Search found 139 matches

by Hallman
Wed Jan 13, 2021 7:33 pm
Forum: Personal Investments
Topic: Margin debt ratio
Replies: 41
Views: 3710

Re: Margin debt ratio

I found it interesting to read through this almost 3 years later. A wild ride for NVDA for sure - Crashing more than 50% in 2018/2019 and subsequently quadrupling from the bottom to today's price. I hope the OP did reduce his exposure and was able to avoid a margin call :sharebeer As Buffett says, &...
by Hallman
Thu Dec 03, 2020 12:18 pm
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3646
Views: 275948

Re: Small Cap Value heads Rejoice !!!

I know a lot of people are turned off by the 0.63% TER of DGS, WisdomTree Small Cap Dividend Emerging Markets. I was looking through the annual report. It says it has 3,430,960 from securities lending income. This is 0.21% of total assets. From what I've read this reduces the actual TER, so ~0.41% ...
by Hallman
Thu Nov 19, 2020 11:31 am
Forum: Investing - Theory, News & General
Topic: Six more ETFs from DFA (Dimensional Fund Advisors)
Replies: 59
Views: 4853

Re: Six more ETFs from DFA (Dimensional Fund Advisors)

I think the whole reason DFA is doing this is to get Tax Managed mutual funds into the more tax efficient ETF structure. I'd guess clients and advisors who use these "tax managed" funds are not happy about the capital gains distributions they throw off each year, and are already moving ne...
by Hallman
Thu Nov 19, 2020 3:49 am
Forum: Investing - Theory, News & General
Topic: S&P500TR NET
Replies: 2
Views: 374

Re: S&P500TR NET

The S&P500 TR NET Index is net of 30% withholding taxes on dividends. When a dividend is paid from the US to any other country, the dividend is taxed at 30%, or a lower rate if there is a tax treaty between the US and the country the dividend is paid to. I.e. if you're looking at an ETF register...
by Hallman
Wed Nov 18, 2020 12:58 pm
Forum: Investing - Theory, News & General
Topic: Six more ETFs from DFA (Dimensional Fund Advisors)
Replies: 59
Views: 4853

Re: Six more ETFs from DFA (Dimensional Fund Advisors)

It’s not done until it’s done, but it likely will be structured as a tax-free event. It seems likely. It would be very disappointing to people in a tax managed account to be hit with big CGs. I think the whole reason DFA is doing this is to get Tax Managed mutual funds into the more tax efficient E...
by Hallman
Wed Nov 18, 2020 12:00 pm
Forum: Investing - Theory, News & General
Topic: Six more ETFs from DFA (Dimensional Fund Advisors)
Replies: 59
Views: 4853

Re: Six more ETFs from DFA (Dimensional Fund Advisors)

Since Vanguard uses a different share class for their funds that have an ETF component, moving between the two is tax free. I wonder if DFA will need to distribute gains when they convert to the ETF? It’s not done until it’s done, but it likely will be structured as a tax-free event. It seems likel...
by Hallman
Tue Nov 10, 2020 7:20 am
Forum: Investing - Theory, News & General
Topic: For those concerned about International Stocks...
Replies: 236
Views: 24880

Re: For those concerned about International Stocks...

There are many good reasons to overweight the US, but some of the arguments for doing so are outlandish at best. Amongst the worst are that indexing doesn't work for international because of the recent low returns. A few decades is a short period of time for the financial markets and proves nothing...
by Hallman
Tue Nov 10, 2020 6:13 am
Forum: Investing - Theory, News & General
Topic: For those concerned about International Stocks...
Replies: 236
Views: 24880

Re: For those concerned about International Stocks...

There are many good reasons to overweight the US, but some of the arguments for doing so are outlandish at best. Amongst the worst are that indexing doesn't work for international because of the recent low returns. A few decades is a short period of time for the financial markets and proves nothing....
by Hallman
Wed Oct 21, 2020 9:39 am
Forum: Investing - Theory, News & General
Topic: Any reason to avoid Invesco ETFs?
Replies: 4
Views: 488

Re: Any reason to avoid Invesco ETFs?

Not really a reason to avoid, but I prefer Ishares in europe because of their vast AUM compared to competitors. Vanguard is Vanguard, so I don't mind their offerings either.

Considering the AUM of the fund, I doubt it will be liquidated even if Invesco goes under.
by Hallman
Tue Oct 13, 2020 2:46 pm
Forum: Investing - Theory, News & General
Topic: How do Bogleheads cope with not beating the market?
Replies: 142
Views: 10825

Re: How do Bogleheads cope with not beating the market?

