Search found 1920 matches

by columbia
Wed Nov 13, 2019 3:04 pm
Forum: Investing - Theory, News & General
Topic: If you were forced to pick an alternative asset...
Replies: 97
Views: 5506

Re: If you were forced to pick an alternative asset...

One can buy into fine art through companies like Masterworks.
I in no way endorse said company.
by columbia
Tue Nov 12, 2019 9:38 am
Forum: Investing - Theory, News & General
Topic: Rich people are hoarding cash
Replies: 139
Views: 20346

Re: Rich preparing for market drop

25% cash doesn’t seem like a large amount.

Anyway, if one is truly wealthy, you can afford to “wrong” with market timing.
by columbia
Mon Nov 11, 2019 4:13 pm
Forum: Investing - Theory, News & General
Topic: Morningstar's active bond ratings article
Replies: 17
Views: 1213

Re: Academics accuse Morningstar of misclassifying bond funds

One might think that Morningstar uses these Summary Reports data to augment the detailed holdings it acquires from the SEC filings on the firm. However, Morningstar makes its risk classifications, fund style categorizations, and even fund ratings, solely based on this self-reported data. And I gues...
by columbia
Mon Nov 11, 2019 10:12 am
Forum: Investing - Theory, News & General
Topic: Eric Balchunas, Senior ETF Analyst at Bloomberg is my guest on this "Bogleheads on Investing" podcast.
Replies: 13
Views: 1144

Re: Eric Balchunas, Senior ETF Analyst at Bloomberg is my guest on this "Bogleheads on Investing" podcast.

Mr. Bogle turning down the idea of an ETF for Vanguard 500...and then telling the gentleman how to improve the concept of ETFs was great!
by columbia
Fri Nov 08, 2019 4:45 pm
Forum: Investing - Theory, News & General
Topic: Global PE10 and PS summary: Research Affiliates, Barclays, StarCapital
Replies: 73
Views: 9583

Re: Global PE10 and PS summary: Research Affiliates, Barclays, StarCapital

CAPE commentary which doesn't correct for sectors is adding noise. MSCI Russia 51% Energy 20% Materials 18% Financials Russia may well be cheaper than the USA but the right context needs to be presented. Tech stocks probably should trade more expensively than heavy industrial stocks. Aside; from iS...
by columbia
Fri Nov 08, 2019 9:27 am
Forum: Investing - Theory, News & General
Topic: Cliff Asness: It’s Time For A Venial Value-Timing Sin
Replies: 19
Views: 1854

Re: Cliff Asness: It’s Time For A Venial Value-Timing Sin

PE per Vanguard: Ex-US: 14.4 Vanguard Value: 16.3 S&P 500: 20.5 I have no knowledge as to whether those lower prices will lead to outperforming VOO, of course. Aren’t value stocks almost always supposed to have lower PEs and PBs? Yes. The issue being discussed on this thread is the magnitude of the...
by columbia
Fri Nov 08, 2019 7:35 am
Forum: Investing - Theory, News & General
Topic: Cliff Asness: It’s Time For A Venial Value-Timing Sin
Replies: 19
Views: 1854

Re: Cliff Asness: It’s Time For A Venial Value-Timing Sin

PE per Vanguard:

Ex-US: 14.4
Vanguard Value: 16.3

S&P 500: 20.5

I have no knowledge as to whether those lower prices will lead to outperforming VOO, of course.
by columbia
Thu Nov 07, 2019 4:37 pm
Forum: Investing - Theory, News & General
Topic: Vanguard: the case for global equity investing
Replies: 160
Views: 12198

Re: Vanguard: the case for global equity investing

Hi. This author seems to think the problem with EM may not be with their markets, but with the index itself. https://www.marketwatch.com/story/heres-more-proof-that-investing-in-emerging-market-stocks-is-a-bad-idea-2019-07-11 I'm avoiding EM for various reasons. One being that climate change models...
by columbia
Tue Nov 05, 2019 9:13 pm
Forum: Investing - Theory, News & General
Topic: Saudi Aramco, a microcosm of International Equities issues.
Replies: 26
Views: 1449

Re: Saudi Aramco, a microcosm of International Equities issues.

How does the market *accurately* price in that their extraction, processing or distribution facilities might (as happened in the last six weeks) or might not be militarily attacked? Intellectually honest people know that the answer to the above is “It can’t.” If accurate price discovery isn’t a con...
by columbia
Tue Nov 05, 2019 6:57 pm
Forum: Investing - Theory, News & General
Topic: Saudi Aramco, a microcosm of International Equities issues.
Replies: 26
Views: 1449

Re: Saudi Aramco, a microcosm of International Equities issues.

