Search found 1686 matches

by matjen
Fri Dec 15, 2017 9:25 am
Forum: Investing - Theory, News & General
Topic: Factor-Based Investing: The Long-Term Evidence - Dimson & Marsh
Replies: 84
Views: 2703

Re: Factor-Based Investing: The Long-Term Evidence - Dimson & Marsh

Nisi I agree. I was confused by that sentence as well. Perhaps they are referring to anyone who isn't pure market cap.
by matjen
Fri Dec 15, 2017 8:43 am
Forum: Investing - Theory, News & General
Topic: Factor-Based Investing: The Long-Term Evidence - Dimson & Marsh
Replies: 84
Views: 2703

Re: Factor-Based Investing: The Long-Term Evidence - Dimson & Marsh

But what I want to know is when one should switch horses among the factors? For instance, US small-cap value trailed in 2017, but did great in 2016. And foreign small caps trailed in 2016, but did great in 2017. Which factor is going to be the best performing factor over the next 12 months? I want ...
by matjen
Fri Dec 15, 2017 8:36 am
Forum: Investing - Theory, News & General
Topic: Factor-Based Investing: The Long-Term Evidence - Dimson & Marsh
Replies: 84
Views: 2703

Factor-Based Investing: The Long-Term Evidence - Dimson & Marsh

For all the Factor Fans on the Board and all you haters with your time period selected arguments. ;-) Momentum and Small Cap Value seem to be pretty good strategies (but hey, cap weight is perfectly fine as well). Almost all investors are knowingly or unknowingly exposed to factors such as size, val...
by matjen
Mon Dec 11, 2017 9:42 am
Forum: Investing - Theory, News & General
Topic: No Silver Bullets: 8 Ideas for Financial Planning in a Low-Return Environment
Replies: 8
Views: 1435

No Silver Bullets: 8 Ideas for Financial Planning in a Low-Return Environment

I think many will enjoy this slide deck. Covers a bunch of topics commonly discussed here with regard to the current investing environment and how to position for the next 10-130 years. Reduce fees. Increase savings. Asset location. Dynamic withdrawal rather than fixed. Risk profile. Increase divers...
by matjen
Thu Dec 07, 2017 11:07 am
Forum: Investing - Theory, News & General
Topic: AQR/Asness - You Can Have Your Momentum Factor and Eat it Too
Replies: 21
Views: 1667

Re: AQR/Asness - You Can Have Your Momentum Factor and Eat it Too

By the way, what explains the statistically significant -2.23% Annualized Alpha (α) of AMOMX (AQR Large Cap Momentum)? Why does MTUM (iShares large cap momentum) have a statistically significant positive Alpha? They have about the same MOM loadings and very different returns. My take is that theore...
by matjen
Wed Dec 06, 2017 6:42 pm
Forum: Investing - Theory, News & General
Topic: AQR/Asness - You Can Have Your Momentum Factor and Eat it Too
Replies: 21
Views: 1667

Re: AQR/Asness - You Can Have Your Momentum Factor and Eat it Too

Random Walker wrote:
Wed Dec 06, 2017 6:23 pm
Thanks Matjen for posting the article. I assume this article is discussing CS Momentum as opposed to TS Momentum?

Dave
I assume so Dave but I haven't read it thoroughly yet. Just skimmed it but they are discussing MOM so I take that to mean CS Momentum.
by matjen
Wed Dec 06, 2017 5:28 pm
Forum: Investing - Theory, News & General
Topic: AQR/Asness - You Can Have Your Momentum Factor and Eat it Too
Replies: 21
Views: 1667

AQR/Asness - You Can Have Your Momentum Factor and Eat it Too

The latest from AQR’s Cliff Asness. As Cliff says himself: The Momentum Factor: Its Not Just For Breakfast Anymore Oh, and it survives t-costs, and studies that say it doesn’t are just poorly done nonsense. https://www.aqr.com/cliffs-perspective/you-can-have-your-momentum-factor-and-eat-it-too?utm_t...
by matjen
Wed Dec 06, 2017 9:43 am
Forum: Investing - Help with Personal Investments
Topic: Want to sell my Bitcoin, but when?
Replies: 90
Views: 8381

Re: Want to sell my Bitcoin, but when?

