Search found 34990 matches

by nisiprius
Wed May 23, 2018 6:00 am
Forum: Investing - Theory, News & General
Topic: Rob Arnott:index Investors Buy High, Sell Low
Replies: 50
Views: 4408

Re: Rob Arnott:index Investors Buy High, Sell Low

...But the goal of passive investing is not passivity in the sense of no transactions, the goal is to replicate the "market portfolio."... I'm not sure if I agree with that or not :-? Something about that definition rubs a little bit funny. The idea of "passive investing" has been around long befor...
by nisiprius
Wed May 23, 2018 5:53 am
Forum: Investing - Theory, News & General
Topic: Fact, Fiction, and the Size Effect
Replies: 14
Views: 1208

Re: Fact, Fiction, and the Size Effect

...That's not contradictory, though... The conclusions about size being more robust are only in the context of a multi-factor model that controls for junk. Not the regular size factor that you'd see in the Fama-French 3-factor model. The second paper makes a different point about different effects,...
by nisiprius
Tue May 22, 2018 9:16 pm
Forum: Investing - Theory, News & General
Topic: Fact, Fiction, and the Size Effect
Replies: 14
Views: 1208

Re: Fact, Fiction, and the Size Effect

This is a great find. As the graph clearly shows, there is a substantial return to the size factor in January, but absolutely no evidence of any size premium outside of January. The returns to size are completely flat throughout most of the year. Whatever premium the size factor has seems to be gen...
by nisiprius
Tue May 22, 2018 9:02 pm
Forum: Investing - Theory, News & General
Topic: Fact, Fiction, and the Size Effect
Replies: 14
Views: 1208

Re: Fact, Fiction, and the Size Effect

Another interesting read from AQR, from 2015: The Small-Firm Effect is Real, and it's Spectacular , and the 2015 paper it references, Size Matters, if you Control Your Junk by five authors including two of the authors of the 2018 paper . (As a general skeptic I like the 2018 paper better. That's jus...
by nisiprius
Tue May 22, 2018 8:30 pm
Forum: Investing - Theory, News & General
Topic: Rob Arnott:index Investors Buy High, Sell Low
Replies: 50
Views: 4408

Re: Rob Arnott:index Investors Buy High, Sell Low

To me the ideal passive stock market fund would be one that never, ever trades. That's even better than an index fund that trades smartly. The only downside is a gradual loss of diversification, which is meaningless over a human lifetime. Why is that ideal? Lowest cost. You mean like the Voya Corpo...
by nisiprius
Tue May 22, 2018 7:32 pm
Forum: Personal Consumer Issues
Topic: Do people still use AAA?
Replies: 273
Views: 20454

Re: Do people still use AAA?

We still use it. The last time we used was in 2017. We were at a campground in Nebraska. We let the battery go dead, my own fault. I have no doubt the campground hosts could have helped us call a tow truck with a booster battery or perhaps given us a boost themselves, but anyway, AAA worked fine. To...
by nisiprius
Tue May 22, 2018 6:16 pm
Forum: Investing - Theory, News & General
Topic: Edelman & Financial Engines merging
Replies: 23
Views: 2140

Re: Edelman & Financial Engines merging

Bogleheads: I would like to see an actual portfolio designed by the Ric Edelman group. Thank you and Best wishes. Taylor Ric has a quick robo advisor: Ric GPS I do not think this counts as an "actual portfolio." I can't speak for Taylor but to me an "actual portfolio" would name the actual funds an...
by nisiprius
Tue May 22, 2018 6:09 pm
Forum: Investing - Theory, News & General
Topic: Theory: Total World Index a Sure Fire Win [VT/VTWSX]
Replies: 41
Views: 2847

Re: Theory: Total World Index a Sure Fire Win [VT/VTWSX]

guyesmith wrote:
Tue May 22, 2018 3:12 pm
...I see your point that the US-only outperforms...
I think my real point is that "In theory, there is no difference between theory and practice, but, in practice, there is."
by nisiprius
Tue May 22, 2018 5:45 pm
Forum: Investing - Theory, News & General
Topic: Does your value fund own the wrong value stocks?
Replies: 24
Views: 2476

Re: Does your value fund own the wrong value stocks?

