Search found 34752 matches

by nisiprius
Wed Apr 25, 2018 7:24 am
Forum: Investing - Theory, News & General
Topic: Help poke holes? Roger Ibbotson recommends a Fixed Index Annuity as a partial bond alternative.
Replies: 12
Views: 816

Re: Help poke holes? Roger Ibbotson recommends a Fixed Index Annuity as a partial bond alternative.

The big thing that is missing from his paper is any statement like this: "We analyzed 74 FIAs that were available at the start of the study. Six of them had to be dropped because they were discontinued while we were performing the analysis. We found that that the range of guaranteed minimum returns ...
by nisiprius
Wed Apr 25, 2018 5:41 am
Forum: Investing - Theory, News & General
Topic: Another Warren Buffett S&P 500 Recommendation
Replies: 20
Views: 2177

Re: Another Warren Buffett S&P 500 Recommendation

...Yes, it's annoying, but here's a simple guess: The mundane reason for just mentioning the S&P 500 is probably that this is the most well-known index. And it's the world that Buffett lives in ... Berkshire's performance is measured against US large cap. There's lots and lots of S&P 500 index fund...
by nisiprius
Tue Apr 24, 2018 9:22 pm
Forum: Investing - Theory, News & General
Topic: Help poke holes? Roger Ibbotson recommends a Fixed Index Annuity as a partial bond alternative.
Replies: 12
Views: 816

Re: Help poke holes? Roger Ibbotson recommends a Fixed Index Annuity as a partial bond alternative.

Lastly, know that there are no fees attached to these products... FINRA says Some EIAs use a spread, margin or asset fee in addition to, or instead of, a participation rate. This percentage will be subtracted from any gain in the index linked to the annuity. For example, if the index gained 10 perc...
by nisiprius
Tue Apr 24, 2018 9:15 pm
Forum: Investing - Theory, News & General
Topic: Help poke holes? Roger Ibbotson recommends a Fixed Index Annuity as a partial bond alternative.
Replies: 12
Views: 816

Re: Help poke holes? Roger Ibbotson recommends a Fixed Index Annuity as a partial bond alternative.

This might be the paper? Fixed Indexed Annuities: Consider the Alternative Fixed index annuities are different from each other and hard to understand, and FINRA actually has a warning (OK, an "alert") about them: Equity-indexed annuities: A Complex Choice And according to FINRA, "EIAs were first sol...
by nisiprius
Tue Apr 24, 2018 8:05 pm
Forum: Investing - Theory, News & General
Topic: Another Warren Buffett S&P 500 Recommendation
Replies: 20
Views: 2177

Re: Another Warren Buffett S&P 500 Recommendation

...just keep buying the S&P 500 index and forget about all the other nonsense being sold to you, because I guarantee you one thing about the stuff being sold to you, it will carry bigger fees than what I'm talking about... Typical Buffett. I wonder if he means to leave open questions just to annoy ...
by nisiprius
Tue Apr 24, 2018 7:43 pm
Forum: Investing - Theory, News & General
Topic: A Challenge To The 3 Fund Portfolio...The 2 Fund Portfolio
Replies: 28
Views: 2175

Re: A Challenge To The 3 Fund Portfolio...The 2 Fund Portfolio

The Sharpe ratio is one way to measure risk-adjusted return. I think it's a fairly good way. It starts by assuming that volatility, as measured by standard deviation, is a reasonable measure of risk. I posted about this once before: I believe it is a reasonable measure because I did some poking arou...
by nisiprius
Tue Apr 24, 2018 7:11 pm
Forum: Personal Finance (Not Investing)
Topic: [Vanguard account locked out due to deceased owner]
Replies: 43
Views: 1981

Re: [Vanguard account locked out due to deceased owner]

This seems to me to be the kind of situation where you take some deep breaths, brush aside your frustration, and ask someone at Vanguard "please explain to me the simple twenty-step procedure I need to follow," and then just start slogging through, spending yet another $15 for yet another copy of th...
by nisiprius
Tue Apr 24, 2018 3:58 pm
Forum: Investing - Help with Personal Investments
Topic: A Rant about Ticker Speak
Replies: 68
Views: 5611