How does the market *accurately* price in that their extraction, processing or distribution facilities might (as happened in the last six weeks) or might not be militarily attacked? Intellectually honest people know that the answer to the above is “It can’t.” If accurate price discovery isn’t a conc...
by columbia
Tue Nov 05, 2019 5:10 pm
Forum: Investing - Theory, News & General
Topic: Robinhood, Heading for a Trainwreck?
Replies: 41
Views: 5392

Re: Robinhood, Heading for a Trainwreck?

I’ll stick with behind the times Vanguard. :wink:
by columbia
Tue Nov 05, 2019 6:33 am
Forum: Investing - Theory, News & General
Topic: Modeling Bitcoin Value with Scarcity
Replies: 13
Views: 1063

Re: Modeling Bitcoin Value with Scarcity

This topic reminds me of the guitar market. Last year, I paid $400 for an off brand one made in 1965. At the time, my best research indicated that it originally sold for about $50 new.

It’s scarce, no doubt, but...
by columbia
Mon Nov 04, 2019 9:20 pm
Forum: Investing - Theory, News & General
Topic: Modeling Bitcoin Value with Scarcity
Replies: 13
Views: 1063

Re: Modeling Bitcoin Value with Scarcity

At least one can turn gold into jewelry (although I don’t place any intrinsic value on that either) and industrial parts. And dental crowns too, if you go to an out of date dentist. :mrgreen:
by columbia
Sun Nov 03, 2019 1:33 pm
Forum: Investing - Theory, News & General
Topic: Cryptocurrencies and the US dollar
Replies: 8
Views: 864

Re: Cryptocurrencies and the US dollar

Hi, I was watching Zuckerberg being questioned by politicians, and one point that was raised was how the cryptocurrency Libra may affect the dollar. I've really kept things simple in my investing strategy primarily doing local gov Bonds (SGD) and ETF (S&P500, USD). I try to keep all my foreign inve...
by columbia
Sun Nov 03, 2019 6:32 am
Forum: Investing - Theory, News & General
Topic: Vanguard without Jack Bogle - Allan Roth
Replies: 28
Views: 4376

Re: Vanguard without Jack Bogle - Allan Roth

Two things they probably should do:

Allow fractional buying and selling of ETF shares (since they seem intent on tilting away from mutual funds)

Create a self-directed robo service with on demand and scheduled rebalancing
by columbia
Sun Nov 03, 2019 5:20 am
Forum: Investing - Theory, News & General
Topic: Cryptocurrencies and the US dollar
Replies: 8
Views: 864

Re: Cryptocurrencies and the US dollar

Hi, I was watching Zuckerberg being questioned by politicians, and one point that was raised was how the cryptocurrency Libra may affect the dollar. I've really kept things simple in my investing strategy primarily doing local gov Bonds (SGD) and ETF (S&P500, USD). I try to keep all my foreign inve...
by columbia
Sat Nov 02, 2019 7:48 pm
Forum: Investing - Theory, News & General
Topic: Justifying Non World Market Cap
Replies: 38
Views: 2326

Re: Justifying Non World Market Cap

Vanguard will go from 40% international to world market cap when the older generation moves on. There is still quite a bit of the old ideology. You see it on this board in the international debate threads. Vanguard knows this. There is a lot of money still around within the older crowd so Vanguard ...
by columbia
Sat Nov 02, 2019 6:58 pm
Forum: Investing - Theory, News & General
Topic: Justifying Non World Market Cap
Replies: 38
Views: 2326

Re: Justifying Non World Market Cap

Vanguard will go from 40% international to world market cap when the older generation moves on. There is still quite a bit of the old ideology. You see it on this board in the international debate threads. Vanguard knows this. There is a lot of money still around within the older crowd so Vanguard ...
by columbia
Fri Nov 01, 2019 8:56 pm
Forum: Investing - Theory, News & General
Topic: Justifying Non World Market Cap
Replies: 38
Views: 2326

Re: Justifying Non World Market Cap

Justify is a pretty loaded word, but folks should invest in what is comfortable for them.
by columbia
Fri Nov 01, 2019 5:49 am
Forum: Investing - Theory, News & General
Topic: Best ways to educate self on funds, bonds and options for investing?
Replies: 11
Views: 796

Re: Best ways to educate self on funds, bonds and options for investing?