...I mean, we agree this is an especially terrible fund right?... I wouldn't know. I think it's the only mutual fund that tracks S&P 600 Pure Value, which, if so, would make it both the worst and the best fund of its kind. Maybe there is general agreement that it is a terrible fund in hindsight, bu...
by nisiprius
Tue May 22, 2018 2:48 pm
Forum: Investing - Theory, News & General
Topic: Theory: Total World Index a Sure Fire Win [VT/VTWSX]
Replies: 41
Views: 2847

Re: Theory: Total World Index a Sure Fire Win [VT/VTWSX]

This is a sort of a trick question and I do not want to hide the fact that it's a trick question... but I am going to be tricky enough not to state what I think the explanation is. According to the Credit Suisse Global Returns Yearbook, from 1900 through 2017 (i.e. over a century): The total real re...
by nisiprius
Tue May 22, 2018 2:22 pm
Forum: Investing - Theory, News & General
Topic: Is HFXIX (Catalyst Hedged Futures Strategy Fund) a good idea for long-term, low-risk capital preservation?
Replies: 8
Views: 359

Re: Is HFXIX (Catalyst Hedged Futures Strategy Fund) a good idea for long-term, low-risk capital preservation?

I'm a BH newbie, and I appreciate everyone's willingness to help with financial education. I recently stumbled upon HFXIX in my quest to learn more about financial assets. Initially, HFXIX sounded like a good place to park a small chunk of money for a long period of time (about a decade, which is w...
by nisiprius
Tue May 22, 2018 2:02 pm
Forum: Investing - Theory, News & General
Topic: Is HFXIX (Catalyst Hedged Futures Strategy Fund) a good idea for long-term, low-risk capital preservation?
Replies: 8
Views: 359

Re: Is HFXIX (Catalyst Hedged Futures Strategy Fund) a good idea for long-term, low-risk capital preservation?

I am an unsophisticated investor. This is partly because, when I look carefully at sophisticated asset classes and strategies, I find them unconvincing. Bogleheads usually invest in traditional "securities:" stocks, bonds, and cash-equivalents, and we usually do so via broad-based mutual funds and E...
by nisiprius
Mon May 21, 2018 9:02 pm
Forum: Investing - Help with Personal Investments
Topic: Have Annuity Rates Gone Up?
Replies: 15
Views: 1564

Re: Have Annuity Rates Gone Up?

Relation between annuity yield and interest rates https://www.forbes.com/sites/wadepfau/2015/08/25/annuity-pricing-sensitivity/#6aaf64d374d2 Yes, higher present interest rates do increase the yield, but less than point-for-point. Because much of the payout from an annuity is not coming from interes...
by nisiprius
Mon May 21, 2018 7:35 pm
Forum: Investing - Theory, News & General
Topic: will the SP500 double in 7 years?
Replies: 98
Views: 10412

Re: will the SP500 double in 7 years?

Iran sanction. Production cut and consumption up. Supply and demand. Usually at end of business cycle, oil will perform well. I am adding energy too. Venezuela, too. Incredible as it seems, the Venezuelan government has not even managed to maintain the infrastructure for oil production: Oil Rises a...
by nisiprius
Mon May 21, 2018 12:54 pm
Forum: Investing - Theory, News & General
Topic: Edelman & Financial Engines merging
Replies: 23
Views: 2140

Re: Edelman & Financial Engines merging

I hope Financial Engines was telling the truth, when they said they would delete all my data when I closed the free account I had with them. Some may recall that they were originally a completely free-as-in-beer website, and I opened an account with them in the year 2000 and gave them all my financi...
by nisiprius
Mon May 21, 2018 12:36 pm
Forum: Investing - Theory, News & General
Topic: will the SP500 double in 7 years?
Replies: 98
Views: 10412

Re: will the SP500 double in 7 years?

I'm with Victoria. Yes, it's worth revisiting one's old predictions, but by jumping the gun, Snowjob has simply launched a fresh round of arguments over our personal predictions about the next seven months. Of course, willthrill's point is how bad predictions are, but he is predicting that Snowjob'...
by nisiprius
Mon May 21, 2018 10:06 am
Forum: Investing - Theory, News & General
Topic: Why is Vanguard switching all accounts to brokerage accounts?
Replies: 86
Views: 13375

Re: Why is Vanguard switching all accounts to brokerage accounts?