I don't feel the need to cope with not beating the market. I feel absurdly lucky that it is possible to beat the vast majority of investors with little finance knowledge and the time required to do so is minimal.
by Hallman
Mon Oct 12, 2020 11:37 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3646
Views: 275948

Re: Small Cap Value heads Rejoice !!!

Some of you seem to like VFMF. I've seen it briefly discussed, but is no one concerned about the high turnover? Checking the semiannual report, it looks like it will have about 100% turnover again this year. The current semi-annual report from May 31, 2020 shows that turnover dropped from 98% in th...
by Hallman
Sat Oct 10, 2020 9:58 am
Forum: Investing - Theory, News & General
Topic: Why do emerging markets ETFs have larger tracking errors than US market ETFs?
Replies: 9
Views: 529

Re: Why do emerging markets ETFs have larger tracking errors than US market ETFs?

[/quote] Thank you for these interesting points. Since you seem to know a lot about withholding taxes, perhaps you might also know the answer to a question we discussed in another post, i.e. do synthetic ETFs have withholding taxes too, or are they not taxed (which would explain the outperformance o...
by Hallman
Sat Oct 10, 2020 9:43 am
Forum: Investing - Theory, News & General
Topic: Why do emerging markets ETFs have larger tracking errors than US market ETFs?
Replies: 9
Views: 529

Re: Why do emerging markets ETFs have larger tracking errors than US market ETFs?

The primary reason is the difference between the reference benchmark's assumed wittholding tax rate, and the actual rate paid by the fund. I.e. if a S&P 500 fund is registered in Europe, the benchmark will typically be adjusted downward by an assumed 30% dividend withholding tax on dividends. Fu...
by Hallman
Fri Oct 09, 2020 10:47 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3646
Views: 275948

Re: Small Cap Value heads Rejoice !!!

Some of you seem to like VFMF. I've seen it briefly discussed, but is no one concerned about the high turnover? Checking the semiannual report, it looks like it will have about 100% turnover again this year.
by Hallman
Mon Oct 05, 2020 10:53 pm
Forum: Investing - Theory, News & General
Topic: Ex DFA CIO launches competitor which will also have ETFs
Replies: 304
Views: 39660

Re: Ex DFA CIO launches competitor which will also have ETFs

Anyone care to explain the difference between the Avantis mutual funds and ETFs? I see that each of the mutual funds have beat their ETF counterpart YTD by a meaningful margin.
by Hallman
Sat Apr 04, 2020 8:35 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3646
Views: 275948

Re: Small Cap Value heads Rejoice !!!

Valuations from morningstar look compelling relative to the past. If you want a tilt, I suppose now is as good a time as any. ETF: IJS From: 2014 -> now P/E: 19.7 -> 10.7 P/B: 1.7 -> 0.9 P/S: 0.9 -> 0.5 P/CF: 9.7 -> 3.8 https://www.etf.com/sections/index-investor-corner/23066-swedroe-understanding-s...
by Hallman
Wed Mar 18, 2020 12:42 am
Forum: Personal Investments
Topic: Does anyone know what's going on with RZV?
Replies: 11
Views: 1581

Re: Does anyone know what's going on with RZV?

Down about 43% since thread was made. Down almost 60% from peak. Cheap can get cheaper!
by Hallman
Wed Mar 18, 2020 12:34 am
Forum: Investing - Theory, News & General
Topic: International is in meltdown
Replies: 308
Views: 22888

Re: International is in meltdown

International value (EFV) is approaching levels last seen at the bottom of the financial crisis. Crazy times :shock:

Image
by Hallman
Sat Feb 08, 2020 12:15 pm
Forum: Personal Investments
Topic: Does anyone know what's going on with RZV?
Replies: 11
Views: 1581

Re: Does anyone know what's going on with RZV?

RZV is a weird beast. I'm not sure it is a good representative for deep scv and factor regressions on a fund with as few stocks as RZV has, leaves a lot unexplained. Think about this: the aggregate value of all the holdings in RZV equates to less than the value of Starbucks.
by Hallman
Fri Feb 07, 2020 10:21 pm
Forum: Investing - Theory, News & General
Topic: What is the highest expense ratio you willingly pay?
Replies: 123
Views: 8852

Re: What is the highest expense ratio you willingly pay?

I own some EMGF and FNDE, because at the time of purchase I was willing to pay the ER (0.45 and 0.39%). However, the more that I've thought about it, I've come to the conclusion that they are much more expensive than the ER. Including foreign taxes the funds cost about 90 basis points. I expect tra...
by Hallman
Fri Feb 07, 2020 11:44 am
Forum: Investing - Theory, News & General
Topic: How are distributions decided for mutual funds/ETfs?
Replies: 1
Views: 266

How are distributions decided for mutual funds/ETfs?

