10-year old laptop, and upgrades constantly and rapidly (typical upgrade takes 1-2 minutes) without hair-pulling changes in UI. There's a bit of a learning curve, you have to be careful bu...
by Bill Bernstein
Fri Mar 31, 2017 2:56 pm
Forum: Investing - Theory, News & General
Topic: Kindle Specials on Four Pillars and If You Can
Replies: 22
Views: 3603

Kindle Specials On Four Pillars and If You Can

From time to time, Amazon and McGraw-Hill put The Four Pillars of Investing on Kindle special for $1.99, but they never tell me about it, and I get complaints about folks missing out. This time I got a week's advance notice: Four Pillars will go on Kindle $1.99 special on April 7, I hear. Also, the ...
by Bill Bernstein
Thu Mar 02, 2017 4:31 pm
Forum: Investing - Help with Personal Investments
Topic: Keep separate IRA accounts?
Replies: 7
Views: 945

Re: Keep separate IRA accounts?

This looks to be water under the bridge at this point, but in general it's a good idea to keep ERISA-derived rollover accounts (from 401s and DC pension plans) separate from ordinary IRAs, and not make further contributions to them, because ERISA-derived accounts usually have better legal protection...
by Bill Bernstein
Sun Jan 29, 2017 3:02 pm
Forum: Investing - Help with Personal Investments
Topic: If You Can (Kindle): Free Today
Replies: 10
Views: 1774

If You Can (Kindle): Free Today

Hi All: In conjunction with a local Boglehead meeting, the If You Can Kindle download is free today and, if I've done it right, tomorrow: ' https://www.amazon.com/If-You-Can-Millennials-Slowly-ebook/dp/B00JCC5JKI/ref=sr_1_1?ie=UTF8&qid=1397580064&sr=8-1&keywords=if+you+can+bernstein Best...
by Bill Bernstein
Tue Jan 03, 2017 5:33 pm
Forum: Investing - Theory, News & General
Topic: Bernstein-"To Make Money They Didn't Need".....and Pascal's Wager
Replies: 187
Views: 22141

Re: Bernstein-"To Make Money They Didn't Need".....and Pascal's Wager

Well, for starters, a 70bp difference over a century is big, a factor of 2 in terms of final value. But even without that, returns series that stretch back that far are nearly meaningless for one simple reason: before the Big Bang, brokerage expenses and spreads ate you alive; you even got charged t...
by Bill Bernstein
Tue Jan 03, 2017 1:57 pm
Forum: Investing - Theory, News & General
Topic: Bernstein-"To Make Money They Didn't Need".....and Pascal's Wager
Replies: 187
Views: 22141

Re: Bernstein-"To Make Money They Didn't Need".....and Pascal's Wager

An excellent thread. A few points: 1) Warren Buffett doesn't need to hold bonds in retirement: If you have >>50 years of residual living expenses saved up, a 100% equity portfolio is probably OK, since you can live off the dividend stream, which is much more stable than the equity market value. If, ...
by Bill Bernstein
Tue Oct 25, 2016 9:11 pm
Forum: Investing - Theory, News & General
Topic: Dr. Bill Bernstein Books
Replies: 40
Views: 4365

Re: Dr. Bill Bernstein Books

I blush even more. Regards further finance books, I don't write them unless I have something new to say. Investor's Manifesto incorporated what I had learned during the financial crisis, the Investing for Adults Series each covered one piece of new ground, and Rational Expectations was a badly neede...
by Bill Bernstein
Mon Oct 24, 2016 4:41 pm
Forum: Investing - Theory, News & General
Topic: Dr. Bill Bernstein Books
Replies: 40
Views: 4365

Re: Dr. Bill Bernstein Books

I blush.

stemikger: you can get Four Pillars and Investors' Manifesto from almost any public library; you then have my permission to deploy an appropriately liberal interpretation of the doctrine of fair use reproduction.

Best, and thanks for all the kind words!