What are the disadvanges of the brokerage account vs the mutual fund account? I remember clicking something to accept the upgrade a year or two back but haven't noticed any differences. The mutual fund accounts offered a variety of automatically scheduled purchases, sales, and exchanges. I don't th...
by nisiprius
Mon May 21, 2018 10:03 am
Forum: Investing - Theory, News & General
Topic: Why is Vanguard switching all accounts to brokerage accounts?
Replies: 86
Views: 13375

Re: Why is Vanguard switching all accounts to brokerage accounts?

I will just point out that this is the way Fidelity has done it at least since 2006, probably much earlier, and probably Schwab, too. My only "account" at Fidelity was a brokerage account, and Fidelity funds were held within the brokerage account. As far as I know it is still possible to have an acc...
by nisiprius
Mon May 21, 2018 7:24 am
Forum: Investing - Theory, News & General
Topic: will the SP500 double in 7 years?
Replies: 98
Views: 10412

Re: will the SP500 double in 7 years?

I'm with Victoria. Yes, it's worth revisiting one's old predictions, but by jumping the gun, Snowjob has simply launched a fresh round of arguments over our personal predictions about the next seven months. Of course, willthrill's point is how bad predictions are, but he is predicting that Snowjob's...
by nisiprius
Sun May 20, 2018 2:18 pm
Forum: Personal Consumer Issues
Topic: Tesla Autopilot, worth it?
Replies: 26
Views: 1675

Re: Tesla Autopilot, worth it?

We have the package of ordinary new safety and driver-assist features on our ordinary 2016-model car: pre-collision sensing, late departure alert, blind spot sensing, and so forth. I think it's worthwhile. Three features we find really valuable are the blind-spot sensing, the "rear cross traffic" al...
by nisiprius
Sun May 20, 2018 12:52 pm
Forum: Investing - Theory, News & General
Topic: Buffett says Bonds are a terrible investment now. What should we invest in besides stocks?
Replies: 76
Views: 9379

Re: Buffett says Bonds are a terrible investment now. What should we invest in besides stocks?

He never mentions Treasury inflation-protected securities (TIPS). He never says why. Are his comments supposed to apply to TIPS, too, or only to nominal bonds? I don't know. AFAIK he hasn't said. I've followed Buffett for a long time and don't recall him ever specifically addressing TIPS, but I fee...
by nisiprius
Sun May 20, 2018 12:38 pm
Forum: Investing - Theory, News & General
Topic: Has Firecalc or I-ORP altered your retirement plans?
Replies: 35
Views: 3687

Re: Has Firecalc or I-ORP altered your retirement plans?

I used a FIRECALC-like tool provided by Fidelity, called the Fidelity Retirement Income Planner, circa 2007. Here are some things that really influenced me. a) I had and have a very conservative allocation. After I ran the tool, it gave me a very specific recommendation that I should consider increa...
by nisiprius
Sun May 20, 2018 11:01 am
Forum: Investing - Theory, News & General
Topic: Challenge: guess the effect of rebalancing (by interval or bands) in 2008-2009
Replies: 35
Views: 3567

Re: Challenge: guess the effect of rebalancing (by interval or bands) in 2008-2009

One obvious reason for rebalancing, the one I think everyone agrees on, is that if you have chosen, say, a 40/60 asset allocation based on your risk tolerance, and you do nothing, and it drifts to 70/30, you have probably exceeded your risk tolerance and you should have done something about it. (In ...
by nisiprius
Sun May 20, 2018 10:46 am
Forum: Investing - Theory, News & General
Topic: Does your value fund own the wrong value stocks?
Replies: 24
Views: 2476

Re: Does your value fund own the wrong value stocks?

No true Scotsman No true Scotsman or appeal to purity is an informal fallacy in which one attempts to protect a universal generalization from counterexamples by changing the definition in an ad hoc fashion to exclude the counterexample. Rather than denying the counterexample or rejecting the origin...
by nisiprius
Sat May 19, 2018 6:31 pm
Forum: Investing - Theory, News & General
Topic: Buffett says Bonds are a terrible investment now. What should we invest in besides stocks?
Replies: 76
Views: 9379

Re: Buffett says Bonds are a terrible investment now. What should we invest in besides stocks?

