Search found 979 matches

by columbia
Sat Nov 17, 2018 1:51 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1503
Views: 212789

Re: QSPIX - thoughts on interesting fund

Per PV, correlation with SP500 since January 2014: TBM: -0.04 QSPIX: 0.07 CAGR since January 2014: TBM: 1.95% QSPIX: 4.15% No great surprise that a higher correlation to SP500 has resulted in a higher return, in comparison to Total Bond Market. Expense ratio: TBM: 0.05% QSPIX: 2.33% At the risk of b...
by columbia
Fri Nov 16, 2018 10:32 am
Forum: Investing - Theory, News & General
Topic: If riskier than US, why doesn't international outperform?
Replies: 37
Views: 2620

Re: If riskier than US, why doesn't international outperform?

One of them carries an unrewarded risk and the other doesn’t - and that difference isn’t going away.
by columbia
Fri Nov 16, 2018 9:00 am
Forum: Investing - Theory, News & General
Topic: If riskier than US, why doesn't international outperform?
Replies: 37
Views: 2620

Re: If riskier than US, why doesn't international outperform?

The conversation is more interesting (and I’d argue more relevant), if you substitute “necessary” for “riskier.”
by columbia
Thu Nov 15, 2018 9:17 pm
Forum: Investing - Theory, News & General
Topic: Are you all staying the course?
Replies: 114
Views: 6757

Re: Are you all staying the course?

Yes.

Dividends go to sweep accounts and are used to purchase the asset most “off” of target level.
by columbia
Thu Nov 15, 2018 8:19 pm
Forum: Investing - Theory, News & General
Topic: Press Release--Vanguard Continues To Expand Active Fixed Income Offerings With Proposed Global Credit Bond Fund
Replies: 19
Views: 2078

Re: Press Release--Vanguard Continues To Expand Active Fixed Income Offerings With Proposed Global Credit Bond Fund

Yeah, I read that.

Still scratching my head over figuring out what type of individual investor will see this launch and think “oh man....this is exactly what I needed to round out my portfolio.”
by columbia
Wed Nov 14, 2018 9:49 pm
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1503
Views: 212789

Re: QSPIX - thoughts on interesting fund

This debate is getting old. If you don't believe in factor investing you don't believe in it. What else is there to say? I like to learn about new strategies, products, how people are using funds, and alternate viewpoints. What I see over and over: homespun wisdom, emotional appeals, cherry picked ...
by columbia
Wed Nov 14, 2018 12:47 pm
Forum: Investing - Theory, News & General
Topic: "What If You Retire At a Stock Market Peak?" - by Ben Carlson
Replies: 49
Views: 5791

Re: "What If You Retire At a Stock Market Peak?" - by Ben Carlson

The answer is that you have enough money in cash, money market and bonds to withstand a large downturn and be able to avoid selling equities for 7-10 years.
by columbia
Tue Nov 13, 2018 11:44 pm
Forum: Investing - Theory, News & General
Topic: How much international stock? A suggestion.
Replies: 440
Views: 79101

Re: How much international stock? A suggestion.

ex-US would need to outperform US by 2 to 1 over the next 30 years, for it to pull even over 60 years. Possible? Yes. Probable?... I own 25%; we shall see. That means nothing to a young person. If ex-US outperforms US by a mere 1.1 to 1 over the next 30 years, it will have been the superior investm...
by columbia
Tue Nov 13, 2018 10:33 pm
Forum: Investing - Theory, News & General
Topic: How much international stock? A suggestion.
Replies: 440
Views: 79101

Re: How much international stock? A suggestion.

ex-US would need to outperform US by 2 to 1 over the next 30 years, for it to pull even over 60 years. Possible? Yes. Probable?... I own 25%; we shall see. That means nothing to a young person. If ex-US outperforms US by a mere 1.1 to 1 over the next 30 years, it will have been the superior investm...
by columbia
Tue Nov 13, 2018 6:37 pm
Forum: Investing - Theory, News & General
Topic: How much international stock? A suggestion.
Replies: 440
Views: 79101

Re: How much international stock? A suggestion.

ex-US would need to outperform US by 2 to 1 over the next 30 years, for it to pull even over 60 years.