Re: A Rant about Ticker Speak

If a person is too lazy to type the name of a fund in addition to the ticker symbol, I guess don't feel too bad for being too lazy to look them up. Fair, no? Hear, hear. Since not everybody can install every kind of add-on for every browser, all the "technical fix" people should "just" find or deve...
by nisiprius
Tue Apr 24, 2018 3:08 pm
Forum: Investing - Theory, News & General
Topic: A Challenge To The 3 Fund Portfolio...The 2 Fund Portfolio
Replies: 28
Views: 2175

Re: A Challenge To The 3 Fund Portfolio...The 2 Fund Portfolio

I'd appreciate it if you'd post links to the actual portfolios you tested. You can get that here: https://imgur.com/RY2CgKc.png The result will look something like this: https://www.portfoliovisualizer.com/backtest-portfolio?s=y&s=y&timePeriod=4&startYear=1985&firstMonth=1&endYear=2018&lastMonth=12&...
by nisiprius
Tue Apr 24, 2018 12:11 pm
Forum: Investing - Help with Personal Investments
Topic: How to invest what little retirement money is left at 85
Replies: 10
Views: 2161

Re: How to invest what little retirement money is left at 85

If he has a charity he is interested in supporting, and if they have a charitable gift annuity program, and if neither you or he is concerned with leaving money to you, his $30,000 could purchase an income of 7.8% of $30,000 = $2,340/year or just under $200/month for the rest of his life, and possib...
by nisiprius
Tue Apr 24, 2018 9:25 am
Forum: Investing - Help with Personal Investments
Topic: A Rant about Ticker Speak
Replies: 68
Views: 5611

Re: A Rant about Ticker Speak

100% VTSAX wrote:
Tue Apr 24, 2018 9:23 am
Does this mean I have to change my username? :mrgreen:
Only if you drop below $10,000. :D
by nisiprius
Tue Apr 24, 2018 9:21 am
Forum: Investing - Help with Personal Investments
Topic: A Rant about Ticker Speak
Replies: 68
Views: 5611

Re: A Rant about Ticker Speak

I agree completely about "ticker speak." Even when speaking of the most commonly mentioned mutual funds in this forum, it is confusing because many Vanguard index funds have at least three ticker symbols, for investor and Admiral shares of the mutual funds, and for the ETF. Even if you know VTSMX yo...
by nisiprius
Mon Apr 23, 2018 4:30 pm
Forum: Investing - Theory, News & General
Topic: Vanguard Surveys
Replies: 43
Views: 1708

Re: Emailed Vanguard Survey from "GfK". Possible spam or phishing?

If you call Vanguard, the rep who answers the phone will probably not have any idea what you are talking about. I would call GfK directly to inquire about it. They could tell you who to talk to at Vanguard to confirm that it is legitimate. Phone: (212) 240-5300 You need to be careful not to let the...
by nisiprius
Mon Apr 23, 2018 9:00 am
Forum: Investing - Theory, News & General
Topic: Boglehead Philosophy Open To Change?
Replies: 197
Views: 8289

Re: Boglehead Philosophy Open To Change?

In the video Snarlyjack linked to, Dividend Investing: Your Hedge Against the Unexpected --I am not clear on whether he made the video himself--the case is made that "Dividends are the ultimate hedge against the unexpected." The presenter begins by saying that he was in the hospital and that The rea...
by nisiprius
Mon Apr 23, 2018 8:52 am
Forum: Investing - Theory, News & General
Topic: Boglehead Philosophy Open To Change?
Replies: 197
Views: 8289

Re: Boglehead Philosophy Open To Change?

I may have misread, but wasn't the dividends debate about tax efficiency? Does your chart show after-tax returns? Snarlyjack just said, direct quote, "P.S. I' am personally not interested in taxes." Taxes are important to investors for whom taxes are important. Personally, until I started taking RM...
by nisiprius
Mon Apr 23, 2018 8:33 am
Forum: Investing - Theory, News & General
Topic: Boglehead Philosophy Open To Change?
Replies: 197
Views: 8289

Re: Boglehead Philosophy Open To Change?

Snarlyjack, please look at the posting I just made. I promise that in return I will watch the video you linked to if it is less than ten minutes long. Your dividend-oriented stock funds are no better and no worse as "a hedge against the unexpected" than funds without a dividend focus. https://imgur....
by nisiprius
Mon Apr 23, 2018 8:05 am
Forum: Investing - Theory, News & General
Topic: Boglehead Philosophy Open To Change?
Replies: 197
Views: 8289

Re: Boglehead Philosophy Open To Change?