Bill
by Bill Bernstein
Sat Aug 13, 2016 6:54 pm
Forum: Investing - Help with Personal Investments
Topic: Is my IRA really an IOU to the IRS??
Replies: 58
Views: 7127

Re: Is my IRA really an IOU to the IRS??

Hi: The mistake made by the OP was convincing himself that the IRA was "his" money I look at my taxes as the dues I pay for membership in the world's best club, without which I'd have a lot less in assets. The commutative principle of multiplication holds here: assuming your tax rate is th...
by Bill Bernstein
Mon Jul 18, 2016 11:32 pm
Forum: Investing - Theory, News & General
Topic: Trying the Impossible - Financing 30-Year Retirements with 40-Year Careers
Replies: 70
Views: 11018

Re: Trying the Impossible - Financing 30-Year Retirements with 40-Year Careers

Excellent presentation, but there's an even simpler way to look at it, which is the paradigm of Arnott and Cascells, FAJ, 2003: Imagine a desert island with 4 inhabitants, each of who performs a separate, vital economic task (growing food, building shelter, repairing equipment, etc.). The medium of ...
by Bill Bernstein
Mon Jul 04, 2016 11:15 am
Forum: Investing - Theory, News & General
Topic: Classic Bernstein 12 — The Societal Risk Premium
Replies: 21
Views: 2812

Re: Classic Bernstein 12 — The Societal Risk Premium

Might as well chime in here. 1) Yes, the downsloping CAPE plot is not all that robust; as pointed out, take out the last 2 decades and the trend disappears. But you can look at it another way: has there ever been such a 20 year period in the past of high PEs? No. 2) You can summarize the reasons for...
by Bill Bernstein
Mon Jun 27, 2016 6:31 pm
Forum: Investing - Theory, News & General
Topic: Jason Zweig: The More It Hurts, the More You Make
Replies: 35
Views: 7113

Re: Jason Zweig: The More It Hurts, the More You Make

Sure you can demand a return, but that doesn't mean that the market has to give it to you. For example, I can "demand" a junk-treasury spread of 10% before I'll buy high yield. That doesn't mean I'll get it, though if I'm patient enough, I just might. Meanwhile, that money stays in Treasur...
by Bill Bernstein
Sun Jun 26, 2016 10:04 pm
Forum: Investing - Theory, News & General
Topic: Jason Zweig: The More It Hurts, the More You Make
Replies: 35
Views: 7113

Re: Jason Zweig: The More It Hurts, the More You Make

Hi All: mrwalken has it exactly right: increased risk means higher expected returns. A better phrase than "expected returns" is "demanded returns," as in, with increased risk increases the return investors demand for bearing it. It's highly probable that investing abroad, from th...
by Bill Bernstein
Wed Jun 22, 2016 10:36 am
Forum: Personal Consumer Issues
Topic: Older MacBook: what could go wrong?
Replies: 12
Views: 1649

Re: Older MacBook: what could go wrong?

I'll second the Thinkpad solution. The older lightweight ones can be had for a song; Linux a few up, preferably with an encrypted install, and you've got a disposable yet reliable and secure system whose loss won't put you out.



Bill
by Bill Bernstein
Thu Jun 16, 2016 6:30 pm
Forum: Investing - Theory, News & General
Topic: John Oliver covers retail investment industry on Last Week Tonight
Replies: 114
Views: 18521

Re: John Oliver covers retail investment industry on Last Week Tonight

Snort out your nose funny.

But you all missed the best part--his dismantling of the Dan Gilbert/Prudential commercial--which I have to suffer through every time I watch Washington Week in Review.



