Search found 10620 matches

by nedsaid
Sun Dec 16, 2018 1:15 pm
Forum: Investing - Theory, News & General
Topic: Do Factor Tilts, Such As Small Value, Increase Idiosyncratic Risk?
Replies: 29
Views: 964

Re: Do Factor Tilts, Such As Small Value, Increase Idiosyncratic Risk?

I do not think factor tilts increase idiosyncratic risk. Idiosyncratic risk generally is single stock risk. Most all the factor tilting discussed here is with cap weighted, passive/index funds that have hundreds or thousands of individual stocks. Single stock risk is effectively eliminated. Dave I ...
by nedsaid
Sun Dec 16, 2018 1:10 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1594
Views: 220166

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 nedsaid
Sun Dec 16, 2018 12:42 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1594
Views: 220166

Re: QSPIX - thoughts on interesting fund

No need to get emotional and defensive. I understand how QSPIX investors feel, been there done that with PCRIX in 2008, and will not touch anything untested ever again. Even Cliff Asness has been bending over backwards lately acknolwledging QSPIX is failing to perform as expected this year. Only on...
by nedsaid
Sun Dec 16, 2018 12:22 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1594
Views: 220166

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 nedsaid
Sat Dec 15, 2018 1:56 am
Forum: Investing - Help with Personal Investments
Topic: I made a mistake by not selling when the market was high this year
Replies: 103
Views: 7927

Re: I made a mistake by not selling when the market was high this year

I made another big mistake. I should have taken some gains earlier this year when I had the chance. It seems to me that 10 months of great growth for 2018 has been wiped out in the past few weeks. I don’t have a good question. Just wondering if anyone else is in the same boat. Is this the beginning...
by nedsaid
Sat Dec 15, 2018 1:50 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1594
Views: 220166

Re: QSPIX - thoughts on interesting fund

...And, frankly, QSPIX really shouldn't be compared to equities except for giggles... It's OK for a QSPIX/QSPNX advocate to compare it to equities The expectation is that the fund will produce equity-like returns, but with about half the volatility of the market, but it's not OK for the rest of us ...
by nedsaid
Sat Dec 15, 2018 1:37 am
Forum: Investing - Help with Personal Investments
Topic: In a Bear Market, What Are Some Best Practices
Replies: 53
Views: 6860

Re: In a Bear Market, What Are Some Best Practices

Also a reminder to de-risk your portfolio as you get older. I personally am having a hard time doing that. Don't worry Ned, Mr. Market will do that for you. Today Mr. Market de-risked another 1%+ from us. :twisted: Yep, it sure did. The market has turned a 66/34 portfolio into a 63/37 portfolio and...
by nedsaid
Fri Dec 14, 2018 12:34 pm
Forum: Investing - Theory, News & General
Topic: MLP's [Master Limited Partnership]
Replies: 26
Views: 1561

Re: MLP's

Some MLP's fire off K1 statements. Been there, done that. What a hassle. Stay away, just put your money in low cost index funds. +1 +2 I'm a CPA and I have a lot of clients who invest in these things. I almost universally advise them to avoid them at all costs. Problem #1 - Your broker was mistaken...
by nedsaid
Fri Dec 14, 2018 12:29 pm
Forum: Investing - Theory, News & General
Topic: MLP's [Master Limited Partnership]
Replies: 26
Views: 1561

Re: MLP's

Problem #3 - You won't get your K-1's until August, so you can't do your tax return until September. Be prepared to estimate and extend (at an additional cost to you). FWIW: Exaggeration alert!!! I've owned 8-12 MLPs each year for the last 10 years and I've received a final K1 prior to the end of M...
by nedsaid
Fri Dec 14, 2018 12:15 pm
Forum: Investing - Help with Personal Investments
Topic: Sell individual stocks to buy index funds?
Replies: 50
Views: 4880

Re: Sell individual stocks to buy index funds?