I think if you read his shareholder letters you'd be less unsure of what he says. Also, there would be no question as to context or his audience. The shareholder letters are written to Berkshire shareholders. What he says on CNN or whatever in sound bites should be largely ignored for what he says ...
by nisiprius
Sat May 19, 2018 2:21 pm
Forum: Investing - Theory, News & General
Topic: Buffett says Bonds are a terrible investment now. What should we invest in besides stocks?
Replies: 76
Views: 9379

Re: Buffett says Bonds are a terrible investment now. What should we invest in besides stocks?

My objection to Buffett is that he never seems to explain himself. He says what he says. What he says is short, cryptic, and incomplete. He does not have some longer book in which he fills things out. Almost everyone who cites Buffett puts an interpretation on Buffett's words, and many fail to quote...
by nisiprius
Sat May 19, 2018 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: What’s your phone/internet bill?
Replies: 76
Views: 4427

Re: What’s your phone/internet bill?

$60/month for fiber optic "high speed" Internet, 75 mbps down, 30 mbps up ("high speed" being the slowest service offered, of course!) They throw in VOIP-based phone service for free. The phone goes out if the power goes out. We decided that was acceptable to us because we have our cell phones as ba...
by nisiprius
Sat May 19, 2018 9:28 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: No Need For Corp Bonds?
Replies: 38
Views: 3623

Re: Larry Swedroe: No Need For Corp Bonds?

The Kizer paper is pretty interesting and deserves more discussion. The link to the paper is Re-Examining the Credit Premium and the full paper can be downloaded there at no cost. I have a problem with the abstract, which states, in part: The differences in findings appear to be driven by the abnorm...
by nisiprius
Sat May 19, 2018 8:54 am
Forum: Investing - Theory, News & General
Topic: Buffett says Bonds are a terrible investment now. What should we invest in besides stocks?
Replies: 76
Views: 9379

Re: Buffett says Bonds are a terrible investment now. What should we invest in besides stocks?

1) This board is devoted to "Investing Advice Inspired by Jack Bogle." Not everyone who calls himself or herself a Boglehead agrees with everything Bogle says or does everything he recommends--I don't--but it is relevant nevertheless. Bogle's own investments are about 50% stocks, 50% bonds. And he's...
by nisiprius
Fri May 18, 2018 8:15 pm
Forum: Investing - Theory, News & General
Topic: Rob Arnott:index Investors Buy High, Sell Low
Replies: 50
Views: 4408

Re: Rob Arnott:index Investors Buy High, Sell Low

Would you be thinking of "passive funds that are willing to accept a little tracking error" in general, or would you be thinking specifically of Dimensional Fund Advisors (DFA?) I ask because DFA is the only fund family I personally am aware of that does this. FWIW, Vanguard does this, too. Their n...
by nisiprius
Fri May 18, 2018 8:04 pm
Forum: Investing - Theory, News & General
Topic: Rob Arnott:index Investors Buy High, Sell Low
Replies: 50
Views: 4408

Re: Rob Arnott:index Investors Buy High, Sell Low

False. When I rebalance our portfolio I buy low and sell high. Automatically. It's true that some people are able to "front run" a stock that's about to be added to an index. Except that modern indexes make this hard to do. Index providers have been doing things like this since at least the year 20...
by nisiprius
Fri May 18, 2018 5:31 pm
Forum: Investing - Theory, News & General
Topic: Are you concerned that over 75% of IPOs are unprofitable?
Replies: 8
Views: 804

Re: Are you concerned that over 75% of IPOs are unprofitable?

???? I don't invest in IPOs. I don't even know if I can . I've heard that the whole process is reasonably unfair to the general public and that a lot of people get a chance to get in ahead, get special treatment by the underwriters or whatever, and skim the cream. But it doesn't matter because I wou...
by nisiprius
Fri May 18, 2018 2:31 pm
Forum: Investing - Theory, News & General
Topic: Rob Arnott:index Investors Buy High, Sell Low
Replies: 50
Views: 4408

Re: Rob Arnott:index Investors Buy High, Sell Low

I think the argument stating that the use of active management to overcome these potential weaknesses of pure indexing is a bit of a straw man. The real comparison should be to passive funds that are willing to accept a little tracking error to overcome the weaknesses of pure indexes. Dave Would yo...
by nisiprius
Fri May 18, 2018 1:21 pm
Forum: Investing - Theory, News & General
Topic: more rotten service from Vanguard [ACH transfer, fund availability]
Replies: 26
Views: 3093