I’d advise them to figure out their desired exposure to equities and then pick one of many variations on all-in-one funds.

providing financial advice to relatives could get ugly.
by columbia
Thu Oct 31, 2019 6:29 pm
Forum: Investing - Theory, News & General
Topic: Climate change and the muni bond market
Replies: 11
Views: 1071

Re: Climate change and the muni bond market

I’d stay away from 50 year munis.
by columbia
Thu Oct 31, 2019 5:25 pm
Forum: Investing - Theory, News & General
Topic: 50 Year US Treasury Bond - who is taker?
Replies: 29
Views: 2655

Re: 50 Year US Treasury Bond - who is taker?

I could also see this discontinued, due to a leadership change.
by columbia
Thu Oct 31, 2019 5:03 pm
Forum: Investing - Theory, News & General
Topic: Mel's Unloved Mid-Caps Finally Getting Some Respect
Replies: 76
Views: 11656

Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

I was unaware of the Vanguard Russell 1000 ETF:
https://investor.vanguard.com/etf/profile/vone

That holds some appeal to me, as I’m not interested in small caps.
by columbia
Wed Oct 30, 2019 7:35 pm
Forum: Investing - Theory, News & General
Topic: Christine Benz article on door to door financial people
Replies: 59
Views: 6223

Re: Christine Benz article on door to door financial people

The real issue is the high fees EJ charges?
Morningstar has zero problem giving high priced active managers promotional time, of course.
by columbia
Wed Oct 30, 2019 5:09 am
Forum: Investing - Theory, News & General
Topic: U.S. stocks continue to soar!
Replies: 1895
Views: 196995

Re: U.S. stocks continue to soar!

Bond funds are self-correcting. That's why I like them. This looks good on paper but the correction is usually slow and you may not recoup losses within the term of the bond. For example, I bought some bonds in Jan 2018 at 2.7% yield and a term of 6 years. Since the interest rates plummeted the NAV...
by columbia
Tue Oct 29, 2019 7:58 pm
Forum: Investing - Theory, News & General
Topic: How to diversify a Three Fund Portfolio in 8 steps
Replies: 66
Views: 4846

Re: How to diversify a Three Fund Portfolio in 8 steps

The logic here is that a “more diversified” portfolio is better than a three fund portfolio because _______?

If _______ = “it’s more diversified”, then I question the utility of enacting such a portfolio.
by columbia
Tue Oct 29, 2019 5:13 pm
Forum: Investing - Theory, News & General
Topic: U.S. stocks continue to soar!
Replies: 1895
Views: 196995

Re: U.S. stocks continue to soar!

Bond funds are self-correcting. When I held bonds they worked that way. My principal returned to where it started. The interest paid cancelled out the gain or loss of principal. Making more than interest on bonds requires market timing. I got out of bonds when they became a guarantied real loss and...
by columbia
Mon Oct 28, 2019 2:51 pm
Forum: Investing - Theory, News & General
Topic: The Gap Between Large and Small Companies Is Growing. Why?
Replies: 21
Views: 1934

Re: The Gap Between Large and Small Companies Is Growing. Why?

Small companies can still grow fast to become large companies, ... For instance, Facebook, Netflix, and Amazon opened up new ways of doing things for the consumer which caught up. I don't see any structural problems in economy today that will prevent some small company with a new solution to an exi...
by columbia
Mon Oct 28, 2019 1:27 pm
Forum: Investing - Theory, News & General
Topic: The Gap Between Large and Small Companies Is Growing. Why?
Replies: 21
Views: 1934

Re: The Gap Between Large and Small Companies Is Growing. Why?

So they’re saying that a stodgy large cap blend is ok? 😀
by columbia
Mon Oct 28, 2019 6:45 am
Forum: Investing - Theory, News & General
Topic: U.S. stocks continue to soar!
Replies: 1895
Views: 196995

Re: U.S. stocks continue to soar!

whodidntante wrote:
Sun Oct 27, 2019 9:01 pm
oldzey wrote:
Fri Oct 25, 2019 11:04 am
Continue to soar, U.S. stocks!
[large image squelched]

What would be the appropriate bird, spacecraft, or aircraft for international stocks soaring, should that ever happen?
The dodo?
by columbia
Sun Oct 27, 2019 4:46 pm
Forum: Investing - Theory, News & General
Topic: Ex DFA CIO launches competitor which will also have ETFs
Replies: 157
Views: 16280

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

I wonder how funds like this manage going from 10M to 100M practically overnight. Somebody said "gimme." It wasn't just a single fund that received a big investment on Friday. For that kind of money, I would guess it's an institutional investor. Institutional investors also like these factor thingi...
by columbia
Sat Oct 26, 2019 6:55 pm
Forum: Investing - Theory, News & General
Topic: Do factors explain the benefit of int’l diversification?
Replies: 18
Views: 1761

Re: Do factors explain the benefit of int’l diversification?

