Search found 7777 matches

by Doc
Tue Jan 23, 2018 5:56 pm
Forum: Investing - Theory, News & General
Topic: Pimco Total Return Managers get Kudos from Morningstar, Wow!
Replies: 10
Views: 752

Re: Pimco Total Return Managers get Kudos from Morningstar

I admittedly have no experience here, but a cursory peek indicates this fund includes significant short positions. What happens when bond prices eventually move in opposition to the manager's expectations? If what you describe occurs, the fund's NAV will decline. I think that the short positions ar...
by Doc
Tue Jan 23, 2018 4:44 pm
Forum: Investing - Theory, News & General
Topic: Pimco Total Return Managers get Kudos from Morningstar, Wow!
Replies: 10
Views: 752

Re: Pimco Total Return Managers get Kudos from Morningstar

Although I am life long equity passive investor, I do not have the same view on bonds and own a significant amount of the ETF version, Bond. I do not know what makes someone manager of the year, but I feel very comfortable owning it. BOND is not an ETF class of the mutual fund. It may have the same...
by Doc
Tue Jan 23, 2018 4:32 pm
Forum: Investing - Theory, News & General
Topic: Pimco Total Return Managers get Kudos from Morningstar, Wow!
Replies: 10
Views: 752

Re: Pimco Total Return Managers get Kudos from Morningstar

To me, an interesting feature is that regardless of whether other bond funds might have done better, the PIMCO Total Return fund was able to weather having investors redeem about 2/3rds of the assets in the fund, a total value of $200 billion, without any obvious disastrous consequences on people w...
by Doc
Tue Jan 23, 2018 3:23 pm
Forum: Investing - Theory, News & General
Topic: Pimco Total Return Managers get Kudos from Morningstar, Wow!
Replies: 10
Views: 752

Re: Pimco Total Return Managers get Kudos from Morningstar

Do you own it Doc? Yes, but it's a relatively small position. It's currently only about 10% of our bond position. (This includes Harbor Bond Institutional which is a clone managed by the same team.) It was higher but I sold some in an Asset Allocation change a few years back. I certainly wouldn't u...
by Doc
Tue Jan 23, 2018 12:04 pm
Forum: Investing - Theory, News & General
Topic: Pimco Total Return Managers get Kudos from Morningstar, Wow!
Replies: 10
Views: 752

Pimco Total Return Managers get Kudos from Morningstar, Wow!

Scott Mather, Mark Kiesel, and Mihir Worah, PIMCO Total Return (PTTRX), have been announced as Morningstar Nominees for 2017 Fixed-Income Fund Manager of the Year. When Bill Gross left Pimco many investors bailed and PTTRX tanked for a while. Now if Mather, Kiesel, and Worah get the nomination will ...
by Doc
Tue Jan 23, 2018 11:38 am
Forum: Investing - Theory, News & General
Topic: Does a Wider rebalancing band not make more sense?
Replies: 20
Views: 1629

Re: Does a Wider rebalancing band not make more sense?

In replying to me You seem to have missed the meaning of my original post, which was to point out that one should not look at rebalancing studies to determine the size of your rebalancing bands, since they are so dependent on the returns in the given time period. And I was responding to the OP, who ...
by Doc
Mon Jan 22, 2018 4:15 pm
Forum: Investing - Theory, News & General
Topic: The regular investor can now trade the stock market 24 hours a day with TD Ameritrade
Replies: 48
Views: 2695

Re: The regular investor can now trade the stock market 24 hours a day with TD Ameritrade

livesoft wrote:
Mon Jan 22, 2018 4:07 pm
Now I can lose money twice as fast! I'm excited.
You need to sharpen your slide rule. 24 hrs divided by 6.5 hrs is a lot more than twice. :beer
by Doc
Mon Jan 22, 2018 12:19 pm
Forum: Investing - Theory, News & General
Topic: Does a Wider rebalancing band not make more sense?
Replies: 20
Views: 1629

Re: Does a Wider rebalancing band not make more sense?