Bill
by Bill Bernstein
Tue Jun 14, 2016 11:28 am
Forum: Personal Consumer Issues
Topic: Help! Microsoft kills WIN Live Mail-2012
Replies: 22
Views: 2558

Re: Help! Microsoft kills WIN Live Mail-2012

Hi Victoria! Like most everyone else on this post, I use and love T-bird. BUT, it seems certain that mozilla.org will cease its support/development of it one of these years, sooner rather than later. After that, maybe a user group will maintain it, maybe not. So nothing is forever. Hope to see you i...
by Bill Bernstein
Sat Jun 11, 2016 8:03 pm
Forum: Investing - Theory, News & General
Topic: Classic Bernstein 9 — The Stock Returns Fairy, Exposed
Replies: 16
Views: 4138

Re: Classic Bernstein 9 — The Stock Returns Fairy, Exposed

Yes, we're still diluting, but more slowly, perhaps the "new normal" is more like 1%, not 2%. (Rob keeps these data, and it's been a bit since I've peeked, but that was my eyeball of it last I did.) What this tells me is not to worry too much about economic slowing harming stock returns. Y...
by Bill Bernstein
Sun May 29, 2016 5:19 pm
Forum: Investing - Theory, News & General
Topic: Simplegift and Dr. Bernstein
Replies: 20
Views: 3260

Re: Simplegift and Dr. Bernstein

Thanks for all the kind words.

And, yep, my first name isn't Doctor ;-)



Bill
by Bill Bernstein
Sun May 29, 2016 7:02 am
Forum: Investing - Theory, News & General
Topic: Classic Bernstein 8 — Is Credit Risk Ever Worth Taking?
Replies: 20
Views: 3105

Re: Classic Bernstein 8 — Is Credit Risk Ever Worth Taking?

Hi All: Larry S. would make the point, and he'd be right, that being opportunistic with high-yield bonds is simply another way of taking equity risk--i.e., you'd be better off simply slightly upping your equity exposure rather than buying junk. The only arguments I have with that, and they're tiny p...
by Bill Bernstein
Thu May 26, 2016 2:02 pm
Forum: Investing - Theory, News & General
Topic: Bernstein says emergency fund part of your "asset allocation?"
Replies: 62
Views: 7429

Re: Bernstein says emergency fund part of your "asset allocation?"

Hi All: I hesitated to post on this one, since all of the above posts were of such high quality and relevance. Have I changed my mind the past two decades a little bit about "one portfolio" versus liability matching/risk portfolios. Well, a little As several of the above posters have noted...
by Bill Bernstein
Thu May 19, 2016 4:03 pm
Forum: Investing - Theory, News & General
Topic: Deep Risk (Bernstein): Any academic research on G Fund vs. TIPS as inflation hedge?
Replies: 28
Views: 4216

Re: Deep Risk (Bernstein): Any academic research on G Fund vs. TIPS as inflation hedge?

What I'm saying about REITs, or about any other asset class, is that you cannot ignore valuations. At the moment, they yield about 3.5%, not including return of capital, some of which seep into their "dividends." Add that to a likely negative real div growth, and you get a real return of a...
by Bill Bernstein
Tue May 17, 2016 4:25 pm
Forum: Investing - Theory, News & General
Topic: Another Bernstein Gem-Don't be Greedy
Replies: 42
Views: 8753

Re: Another Bernstein Gem-Don't be Greedy

Hi All: The main point of the piece was that if you've won the game, and if your equity allocation is high, to lighten up. Within 800 words, it's hard to produce a lot of nuance. Here's what got left out: 1) Of course there's a trade off between safety and consumption/spending. The richest person in...
by Bill Bernstein
Sun May 15, 2016 12:45 pm
Forum: Investing - Theory, News & General
Topic: Deep Risk (Bernstein): Any academic research on G Fund vs. TIPS as inflation hedge?
Replies: 28
Views: 4216

Re: Deep Risk (Bernstein): Any academic research on G Fund vs. TIPS as inflation hedge?

I got asked by Forrest for a PM comment, here's what I responded: Both good points, but there is a reason I didn't mention either: 1) The G fund carries the risk of low real rates with high inflation, as occurred for more than a decade before Volcker brought down the hammer. ie, despite its "s...
by Bill Bernstein
Mon May 09, 2016 12:39 am
Forum: Investing - Theory, News & General
Topic: Classic Bernstein 4 — Stocks Always Beat Bonds?
Replies: 19
Views: 3848

Re: Classic Bernstein 4 — Stocks Always Beat Bonds?