Alternate theory about ex-US: 1. Far lower exposure to tech 2. Myriad of countries with investing protections inferior to US 3. Inability for US investors to get 100% foreign tax credit 4. The dollar is king and there’s no end in sight for that There’s more, probably. The original poster asked a pe...
by columbia
Fri Oct 25, 2019 9:22 am
Forum: Investing - Theory, News & General
Topic: BND vs TIAA Traditional for Fixed Income
Replies: 8
Views: 394

Re: BND vs TIAA Traditional for Fixed Income

I would not make a judgment on TIAA Traditional based on current interest rates. Your funds are going to be tied up for 10 years and you have no idea where interest rates will be in the future. TIAA can also adjust its interest rates at will. Personally, I have about half of my bond allocation in T...
by columbia
Thu Oct 24, 2019 9:20 pm
Forum: Investing - Theory, News & General
Topic: "Invest In The Largest Mutual Fund In The World" World:
Replies: 17
Views: 2653

Re: "VTSAX Review: Invest In The Largest Mutual Fund In The Largest Mutual Fund In The World" The World

lazyday wrote:
Thu Oct 24, 2019 9:19 pm
columbia wrote:
Thu Oct 24, 2019 8:40 pm
The author takes no stance on whether one should or should not invest outside of the US.
It reads as if nothing exists outside of the US.
That’s like complaining about an article advocating the virtues of asparagus doesn’t comment on cantaloupes.
by columbia
Thu Oct 24, 2019 8:40 pm
Forum: Investing - Theory, News & General
Topic: "Invest In The Largest Mutual Fund In The World" World:
Replies: 17
Views: 2653

Re: "VTSAX Review: Invest In The Largest Mutual Fund In The Largest Mutual Fund In The World" The World

Don't buy the whole haystack, just own the US! +1 Then show up.late to the party when international does well. Start a thread asking if you should get back into total international index because VTSAX is such a drag. The author takes no stance on whether one should or should not invest outside of t...
by columbia
Thu Oct 24, 2019 7:30 pm
Forum: Investing - Theory, News & General
Topic: Do factors explain the benefit of int’l diversification?
Replies: 18
Views: 1761

Re: Do factors explain the benefit of int’l diversification?

Alternate theory about ex-US:

1. Far lower exposure to tech
2. Myriad of countries with investing protections inferior to US
3. Inability for US investors to get 100% foreign tax credit
4. The dollar is king and there’s no end in sight for that

There’s more, probably.
by columbia
Wed Oct 23, 2019 6:31 am
Forum: Investing - Theory, News & General
Topic: Putting Active Management to the Test
Replies: 124
Views: 22085

Re: Putting Active Management to the Test

Here is the 6 year update comparing performance of the active funds with their passive benchmarks. The funds were selected in Sep 2013 based on ER, turnover, active strategy, past performance and other factors. Comments: (1) The average performance of the active and benchmark funds has been the sam...
by columbia
Tue Oct 22, 2019 6:13 am
Forum: Investing - Theory, News & General
Topic: Yahoo: The Downsides of 401(k)s That You’ve Never Heard Of
Replies: 18
Views: 3222

Re: Yahoo: The Downsides of 401(k)s That You’ve Never Heard Of

Fund selection in 401k plans is indeed a problem, but they’re not offering a solution.
by columbia
Mon Oct 21, 2019 7:03 pm
Forum: Investing - Theory, News & General
Topic: Investing for the "great sag" - Dalio
Replies: 65
Views: 10325

Re: Investing for the "great sag" - Dalio

If he is right, stock is not a good place to be. The way interest rates are today, bond is not a good place to be. So what can we do? Maintain whatever AA we have and pray. Why aren't stocks a good place to be? Just because they may not return what they used to doesn't mean they won't return the hi...
by columbia
Sun Oct 20, 2019 2:21 pm
Forum: Investing - Theory, News & General
Topic: Safe Withdrawal Rate in today’s low yield environment
Replies: 44
Views: 4046

Re: Safe Withdrawal Rate in today’s low yield environment

Not to be overly practical, but it seems like the safe withdrawal rate should be relatively constant; one just has to be prepared to live on a lower (and perhaps much lower) income, if that’s what the market dictates.
by columbia
Sat Oct 19, 2019 8:51 pm
Forum: Investing - Theory, News & General
Topic: what was vanguard like before the internet?
Replies: 74
Views: 7298

Re: what was vanguard like before the internet?