Just a quick question. When I was a kid my grandparents purchased a few stocks on my behalf for about $6,000 (Johnson & Johnson, Disney, Cisco, Eli Lilly). For the most part they have had pretty good performance and it has grown to about $18,000. My plan for this taxable account is to just leave it...
by nedsaid
Fri Dec 14, 2018 12:08 pm
Forum: Investing - Theory, News & General
Topic: Allan Roth: 3 Correlation Myths In Portfolio Construction
Replies: 90
Views: 4898

Re: Allan Roth: 3 Correlation Myths In Portfolio Construction

Allan Roth's article is a good counterpoint to Larry Swedroe's articles on these topics. I guess I am one of the "Try Guys" when it comes to portfolio construction. I have tried a lot of things: individual stocks, aggressive earnings/price momentum stock funds, Value, Smaller stocks, Small/Value, in...
by nedsaid
Fri Dec 14, 2018 11:41 am
Forum: Investing - Help with Personal Investments
Topic: In a Bear Market, What Are Some Best Practices
Replies: 53
Views: 6860

Re: In a Bear Market, What Are Some Best Practices

I'll be honest. I started investing in January 1997 and really didn't focus on it until 2013 when I sold a business. I haven't "actively" witnessed a bull market where a significant portion of my worth was tied to the market. Yes...I went through the 2008 recession, but only a small amount of worth...
by nedsaid
Fri Dec 14, 2018 11:31 am
Forum: Investing - Theory, News & General
Topic: Recession Coming
Replies: 49
Views: 6055

Re: Recession Coming

Recessions are pretty inevitable and one can thing of them as a pruning process, putting out of business the weakest of firms that don't efficiently produce economic output. We used to talk about inventory recessions, in other words so much stuff would be produced that more was out there than what ...
by nedsaid
Fri Dec 14, 2018 11:19 am
Forum: Investing - Theory, News & General
Topic: VMVFX (Global Minimum Volatility) as core equity holding. Your opinion?
Replies: 90
Views: 3748

Re: VMVFX (Global Minimum Volatility) as core equity holding. Your opinion?

The academic research suggests that Minimum Volatility outperforms the market when it is in the Value area of the market. 2018 YTD returns: USMV (iShares Min Vol): 6.76% IVE (S&P 500 value): -4.47% IVW (S&P 500 Growth): 5.92% I've been reading for 7 years on this forum that min. vol. was going to p...
by nedsaid
Fri Dec 14, 2018 11:14 am
Forum: Investing - Theory, News & General
Topic: U.S. stocks in free fall
Replies: 8615
Views: 1680602

Re: U.S. stocks in free fall

AlphaLess wrote:
Fri Dec 14, 2018 12:49 am
nedsaid wrote:
Wed Dec 12, 2018 1:00 am
You say freefall and I say free fall,
You say downdraft and I say down draft
Free fall, freefall, down draft, downdraft
Let's call the whole thing off.
You say tomato, I say potato.
I wondered when somebody would get my joke.
by nedsaid
Thu Dec 13, 2018 8:47 pm
Forum: Investing - Theory, News & General
Topic: Podcast: Rick Ferri – What Does the Future of Financial Advice Look Like?
Replies: 4
Views: 724

Re: Podcast: Rick Ferri – What Does the Future of Financial Advice Look Like?

Thanks Rick for linking. I did listen to the whole thing, very good as usual.
by nedsaid
Thu Dec 13, 2018 3:15 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1594
Views: 220166

Re: QSPIX - thoughts on interesting fund

marcopolo wrote:
Thu Dec 13, 2018 3:10 pm


All good points.

I think I will just step away from these discussions until if/when these products are more enticing to me, as they seem to have become somewhat repetitive.
Well, the discussions are enticing. I feel like a moth hitting the bug zapper, I just can't help myself.
by nedsaid
Thu Dec 13, 2018 3:13 pm
Forum: Investing - Theory, News & General
Topic: VMVFX (Global Minimum Volatility) as core equity holding. Your opinion?
Replies: 90
Views: 3748

Re: VMVFX (Global Minimum Volatility) as core equity holding. Your opinion?