Possible? Yes. Probable?...

I own 25%; we shall see.
by columbia
Tue Nov 13, 2018 12:45 pm
Forum: Investing - Theory, News & General
Topic: Diversification Regret
Replies: 114
Views: 13086

Re: Diversification Regret

vineviz wrote: My view is that regret-averse investors are possibly much better served by being encouraged to use a single balanced fund (like target date funds or Vanguard's LifeStrategy funds) rather than an unbundled collection of individual funds. Balanced fund investors are not necessarily imm...
by columbia
Tue Nov 13, 2018 10:14 am
Forum: Investing - Theory, News & General
Topic: General Electric
Replies: 77
Views: 10643

Re: General Electric

Once GE sheds their pension issues through bankruptcy we can talk. Give it a year or two. My guess is that GE will rebound and do well in the future. Since I don’t buy individual stocks, that’s not a guess that needs to be correct: the performance of my Vanguard 500 holdings isn’t reliant on GE (on...
by columbia
Tue Nov 13, 2018 10:09 am
Forum: Investing - Theory, News & General
Topic: Vanguard investor class shares on their way out?
Replies: 75
Views: 6753

Re: Vanguard investor class shares on their way out?

I don’t see any problem with share class distinctions. Vanguard isn’t price gouging anyone.
by columbia
Sun Nov 11, 2018 9:05 am
Forum: Investing - Theory, News & General
Topic: Diversification Regret
Replies: 114
Views: 13086

Re: Diversification Regret

I regret being "diversified" in international. It's roughly correlated with domestic equities, but just doesn't rise as fast on the way up. It seems to drop just as fast, though. I read learned Bogleheads, led by the namesake himself, declaring that there is no justifiable reason to own internation...
by columbia
Sun Nov 11, 2018 8:06 am
Forum: Investing - Theory, News & General
Topic: USAA getting out of mutual fund biz
Replies: 30
Views: 3757

Re: USAA getting out of mutual fund biz

Seems like USAA is doing the membership a favor by getting out of a business they really aren't that competitive in anymore. They haven't been competitive for years. I'm a big fan of the company, and have been a member for (next month) 40 years, but now only for insurances. Used to have the USAA cr...
by columbia
Sat Nov 10, 2018 6:20 pm
Forum: Investing - Theory, News & General
Topic: Evaluating placement of international funds using actual data
Replies: 6
Views: 483

Re: Evaluating placement of international funds using actual data

The tax ambiguity is one of the reasons that I think that its perfectly reasonable to hold target date funds in all of your accounts.

Maybe I wish I had done that...but I have what I have and am not going to worry about it now.
by columbia
Sat Nov 10, 2018 1:26 pm
Forum: Investing - Theory, News & General
Topic: This man can predict when bubbles burst: time to time the market?
Replies: 145
Views: 10524

Re: This man can predict when bubbles burst: time to time the market?

Do you honestly think that people work for decades on behalf of their society or country? Come on. Aren’t you in the military? And you’re mocking people who work on the behalf of their country? On Veterans Day weekend? I don't think any of us can figure out whether wandering doc is for real or not....
by columbia
Sat Nov 10, 2018 7:55 am
Forum: Investing - Theory, News & General
Topic: SWAN ETF - 10% Leaps / 90% Treasuries
Replies: 24
Views: 1898

Re: SWAN ETF - 10% Leaps / 90% Treasuries

What’s the (supposed) advantage to this approach, which can’t be achieved through other methods?
by columbia
Fri Nov 09, 2018 8:28 pm
Forum: Investing - Theory, News & General
Topic: P/E Ratios - US vs International
Replies: 19
Views: 1450

Re: P/E Ratios - US vs International

The global cap partisans perhaps want others to do so also, as a way to prop up the value of the choice? ;)

Kidding aside: this issue has *really* warmed up on BH in the last year or so. More posters under 30? Who knows.
by columbia
Fri Nov 09, 2018 7:04 pm
Forum: Investing - Theory, News & General
Topic: P/E Ratios - US vs International
Replies: 19
Views: 1450

Re: P/E Ratios - US vs International

One can find plenty of value in the US.