No one knows what will be the best rebalancing band. If you set it too small, then you rebalance multiple times during a steep decline, which isn't optimal. If you set it too large, then you miss all the mid-sized declines See Grabiner's post. The frequency of rebalancing depends on you AA and over...
by Doc
Mon Jan 22, 2018 8:22 am
Forum: Investing - Theory, News & General
Topic: Does a Wider rebalancing band not make more sense?
Replies: 20
Views: 1629

Re: Does a Wider rebalancing band not make more sense?

this may seem odd but to stop rebalancing to many times I only do it January 1 and July 4. it stops me from messing around with the investment to much and smooths it out. Whether one uses bands or time intervals is a matter of personal choice and portfolio composition including taxable & tax advant...
by Doc
Sun Jan 21, 2018 7:28 pm
Forum: Investing - Theory, News & General
Topic: Does a Wider rebalancing band not make more sense?
Replies: 20
Views: 1629

Re: Does a Wider rebalancing band not make more sense?

No one knows what will be the best rebalancing band. If you set it too small, then you rebalance multiple times during a steep decline, which isn't optimal. If you set it too large, then you miss all the mid-sized declines See Grabiner's post. The frequency of rebalancing depends on you AA and over...
by Doc
Sun Jan 21, 2018 4:08 pm
Forum: Investing - Theory, News & General
Topic: Does a Wider rebalancing band not make more sense?
Replies: 20
Views: 1629

Re: Does a Wider rebalancing band not make more sense?

But if it did, I would. I think one of the great psychological crutches is the ability to feel like you are doing something, and something that is rational and according to your plan, even in the face of apparent chaos. Rebalancing is that "something". Tax-loss harvesting is another. Taking a defen...
by Doc
Sun Jan 21, 2018 3:26 pm
Forum: Investing - Theory, News & General
Topic: Does a Wider rebalancing band not make more sense?
Replies: 20
Views: 1629

Re: Does a Wider rebalancing band not make more sense?

How do you manage a band strategy when stocks are rapidly falling. What did you do in 2008? Rebalance every other day? I use the ±5% from the recent high. So today with a 50/50 AA I'm at 53% equity which is a recent high. I will buy if the equities drop by 5% to 48% on Monday to get back to 50:50. ...
by Doc
Sun Jan 21, 2018 2:42 pm
Forum: Investing - Theory, News & General
Topic: Does a Wider rebalancing band not make more sense?
Replies: 20
Views: 1629

Re: Does a Wider rebalancing band not make more sense?

My feeling is that an absolute percentage deviation, like you have, makes sense if your allocations are fairly close together, for example from 60/40 to 40/60, but a relative percentage probably makes more sense for AAs like 70/30 or 80/20. By "relative" I mean something like this (using 10 percent...
by Doc
Sun Jan 21, 2018 2:16 pm
Forum: Investing - Theory, News & General
Topic: Post Your Morningstar Box Style
Replies: 78
Views: 4043

Re: Post Your Morningstar Box Style

Don't they need shareholders vote to make such changes? We owned two of the three funds that they changed in December and they didn't ask us. I think the answer is no. The fund reserves the right to substitute a different index for the index it currently tracks if the current index is discontinued,...
by Doc
Sun Jan 21, 2018 2:05 pm
Forum: Investing - Theory, News & General
Topic: Post Your Morningstar Box Style
Replies: 78
Views: 4043

Re: Post Your Morningstar Box Style

IJS and VIOV use the S&P 600 and VBR currently the CRSP US Small Cap Value but who knows what the latter will use next year. Why do you think vbr may change what it follows next year? Vanguard has the habit of changing the index of their funds every few years. They just changed the index for three ...
by Doc
Sun Jan 21, 2018 11:15 am
Forum: Investing - Theory, News & General
Topic: Rebalancing Bands-Someone please explain??
Replies: 4
Views: 487

Re: Rebalancing Bands-Someone please explain??