The academic research suggests that Minimum Volatility outperforms the market when it is in the Value area of the market. These stocks got to be so popular that they were priced like Growth stocks, particularly consumer staples. These are also called the defensive stocks and they do fairly well in d...
by nedsaid
Thu Dec 13, 2018 3:08 pm
Forum: Investing - Theory, News & General
Topic: "How NOT To Beat The Market"
Replies: 15
Views: 2195

Re: "How NOT To Beat The Market"

Hi Nisiprius, You could also reduce the volatility of a Market portfolio by using something like Dividend Appreciation Index (VDAIX), for almost same sharp ratio. There is no need to pay 2.5% fees, just a tiny 0.07%. With that, we know what the fund is investing in and how simple the strategy is, i...
by nedsaid
Thu Dec 13, 2018 3:01 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1594
Views: 220166

Re: QSPIX - thoughts on interesting fund

I am a bit surprised at how much of a pass the AQR funds and the advisors that promote them get on this forum. Actually, they haven't gotten a pass. Larry Swedroe has stopped posting here twice. Many folks here questioned his enthusiasm for Alt funds. There is a vocal minority here that like the AQ...
by nedsaid
Thu Dec 13, 2018 2:41 pm
Forum: Investing - Help with Personal Investments
Topic: Motley Fools is now for fools only?.....RIP
Replies: 30
Views: 6641

Re: Motley Fools is now for fools only?.....RIP

Motley Fools went from being mostly good to mostly bad. They were interesting in their early years but I don't read much of their stuff now. I think they did some good early on by getting people interested in investing, much of what they said was solid. Today, it just seems to be trying to guess the...
by nedsaid
Thu Dec 13, 2018 2:33 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1594
Views: 220166

Re: QSPIX - thoughts on interesting fund

I jumped back into this thread because I thought it was interesting that QSPIX had gone down at the same time the stock market went down, since I considered QSPIX a hedge against that. But I was wrong about that and I appreciate matjen and others setting me straight. I stand corrected, and will bow...
by nedsaid
Thu Dec 13, 2018 2:28 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1594
Views: 220166

Re: QSPIX - thoughts on interesting fund

I am a bit surprised at how much of a pass the AQR funds and the advisors that promote them get on this forum. They haven't gotten a pass. Larry Swedroe has stopped posting here twice. Many folks here questioned his enthusiasm for Alt funds. There is a vocal minority here that like the AQR funds bu...
by nedsaid
Thu Dec 13, 2018 12:54 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1594
Views: 220166

Re: QSPIX - thoughts on interesting fund

But don't worry Homer J, you are still correct that Cliff Asness is extremely wealthy. I know that is your favorite thing to point out. The horror! In America no less! :) "Where are the customer's yachts?" It was a good question 90 years ago, and is still a good question today. We're allowed to tel...
by nedsaid
Thu Dec 13, 2018 11:53 am
Forum: Investing - Theory, News & General
Topic: Recession Coming
Replies: 49
Views: 6055

Re: Recession Coming

Recessions are pretty inevitable and one can thing of them as a pruning process, putting out of business the weakest of firms that don't efficiently produce economic output. We used to talk about inventory recessions, in other words so much stuff would be produced that more was out there than what c...
by nedsaid
Thu Dec 13, 2018 11:44 am
Forum: Investing - Theory, News & General
Topic: MLP's [Master Limited Partnership]
Replies: 26
Views: 1561

Re: MLP's

Some of these are fairly good investments. Like other posters have said, there are the K-1 forms and the hassles when filing your taxes. Sometimes, the K-1 forms will be late, necessitating filing an extension. Furthermore, these tend to be more concentrated on the energy sector. When energy prices ...
by nedsaid
Thu Dec 13, 2018 11:38 am
Forum: Investing - Theory, News & General
Topic: "How NOT To Beat The Market"
Replies: 15
Views: 2195

Re: "How NOT To Beat The Market"