Throwing half of one’s equity dollars abroad, because of valuations...that’s a choice folks have to make for themselves.
by columbia
Thu Nov 08, 2018 10:34 pm
Forum: Investing - Theory, News & General
Topic: Stock markets not at all time highs
Replies: 19
Views: 2456

Re: Stock markets not at all time highs

Still making my regular contributions/stock purchases... I don't have an "international" allocation. The countries in the left column (in that Tweet) are particularly unappealing. Didn't stop Russia from being the best performing country a few yesterday back. If you ignored the collapsing economy, ...
by columbia
Thu Nov 08, 2018 10:31 pm
Forum: Investing - Theory, News & General
Topic: A reminder: Stay away from AQR
Replies: 168
Views: 12166

Re: A reminder: Stay away from AQR

But I do know that Cliff Asness is worth over $3 billion, and two of his partners are worth over $1 billion.
Folks like to slobber over Cliff.

He’s undoubtedly intelligent and quite adept at separating people from their money.
by columbia
Thu Nov 08, 2018 9:33 pm
Forum: Investing - Theory, News & General
Topic: Debunking Bonds in Taxable
Replies: 99
Views: 10388

Re: Debunking Bonds in Taxable

While interesting, these conversations would be more useful, if they focused on....um....ordinary people, who would never consider munis, because we’re just trying to scrape by.

Maybe there should be a wealthy people only sub-forum?

I kid, but only slightly.
by columbia
Thu Nov 08, 2018 3:11 pm
Forum: Investing - Theory, News & General
Topic: Core-4 Investing is LIVE! It really is this time!
Replies: 133
Views: 9933

Re: Core-4 Investing is LIVE! It really is this time!

One thing I do know is that Mr. Ferri could be doing many things with his life, but he takes the time to provide solid wisdom and experience for us DIYers.

It’s greatly appreciated. :beer
by columbia
Thu Nov 08, 2018 10:28 am
Forum: Investing - Theory, News & General
Topic: David Swensen Unconventional Success
Replies: 99
Views: 8707

Re: David Swensen Unconventional Success

I recently read another article noting how Swensen and Yale has invested in two bitcoin operations. That surprises me! Maybe...I mean, I’d be far more inclined to invest in a gold re-selling company than gold itself. Not that I would ever specifically choose to do so, of course. Or another version:...
by columbia
Thu Nov 08, 2018 10:26 am
Forum: Investing - Theory, News & General
Topic: Stock markets not at all time highs
Replies: 19
Views: 2456

Re: Stock markets not at all time highs

JoMoney wrote:
Thu Nov 08, 2018 9:50 am
Still making my regular contributions/stock purchases... I don't have an "international" allocation.
The countries in the left column (in that Tweet) are particularly unappealing.
by columbia
Thu Nov 08, 2018 9:26 am
Forum: Investing - Theory, News & General
Topic: This man can predict when bubbles burst: time to time the market?
Replies: 145
Views: 10524

Re: This man can predict when bubbles burst: time to time the market?

Trying to predict the future reminds me of conversation I had with a friend in 1996. I mentioned that if this online shopping thing (e-commerce hadn’t yet been coined) is going to take off, it seemed like FedEx, Oracle and Cisco would be good investments. Mind you, I had just entered the market with...
by columbia
Thu Nov 08, 2018 12:22 am
Forum: Investing - Theory, News & General
Topic: China Still An Emerging Market?
Replies: 24
Views: 2000

Re: China Still An Emerging Market?