I'm trying to understand how mutual funds/ETFs distribute dividends. I've always assumed funds distribute whatever their net investment income is, but it doesn't appear to be that simple. Looking at the first picture below, you can see that for 2019 a fund distributed significantly more than it had ...
by Hallman
Fri Feb 07, 2020 10:45 am
Forum: Personal Consumer Issues
Topic: Do you buy plastic bags for your home trash bins?
Replies: 99
Views: 7425

Re: Do you buy plastic bags for your home trash bins?

This is probably due to me not being from the US, but it seems absurd to me to have a visible trash can in a nice kitchen (how trashy!). Surely it belongs in a cabinet.
by Hallman
Fri Feb 07, 2020 9:08 am
Forum: Investing - Theory, News & General
Topic: What is the highest expense ratio you willingly pay?
Replies: 123
Views: 8852

Re: What is the highest expense ratio you willingly pay?

I own some EMGF and FNDE, because at the time of purchase I was willing to pay the ER (0.45 and 0.39%). However, the more that I've thought about it, I've come to the conclusion that they are much more expensive than the ER. Including foreign taxes the funds cost about 90 basis points. I expect trad...
by Hallman
Tue Feb 04, 2020 4:09 pm
Forum: Personal Investments
Topic: Does anyone know what's going on with RZV?
Replies: 11
Views: 1581

Re: Does anyone know what's going on with RZV?

I was curious so I looked up actual #s (from Morningstar): RZV: Avg Market Cap 672.76 Mil Price/Earnings 10.44 Price/Book 0.66 Price/Cash Flow 2.01 VIOV: Avg Market Cap 1.45 Bil Price/Earnings 14.35 Price/Book 1.22 Price/Cash Flow 4.66 The difference is actually even more significant than I thought...
by Hallman
Fri Feb 08, 2019 5:09 am
Forum: Non-US Investing
Topic: Nordic tilt with zero-ER funds
Replies: 12
Views: 1249

Re: Nordic tilt with zero-ER funds

Just fyi, the Danish fund pays 27% on dividends, not 0%. The rest pay 0%.

If you were to tilt towards Nordnet's funds, I'd consider also including low cost ETFs in countries without dividend withholding taxes. For example an Ishares FTSE 100 fund, 0.07% ER and no withholding.
by Hallman
Fri Jan 25, 2019 9:06 am
Forum: Personal Finance (Not Investing)
Topic: Implementing a wealth tax
Replies: 64
Views: 3773

Re: Implementing a wealth tax

Regardless of its merit I was wondering how a wealth tax is implemented. I believe several countries have some form of wealth tax (e.g., Spain). But I don’t understand how valuation works. If I have a valuable painting, who knows I have it or what it’s worth? Certainly the value is debatable. Or if...
by Hallman
Mon Aug 27, 2018 5:52 am
Forum: Personal Investments
Topic: New WisdomTree international multi factor ETFs (EMMF and DWMF)
Replies: 16
Views: 1857

Re: New WisdomTree international multi factor ETFs (EMMF and DWMF)

I'm interested in the EM fund, but worried about tracking error. The multifactor funds run by Ishares, following MSCI indices, all have ~40% turnover. The fundamentally weighted EM funds run by Schwab and Powershares have a hard enough time tracking their indices with 15-20% turnover.
by Hallman
Sun Dec 03, 2017 7:11 pm
Forum: Personal Consumer Issues
Topic: Suggested reading for Norwegian coast trip
Replies: 18
Views: 1524

Re: Suggested reading for Norwegian coast trip

The Oslo Sequence Book Series might be something. Much of it is centered in Oslo/Norway, but he also travels abroad some.

https://www.visitoslo.com/en/articles/harry-hole/
by Hallman
Mon Aug 28, 2017 1:58 pm
Forum: Personal Investments
Topic: Starting to doubt my index portfolio, will it at least get me 5% inflation adjusted over next two decades?
Replies: 34
Views: 4754

Re: Starting to doubt my index portfolio, will it at least get me 5% inflation adjusted over next two decades?