Re: more rotten service from Vanguard [ACH transfer, fund availability]

P.S. There was quite an interesting episode of Planet Money, The Invisible Plumbing of Our Economy, mostly about the Automated Clearing House (ACH) system. Basically... it sucks, but nobody has any incentive to do anything about it.
by nisiprius
Fri May 18, 2018 1:16 pm
Forum: Investing - Theory, News & General
Topic: more rotten service from Vanguard [ACH transfer, fund availability]
Replies: 26
Views: 3093

Re: more rotten service from Vanguard [ACH transfer, fund availability]

oner, I sense that you are pretty ticked off at Vanguard. Why make a post about " more rotten service from Vanguard?" If I seriously feel I am getting "rotten" service from a company, I'm outa there. Why not move to Schwab or Fidelity, and then make a few follow-up posts reporting on your experience...
by nisiprius
Fri May 18, 2018 10:27 am
Forum: Investing - Theory, News & General
Topic: Rob Arnott:index Investors Buy High, Sell Low
Replies: 50
Views: 4408

Re: Rob Arnott:index Investors Buy High, Sell Low

1) Even if his argument were true, it would only apply to the S&P 500 index. For about twenty years now, index providers have been aware of the problem of front-running and have made it difficult, e.g. by randomizing the day when a stock is added to the index. So don't use an S&P 500 fund, use a tot...
by nisiprius
Fri May 18, 2018 9:39 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: No Need For Corp Bonds?
Replies: 38
Views: 3623

Re: Larry Swedroe: No Need For Corp Bonds?

I can't deal with half the world saying that the Bloomberg Barclay's Aggregate Index is too heavily weighted in government issues and that everyone should have more corporates than that, half the world saying that everyone should be 100% Treasuries, and the third half saying that everyone should hol...
by nisiprius
Fri May 18, 2018 7:14 am
Forum: Investing - Theory, News & General
Topic: Challenge: guess the effect of rebalancing (by interval or bands) in 2008-2009
Replies: 35
Views: 3567

Re: Challenge: guess the effect of rebalancing (by interval or bands) in 2008-2009

Estimating the spread in returns was tough and honestly my gut feeling was off and I wasn't really sure there. But I'm kind of disappointed somehow that people apparently don't understand what rebalancing does with respect to risk. Starting from near a market peak with a given allocation, of course...
by nisiprius
Fri May 18, 2018 6:50 am
Forum: Investing - Theory, News & General
Topic: Is Vanguard anti-competitive?
Replies: 29
Views: 2924

Re: Is Vanguard anti-competitive?

Anti-competitive? Only in the sense that any successful competitor is "anti-competitive." It's hard to compete against a successful competitor. Beyond the tautology, winning begets winning; Vanguard has economies of scale working for it, now. And, like Fidelity and American funds, both of which have...
by nisiprius
Thu May 17, 2018 8:33 pm
Forum: Investing - Theory, News & General
Topic: Challenge: guess the effect of rebalancing (by interval or bands) in 2008-2009
Replies: 35
Views: 3567

Re: Challenge: guess the effect of rebalancing (by interval or bands) in 2008-2009

These are the correct answers. Drag your mouse from here vvvvvvvvvvvvvvvvvvvvvvvvv lack_ey had them all correct. 1b) Some rebalancing regimes helped, but none made money--none exceeded $10,000, all resulted in losses over the two-year period. The actual numbers were: No rebalancing 9,313 Rebalance a...
by nisiprius
Thu May 17, 2018 3:39 pm
Forum: Investing - Help with Personal Investments
Topic: Things I don't understand... [Questions on: dividends, gains, munis]
Replies: 5
Views: 1233

Re: Things I don't understand...

A lot of times when I'm reading posts I hear a lot of terms, concepts I don't understand. Can someone explain the following to me: 1. Living off of dividends 2. Reinvesting dividends 3. Realized gains 4. Unrealized gains 5. Munis Thanks! Dividends: Consider an organization that has members or parti...
by nisiprius
Thu May 17, 2018 11:31 am
Forum: Investing - Theory, News & General
Topic: Bank Interest Rates — when will they go up?
Replies: 25
Views: 2752

Re: Bank Interest Rates — when will they go up?