I try to keep an open mind about many things, but arithmetic isn't one of them. With regard to the dividend thing, if you see three growth charts that look like these--blue, VTSMX, Vanguard Total Stock; orange, VEIPX, Vanguard Equity-Income Fund (a traditional old active stock fund intended specific...
by nisiprius
Sun Apr 22, 2018 8:34 pm
Forum: Personal Consumer Issues
Topic: What Book Are You Currently Reading? Part VI
Replies: 2977
Views: 918295

Re: What Book Are You Currently Reading? Part VI

I just finished a blast from the past: "John Blaine" (Hal Goodwin)'s The Rocket's Shadow, the first in the juvenile series of "Rick Brant Electronic Adventures." When I was reading them at about age 9 or 10, I felt faintly dissatisfied by the science and engineering details, but couldn't quite put m...
by nisiprius
Sun Apr 22, 2018 3:17 pm
Forum: Investing - Theory, News & General
Topic: Gotham Enhanced Value Index
Replies: 21
Views: 4039

Re: Gotham Enhanced Value Index

As a "stay the course" investor, I want to invest in funds I can hold for a long time. In 2011, Greenblatt launched four "Formula Investing" funds that were supposed to embody his "Magic Formula:" Gotham Absolute Return Fund (GARIX), Gotham Enhanced Return Fund (GENIX), Gotham Absolute 500 Fund (GFI...
by nisiprius
Sun Apr 22, 2018 2:26 pm
Forum: Investing - Theory, News & General
Topic: Boglehead Philosophy Open To Change?
Replies: 197
Views: 8289

Re: Boglehead Philosophy Open To Change?

I think the part of the Boglehead philosophy that often gets missed or misunderstood is "Invest with simplicity." It is the whole business of satisficing rather than optimizing. The straw man is "Bogleheads claim their philosophy and/or the three-fund portfolio is optimum." We don't. Speaking for my...
by nisiprius
Sun Apr 22, 2018 7:18 am
Forum: Investing - Theory, News & General
Topic: I’m still not a fan of international bond funds
Replies: 137
Views: 7959

Re: I’m still not a fan of international bond funds

Personally, I just don't care. The closest thing I know to a longer "history" for a currency-hedged international bond mutual fund I know would be a PIMCO fund, "PIMCO Global Bond (US Dollar-Hedged) Fund" (blue) with an 0.55% expense ratio. I compared it to Vanguard Total Bond (orange). Based on, yo...
by nisiprius
Sat Apr 21, 2018 8:17 pm
Forum: Investing - Theory, News & General
Topic: "Making decisions based on past performance works (except when it doesn’t)"
Replies: 17
Views: 1966

Re: "Making decisions based on past performance works (except when it doesn’t)"

I can't speak for other investors but, no, I do not base my choice to use index funds on the basis of past performance. 1) I expect Vanguard and other low-cost total market index funds to beat the average active fund because before costs, the average of all actively managed funds must match the mark...
by nisiprius
Sat Apr 21, 2018 4:44 pm
Forum: Investing - Theory, News & General
Topic: "Making decisions based on past performance works (except when it doesn’t)"
Replies: 17
Views: 1966

Re: "Making decisions based on past performance works (except when it doesn’t)"

...99% of Vanguard's business is based on the widespread belief that past stock market returns predict future returns. How many investors would Vanguard have today if the stock market were at 1/3 level of what it was in 2011, instead of 3X higher?.... So what? Neither Taylor nor Vanguard nor the st...
by nisiprius
Sat Apr 21, 2018 2:30 pm
Forum: Investing - Help with Personal Investments
Topic: Healthcare ETF to Invest in Cannabis?
Replies: 4
Views: 341

Re: Healthcare ETF to Invest in Cannabis?

Tycoon wrote:
Sat Apr 21, 2018 1:48 pm
Has Bogleheads.org jumped the shark?
Maybe it jumped the shark on Wed Nov 14, 2012

How to invest in legalized marijuana

Posted by respected poster Stratton, 11,802 posts, who was not advocating it, but was interested in a MarketWatch article about it.
by nisiprius
Sat Apr 21, 2018 1:16 pm
Forum: Investing - Help with Personal Investments
Topic: Healthcare ETF to Invest in Cannabis?
Replies: 4
Views: 341

Re: Healthcare ETF to Invest in Cannabis?