Sell a chunk soon. The coming Bitcoin Futures at CME will allow people/pros to much more easily go short. That will start happening.
by matjen
Sat Dec 02, 2017 9:31 am
Forum: Investing - Theory, News & General
Topic: Fama - Embrace passive management already
Replies: 16
Views: 2439

Fama - Embrace passive management already

Semantics aside as to what passive actually is, a great article with many concise snippets of wisdom from Eugene Fama. On factor investing Forget timing factors. That’s ridiculous. A company that I’m involved with [Dimensional Fund Advisors] does it passively. They just buy the whole value segment o...
by matjen
Tue Nov 28, 2017 10:53 am
Forum: Investing - Theory, News & General
Topic: Vanguard to launch US 'smart beta' ETFs - Will this board burn down?
Replies: 133
Views: 12230

Vanguard To Introduce First Actively Managed ETFs With Suite Of Factor Funds

[merged matjen's thread and its replies into this existing one - moderator prudent] Yay for factors! Yay for choice! The new suite of active factor offerings includes: Vanguard U.S. Minimum Volatility ETF – seeks to provide long-term capital appreciation with lower volatility relative to the broad ...
by matjen
Fri Nov 24, 2017 9:58 am
Forum: Investing - Theory, News & General
Topic: WSJ - Is Your Stockpicker Lucky or Good?
Replies: 8
Views: 751

Re: WSJ - Is Your Stockpicker Lucky or Good?

livesoft wrote:
Fri Nov 24, 2017 9:53 am
That suggests that one wants to make a lot of transactions in order to determine if they are lucky or not.
I think it is more of a "need" thing than a "want" thing.
by matjen
Fri Nov 24, 2017 9:26 am
Forum: Investing - Theory, News & General
Topic: WSJ - Is Your Stockpicker Lucky or Good?
Replies: 8
Views: 751

WSJ - Is Your Stockpicker Lucky or Good?

Behind a paywall but people can usually find ways around that. A great article that shows the difficulty in selecting and sticking with a "star" manager. Once again it is Victor Haghani of LTCM fame that is providing the insight. Victor Haghani, a co-founder of one of the best-known investment firms...
by matjen
Sat Nov 18, 2017 9:07 am
Forum: Investing - Theory, News & General
Topic: Morningstar - AQR: The Vanguard of Alternative Investing?
Replies: 58
Views: 5164

Morningstar - AQR: The Vanguard of Alternative Investing?

John Rekenthaler has a nice article on AQR's success up at Morningstar. http://beta.morningstar.com/articles/837417/aqr-the-vanguard-of-alternative-investing.html AQR won the old-fashioned way: Its funds beat everybody else's. AQR Long-Short Equity (QLEIX) finished first in its category. AQR Equity ...
by matjen
Thu Nov 16, 2017 5:38 pm
Forum: Personal Consumer Issues
Topic: BMW to Chevy Bolt?
Replies: 30
Views: 2441

Re: BMW to Chevy Bolt?

I’m a big fan of EV, and willing to support hybrids also. I’ve got to say that the only rationale for how quirky and ugly the i3 looks is that BMW must have wanted nobody to think of it as a BMW. Finish shminish, the ugly had to be intentional :D Could be worse. Could cost 130k and be fugly like th...
by matjen
Thu Nov 16, 2017 4:52 pm
Forum: Personal Consumer Issues
Topic: BMW to Chevy Bolt?
Replies: 30
Views: 2441

Re: BMW to Chevy Bolt?