Hi Nisiprius, You could also reduce the volatility of a Market portfolio by using something like Dividend Appreciation Index (VDAIX), for almost same sharp ratio. There is no need to pay 2.5% fees, just a tiny 0.07%. With that, we know what the fund is investing in and how simple the strategy is, i...
by nedsaid
Thu Dec 13, 2018 11:31 am
Forum: Investing - Theory, News & General
Topic: NPR On Point: Stock Market Distress Signal: How Low-Cost Index Funds Are Taking Over
Replies: 26
Views: 3902

Re: NPR On Point: Stock Market Distress Signal: How Low-Cost Index Funds Are Taking Over

I guess the answer to this is Vanguard 1, Vanguard 2, Vanguard 3, Fidelity 1, Fidelity 2, Fidelity 3, Blackrock 1, Blackrock 2, and Blackrock 3. The Teddy Roosevelt solution. Vanguard already has both a "Vanguard Total Bond Market Index Fund" and a "Vanguard Total Bond Market II Index Fund" (which ...
by nedsaid
Wed Dec 12, 2018 9:33 pm
Forum: Investing - Theory, News & General
Topic: NPR On Point: Stock Market Distress Signal: How Low-Cost Index Funds Are Taking Over
Replies: 26
Views: 3902

Re: NPR On Point: Stock Market Distress Signal: How Low-Cost Index Funds Are Taking Over

I guess the answer to this is Vanguard 1, Vanguard 2, Vanguard 3, Fidelity 1, Fidelity 2, Fidelity 3, Blackrock 1, Blackrock 2, and Blackrock 3. The Teddy Roosevelt solution. Vanguard already has both a "Vanguard Total Bond Market Index Fund" and a "Vanguard Total Bond Market II Index Fund" (which ...
by nedsaid
Wed Dec 12, 2018 9:23 pm
Forum: Investing - Theory, News & General
Topic: U.S. stocks in free fall
Replies: 8615
Views: 1680602

Re: U.S. stocks in free fall

Well, the Mona Lisa still has a moustache on it. :wink:

I suppose the next spirited debate here are those who use the dash and those who don't. Free fall vs. free-fall. Sort of like the indexers vs. factor investors.
by nedsaid
Wed Dec 12, 2018 9:21 pm
Forum: Investing - Theory, News & General
Topic: NPR On Point: Stock Market Distress Signal: How Low-Cost Index Funds Are Taking Over
Replies: 26
Views: 3902

Re: NPR On Point: Stock Market Distress Signal: How Low-Cost Index Funds Are Taking Over

I guess the answer to this is Vanguard 1, Vanguard 2, Vanguard 3, Fidelity 1, Fidelity 2, Fidelity 3, Blackrock 1, Blackrock 2, and Blackrock 3. The Teddy Roosevelt solution.
by nedsaid
Wed Dec 12, 2018 7:19 pm
Forum: Investing - Theory, News & General
Topic: U.S. stocks in free fall
Replies: 8615
Views: 1680602

Re: U.S. stocks in free fall

How do you spell "free fall"? That's what dictionaries are for. The American Heritage Dictionary, Merriam Webster's, and the Oxford English Dictionary all spell it with a space (with "freefall" as an alternative spelling in AHD). (If used as an adjective, though, it would have a hyphen.) Here's MW'...
by nedsaid
Wed Dec 12, 2018 1:24 am
Forum: Investing - Help with Personal Investments
Topic: Great Personal Loss – Guidance and Financial Questions
Replies: 36
Views: 4928

Re: Great Personal Loss – Guidance and Financial Questions

northernboy, so sorry to hear about your loss. I cannot imagine how you must feel now, particularly when this happened rather suddenly and at a relatively young age. Certainly you are not alone as others have gone through this. Please accept my condolences. Best wishes, Ned. I'll be seeing you in al...
by nedsaid
Wed Dec 12, 2018 1:14 am
Forum: Investing - Theory, News & General
Topic: "STAY THE COURSE" by John C. Bogle -- A Gem
Replies: 15
Views: 4108