"will it at least get me 5% inflation adjusted over next two decades?" The answer to this is a resounding NO. The expected return for the portfolio might be 5% or even higher (even though I don't think so), but that won't get you "at least 5%". Although it may be confusing, you s...
by Hallman
Mon Aug 21, 2017 11:29 am
Forum: Investing - Theory, News & General
Topic: Putting 1% AUM Fee in Perspective with SWR
Replies: 11
Views: 2095

Re: Putting 1% AUM Fee in Perspective with SWR

I agree with your premise, but subtracting the 1% fee from the 4% SWR to arrive at a 3% SWR isn't entirely correct. The fee is a fixed percent based on the current portfolio value, while the SWR is based on a percentage of the original portfolio value. Using firecalc, 50% bonds & 50% equities, a...
by Hallman
Sat Aug 19, 2017 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: Jobs that pay over $100,000
Replies: 157
Views: 22777

Re: Jobs that pay over $100,000

I work 70% as an engineer and 30% at the local university. Amongst other things, I have taught pre-engineering math, i.e. math for those who want to go into engineering, but aren't qualified for calculus 1. They pretty much enter w/o being confident in basic algebra. About 60% pass (it's pass/fail)...
by Hallman
Sat Aug 19, 2017 12:46 pm
Forum: Personal Finance (Not Investing)
Topic: Jobs that pay over $100,000
Replies: 157
Views: 22777

Re: Jobs that pay over $100,000

Average intelligence + want to become an engineer + spend time equivalent of a full time job on school = engineering degree. You have an off-center estimate of what average intelligence is. High school graduates at the 50th percentile of their large class will have a hard enough time getting into a...
by Hallman
Sat Aug 19, 2017 12:01 pm
Forum: Personal Finance (Not Investing)
Topic: Jobs that pay over $100,000
Replies: 157
Views: 22777

Re: Jobs that pay over $100,000

Are you really saying that you need to be "outstanding" to be an engineer? As an engineer, I have to say that is a load of BS. Most people aren't engineers because they don't want to be engineers. It has nothing to do with ability or not being "outstanding". I am 100% confident ...
by Hallman
Sat Aug 19, 2017 11:19 am
Forum: Personal Finance (Not Investing)
Topic: Jobs that pay over $100,000
Replies: 157
Views: 22777

Re: Jobs that pay over $100,000

OP, 2 possible ways to get there. 1) Do things that you are very good at but it is very hard for others to do. Aka, you are a prodigy at something. But, if this is the case, you would not post this question in the first place. It should be obvious by now that your son is a prodigy at what. 2) Doing...
by Hallman
Sun Mar 19, 2017 1:35 pm
Forum: Non-US Investing
Topic: Young EU Investor
Replies: 71
Views: 8066

Re: Young EU Investor

Selters is Correct. Many treaties reduce the estate tax to 0 as long as the person doesn't have more than $5.5 million or so assets worldwide. A list of countries is listed on page 26 and onward. If it isn't obvious, as long as $2,117,800/Value of entire gross worldwide estate is below 0.39 => no US...
by Hallman
Wed Mar 15, 2017 7:34 pm
Forum: Personal Investments
Topic: Do you avoid international investing like Jack Bogle?
Replies: 151
Views: 13857

Re: Do you avoid international investing like Jack Bogle?

Perhaps my terminology was incorrect. I consider that some of the companies included in VTSAX to have international exposure. I invest in VTIAX to gain additional international exposure beyond that. VTIAX might be considered to be undervalued. That's still a poor way to look at it. Sure, TSM has in...
by Hallman
Wed Mar 15, 2017 9:20 am
Forum: Personal Investments
Topic: Do you avoid international investing like Jack Bogle?
Replies: 151
Views: 13857

Re: Do you avoid international investing like Jack Bogle?

Looking at the numbers in the Credit Suisse Global Investment Returns Yearbook 2016, it's interesting to note that Europe was ~70% of the world market cap in 1900. I bet many people in 1900 would have believed that any black swan event hitting Europe, would devastate the global economy just as much....
by Hallman
Fri Mar 03, 2017 11:12 am
Forum: Investing - Theory, News & General
Topic: Sector neutral value index - good idea?
Replies: 2
Views: 874

Sector neutral value index - good idea?

I'm looking at the MSCI World Enhanced Value Index. The index has sector neutrality i.e. the weight of each sector in the MSCI World Enhanced Value Index is equated with the weight of that sector in the MSCI World Index. The index ends up looking very different than a typical value index - especiall...
by Hallman
Sat Feb 25, 2017 3:48 pm
Forum: Investing - Theory, News & General
Topic: new study on Investor behavior being disconnected from financial theory and reality
Replies: 89
Views: 8012

Re: new study on Investor behavior being disconnected from financial theory and reality

2) Foreign taxes: I invest globally. International companies are FAR more stupid than American companies when it comes to tax efficiency. Where I live dividends are taxed at 5% and capital gains at 20‰. What is stupid is not realising that foreign companies don't optimise for US shareholders. This ...
by Hallman
Wed Feb 22, 2017 9:48 am
Forum: Investing - Theory, News & General
Topic: Is a 4% plus CPI withdrawal rate actually aggressive?
Replies: 232
Views: 16949

Re: Is a 4% plus CPI withdrawal rate actually aggressive?