Well, it's been a while since 2002. Estimated vs. T-bills, currently yielding, at best, 30-50 bp nominal, equities are priced to return, oh, say, 6.5% nominal (2% divs, 4.5% earnings growth) for an expected ERP of around 6%. So I think it's now highly probable that stocks will beat bills over the lo...
by Bill Bernstein
Sun May 08, 2016 8:27 pm
Forum: Investing - Theory, News & General
Topic: Classic Bernstein 2 — Choosing Portfolio Bond Duration
Replies: 42
Views: 7423

Re: Classic Bernstein 2 — Choosing Portfolio Bond Duration

Of course high-rated corporate bonds never default; they first become lower-rated bonds before they do. Remember, at one time Enron, Wang Labs, GM, and Penn Central bonds were all highly rated. Those who think that even highly rated corporates will hold up when the sky turns stormy should take anoth...
by Bill Bernstein
Thu May 05, 2016 6:08 pm
Forum: Investing - Theory, News & General
Topic: Classic Bernstein 2 — Choosing Portfolio Bond Duration
Replies: 42
Views: 7423

Re: Classic Bernstein 2 — Choosing Portfolio Bond Duration

Excellent thread! Two points: 1) The risk of long bonds isn't well captured by volatility. Consider: the real total return of the long T from mid-1941 to mid-1981 was about -65%. That's what I call risk, far worse than any 40-year real equity return. 2) Yes, adding corporates diversifies bond risk. ...
by Bill Bernstein
Sun May 01, 2016 9:39 am
Forum: Investing - Theory, News & General
Topic: Classic Bernstein 1 — Asset Allocation and Time Horizon
Replies: 47
Views: 9180

Re: Classic Bernstein — Asset Allocation and Time Horizon

In the case of the example published in 1997, yes, there's a very close relationship between the % overall stocks and return, both at the 27-year and 5-year horizons. But this is just one time-dependent example. Were you to do this exercise today, it would be quite easy to come up with portfolios wi...
by Bill Bernstein
Sun May 01, 2016 12:21 am
Forum: Investing - Theory, News & General
Topic: Classic Bernstein 1 — Asset Allocation and Time Horizon
Replies: 47
Views: 9180

Re: Classic Bernstein — Asset Allocation and Time Horizon

Thanks all for the kind words and observations. I largely agree with all the points, except that it's certainly still possible to totally destroy the economic and social fabric of a society without largely annihilating the population: See "Middle East." And I also disagree with my self of ...
by Bill Bernstein
Sat Apr 16, 2016 1:24 pm
Forum: Investing - Theory, News & General
Topic: Everyone Worries Too Much About 'Black Swans'
Replies: 39
Views: 5236

Re: Everyone Worries Too Much About 'Black Swans'

Nisi has it nailed, and the Roth book is just one "black swan" out of millions of possible ones. Yes, they're *usually* an opportunity to buy at low prices, but only if you're still working and saving. And a lot of black swans, like the Great Depression, may foreclose that opportunity. Per...
by Bill Bernstein
Sat Apr 02, 2016 12:05 pm
Forum: Investing - Theory, News & General
Topic: William Bernstein likes factor tilts?
Replies: 10
Views: 1864

Re: William Bernstein likes factor tilts?