We worry that EVs have insufficient range. But we also worry that we may drive them too many miles in a year :? :? OP has not mentioned the BMW i3, but that might be a better choice from a seat/ interior finish viewpoint? (however, less range?). I agree with this sentiment. 2015 i3 RExs coming off ...
by matjen
Wed Nov 15, 2017 11:42 am
Forum: Personal Consumer Issues
Topic: Office Chair Recommendations (Aeron?)
Replies: 37
Views: 2224

Re: Office Chair Recommendations (Aeron?)

I sit in a Knoll Life chair currently (as in right now as I type!) and like it quite a bit. However I actually prefer the Knoll Chadwick. It is a very comfortable and a bit smaller than some of the other big gun chairs. I prefer the smaller footprint.

https://www.knoll.com/product/chadwick
by matjen
Thu Nov 09, 2017 1:49 pm
Forum: Investing - Theory, News & General
Topic: DFA access
Replies: 27
Views: 2609

Re: DFA access

GreatOdinsRaven wrote:
Thu Nov 09, 2017 1:42 pm

May I ask if you’re using IJS in a taxable account? We would be...
Yes. Still (happily) have a bunch of VTI, VXUS and IJS in taxable accounts as well as some VSS.
by matjen
Thu Nov 09, 2017 1:02 pm
Forum: Investing - Theory, News & General
Topic: DFA access
Replies: 27
Views: 2609

Re: DFA access

I, too, have come to the conclusion that you can basically get almost the same factor exposure with IJS that you can with DFSVX (and you don’t have to pay for access...). The size factor loadings are almost identical and the value factor is similar although not as heavily weighted. The thing that a...
by matjen
Thu Nov 09, 2017 10:13 am
Forum: Investing - Theory, News & General
Topic: DFA access
Replies: 27
Views: 2609

Re: DFA access

I like to keep my investments simple so I use target date funds. American Funds are available at Fidelity, so I use AF 2030. Looking "under the hood", I see that AF 2030 and DFA 2030 have similar stock/bond allocations. Yet AF seems to do better than DFA, with a similar amount of risk. My thinking ...
by matjen
Thu Nov 09, 2017 8:25 am
Forum: Investing - Theory, News & General
Topic: DFA access
Replies: 27
Views: 2609

Re: DFA access

I am also a low touch client at FPL. Low quarterly fee that applies to my whole household (so me and DW accounts at Fidelity, Schwab or TD Ameritrade). https://www.fplcapital.com/model-folios/ Nothing but good things to say about my experience. Have DFA, AQR, and Stone Ridge access. Agree that DFA l...
by matjen
Sat Nov 04, 2017 12:56 pm
Forum: Personal Consumer Issues
Topic: Got an iPhoneX
Replies: 157
Views: 11466

Re: Got an iPhoneX

Cash wrote:
Sat Nov 04, 2017 12:52 pm
I feel like I'm missing an important pop culture reference with that pic...
The infamous "grassy knoll" where some people think JFK's "real" assassin shot from.
https://en.wikipedia.org/wiki/Dealey_Plaza#Grassy_knoll
by matjen
Sat Nov 04, 2017 12:33 pm
Forum: Personal Consumer Issues
Topic: Got an iPhoneX
Replies: 157
Views: 11466

Re: Got an iPhoneX

Leesbro63 wrote:
Sat Nov 04, 2017 12:18 pm
I see it! The REAL (big) iPhone X! Behind the picket fence above the grassy knoll!
LOL. :beer
by matjen
Sat Nov 04, 2017 12:14 pm
Forum: Personal Consumer Issues
Topic: Got an iPhoneX
Replies: 157
Views: 11466

Re: Got an iPhoneX

Finally we were able to get the iPhone X photo uploaded... :twisted:

Image
by matjen
Sat Nov 04, 2017 10:33 am
Forum: Personal Consumer Issues
Topic: Got an iPhoneX
Replies: 157
Views: 11466