Wait, there's another question to be answered here. I think I remember that Vanguard funds were not always no-load. So when did they become no-load? Your memory is correct. Jack Bogle spelled all the history out in great detail in his last book, ¨ Stay the Course: the Story of Vanguard and the Inde...
by columbia
Sat Oct 19, 2019 7:13 pm
Forum: Investing - Theory, News & General
Topic: what was vanguard like before the internet?
Replies: 74
Views: 7298

Re: what was vanguard like before the internet?

I happen to be visiting my 83 year old parents...

My father bought his first Vanguard fund in the 70s through a broker. (This was after attending one of those investing sales pitches at a hotel meeting space.)
by columbia
Sat Oct 19, 2019 6:39 pm
Forum: Investing - Theory, News & General
Topic: Composition and safety of TIAA traditional annuity
Replies: 108
Views: 9446

Re: Composition and safety of TIAA traditional annuity

Bonds for Retirement Saving: TIAA Traditional’s Lessons on Quality, Duration, Risk, and Gradual Withdrawals by Gabriel A. Lozada Department of Economics, University of Utah Salt Lake City, UT 84112, USA http://content.csbs.utah.edu/~lozada/Research/MTIAA_4_UU.pdf Clearly, most of the posters here k...
by columbia
Sat Oct 19, 2019 6:34 pm
Forum: Investing - Theory, News & General
Topic: Composition and safety of TIAA traditional annuity
Replies: 108
Views: 9446

Re: Composition and safety of TIAA traditional annuity

Bonds for Retirement Saving: TIAA Traditional’s Lessons on Quality, Duration, Risk, and Gradual Withdrawals by Gabriel A. Lozada Department of Economics, University of Utah Salt Lake City, UT 84112, USA http://content.csbs.utah.edu/~lozada/Research/MTIAA_4_UU.pdf Clearly, most of the posters here k...
by columbia
Thu Oct 17, 2019 8:47 pm
Forum: Investing - Theory, News & General
Topic: Composition and safety of TIAA traditional annuity
Replies: 108
Views: 9446

Re: Composition and safety of TIAA traditional annuity

I just checked and TIAA RC represents 63% of my total portfolio; if that doesn’t work out, it will not be because of TIAA, my savings rate or my equity choices. It will be because something fundamentally went wrong with global capitalism.
by columbia
Wed Oct 16, 2019 7:19 pm
Forum: Investing - Theory, News & General
Topic: Isn't lack of transparency in China a huge risk for international stock index?
Replies: 132
Views: 11785

Re: Isn't lack of transparency in China a huge risk for international stock index?

Exactly. Put another way, the market is aware of the risk and has priced Chinese stocks (and other investments) to take the risk into account. Are you sure about that? Was the market "aware of the risk" of the junk-filled mortgage backed securities in 2007-2008? "The market" is not an omnipotent de...
by columbia
Wed Oct 16, 2019 6:14 pm
Forum: Investing - Theory, News & General
Topic: Isn't lack of transparency in China a huge risk for international stock index?
Replies: 132
Views: 11785

Re: Isn't lack of transparency in China a huge risk for international stock index?

Exactly. Put another way, the market is aware of the risk and has priced Chinese stocks (and other investments) to take the risk into account. Are you sure about that? Was the market "aware of the risk" of the junk-filled mortgage backed securities in 2007-2008? "The market" is not an omnipotent de...
by columbia
Wed Oct 16, 2019 5:13 pm
Forum: Investing - Theory, News & General
Topic: Vanguard: the case for global equity investing
Replies: 160
Views: 12198

Re: Vanguard: the case for global equity investing

Broken Man 1999 wrote:
Wed Oct 16, 2019 3:29 pm
Perhaps Vanguard's new active International Core fund will deliver better returns.

Might be just the ticket.

Broken Man 1999
Wellington Management deserves a potential optimism, for sure.