I think it's a really bad idea. Making a sector bet is a bad idea. Making narrow, undiversified investment in a industry that's smaller than a whole sector is a worse idea. Making a speculative investment based on really obvious things that everybody knows is a an even worse idea. Your hypothetical ...
by nisiprius
Sat Apr 21, 2018 1:03 pm
Forum: Investing - Theory, News & General
Topic: I’m still not a fan of international bond funds
Replies: 137
Views: 7959

Re: I’m still not a fan of international bond funds

What's with this? On this one, the second, did Vanguard lock in an interest rate of 1.5% until 2086? Wow. That's thinking ahead. That's... counting on fingers... 68 years from now. A lot of us will never know how that investment turned out.

Image
by nisiprius
Sat Apr 21, 2018 10:12 am
Forum: Investing - Help with Personal Investments
Topic: Why is a share price for Schwab much cheaper than Vanguard?
Replies: 10
Views: 1077

Re: Why is a share price for Schwab much cheaper than Vanguard?

Schwab is selling you quarts and Vanguard is selling you gallons. And the unit price per quart is about the same. I don't want to fuss over small details here (like the proportion of the fund's cash holdings, etc.) But we can do some rough math. For VFINX, in the 12/31/2017 annual report, I am seein...
by nisiprius
Sat Apr 21, 2018 9:37 am
Forum: Personal Consumer Issues
Topic: Long term care ins John Hancock
Replies: 32
Views: 1501

Re: Long term care ins John Hancock

We bought a long-term-care insurance policy from John Hancock in 2003. Since we haven't had to use it I can't tell you anything useful about how they deal with claims. They have good enough records that they remember to mail us various annual notices. We keep our copy of the policy, with the coverag...
by nisiprius
Sat Apr 21, 2018 9:24 am
Forum: Investing - Help with Personal Investments
Topic: Bonds beat stocks ?
Replies: 10
Views: 859

Re: Bonds beat stocks ?

It is accurate to say that in the United States, over the period from 1926 to the present, measuring by standard deviation, that bonds generally have had lower risk and lower return than stocks and that stocks generally have had higher risk and higher return than bonds. Because of the higher volatil...
by nisiprius
Fri Apr 20, 2018 9:17 pm
Forum: Investing - Theory, News & General
Topic: I’m still not a fan of international bond funds
Replies: 137
Views: 7959

Re: I’m still not a fan of international bond funds

I think an interesting question is: how does it benefit Vanguard to offer these funds?
by nisiprius
Fri Apr 20, 2018 5:47 pm
Forum: Investing - Theory, News & General
Topic: Interesting S & P 500 facts
Replies: 9
Views: 1755

Re: Interesting S & P 500 facts

but it is not an index of the 500 largest-cap stocks. Do you by chance know what the largest-cap companies are that are not included? Not offhand. But the list of the CRSP Large-Cap Index constituents is here . For the S&P 500, we can use either Wikipedia's list or the list of holdings of the Vangu...
by nisiprius
Fri Apr 20, 2018 3:34 pm
Forum: Investing - Theory, News & General
Topic: Interesting S & P 500 facts
Replies: 9
Views: 1755

Re: Interesting S & P 500 facts

I think this is an interesting fact about the S&P 500: it is about 99% US, 1% international. Not 100% US. It doesn't actually matter; inclusion is based on being listed on a US stock exchange; and the "international" companies are in many cases former US companies that moved their legal domiciles ov...
by nisiprius
Fri Apr 20, 2018 3:18 pm
Forum: Personal Consumer Issues
Topic: How much off MSRP should one expect?
Replies: 23
Views: 2018

Re: How much off MSRP should one expect?

A perfect example of asymmetrical information. It depends on the demand for the car, which you might not know. It depends on how overpriced the MSRP is to begin with, which might not be the same for every car. It depends on what factory incentives, SPFs, whatever they call them, the dealer gets for ...
by nisiprius
Fri Apr 20, 2018 2:21 pm
Forum: Investing - Help with Personal Investments
Topic: Anyone invest in I Bonds and why?
Replies: 44
Views: 5283

Re: Anyone invest in I Bonds and why?

