Search found 1990 matches

by matjen
Mon Jan 21, 2019 7:50 pm
Forum: Investing - Help with Personal Investments
Topic: Jettison QSPIX?
Replies: 26
Views: 1512

Re: Jettison QSPIX?

You are misunderstanding OP because you are forgetting about dividends. https://seekingalpha.com/symbol/QSPIX/dividends/history There is no doubt that QSPIX has had a tough year. No argument there. But if you have owned it for 2 years (not to mention four or whatever "several years" may mean to you ...
by matjen
Mon Jan 21, 2019 11:37 am
Forum: Investing - Help with Personal Investments
Topic: Jettison QSPIX?
Replies: 26
Views: 1512

Re: Jettison QSPIX?

Please advise regarding QSPIX. I purchased this several years ago based on advice on this forum from Larry Swedroe... Overall it has lost substantially since I purchased it but I fully understand that this is completely expected and it simply doing what it is paid to do. OP, I'm not sure it is poss...
by matjen
Wed Jan 16, 2019 7:44 pm
Forum: Investing - Theory, News & General
Topic: John Bogle has died at age 89
Replies: 852
Views: 44639

Re: John Bogle is dead at 89

Rest in Peace Jack Bogle. A life truly well lived.
by matjen
Wed Jan 02, 2019 12:39 pm
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 338
Views: 23580

Re: Talk me out of buying a Tesla Model 3

As Q1 progresses I bet you will be able to haggle pretty effectively if you really want a Model 3 for some reason. I would not count on any type of modern build quality however. Two well known financial commentators musing today about the Model 3.

Image
by matjen
Fri Dec 28, 2018 11:43 am
Forum: Investing - Theory, News & General
Topic: DFA says stick to your plan
Replies: 16
Views: 1894

DFA says stick to your plan

In honor of the recent Jack Bogle timing the market thread, I thought I would point people to this brief but good video and article from DFA on the recent market volatility. https://us.dimensional.com/perspectives/recent-market-volatility After a period of relative calm in the markets, in recent day...
by matjen
Tue Dec 25, 2018 5:53 pm
Forum: Personal Finance (Not Investing)
Topic: Wow, Behaviorial Finance is Real
Replies: 49
Views: 9018

Re: Wow, Behaviorial Finance is Real

A persistent cognitive bias is that we are sensitive to quantities rather than amounts. If you want to be financially happy, check your accounts many times when the market is going up and once in a blue moon when it's going down. Victoria I agree with Victoria. Check just enough to tax loss harvest...
by matjen
Tue Dec 25, 2018 2:11 pm
Forum: Investing - Theory, News & General
Topic: How Often To Expect -10% and -20% Stock Drops
Replies: 19
Views: 2714

Re: How Often To Expect -10% and -20% Stock Drops

Pretty frequently. I wish I remembered where I got this table from but I assume it is correct.

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by matjen
Sun Dec 23, 2018 10:03 pm
Forum: Investing - Theory, News & General
Topic: Interview Of Larry Swedroe Centered On His New Retirement Book
Replies: 8
Views: 1268

Re: Interview Of Larry Swedroe Centered On His New Retirement Book

Pre-ordered via the Boglehead link. Look forward to reading it Larry.
by matjen
Sun Dec 23, 2018 9:48 pm
Forum: Investing - Help with Personal Investments
Topic: Research paper James Grant CNBC
Replies: 9
Views: 1023

Re: Research paper James Grant CNBC

" Once portfolio accumulation ceases with retirement, portfolio income must be spent to live. Under those circumstances real price return, over short periods lasting two or three decades, becomes an important metric. By any measure, an investment in stocks has been dicey indeed." OP, thanks for the...
by matjen
Sun Dec 23, 2018 9:20 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Investing In Short Time Horizons
Replies: 44
Views: 3076

Re: Larry Swedroe: Investing In Short Time Horizons

I always look forward to Random Walker's posts and Larry's articles. Keep up the good work Dave!!! :sharebeer
by matjen
Sat Dec 22, 2018 11:41 am
Forum: Investing - Theory, News & General
Topic: Bear Market Peak to Trough via Michael Batnick
Replies: 22
Views: 2560