Note that you can also "rebalance" with new money at any time, so you are allowed to rebalance before you hit the bands. So since you're low on bonds right now, you could buy some more bonds. I like your quotes as in "rebalance". I think of using new money as "balancing" not "rebalancing". As one's...
by Doc
Sun Jan 21, 2018 11:08 am
Forum: Investing - Theory, News & General
Topic: Post Your Morningstar Box Style
Replies: 78
Views: 4043

Re: Post Your Morningstar Box Style

Doc, I'm not sure but I think IJS and VIOV follow the same index which makes sense given their factor loadings (is that what you said?). VBR follows another index I think. The factor loads I gave were based on just 3 years of data ..... I too have noticed that factor loads tend to bounce around an ...
by Doc
Sun Jan 21, 2018 8:50 am
Forum: Investing - Theory, News & General
Topic: Post Your Morningstar Box Style
Replies: 78
Views: 4043

Re: Post Your Morningstar Box Style

VBR Vg Small Cap Value" market cap 3,650 Mil 0 0 0 14 15 8 32 26 5 If I want to capture as much of the small cap value experience as possible, I take it I need to be more geared toward IJS (iShares 600Value) or VIOV (vanguard's 600 value ) rather than VBR? According to Portfolio Vizualizer and look...
by Doc
Sat Jan 20, 2018 11:37 am
Forum: Investing - Theory, News & General
Topic: Post Your Morningstar Box Style
Replies: 78
Views: 4043

Re: Post Your Morningstar Box Style

jhfenton wrote:
Sat Jan 20, 2018 11:35 am
M* uses a different size scale for international.
Icky poo. :(

VBR Vg Small Cap Value" market cap 3,650 Mil

Code: Select all

 0	 0	0
14	15	8
32	26	5


Schwab International Small-Cap Equity ETF™ SCHC market cap 1,951 Mil

Code: Select all

 1	 0	 1
20	22	27
11	11	 7
by Doc
Sat Jan 20, 2018 11:34 am
Forum: Investing - Theory, News & General
Topic: Post Your Morningstar Box Style
Replies: 78
Views: 4043

Re: Post Your Morningstar Box Style

SCV_Lawyer wrote:
Sat Jan 20, 2018 11:22 am
SCV_Lawyer wrote:
Sat Jan 20, 2018 11:21 am
17 17 17
10 09 07
12 09 03
I take some comfort in that I am very close to the styles of livesoft!
Boy are you easy to make comfortable. :wink:
by Doc
Sat Jan 20, 2018 11:04 am
Forum: Investing - Theory, News & General
Topic: Post Your Morningstar Box Style
Replies: 78
Views: 4043

Re: Post Your Morningstar Box Style

^^^ I got it. See: Posting images in the Bogleheads forum For those wishing to do this in text, use periods " . " instead of spaces.* Value Blend Growth Large 7 5 3 Medium 15 9 4 Small 28 25 8 ...........Value Blend Growth Large.......7.......5.......3 Medium...15......9.......4 Small.......28........
by Doc
Sat Jan 20, 2018 10:03 am
Forum: Investing - Theory, News & General
Topic: Why can you only send dividends/capital gains from vanguard funds to your bank account at vanguard?
Replies: 8
Views: 823

Re: Why can you only send dividends/capital gains from vanguard funds to your bank account at vanguard?

You can set up an automatic withdrawal from your sweep account at monthly, quarterly, six months or annual intervals and after you set it up you can enter a "skip" for times you don't want. But I would just use dbr's plan.
by Doc
Sat Jan 20, 2018 9:54 am
Forum: Investing - Theory, News & General
Topic: Post Your Morningstar Box Style
Replies: 78
Views: 4043

Re: Post Your Morningstar Box Style

Be award of Morningstar's data presentation differences between equities and bonds. Equities show the weights in each of the six bosex bout for bonds it is only the fund average. Given that here's ours: https://s10.postimg.org/urcri3tbd/Xray_2_Capture.png As you can see we overweight Small Cap Valu...
by Doc
Sat Jan 20, 2018 9:45 am
Forum: Investing - Theory, News & General
Topic: Post Your Morningstar Box Style
Replies: 78
Views: 4043