John McCain once described Russia as a “gas station masquerading as a country.”

China is certainly quite different, but expecting it to meet the various criteria to be a DM in the lifetime of anyone reading this thread, is probably unrealistic.
by columbia
Wed Nov 07, 2018 7:10 pm
Forum: Investing - Theory, News & General
Topic: China Still An Emerging Market?
Replies: 24
Views: 2000

Re: China Still An Emerging Market?

MSCI ANNOUNCES THE RESULTS OF ITS ANNUAL MARKET CLASSIFICATION REVIEW

https://www.msci.com/market-classification
by columbia
Wed Nov 07, 2018 4:06 pm
Forum: Investing - Theory, News & General
Topic: This man can predict when bubbles burst: time to time the market?
Replies: 145
Views: 10524

Re: This man can predict when bubbles burst: time to time the market?

I think y’all might be giving this issue more thought than it deserves. ;)
by columbia
Wed Nov 07, 2018 9:26 am
Forum: Investing - Theory, News & General
Topic: What's everyone currently in?
Replies: 93
Views: 8071

Re: What's everyone currently in?

Vanguard 500
Global Wellington
Global Wellesley
TIAA Traditional
by columbia
Wed Nov 07, 2018 6:58 am
Forum: Investing - Theory, News & General
Topic: USAA getting out of mutual fund biz
Replies: 30
Views: 3757

Re: USAA getting out of mutual fund biz

My first IRA was with USAA - and then I learned about the tyranny of fees.
by columbia
Tue Nov 06, 2018 8:47 pm
Forum: Investing - Theory, News & General
Topic: This man can predict when bubbles burst: time to time the market?
Replies: 145
Views: 10524

Re: This man can predict when bubbles burst: time to time the market?

"There is an overwhelming body of evidence to support the view that believing in the ability of market timers is the equivalent of believing astrologers can predict the future." (Larry Swedroe, author and advisor)

:D
by columbia
Tue Nov 06, 2018 6:49 pm
Forum: Investing - Theory, News & General
Topic: Stable value vs. bonds: the yield/volatility tradeoff
Replies: 26
Views: 1238

Re: Stable value vs. bonds: the yield/volatility tradeoff

This issue was discussed a few weeks ago...and I think I’ve figured out my plan:

If TBM starts kicking off a yield 1% above my current TIAA RC (4.25%), i’ll direct my new contributions to it...I’m not sure it would make sense to deal with vagaries of it all, were it a smaller spread.
by columbia
Tue Nov 06, 2018 3:01 pm
Forum: Investing - Theory, News & General
Topic: This man can predict when bubbles burst: time to time the market?
Replies: 145
Views: 10524

Re: This man can predict when bubbles burst: time to time the market?

Paul Merriman - who maintains a market timing slice in his personal portfolio - stated things pretty well: market timing reduces your exposure to risk, but will also likely lower your long term returns. Actually, Merriman believes that market timing can reduce downside risk without reducing long-te...
by columbia
Tue Nov 06, 2018 12:06 pm
Forum: Investing - Theory, News & General
Topic: This man can predict when bubbles burst: time to time the market?
Replies: 145
Views: 10524

Re: This man can predict when bubbles burst: time to time the market?

Paul Merriman - who maintains a market timing slice in his personal portfolio - stated things pretty well: market timing reduces your exposure to risk, but will also likely lower your long term returns.

My thought is that also can be achieved simply by having a lower stock exposure.
by columbia
Tue Nov 06, 2018 9:26 am
Forum: Investing - Theory, News & General
Topic: WSJ: Sometimes, It’s Bonds For the Long Run
Replies: 72
Views: 5946

Re: WSJ: Sometimes, It’s Bonds For the Long Run

When folks argue that stocks provide higher returns than bonds because of the "equity risk premium" they sometimes forget that the "risk" can show up as dead money for 20 years. How long is your risk horizon? It's not just the ERP, it's the Excess ERP that has made stocks so lucrative, at least up ...
by columbia
Tue Nov 06, 2018 8:34 am
Forum: Investing - Theory, News & General
Topic: Anyone ever “borrow” against their emergency fund?
Replies: 23
Views: 2482

Re: Anyone ever “borrow” against their emergency fund?