Re: Bear Market Peak to Trough via Michael Batnick

Good stuff in this thread. Thank you for posting the various tables.
by matjen
Thu Dec 20, 2018 4:53 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1608
Views: 223667

Re: QSPIX - thoughts on interesting fund

Thanks matjen and thanks for the nice chart. I’m not seeing the 20% drawdown for Vmnfx that you refer to for 15/16. Were you looking at a different line in the chart perhaps? Pleasure was all mine ;-). Confusion probably my fault. What I was trying to point out was how well QSPIX (and now that I lo...
by matjen
Thu Dec 20, 2018 3:48 pm
Forum: Investing - Theory, News & General
Topic: AQR 20th Anniversary Anthology
Replies: 3
Views: 206

Re: AQR 20th Anniversary Anthology

I found this interesting. The current ranking by institution of the number of academic working paper downloads. Top twenty. New York University (NYU) Harvard University University of Chicago Stanford University University of Navarra University of Pennsylvania Columbia University Yale University Univ...
by matjen
Thu Dec 20, 2018 3:12 pm
Forum: Investing - Theory, News & General
Topic: AQR 20th Anniversary Anthology
Replies: 3
Views: 206

AQR 20th Anniversary Anthology

AQR has put out a collection of some of their favorite papers. Given all the back and forth about AQR on this forum I think it is important to note that Jack Bogle wrote the forward for this. :happy Charles Ellis and Gene Fama also had some nice blurbs. I’m proud to point you towards a new book we’r...
by matjen
Thu Dec 20, 2018 8:54 am
Forum: Personal Consumer Issues
Topic: Should I buy a Tesla?
Replies: 123
Views: 6058

Re: Should I buy a Tesla?

randomguy wrote:
Wed Dec 19, 2018 11:57 pm

Let See..
I stand mostly corrected. Perhaps Tesla should have a recall since that's what most of those articles are about and risk of fire.
by matjen
Thu Dec 20, 2018 8:14 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1608
Views: 223667

Re: QSPIX - thoughts on interesting fund

agree. I think the case against QSPIX is simpler if one just follows the money, so to speak. they want management fees of 1.5% to 2%. to acheive this they need to promise high expected returns- say 8% how do they claim to get this from a low beta strategy- leverage! QSPIX is leveraged something lik...
by matjen
Wed Dec 19, 2018 11:09 pm
Forum: Personal Consumer Issues
Topic: Should I buy a Tesla?
Replies: 123
Views: 6058

Re: Should I buy a Tesla?

Data Point. For me to replace a 2015 BMW i3 with a 2018 Tesla Model 3 and very low yearly mileage and no young drivers. Premium Difference
Increase of $507.80 a year. Geico is my insurer.
by matjen
Wed Dec 19, 2018 9:28 pm
Forum: Personal Consumer Issues
Topic: Should I buy a Tesla?
Replies: 123
Views: 6058

Re: Should I buy a Tesla?

I'll just leave this right here: https://www.marketwatch.com/story/firefighter-battling-tesla-model-s-blaze-were-gonna-be-here-all-night-2018-12-19 Guy gets a flat tire warning, pulls over, gets towed to tire shop, Model S becomes bonfire. Cars catch fire everyday. Why don’t we hear about them? It’...
by matjen
Wed Dec 19, 2018 9:25 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe Podcast On Reducing Risk Of Black Swans
Replies: 4
Views: 892

Re: Larry Swedroe Podcast On Reducing Risk Of Black Swans

Thanks for posting Dave. Will be sure to give it a listen.
by matjen
Mon Dec 17, 2018 4:57 pm
Forum: Investing - Theory, News & General
Topic: AQR Interview Regarding Bond Funds - KISS
Replies: 5
Views: 554

Re: AQR Interview Regarding Bond Funds - KISS

I have advised folks on this forum to stay in Investment Grade/Intermediate Term Bonds. You get most of the yield of the long term bonds with much less volatility. This seems to be the "sweet spot" for bond investing. I’m right with you Nedsaid. If one is retired, and doesn’t have a nice COLA pensi...
by matjen
Mon Dec 17, 2018 10:02 am
Forum: Investing - Theory, News & General
Topic: AQR Interview Regarding Bond Funds - KISS
Replies: 5
Views: 554