Re: Post Your Morningstar Box Style

Be award of Morningstar's data presentation differences between equities and bonds. Equities show the weights in each of the six boxes but for bonds it is only the fund average. Here is a M* Xray for ~equal parts Vg TBM and TSM. https://s10.postimg.org/f4li57ktl/Xray_Capture.png (Edited to fix typos.)
by Doc
Wed Jan 17, 2018 6:43 pm
Forum: Investing - Theory, News & General
Topic: Case study Broker trade executions
Replies: 212
Views: 21871

Re: Case study Broker trade executions

1) Is the opening cross useful in tax loss harvesting when you are trying to avoid wash sales by using not substantially-identical ETF's? 2) Is it useful for buying Foreign ETF's when at least the European markets are open if not Asia? 1) I don't see why it would be useful for that. Maybe a little ...
by Doc
Wed Jan 17, 2018 6:31 pm
Forum: Investing - Theory, News & General
Topic: Sell bonds during a market correction to buy cheaper equities?
Replies: 18
Views: 1804

Re: Sell bonds during a market correction to buy cheaper equities?

And I guess my point is I don't care about corrections or anything else, except to the extent it impacts my asset allocation. A correction is a rapid drop in the stock market exceeding 10%. The OP asked whether one should sell bonds and buy equities in that sitauion. It is very likely that a 10% dr...
by Doc
Wed Jan 17, 2018 11:08 am
Forum: Investing - Theory, News & General
Topic: Case study Broker trade executions
Replies: 212
Views: 21871

Re: Case study Broker trade executions

1) Is the opening cross useful in tax loss harvesting when you are trying to avoid wash sales by using not substantially-identical ETF's?

2) Is it useful for buying Foreign ETF's when at least the European markets are open if not Asia?
by Doc
Wed Jan 17, 2018 10:57 am
Forum: Investing - Theory, News & General
Topic: Morningstar Premium for $99
Replies: 33
Views: 2824

Re: Morningstar Premium for $99

westrichj312 wrote:
Wed Jan 17, 2018 9:13 am
Morningstar valueline and many others are all free at every library around my house
It's not whether or not its free. The question is how do you save a portfolio in a free version so that you don't need to enter everything each time you want to do a Portfolio Xray.
by Doc
Wed Jan 17, 2018 10:55 am
Forum: Investing - Theory, News & General
Topic: Vanguard Government Index Funds Benchmark Change - Update
Replies: 10
Views: 1160

Re: Vanguard Government Index Funds Benchmark Change - Update

Looks like they have completed the transition. As of 12/31/17 the holdings were all US Treasury at least for the short term fund. They had 91 bonds in the fund compared to 93 in the index. It looks like they made the transition on December 13. There was no cap gains distribution in December so I gue...
by Doc
Wed Jan 17, 2018 9:12 am
Forum: Investing - Theory, News & General
Topic: Morningstar Premium for $99
Replies: 33
Views: 2824

Re: Morningstar Premium for $99

I get free online access through pulic library website!! Thanks to you and MadDawg for this little tip. Investigated and discovered my library offers same. I plan to do a little experimentation with this interesting tool. Really interested in the X-Ray tool. Does the forum know if there's a method ...
by Doc
Wed Jan 17, 2018 9:00 am
Forum: Investing - Theory, News & General
Topic: Sell bonds during a market correction to buy cheaper equities?
Replies: 18
Views: 1804

Re: Sell bonds during a market correction to buy cheaper equities?

If my target is 50/50 and I'm currently at 55/45 stocks/bonds, then I'm selling stocks and buying bonds to get back to 50/50. That's what rebalancing based on 5% bands means to me, so I'm not sure why you'd be suggesting waiting for a 20% drop to buy stocks (presumably I'm buying with new money all...
by Doc
Tue Jan 16, 2018 7:35 pm
Forum: Investing - Theory, News & General
Topic: How to build a bond ladder?
Replies: 14
Views: 865

Re: How to build a bond ladder?