Re: "STAY THE COURSE" by John C. Bogle -- A Gem

I guess in the light of Vanguard's website glitch, Vanguard has taken Jack's book title to heart. By golly, our investors are staying the course whether they like it or not!

https://www.thinkadvisor.com/2018/10/10 ... -for-some/
by nedsaid
Wed Dec 12, 2018 1:00 am
Forum: Investing - Theory, News & General
Topic: U.S. stocks in free fall
Replies: 8615
Views: 1680602

Re: U.S. stocks in free fall

You say freefall and I say free fall,
You say downdraft and I say down draft
Free fall, freefall, down draft, downdraft
Let's call the whole thing off.
by nedsaid
Wed Dec 12, 2018 12:51 am
Forum: Investing - Theory, News & General
Topic: U.S. stocks in free fall
Replies: 8615
Views: 1680602

Re: U.S. stocks in free fall

(free fall is actually two separate words by the way) Does that effect or affect the market? I confuse the two. It doesn't affect the market, but it effects my spell checker alarm bell. :D Here we go again - SP500 down 1.1%. Where are you people waiting for a discount... Oh no! How will I ever cope...
by nedsaid
Sun Dec 09, 2018 7:40 pm
Forum: Investing - Theory, News & General
Topic: "The 10 Worst Places To Get Investing Advice"
Replies: 59
Views: 7161

Re: "The 10 Worst Places To Get Investing Advice"

What you find is that you have to learn how to separate the wheat from the chaff. Even otherwise good sources of investing advice can have some clunkers in there. A few examples. I learned an awful from Bob Brinker and his MoneyTalk program and was an avid listener from the mid-1980's until the earl...
by nedsaid
Sun Dec 09, 2018 7:18 pm
Forum: Investing - Theory, News & General
Topic: U.S. stocks in free fall
Replies: 8615
Views: 1680602

Re: U.S. stocks in freefall

The fall in my portfolio value has been real. Not if you didn't sell. NEVER sell, never cry. I sold/bought to realize huge long term gains back in January; I thought the party would never end. Now I have to pay taxes on gains I no longer have. Since July of 2013, I have been rebalancing from stocks...
by nedsaid
Sun Dec 09, 2018 4:14 pm
Forum: Investing - Theory, News & General
Topic: U.S. stocks in free fall
Replies: 8615
Views: 1680602

Re: U.S. stocks in freefall

Interesting to see where Futures open tonight. In other news, some analyst from Morgan Stanley said that 'there is a lot of fake information baked into stock prices". I guess we should expect alternative stock prices being published by the 'venerable' house of the Morgan and Stanley. Question is: a...
by nedsaid
Sun Dec 09, 2018 3:07 pm
Forum: Investing - Help with Personal Investments
Topic: Has anyone adjusted their stock allocation on the dip?
Replies: 39
Views: 3288

Re: Has anyone adjusted their stock allocation on the dip?

Just wondering with the recent dip in stock prices if many investors her readjusted their stock allocation and sold some bonds or invested cash to do so. Thanks in advance for the response. No. The markets reallocated for me in 2018. My last rebalancing from stocks to bonds was done late in 2017, I...
by nedsaid
Sun Dec 09, 2018 3:04 pm
Forum: Investing - Help with Personal Investments
Topic: Allocation, timing, volatility
Replies: 7
Views: 689

Re: Allocation, timing, volatility

Hi all, thanks for the replies. Right, 10 years from retirement (we hope, maybe sooner?). We're at about 28% bonds, you can see why I wanted to reallocate. I stayed in equities for the growth, which worked, more or less. What I would do is just sit tight. You have enough time to ride out another ma...
by nedsaid
Fri Dec 07, 2018 7:12 pm
Forum: Investing - Help with Personal Investments
Topic: I’m getting frustrated FTIHX
Replies: 19
Views: 2330