AQR Interview Regarding Bond Funds - KISS

I think this is a nice Morningstar interview of one of AQR's Bond guys. Although the end game here is obviously AQR moving into this space, I think the important take away for Bogleheads is to keep your bonds pretty simple and straightforward for diversification purposes. Most bond manager "outperfo...
by matjen
Sun Dec 16, 2018 5:24 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1608
Views: 223667

Re: AQR Alternate Fund Returns

Vanguard Total World index fund VTWSX 5 year return was 6.37%. That is a more relevant comparison than total international. Completely agree. It is also more relevant than Total US. If I had $1 for everytime I corrected people on this I would be doing better than I am with QSPIX. ;-) But if you lis...
by matjen
Sun Dec 16, 2018 5:12 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1608
Views: 223667

Re: AQR Alternate Fund Returns

Bogleheads: AQR's Alternative Investment Funds Annualized 5-Year Returns For The Period Ending 11/30/2018* Diversified Arbitrage Fund ADAIX ....................... +1.22% Long/Short Equity Fund QLEIX .......................... +8.15% Managed Futures Strategy Fund AQMIX ................ -1.06% Manag...
by matjen
Sat Dec 15, 2018 7:07 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1608
Views: 223667

Re: QSPIX - thoughts on interesting fund

Here is the problem I see, this thread has been running for a while, and there may be some here who followed late and purchased the fund late last year or early this year. Convinced that they help, based on all the discussion on this forum about these liquid alts. They are now very much under water...
by matjen
Sat Dec 15, 2018 10:52 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1608
Views: 223667

Re: QSPIX - thoughts on interesting fund

One person's emotional and defensive is another person's accuracy. LOL. :P

P.S> Fees have been limited to 1.5% and will remain there. This has also been discussed in detail.
by matjen
Sat Dec 15, 2018 10:33 am
Forum: Personal Consumer Issues
Topic: Should I buy a Tesla?
Replies: 123
Views: 6058

Re: Should I buy a Tesla?

Just a friendly reminder that Tesla's are far and away the worst cars made. God help you if you get into even a minor accident. If it was my only car I would steer well clear of Tesla for this reason alone. They do not have sufficient back up parts, repair centers, etc. to support the poorly made ca...
by matjen
Sat Dec 15, 2018 9:39 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1608
Views: 223667

Re: QSPIX - thoughts on interesting fund

The large point proponents of QSPIX is failing to acknowledge is the oft repeated "failing to protect when you need it most" catchphrase. This is a year when QSPIX should have protected investors from downsides of stocks and bonds, but it failed miserably. YTD returns average around -2.5% for Total...
by matjen
Fri Dec 14, 2018 11:07 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1608
Views: 223667

Re: QSPIX - thoughts on interesting fund

Factoring (pardon the pun) in expenses, has it been a clearly better vehicle than cash? Yes. As well as bonds. As well as emerging markets equities. As well as international equities. As well as Sequoia. As well as Total World Equities (until the past year or so). But, for now, it is in a drawdown....
by matjen
Thu Dec 13, 2018 11:55 am
Forum: Personal Consumer Issues
Topic: Should I buy a Tesla?
Replies: 123
Views: 6058

Re: Should I buy a Tesla?

Why would I consider buying a gas guzzling oversized vehicle? especially since I have no use for a pickup. You shouldn't. But you should seriously look at a Hyundai Kona IMO. Getting great reviews. Company will be around in 5-10 years for sure. Great warranties. Fun to drive. Huge range. Autopilot ...
by matjen
Thu Dec 13, 2018 10:32 am
Forum: Personal Consumer Issues
Topic: Should I buy a Tesla?
Replies: 123
Views: 6058

Re: Should I buy a Tesla?

TomatoTomahto wrote:
Thu Dec 13, 2018 10:21 am
Btw, I wouldn’t buy Tesla stock, even if I bought individual stocks. I love the cars.
LOL. We are both too smart to invest real $$ on a single story stock but like arguing about the company. :beer
by matjen
Thu Dec 13, 2018 10:15 am
Forum: Personal Consumer Issues
Topic: Should I buy a Tesla?
Replies: 123
Views: 6058

Re: Should I buy a Tesla?