Not necessarily. For example I currently have a 4-8 Treasury ladder. I am buying eights and selling them when they have about four years left to maturity. Almost no mutual funds hold bonds to maturity. They usually sell at no less than one year and many at longer maturities. I'd guess they target b...
by Doc
Tue Jan 16, 2018 5:58 pm
Forum: Investing - Theory, News & General
Topic: Sell bonds during a market correction to buy cheaper equities?
Replies: 18
Views: 1804

Re: Sell bonds during a market correction to buy cheaper equities?

In that scenario, I would have presumably been rebalancing (or attempting to) with new money all along (putting new cash in the 47 part of the AA rather than continuing to split new cash 50/50 until I get back to 50/50 AA). But, to answer your question, no, I wouldn't rebalance at that scenario giv...
by Doc
Tue Jan 16, 2018 5:43 pm
Forum: Investing - Theory, News & General
Topic: GE and the myth of "safe blue-chip stocks"
Replies: 121
Views: 14546

Re: GE and the myth of "safe blue-chip stocks"

Mrs. Doc initiated a buy of GE on 3/10/2008. A $10k investment has has grown to over $33k in the ~ten years since. :sharebeer Pretty sweet, but surely you mean 3/10/2009. Anybody who bought 3/10/2008 has taken a bath I think. The stock was trading well over $30 then. Thanks, I fixed it. I kind of g...
by Doc
Tue Jan 16, 2018 4:51 pm
Forum: Investing - Theory, News & General
Topic: How to build a bond ladder?
Replies: 14
Views: 865

Re: How to build a bond ladder?

It may not be equal as in an exact ladder, however what happens to a bond that matures in a bond fund? Isn't it being replaced by a newly issued one? Isn't that what a ladder do/purpose i.e: to continuously replace an expired asset with another longer duration one? Not necessarily. For example I cu...
by Doc
Tue Jan 16, 2018 4:29 pm
Forum: Investing - Theory, News & General
Topic: How to build a bond ladder?
Replies: 14
Views: 865

Re: How to build a bond ladder?

Vanguard total bond index fund for example is a perfect bond ladder made of quality bonds. Vanguard total bond index is not a bond ladder at all - perfect or otherwise. A ladder holds an equal number of bonds in each maturity range - say 10% in each 1,2,3 ... 10 year maturities. A bond index fund d...
by Doc
Tue Jan 16, 2018 4:21 pm
Forum: Investing - Theory, News & General
Topic: Sell bonds during a market correction to buy cheaper equities?
Replies: 18
Views: 1804

Re: Sell bonds during a market correction to buy cheaper equities?

So after a correction, equities still might still be expensive and overvalued. No reason to rebalance here. Chadnudj has it. There is a optimal asset allocation based on expected return and a individual's risk profile. Rebalancing is about controlling risk, not maximizing expected return. Equities ...
by Doc
Tue Jan 16, 2018 3:30 pm
Forum: Investing - Theory, News & General
Topic: Sell bonds during a market correction to buy cheaper equities?
Replies: 18
Views: 1804

Re: Sell bonds during a market correction to buy cheaper equities?

Would it make sense to sell some of your bonds or bond fund holdings during a market correction to capitalize on cheaper equities? Yeh, that's what 'rebalncing is all about. The simple answer is that it makes sense to rebalance your portfolio during/after a stock market correction, in order to main...
by Doc
Tue Jan 16, 2018 3:11 pm
Forum: Investing - Theory, News & General
Topic: Case study Broker trade executions
Replies: 212
Views: 21871

Re: Case study Broker trade executions

Yep. I was trying to get the opening cross. I had never tried that before, and I wanted to confirm that it worked as expected in a low-stakes experiment. It was worth the $0.01 I lost. VSS typically has a spread between 5 and 10 cents and trades sporadically, so this would be one good way to rebala...
by Doc
Tue Jan 16, 2018 11:31 am
Forum: Investing - Theory, News & General
Topic: GE and the myth of "safe blue-chip stocks"
Replies: 121
Views: 14546

Re: GE and the myth of "safe blue-chip stocks"

Mrs. Doc initiated a buy of GE on 3/10/2008 3/10/2009. A $10k investment has has grown to over $33k in the ~ten years since. :sharebeer