I invest in them because they are the lowest-risk investment I know. Unlike bank accounts, they are protected against inflation. An absolutely key feature, which many people do not understand, is that although they are called "bonds," unlike normal marketable bonds they are free from interest rate r...
by nisiprius
Fri Apr 20, 2018 9:14 am
Forum: Investing - Theory, News & General
Topic: We crush stock indexes, Yale claims
Replies: 98
Views: 11095

Re: We crush stock indexes, Yale claims

Since I have no way I can invest directly in Yale's endowment fund, and no way I, as a "mass affluent" retail investor can duplicate the fund's investments personally, it's all irrelevant and there's no reason to care. I can either ignore it, or I can get suckered by various people and products flin...
by nisiprius
Thu Apr 19, 2018 9:21 pm
Forum: Investing - Theory, News & General
Topic: Lack of FDIC Insurance a big deal?
Replies: 39
Views: 3538

Re: Lack of FDIC Insurance a big deal?

https://imgur.com/KPMKxBQ.png Briefly: In ye olde days, meaning in between about 1952 to 1973, inflation was low. Since the Depression, banks had been tightly regulated. One issue was that banks borrowed short (paying interest on bank accounts) and loaned long (30-year fixed-rate mortgages). That w...
by nisiprius
Thu Apr 19, 2018 6:58 pm
Forum: Investing - Theory, News & General
Topic: Interesting S & P 500 facts
Replies: 9
Views: 1755

Re: Interesting S & P 500 facts

Inclusion in the S&P 500 isn't based strictly on market cap. Depending on definitions, it contains 10%-15% mid-cap. It is an index that is predominantly and on average large-cap stocks, it is "a large-cap index," but it is not an index of the 500 largest-cap stocks. S&P says that it is an index of "...
by nisiprius
Thu Apr 19, 2018 3:10 pm
Forum: Personal Consumer Issues
Topic: Factor in evaluating Physicians
Replies: 86
Views: 4529

Re: Factor in evaluating Physicians

The issue, it seems to me, is the bias (especially woth drugs) of receiving compensation related to prescribing expensive drugs from the manufacturers. Do you really think that the average physician is going to be influenced adversely by a pizza or sub-sandwich lunch for him/her and some of the off...
by nisiprius
Thu Apr 19, 2018 2:20 pm
Forum: Personal Consumer Issues
Topic: Factor in evaluating Physicians
Replies: 86
Views: 4529

Re: Factor in evaluating Physicians

I see nearly every doctor from my city on this list. What am I supposed to do with this knowledge? Be aware of it; perhaps be ready to at least ask a question or two if your doctor is recommending a drug that's being advertised direct-to-the-consumer on TV, for which there are old equivalents; and ...
by nisiprius
Thu Apr 19, 2018 8:17 am
Forum: Investing - Theory, News & General
Topic: Unimpressive category averages of managed futures, multialternative, market neutral, etc.
Replies: 82
Views: 5115

Re: Unimpressive category averages of managed futures, multialternative, market neutral, etc.

With regard to the nature of the BTOP50 index, I emailed BarclayHedge with some questions and received a reply saying: --returns are net of fees --the April return as of April 18 reflects an estimate of the Index return from April 1 - 17 based on the daily returns of he underlying funds. --The advis...
by nisiprius
Thu Apr 19, 2018 8:11 am
Forum: Investing - Theory, News & General
Topic: Goof? Prime MM, "retail," "Admiral," $5 million minimum?
Replies: 20
Views: 2628

Re: Goof? Prime MM, "retail," "Admiral," $5 million minimum?

[And a later edit - I found Vanguard's announcement of the name change from Institutional to Admiral - https://pressroom.vanguard.com/news/Press_Release_Vanguard_Prime_Tax_Exempt_MMF_for_Indiv_06.16.15.html Bingo. Thanks to Dantes and to whose who pointed out that institutions can't hold this any m...
by nisiprius
Thu Apr 19, 2018 6:38 am
Forum: Investing - Theory, News & General
Topic: Lack of FDIC Insurance a big deal?
Replies: 39
Views: 3538

Re: Lack of FDIC Insurance a big deal?