Re: Got an iPhoneX

Leesbro63 wrote:
Sat Nov 04, 2017 10:14 am
Yes but MY photo shows the X CLEARLY smaller/narrower/less real estate. THIS photo that you posted is misleading.
Good grief! My photo above was taken by the WSJ. Is the WSJ somehow incented to mislead on this crucial issue? ;-)
by matjen
Sat Nov 04, 2017 7:43 am
Forum: Personal Consumer Issues
Topic: Got an iPhoneX
Replies: 157
Views: 11466

Re: Got an iPhoneX

I think the general point on the X screen size is that it is a higher quality screen and the phone is much smaller than the older "Plus" phones. There is more screen given the physical size of the phone. Much less bezel and longer in general. To my eyes the screen is very close in size to a Plus pho...
by matjen
Sun Oct 29, 2017 12:58 pm
Forum: Investing - Theory, News & General
Topic: Thaler's Misbehaving: The Making of Behavioral Economics - FREE*
Replies: 10
Views: 706

Re: Thaler's Misbehaving: The Making of Behavioral Economics - FREE*

I slightly edited the original post to make it clear that it is free to borrow if a Prime member.
by matjen
Sun Oct 29, 2017 9:51 am
Forum: Investing - Theory, News & General
Topic: Thaler's Misbehaving: The Making of Behavioral Economics - FREE*
Replies: 10
Views: 706

Thaler's Misbehaving: The Making of Behavioral Economics - FREE*

The Kindle edition of Nobel Laureate Richard Thaler's “Misbehaving: The Making of Behavioral Economics” is currently free at Amazon. I thought forum members would be interested. *It is free to borrow if a Prime Member. https://www.amazon.com/Misbehaving-Behavioral-Economics-Richard-Thaler-ebook/dp/B...
by matjen
Fri Oct 27, 2017 5:25 pm
Forum: Investing - Theory, News & General
Topic: Has Anyone Read The Fama Portfolio: Selected Papers of Eugene F. Fama?
Replies: 3
Views: 555

Re: Has Anyone Read The Fama Portfolio: Selected Papers of Eugene F. Fama?

Cliff Asness did a little write up on it in his most recent perspective. $100 is a tad rich but I'll likely get it eventually. https://www.aqr.com/cliffs-perspective/add-more-fama-to-your-portfolio But this is more than a simple collection. It’s a curated collection with the curation done by Profess...
by matjen
Fri Oct 27, 2017 8:48 am
Forum: Investing - Theory, News & General
Topic: Stocks go up, bonds fall. Stock fall, bonds also fall.
Replies: 51
Views: 5455

Re: Stocks go up, bonds fall. Stock fall, bonds also fall.

Stocks are up today and bonds (VBTLX) fall. Stocks were falling yesterday and bonds also fall. Has everyone holding bond funds simply made peace with the fact that bonds are practically useless until there is a 25%+ drop in the market? I can't convince myself to keep holding bonds. AQR's QSPIX Styl...
by matjen
Wed Oct 25, 2017 11:06 am
Forum: Investing - Help with Personal Investments
Topic: Why [was] QSPIX steadily declining?
Replies: 66
Views: 8754

Re: Why is QSPIX steadily declining?

rkhusky wrote:
Wed Oct 25, 2017 10:52 am
YTD returns for QSPIX, Total US, Total Int'l, or VMNFX are not very useful for making any kind of decision.
Fair point. Agreed in general terms.
by matjen
Wed Oct 25, 2017 8:15 am
Forum: Investing - Help with Personal Investments
Topic: Why [was] QSPIX steadily declining?
Replies: 66
Views: 8754

Re: Why is QSPIX steadily declining?

Not very helpful. QSPIX YTD returns are 9.07%. Does it matter if the ER is 1.5 or 2%? Fees matter most when you are comparing two like minded funds with similar strategies. Cue inner Larry Swedroe, "many people know the cost of something but do not know the value". YTD returns don''t have much valu...
by matjen
Tue Oct 24, 2017 5:15 pm
Forum: Investing - Help with Personal Investments
Topic: Why [was] QSPIX steadily declining?
Replies: 66
Views: 8754

Re: Why is QSPIX steadily declining?