Hi All: All of the above are true. Anyone who tells you that he or she knows the optimal future portfolio is exhaling a large amount of sooty particulate matter. Yes, I think that factor tilts *probably* will be more efficient, and that over the very long term, a slight overweighting to precious met...
by Bill Bernstein
Thu Mar 03, 2016 10:32 am
Forum: Investing - Theory, News & General
Topic: "If You Can" book - Free Promo
Replies: 27
Views: 4868

"If You Can" book - Free Promo

Hi All: I've once again got a free Kindle promo running for the next few days on If You Can: http://www.amazon.com/gp/product/B00JCC5JKI?keywords=if%20you%20can&qid=1457018897&ref_=sr_1_1&s=digital-text&sr=1-1 and, as always, the booklet is available in free pdf: https://dl.dropboxus...
by Bill Bernstein
Sat Feb 20, 2016 11:10 am
Forum: Investing - Theory, News & General
Topic: Madoff--Ponzi Scheme
Replies: 37
Views: 5138

Re: Madoff--Ponzi Scheme

IowaFarmBoy has it exactly right. Most big fraud isn't deliberate; it usually begins with a small loss somewhere, then a slightly larger "borrowing" elsewhere, which also goes wrong . . . and so on. In Madoff's case, he began as a successful arbitrageur back in the 60s--convertibles, I bel...
by Bill Bernstein
Thu Feb 11, 2016 9:33 am
Forum: Investing - Theory, News & General
Topic: William Bernstein's "If You Can" Portfolio
Replies: 42
Views: 9022

Re: William Bernstein's "If You Can" Portfolio

Hi All: First, thanks for all the kind words. Some folks think that the portfolio is too aggressive, and some think that it's not aggressive enough. That tells me it's likely about right. 33/33/33 is suboptimal, theoretically, for a young person. But a suboptimal allocation you can execute is superi...
by Bill Bernstein
Sun Jan 24, 2016 5:44 am
Forum: Investing - Theory, News & General
Topic: Podcasts - financial
Replies: 14
Views: 2199

Re: Podcasts - financial

Barry Ritholtz's Masters in Business is my favorite finance-related one. A lot of active manager blah-blah, but many are simply superb, including Larry Swedroe's, Bill McNabb's, Jason Zweig's, and, oddly enough, Ken Fisher's. Planet Money is almost always brilliant, tho it's rarely financial. The Ec...
by Bill Bernstein
Fri Dec 04, 2015 3:29 pm
Forum: Investing - Help with Personal Investments
Topic: Wm. J. Bernstein's "If You Can"
Replies: 17
Views: 4446

Re: Wm. J. Bernstein's "If You Can"

Thanks for the kind words, all. The key words in the sentence at hand are "act as if." Of course, not all advisors and insurance agents are criminals. In fact, I've even come across a few brokers who bought and held stocks, and even recommended Treasuries for fixed income. But in world whe...
by Bill Bernstein
Tue Dec 01, 2015 6:49 pm
Forum: Investing - Theory, News & General
Topic: William Bernstein's "The Four Pillars of Investing" on Kindle for $1.99
Replies: 13
Views: 2542

Re: William Bernstein's "The Four Pillars of Investing" on Kindle for $1.99

Thanks for pointing that out, I had no idea McGraw-Hill had put up a promotion on it.

They must know what they're doing, right? ;-)

Bill
by Bill Bernstein
Thu Nov 12, 2015 11:57 pm
Forum: Investing - Theory, News & General
Topic: DFA Has Introduced Target Date Funds - LifeCycle Based?
Replies: 60
Views: 8286

Re: DFA Has Introduced Target Date Funds - LifeCycle Based?

Nisi:

Ameriks is Vanguard's "retirement theoretician," with a CV full of meaningful peer-reviewed work in the field, which is why his name was brought up several posts ago.

His name may not be on the TDFs, but his fingerprints are.

Bill
by Bill Bernstein
Thu Nov 12, 2015 4:15 pm
Forum: Investing - Theory, News & General
Topic: DFA Has Introduced Target Date Funds - LifeCycle Based?
Replies: 60
Views: 8286

Re: DFA Has Introduced Target Date Funds - LifeCycle Based?

1) As of 3 days ago, Mr. Ameriks definitely knew about the DFA TDFs. :wink:

2) I'm also afraid that MN Finance is right: The percentage of folks who will use these (either DFA or DFA/TIAA) properly over the long haul will be close to zero.

Bill