Re: I’m getting frustrated FTIHX

I invested in FTIHX last year and it has done terrible. It’s almost down 12% since I purchased it. Is anyone else experiencing this pain? I’m in for the long haul because it’s in my ROTH IRA, but I’m regretting even investing anything in the fund! :annoyed Why did you invest in the fund in the firs...
by nedsaid
Fri Dec 07, 2018 7:04 pm
Forum: Investing - Help with Personal Investments
Topic: Allocation, timing, volatility
Replies: 7
Views: 689

Re: Allocation, timing, volatility

Hi all, I'm a noob here. I need to re-allocate our portfolio to increase our bond holdings. I was all set to do it and then, well, this last month happened. Now I'm frozen, unsure of how to work this. Just do it? Wait for a "good day"? I know, time in the market etc. Curious to read your thoughts S...
by nedsaid
Fri Dec 07, 2018 7:00 pm
Forum: Investing - Theory, News & General
Topic: Ignored Risks of Factor Investing
Replies: 104
Views: 5171

Re: Ignored Risks of Factor Investing

Thinking back, I realized that I got interested in Small/Value tilting about the time this strategy was at its peak back in 2007 and 2008, before the financial crisis. Peak Small/Value as it were. Still, it was not a big variation on what I was doing before, just refining what I was already doing. ...
by nedsaid
Fri Dec 07, 2018 6:55 pm
Forum: Investing - Theory, News & General
Topic: U.S. stocks in free fall
Replies: 8615
Views: 1680602

Re: U.S. stocks in freefall

I did talk to my independent broker today, aka broker #4, and we discussed the very tumultuous markets. He said this had a very mechanical feel to it and that it was probably trading algorithms at work. Folks taking a profit and perhaps tax loss selling as well. Individual investors are not doing th...
by nedsaid
Fri Dec 07, 2018 6:28 pm
Forum: Investing - Theory, News & General
Topic: Ignored Risks of Factor Investing
Replies: 104
Views: 5171

Re: Ignored Risks of Factor Investing

Thinking back, I realized that I got interested in Small/Value tilting about the time this strategy was at its peak back in 2007 and 2008, before the financial crisis. Peak Small/Value as it were. Still, it was not a big variation on what I was doing before, just refining what I was already doing. I...
by nedsaid
Fri Dec 07, 2018 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: Unexpectedly subjected to my first Edward Jones sales-pitch...
Replies: 15
Views: 1634

Re: Unexpectedly subjected to my first Edward Jones sales-pitch...

Sadly, the VAST majority of what this "recruiter" was saying had almost nothing to do with actually becoming employed with Edward Jones. Instead, what he repeatedly hit on was a few key themes... 1. Understanding investments takes years and years of 60-hour study-weeks 2. The TSP is a horrible inve...
by nedsaid
Fri Dec 07, 2018 2:52 pm
Forum: Personal Consumer Issues
Topic: GE Washing Machine Screeching Sound
Replies: 19
Views: 1282

Re: GE Washing Machine Screeching Sound

The screech sounds like a really angry, large bird. When it spins, it doesn't screech, but the spinning sound is much, much louder than it used to be. It sounds like the washer is ready to launch into orbit. If it makes you feel any better there’s more than a few GE stockholders and analysts making...
by nedsaid
Fri Dec 07, 2018 1:36 pm
Forum: Investing - Theory, News & General
Topic: Ignored Risks of Factor Investing
Replies: 104
Views: 5171

Re: Ignored Risks of Factor Investing

Again, I'll wait here while you point out even one time someone has written " "you aren't diversified if you don't use factors tilts". Nobody here is perfectly nuanced in their writing--I'm not; you're not; the OP is not. This a web forum as opposed to an academic journal. The argument that using o...
by nedsaid
Fri Dec 07, 2018 12:07 pm
Forum: Investing - Theory, News & General
Topic: Why Retirement Is Broken And Needs To Be Reinvented
Replies: 174
Views: 12005

Re: Why Retirement Is Broken And Needs To Be Reinvented

The article is mostly okay, but I strongly disagree that the problem is a shift from income to assets, (and I suspect Merton is plugging his financial services). After all you can convert between assets and income. The real problems with pensions in their current form, and the reason they should re...