QSPIX closed at 10.82 today. :happy

Has been on quite the run so this will no doubt jinx it.
by matjen
Fri Sep 29, 2017 7:39 pm
Forum: Investing - Theory, News & General
Topic: The Four Pillars of Investing – today’s Kindle daily deal
Replies: 10
Views: 1559

Re: The Four Pillars of Investing – today’s Kindle daily deal

This is my favorite investing book of all time. Highly recommended.
by matjen
Thu Sep 21, 2017 4:59 pm
Forum: Personal Consumer Issues
Topic: Tesla S
Replies: 1002
Views: 174670

Re: Tesla S

Here is a fun little video that just came out that many will find of interest. :twisted:

https://www.youtube.com/watch?v=cvk18vx-nrY
by matjen
Fri Sep 15, 2017 6:12 pm
Forum: Investing - Help with Personal Investments
Topic: Bond return negative. CD or money market alternative.
Replies: 30
Views: 3415

Re: Bond return negative. CD or money market alternative.

WhiteMaxima wrote:
Fri Sep 15, 2017 6:05 pm
BOND: YTD 2,5% , 1Year -0,33%, 3 Year 2,5%. Barely beat inflation.
Where did that come from? Here is a quote for Pimco's BOND ETF (which I assume you are referencing).

YTD: 4.62% 1 year 3.36%, 3 year 3.57%

https://www.bloomberg.com/quote/BOND:US
by matjen
Wed Sep 13, 2017 6:33 pm
Forum: Investing - Help with Personal Investments
Topic: AAII conference
Replies: 4
Views: 560

Re: AAII conference

^ +1 You will enjoy the speakers that you want to see and know a bit about. Those that are more typical stock pickers or annuity types will disappoint. I went a couple years ago and Swedroe, Ferri, Wes Gray, Israelson, etc. were all great.
by matjen
Tue Sep 12, 2017 5:26 pm
Forum: Investing - Theory, News & General
Topic: My Favorite Alternative Funds
Replies: 190
Views: 22959

Re: My Favorite Alternative Funds

I think you are too early to crow about it not performing as expected/sold. And just like that SRRIX is up 5.5%... Hurricane Irma made landfall in the Florida Keys early Sunday, then moved up the state’s west coast. Even at the upper end of Monday’s projections of roughly $40 billion of damage, the...
by matjen
Mon Sep 11, 2017 7:29 am
Forum: Investing - Theory, News & General
Topic: My Favorite Alternative Funds
Replies: 190
Views: 22959

Re: My Favorite Alternative Funds

Fair point...if we were looking at 30% losses which we aren't (as of now). You also seem to be forgetting that these tore through the Caribbean as well. Along with the other disasters going on which certainly add on a bit. The damage amount is greatly determined by where they land it seems to me. Al...
by matjen
Mon Sep 11, 2017 5:57 am
Forum: Investing - Theory, News & General
Topic: My Favorite Alternative Funds
Replies: 190
Views: 22959

Re: My Favorite Alternative Funds

Sandy in 2012 was about $30 billion in insurance losses, Ike in 2008 was ~$20 billion - looking at the category hurricanes isn't really meaningful measure here. When Larry said they modeled 2005 would have been down 15% that was taking into account Katrina, Wilma, Rita, the tsunami, probably residu...
by matjen
Sat Sep 09, 2017 8:54 am
Forum: Investing - Theory, News & General
Topic: My Favorite Alternative Funds
Replies: 190
Views: 22959