I'm here still Tomato! Not sure if I ever said $0 but it is a horrible stock. (Full disclosure, I am $35 underwater on my $333 imaginary shorts) just as Teslas are horribly made cars. How long have you been talking about Tesla roof tiles? They get as much press as the 35k Model 3...just as many out ...
by matjen
Wed Dec 12, 2018 6:35 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1608
Views: 223667

Re: QSPIX - thoughts on interesting fund

A common misconception is that QSPIX, and even Vanguard's Market Neutral fund, are hedges of the stock market. They do aim to earn a positive premium over the long term in a way that is uncorrelated with the stock market. That's a lot different than a hedge. Good point. Hedge is the wrong word. Unc...
by matjen
Wed Dec 12, 2018 12:55 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1608
Views: 223667

Re: QSPIX - thoughts on interesting fund

Vanguard's Market Neutral fund (VMNFX) is almost exactly even YTD. 0.06% gain QSPIX is down 13.2% for the year. I wonder if Cliff Asness's net worth will be higher or lower on next year's Forbes billionaire list? And last year QSPIX was up 12% and Vanguard's VMNFX was down 5%. Over its lifetime QSP...
by matjen
Wed Dec 12, 2018 9:11 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1608
Views: 223667

Re: QSPIX - thoughts on interesting fund

It would be interesting to know, what in the name of the good one is this fund doing wrong since about April/2018 to have such a persistent (low volatility) path south? Does anybody know? Has the transparent and brilliant head of the firm hinted at the causes of this decay? Liquid Alt Ragnarök? Sep...
by matjen
Thu Nov 22, 2018 10:54 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Munis Increasingly Risky
Replies: 94
Views: 9203

Re: Larry Swedroe: Munis Increasingly Risky

matjen wrote:
Thu Nov 22, 2018 8:54 am
Generally speaking Larry recommends intermediate term Treasury funds and taking risk with your equity/alternatives.
Ugh. Disregard. I missed the " taxable account" part in Frank2012's question.
by matjen
Thu Nov 22, 2018 8:54 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Munis Increasingly Risky
Replies: 94
Views: 9203

Re: Larry Swedroe: Munis Increasingly Risky

Generally speaking Larry recommends intermediate term Treasury funds and taking risk with your equity/alternatives.
by matjen
Wed Nov 21, 2018 5:10 pm
Forum: Investing - Theory, News & General
Topic: A Jonathan Clements "primer" on corporate bond risks
Replies: 5
Views: 716

Re: A Jonathan Clements "primer" on corporate bond risks

Artsdoctor wrote:
Wed Nov 21, 2018 4:57 pm
I would argue that you can hold anything you want as long as you understand what you're holding and why.
Ding Ding! The correct answer for many, many posts!
by matjen
Wed Nov 21, 2018 11:13 am
Forum: Investing - Theory, News & General
Topic: Happy Holidays from the Sequoia Fund
Replies: 3
Views: 619

Re: Happy Holidays from the Sequoia Fund

The last thing I would want to do is burn valuable tax deferred space on a vanilla equity fund but that is what you have to do if you aren't passive.
by matjen
Wed Nov 21, 2018 9:20 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Munis Increasingly Risky
Replies: 94
Views: 9203

Re: Larry Swedroe: Munis Increasingly Risky

Thanks Matjen! I understand...just what I was looking for. So...no emergency...a gradual movement away from the super-safe holdings. I agree that BMBIX will continue to be a great choice for high quality munis. I want to stress I am not a tax professional but I think I have the reasonable "take" ba...
by matjen
Wed Nov 21, 2018 8:40 am
Forum: Investing - Theory, News & General
Topic: Happy Holidays from the Sequoia Fund
Replies: 3
Views: 619

Happy Holidays from the Sequoia Fund

Ouch... https://www.sequoiafund.com/Communications http://i66.tinypic.com/2jf0nkl.jpg From DFA Adviser Eric Nelson: The once vaunted Sequoia fund has followed up capital gains distributions of 8.1% in 2016 and 13.9% last year with a 24.2% whopper today. And it’s trailed the S&P 500 by 190 bps a year...
by matjen
Wed Nov 21, 2018 8:26 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Munis Increasingly Risky
Replies: 94
Views: 9203