It's not totally meaningless. As far as I know, to date, there has been exactly one money market mutual fund that has ever collapsed, and oddly enough it was the grandaddy of them all, the Reserve Primary Money Market Fund. The final outcome was that all of the fund's investors eventually got almost...
by nisiprius
Thu Apr 19, 2018 6:10 am
Forum: Investing - Theory, News & General
Topic: Goof? Prime MM, "retail," "Admiral," $5 million minimum?
Replies: 20
Views: 2628

Re: Goof? Prime MM, "retail," "Admiral," $5 million minimum?

munemaker wrote:
Thu Apr 19, 2018 6:04 am
No, I don't think it is a mistake.

The Admiral shares are to pass lower expense ratios on to larger account holders (not for pikers).
Every other Admiral share-class fund I know of has a minimum of either $10,000 (index funds) or $50,000 (non-index funds).
by nisiprius
Thu Apr 19, 2018 5:52 am
Forum: Investing - Theory, News & General
Topic: Goof? Prime MM, "retail," "Admiral," $5 million minimum?
Replies: 20
Views: 2628

Goof? Prime MM, "retail," "Admiral," $5 million minimum?

Do you think this is a goof and someone typed "Admiral" when they meant to type "Institutional?" It's too rich for my blood, that's for sure. VMMRX web page https://imgur.com/t53FTHQ.png It's "fund number" 0066; the best evidence I see of a goof is that the actual HTML page title code is "<TITLE>Van...
by nisiprius
Thu Apr 19, 2018 5:47 am
Forum: Investing - Theory, News & General
Topic: The cost of maintaining stable NAV in money market funds
Replies: 5
Views: 710

Re: The cost of maintaining stable NAV in money market funds

Tangentially, I was surprised to realize that the Vanguard Prime Money Market Fund currently has the highest expense ratio of all the mutual funds I hold. It's not that it's a big deal or worth fussing about, but... does know where to find past expense ratios? I'm almost sure that it used have the l...
by nisiprius
Wed Apr 18, 2018 7:55 pm
Forum: Personal Finance (Not Investing)
Topic: How to argue for S&P
Replies: 15
Views: 954

Re: How to argue for S&P

Very likely the people who select funds for your 401(k) only choose funds that have outperformed in the past, so it's 20/20 hindsight. The problem is that there's no evidence that outperformance persists. For example, Morningstar has officially acknowledged that its star ratings do not show persiste...
by nisiprius
Wed Apr 18, 2018 4:05 pm
Forum: Investing - Theory, News & General
Topic: Unimpressive category averages of managed futures, multialternative, market neutral, etc.
Replies: 82
Views: 5115

Re: Unimpressive category averages of managed futures, multialternative, market neutral, etc.

Barclay BTOP50 Index The BTOP50 Index seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure. The BTOP50 employs a top-down approach in selecting its constituents. The largest investable trading advisor programs, as measur...
by nisiprius
Wed Apr 18, 2018 3:59 pm
Forum: Investing - Help with Personal Investments
Topic: Please help me with arguments for/against actively managed...
Replies: 34
Views: 1588

Re: Please help me with arguments for/against actively managed...

There is a classic article out there called "Alpha Hunters and Beta Grazers" by Martin Leibowitz. It talks about under what conditions you should be active - "Alpha", and when passive - "Beta" It is here, Leibowitz, Martin A., Alpha Hunters and Beta Grazers. Financial Analysts Journal, Vol. 61, No....
by nisiprius
Wed Apr 18, 2018 3:52 pm
Forum: Investing - Theory, News & General
Topic: Unimpressive category averages of managed futures, multialternative, market neutral, etc.
Replies: 82
Views: 5115

Re: Unimpressive category averages of managed futures, multialternative, market neutral, etc.

Lack_ey, I agree that the shape of the BTOP50 index looks more like some kind of continuous, smooth slowdown, not a corner at 2007. I'm not quite sure what the BTOP50 Index is; these don't seem to be mutual funds: AlphaGen Capital Limited (Long Short Agriculture Fund AlphaSimplex Group, LLC (Managed...
by nisiprius
Wed Apr 18, 2018 12:56 pm
Forum: Investing - Theory, News & General
Topic: Unimpressive category averages of managed futures, multialternative, market neutral, etc.
Replies: 82
Views: 5115

Re: Unimpressive category averages of managed futures, multialternative, market neutral, etc.

...So, what am I to conclude? course of action?... In my case, my chosen course of action is: Ignore "innovative" mutual funds that, for the first time, finally bring to retail investors strategies and asset classes, formerly available only to sophisticated wealthy investors, hedge funds, and insti...