With 10 year Treasury yields over 3.1% as of this posting, I’m wondering when we can expect to see banks raising money market and savings account rates up. Cap One 360 has had their Money Market Account stuck at 1.6% ($10k balance +) for some time. Ally’s online savings is also 1.6%. Shuoldn’t thes...
by nisiprius
Thu May 17, 2018 10:51 am
Forum: Investing - Help with Personal Investments
Topic: Simple Index Fund Question
Replies: 12
Views: 1031

Re: Simple Index Fund Question

I can add to our Vanguard mutual funds in as little as $10 (I never tried a lower amount) with no problem. I always thought additional investments were $100 minimum but I guess not. The minimum additional purchase is $1 for the Total Stock Market fund and I assume most (all?) funds would be the sam...
by nisiprius
Thu May 17, 2018 10:46 am
Forum: Investing - Help with Personal Investments
Topic: Is Vanguard's Tax Managed Balanced Fund (VTMFX) truly passive/Index??
Replies: 16
Views: 1170

Re: Is Vanguard's Tax Managed Balanced Fund (VTMBF) truly passive/Index??

...1. Would you say that it's "almost" an index fund? 2. For those of us who believe in the passive philosophy, do you consider this a major "no no"?... I don't think many of us are purists; for example, I'm invested in the TIPS fund, VIPSX, even though it's technically not an index fund. John C. B...
by nisiprius
Thu May 17, 2018 10:26 am
Forum: Investing - Help with Personal Investments
Topic: Is Vanguard's Tax Managed Balanced Fund (VTMFX) truly passive/Index??
Replies: 16
Views: 1170

Re: Is Vanguard's Tax Managed Balanced Fund (VTMBF) truly passive/Index??

This is weird. Vanguard seems to be sending mixed signals. I would judge that this is an "index-y" fund rather like DFA's "not indexed yet passive" stance, but that for whatever reason Vanguard includes it in the "index" category in its fund filter tool, and in setting a $10,000 minimum for Admiral ...
by nisiprius
Thu May 17, 2018 7:52 am
Forum: Investing - Help with Personal Investments
Topic: Vanguard Junk Bond fund
Replies: 65
Views: 3611

Re: Vanguard Junk Bond fund

mikebee (and Flymore), there's another factor here. I don't want to overemphasize it for two reasons. The first is that I perceive , for no very good reason, that Vanguard is a prudent, cautious, and conservative manager, and I would not be worried about Vanguard's high-yield bond fund. The second i...
by nisiprius
Thu May 17, 2018 7:20 am
Forum: Investing - Help with Personal Investments
Topic: Vanguard Junk Bond fund
Replies: 65
Views: 3611

Re: Vanguard Junk Bond fund

mikebee, what's not to like about it is that you might be crapping up a simple portfolio for no good reason, and kidding yourself that you've accomplished something important when all you've done is the same thing you could have done just tweaking up your stock allocation while staying in investment...
by nisiprius
Wed May 16, 2018 3:22 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard Morgan growth fund
Replies: 14
Views: 748

Re: Vanguard Morgan growth fund

Why is TSM preferable to the vanguard Morgan growth fund? It’s outperformed TSM over the long term (and short and medium terms) and has a modest expense ratio (.27). I know it doesn’t capture as much of the market as TSM but is there a place in ones portfolio for this fund? Thanks Looking only at r...
by nisiprius
Wed May 16, 2018 3:01 pm
Forum: Forum Issues and Administration
Topic: The front page is ugly
Replies: 127
Views: 8955

Re: The front page is ugly

...Switch to a sans serif font. Subjectively, I find Times New Roman to be an ugly font for web pages and so do many professional web designers, hence why most major websites don't use it... Perhaps "most" don't, but The New York Times, https://imgur.com/Vev6u0w.png the Wall Street Journal , https:...
by nisiprius
Wed May 16, 2018 12:18 pm
Forum: Investing - Theory, News & General
Topic: Morningstar - Changes at Vanguard, but Our Confidence Remains
Replies: 4
Views: 1029

Re: Morningstar - Changes at Vanguard, but Our Confidence Remains

The manager of the Vanguard Total Bond Market Index Fund continues to be Joshua C. Barrickman, who took over from Kenneth E. Volpert in 2013. I don't remember any angst about that at the time, nor do I remember any obvious issues from the transition. The fund has just chugged along tracking its index.