SWR for non-US countries have been discussed a little in this thread. It's important to note that the SWR-studies use index-returns. Foreign single country indexes can be extremely concentrated, to the point where many devout index-fund supporters won't touch them (they invest in more diversified in...
by Hallman
Sun Feb 05, 2017 7:27 pm
Forum: US Chapters
Topic: How Did You Become A Boglehead? What Led You Here?
Replies: 173
Views: 33671

Re: How Did You Become A Boglehead? What Led You Here?

Anyone remotely interested in investing will do a few google searches. A few google searches will most likely land you here at some point. This is how I got here & became a Boglehead.
by Hallman
Mon Dec 19, 2016 1:24 pm
Forum: Personal Consumer Issues
Topic: Flying with Norwegian
Replies: 24
Views: 3228

Re: Flying with Norwegian

I'm flying with Norwegian as we speak (Stockholm - Oslo). Land in about 5 minutes :)

Norwegian is cheap, with a modern fleet and decent service. I think they're amazing.

In a few weeks I have round trip tickets Stavanger, Norway - Boston for about $250. Ridiculous.
by Hallman
Tue Jul 19, 2016 7:31 pm
Forum: Personal Finance (Not Investing)
Topic: Home sale tax exclusion for non-primary reidence abroad. Gifting 1/2 to son and selling other 1/2 to nonUS-citizen.
Replies: 1
Views: 297

Home sale tax exclusion for non-primary reidence abroad. Gifting 1/2 to son and selling other 1/2 to nonUS-citizen.

This is a hypothetical situation, if that matters. I want to sell a rental property located in Europe (no capital gains exclusion for the seller. Not primary residence). I would like to gift half the home to my son and sell the other half for $200,000 to his non US citizen girlfriend. Both the son a...
by Hallman
Sat Jun 25, 2016 6:48 am
Forum: Investing - Theory, News & General
Topic: Dividend and Buyback Yields, S&P 500, 1982-2015
Replies: 86
Views: 13689

Re: Dividend and Buyback Yields, S&P 500, 1982-2015

Out of curiosity, is the net buyback yield typically lower for value stocks? This has been my (anecdotal) experience.
by Hallman
Thu Apr 28, 2016 10:36 am
Forum: Investing - Theory, News & General
Topic: McKinsey report on diminishing returns
Replies: 91
Views: 11553

Re: McKinsey report on diminishing returns

I'd be very happy with the returns projected for equities, even for the slow growth scenario. Reports like this usually say that saving rates need to go up, but they might very well might have the opposite effect. People are hardly saving when they think equities return a fairly steady 12% annualize...
by Hallman
Thu Mar 17, 2016 9:58 am
Forum: Investing - Theory, News & General
Topic: Is the market sentiment always in "bubble mode"?
Replies: 12
Views: 1224

Is the market sentiment always in "bubble mode"?

This might just be my experience, but it seems as though people always think the market is overvalued/expensive. I started investing in 1995 and I pretty much knew nothing. I invested in mutual funds at random. 1995-2000 I remember constantly feeling bad about my investments even though they were go...
by Hallman
Sun Mar 13, 2016 2:16 pm
Forum: Investing - Theory, News & General
Topic: Bogle - "Since 1990, US stocks grew 10%, Intl grew 6%"
Replies: 56
Views: 8495

Re: Bogle - "Since 1990, US stocks grew 10%, Intl grew 6%"

The currency risk argument is fair enough, even though I don't agree. The US advantage argument is already priced in. There is a reason US is half of the stock market and valuations are higher than most of the developed world. Besides, the argument would hold true for everyone, not just americans. U...
by Hallman
Fri Mar 04, 2016 2:04 pm
Forum: Investing - Theory, News & General
Topic: 100% US Equities argument: "We spend in Dollars"
Replies: 49
Views: 6584

Re: 100% US Equities argument: "We spend in Dollars"

My problem with deviating from the market (global) is that I find it tremendously hard to justify my position when I'm the only one left standing. Assume 20 years from now that the US isn't half of the global stock market, returns have been bellow global, no one like Buffett or Bogle is saying 100% ...