Corrected typo. Thanks abner kravitz,
by Doc
Tue Jan 16, 2018 11:20 am
Forum: Investing - Theory, News & General
Topic: Case study Broker trade executions
Replies: 212
Views: 21871

Re: Case study Broker trade executions

jhfenton wrote:
Tue Jan 16, 2018 10:59 am
Shortly after 9:30 AM I got two texts. Both orders executed at a price of $123.80, so I'm just out the SEC fee on the sale.
I don't know all the in's and outs of premarket trading but

1) Your orders did get executed in the opening "cross" :idea:

and

2) You sold it to yourself. :D
by Doc
Tue Jan 16, 2018 11:15 am
Forum: Investing - Theory, News & General
Topic: Morningstar Premium for $99
Replies: 33
Views: 2824

Re: Morningstar Premium for $99

Hmm, I can't see how to do it and get the actual bonds incorporated in the 'portfolio analysis.' I did find this quote... I'm not sure what you are looking for. Here's a sample of the input screen: https://s10.postimg.org/zfc80axq1/Morningstar_Bonds_Capture.png And the output: https://s10.postimg.o...
by Doc
Sun Jan 14, 2018 6:12 pm
Forum: Investing - Theory, News & General
Topic: Know your Broker
Replies: 1
Views: 495

Know your Broker

If you have ever have a question about how experienced the person giving you info is you might want to take action by looking them up on https://brokercheck.finra.org
by Doc
Sun Jan 14, 2018 5:41 pm
Forum: Investing - Theory, News & General
Topic: Why is Vanguard switching all accounts to brokerage accounts?
Replies: 65
Views: 8993

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

Every Saturday morning I download all my transaction data from 3 brokers and 2 banks to my financial software. I have no need for a year to date or qtr to date or even a monthly statement. I don't see an issue here.
by Doc
Sun Jan 14, 2018 5:35 pm
Forum: Investing - Theory, News & General
Topic: Say What? Morningstar Fund Spy
Replies: 3
Views: 687

Re: Say What? Morningstar Fund Spy

ResearchMed wrote:
Sun Jan 14, 2018 4:40 pm
Perhaps this is her first job, and she has little background?
Not. :annoyed
by Doc
Sun Jan 14, 2018 3:24 pm
Forum: Investing - Theory, News & General
Topic: Say What? Morningstar Fund Spy
Replies: 3
Views: 687

Say What? Morningstar Fund Spy

"Fund Spy The Year in Bond Funds -- 2017" 1/9/18 http://news.morningstar.com/articlenet/article.aspx?id=843114 There was only one comment on this article: "Hi, how do I sign up for Fund Spy. Can I have these articles emailed to me? Thanks so much for your help." Signed: ...@ Vanguard.com Any thought...
by Doc
Sun Jan 14, 2018 1:10 pm
Forum: Investing - Theory, News & General
Topic: New TIPS vs Old TIPS
Replies: 4
Views: 534

Re: New TIPS vs Old TIPS

You've got most of the points. In the '08 crisis there was some indication that deflation fears (not actual deflation) affected the price of older TIPS compared to on the run issues. It's probably not very important. There are tax considerations for TIPS that can make a small difference for differen...
by Doc
Sun Jan 14, 2018 8:49 am
Forum: Investing - Theory, News & General
Topic: tracking funds,etfs etc
Replies: 5
Views: 336

Re: tracking funds,etfs etc

Morningstar growth-of-$10,000 charts would be the easiest way. Click the "chart" tab for any mutual fund. You can add ticker symbols in to compare. For some reason when on an ETF's page, the tab only shows you the price over time; you can access the same by just using the URL directly To get around...
by Doc
Thu Jan 11, 2018 5:16 pm
Forum: Investing - Theory, News & General
Topic: Corporate bonds vs. Treasuries
Replies: 52
Views: 4256

Re: Corporate bonds vs. Treasuries

On the rare occasions when we have rebalanced, in the traditional sense, it has been one way - selling bonds and buying equities when equities have declined in price. Actually, we have rebalanced the other way over the last few years, by taking our RMDs from the bonds in our tax deferred portfolios...