Re: Larry Swedroe: Munis Increasingly Risky

more details please...I haven't heard about this. Theoretical, thanks for bringing this up. I had not heard about this either. My reading of the issue is that it will mean funds that prefer Advance Refunded for safety will rely on other means to create as much safety as possible. The existing Advan...
by matjen
Tue Nov 20, 2018 9:11 am
Forum: Investing - Help with Personal Investments
Topic: Feedback on DFA advisors
Replies: 2
Views: 375

Re: Feedback on DFA advisors

I have been a FPL Capital client for a few years. I don't rely on them for planning but it seems to me that if you agree to go into one of their portfolios you can't beat the cost anywhere. For us it is 1k a year for the entire household. They have been a pleasure. They don't try and up-sell me and ...
by matjen
Tue Nov 20, 2018 8:55 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Munis Increasingly Risky
Replies: 94
Views: 9203

Re: Larry Swedroe: Munis Increasingly Risky

...The point isn't that Munis have been risky in the past. The point is that a minority of state and local governments have promised generous retirement benefits to current employees for lifetime inflation adjusted income and often full health insurance coverage... Why wouldn't that be reflected in...
by matjen
Mon Nov 19, 2018 6:57 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Munis Increasingly Risky
Replies: 94
Views: 9203

Re: Larry Swedroe: Munis Increasingly Risky

If you plug in Baird's BMBIX into the above you will see that it pretty much tracked Total Bond and did a fair bit better than Vanguard's Intermediate Term Fund VWITX during the global financial crisis. Over its lifetime (mid-2001) it has returned a bit more than Vanguard's VWITX. If there are no se...
by matjen
Mon Nov 19, 2018 12:55 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Munis Increasingly Risky
Replies: 94
Views: 9203

Re: Larry Swedroe: Munis Increasingly Risky

The quick, EZ-Breezy solution to this issue is Baird Quality Intermediate Muni Bond Inst BMBIX This fund will not return quite as much (assuming no crisis) but it is significantly safer than other intermediate term muni funds. 55% Advance Refunded and 75% AAA. If one believes in taking their risk on...
by matjen
Fri Nov 16, 2018 1:28 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1608
Views: 223667

Re: QSPIX - thoughts on interesting fund

It's a Rorschach test. I say it hasn't mattered much. A QSPIX advocate might say, accurately, that it did the return slightly, it cut the risk measures slightly, and overall it increased the Sharpe ratio, so it was an improvement. I agree Nisi. A 5%-15% position in a fund that combines qualities of...
by matjen
Thu Nov 15, 2018 10:48 am
Forum: Investing - Theory, News & General
Topic: Vanguard's Quantitative Equity Group Losing Talent
Replies: 61
Views: 4283

Re: Vanguard's Quantitative Equity Group Losing Talent

My $.02 as someone that knows a little about the culture at VG. They don't compensate for top talent and most people working there in PM could make multiples going 2 hrs north to NYC. The product is the funds, not the pickers and costs remain low. I agree with this but I think that means they are m...
by matjen
Thu Nov 15, 2018 10:27 am
Forum: Investing - Theory, News & General
Topic: Vanguard's Quantitative Equity Group Losing Talent
Replies: 61
Views: 4283

Vanguard's Quantitative Equity Group Losing Talent

It looks like two of the top talents at Vanguard's QEG have left. This could be a risk for these funds compared to DFA/AQR, etc. Liqian Ren, Ph.D. and Denis Chaves have both left. Ren to Wisdom Tree and Chaves to AQR. http://ir.wisdomtree.com/news-releases/news-release-details/wisdomtree-adds-liqian...
by matjen
Tue Nov 13, 2018 9:41 am
Forum: Investing - Theory, News & General
Topic: AQR's Cliff Asness – The Past, The Present & Future of Quant
Replies: 10
Views: 1364

AQR's Cliff Asness – The Past, The Present & Future of Quant

Hot off the presses. A new podcast featuring the "Man this Board Loves to Hate," the one and only Cliff Asness. The world's second best proponent of Boglehead investing IMO. Top 5 for sure. I look forward to all the "but he is a billionaire" and "the prospectus says Zzzzzzz..." posts. :P Cliff Asnes...