Re: My Favorite Alternative Funds

Yes, minor significance as far as tails go - big hurricanes are not infrequent occurences, the earthquake was large but the damage from a reinsuers persepctive uninteresting and the fires out west aren't anything on the far end of the tail - and these are all geographically concentrated, weather ev...
by matjen
Sat Sep 09, 2017 8:43 am
Forum: Investing - Theory, News & General
Topic: My Favorite Alternative Funds
Replies: 190
Views: 22959

Re: My Favorite Alternative Funds

Avalpert, there is a difference between hurricane frequency and where they hit. We have had a long run of minor hurricane activity (see Roger Pielke's work). Now we have two massive ones make almost direct hits on major cities along with the other disasters mentioned. Fund gets marked down 10% or so...
by matjen
Sat Sep 09, 2017 6:37 am
Forum: Investing - Theory, News & General
Topic: My Favorite Alternative Funds
Replies: 190
Views: 22959

Re: My Favorite Alternative Funds

Recent events sould influence a plan built around a security with little history when it's first test of even minor significance is a failure (assuming that is what drove the deep decline of course). Minor significance? Massive hurricanes directly hitting Caribbean, Houston and Miami. Massive earth...
by matjen
Fri Aug 25, 2017 7:40 am
Forum: Personal Consumer Issues
Topic: Miles Davis: Kind of Blue - Question for Jazz experts
Replies: 49
Views: 3562

Re: Miles Davis: Kind of Blue - Question for Jazz experts

OP, I would strongly suggest Oliver Nelson's " The Blues and the Abstract Truth ." I am declaring myself the winner in advance in satisfying/answering your question. :D Though I think Sketches of Spain is also a great suggestion and much of Bill Evans. https://www.youtube.com/watch?v=do2jaCn4oW8 The...
by matjen
Fri Aug 25, 2017 6:36 am
Forum: Investing - Theory, News & General
Topic: Passive investing is a Ponzi scheme
Replies: 77
Views: 6252

Re: Active investing is a Ponzi scheme

That whole interview was little more than a word salad.
by matjen
Wed Aug 16, 2017 5:35 pm
Forum: Investing - Help with Personal Investments
Topic: a simple world wide portfolio
Replies: 6
Views: 636

Re: a simple world wide portfolio

Sounds good to me. Though I would just buy VT and have one fund. I think the major difference would be about 5% less emerging markets but the advantage is that it balances itself automatically.

http://portfolios.morningstar.com/fund/ ... ture=en_US
by matjen
Tue Aug 15, 2017 6:53 am
Forum: Investing - Theory, News & General
Topic: Bill Sharpe's preferred portfolio
Replies: 84
Views: 16599

Re: Bill Sharpe's preferred portfolio

These posts by Robert T. may be of interest to those looking at Sharpe's stuff. https://www.bogleheads.org/forum/viewtopic.php?f=10&t=221254&newpost=3424179&start=50#p3419283 Using an indicative ‘market portfolio’ of: 30% US stocks 25% non-US stocks 23% US bonds 22% Non-US bonds (re: pg 22 of Bill S...
by matjen
Mon Aug 14, 2017 9:47 am
Forum: Investing - Theory, News & General
Topic: What a Low Return Outlook Means for Your Retirement?
Replies: 42
Views: 5651

What a Low Return Outlook Means for Your Retirement?

I thought this was quite a nice article on retirement success. Optimists will likely not like it. For me a flaw is that it is only taking into account US equities. High valuations of core assets in the U.S. suggest that retirement withdrawal rates that were once safe may now deliver success rates th...
by matjen
Tue Aug 08, 2017 7:11 pm
Forum: Investing - Theory, News & General
Topic: Deja Vu.. are there too many houses for sale?
Replies: 47
Views: 4620

Re: Deja Vu.. are there too many houses for sale?

The whole premise of that article is silly. That man has fixated on one neighborhood. There are plenty of decent neighborhoods in Philadelphia where $200k can buy a lot of house. You can't pick up a habitable rowhouse there for $10k like you could during the financial crisis, but you can certainly ...