Yes...that’s what it’s for:

Large, unforeseen expenses
by columbia
Mon Nov 05, 2018 10:25 am
Forum: Investing - Theory, News & General
Topic: U.S. stocks in freefall
Replies: 7837
Views: 1608522

Re: U.S. stocks in freefall

Some folks probably shouldn’t invest in stocks - at times, I wonder if I’m in that group :) but I press on at 50/50.
by columbia
Mon Nov 05, 2018 9:09 am
Forum: Investing - Theory, News & General
Topic: "Individual investors should have access to Private Equity"
Replies: 46
Views: 3426

Re: "Individual investors should have access to Private Equity"

Investors may think private equity is a great deal, hence the clamor for it. But the people selling private equity presumably think it's a bad deal for investors - or at least, not a great one. One group is wrong, and I tend to think the sellers are smarter. (Yeah, one can have a theory that public...
by columbia
Sun Nov 04, 2018 8:18 pm
Forum: Investing - Theory, News & General
Topic: Corp. high-yield bonds better than international for diversification?
Replies: 16
Views: 1292

Re: Corp. high-yield bonds better than international for diversification?

I am not a fan of sub investment grade investing but it's worth going back and looking at William Bernstein's article on same= when to do it. I was against it, and we had some threads here , but in early 2009 a number of investors here did invest in HY bond funds, and make a killing. Brave stuff. I...
by columbia
Sun Nov 04, 2018 12:04 pm
Forum: Investing - Theory, News & General
Topic: Buffett Repurchases More Than $900 Million of Stock: is the stock market overpriced?
Replies: 10
Views: 2825

Re: Buffett Repurchases More Than $900 Million of Stock: is the stock market overpriced?

If I’m looking at the correct figures, BRK’s p/e is about half of the S&P500....seems like a good time to buy, indeed.
by columbia
Sun Nov 04, 2018 11:44 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Asset Diversification In A Flat World
Replies: 8
Views: 912

Re: Larry Swedroe: Asset Diversification In A Flat World

The longer the time frame looked at, the more beneficial international diversification is at mitigating downside risk.
Which is why retired folks have a good reason to have lower percentage on international exposure than the whipper snappers. ;)
by columbia
Sun Nov 04, 2018 9:26 am
Forum: Investing - Theory, News & General
Topic: Corp. high-yield bonds better than international for diversification?
Replies: 16
Views: 1292

Re: Corp. high-yield bonds better than international for diversification?

This tactic has provided a satisfactory result since 1986: https://www.portfoliovisualizer.com/backtest-asset-class-allocation?s=y&mode=2&startYear=1972&endYear=2018&initialAmount=10000&annualOperation=0&annualAdjustment=0&inflationAdjusted=true&annualPercentage=0.0&frequency=4&rebalanceType=1&portf...
by columbia
Sat Nov 03, 2018 7:05 pm
Forum: Investing - Theory, News & General
Topic: Diversification Regret
Replies: 114
Views: 13086

Re: Diversification Regret

Diversification benefits are hypothetical - unless they actually happen.
by columbia
Sat Nov 03, 2018 4:37 pm
Forum: Investing - Theory, News & General
Topic: Brett Arends: Here's a simple way to beat a bear market
Replies: 38
Views: 5207

Re: Brett Arends: Here's a simple way to beat a bear market

Suppose he were right: he doesn’t seem to indicate how long this goes on...just re-invest every 3 months. At what percentage?
by columbia
Sat Nov 03, 2018 9:52 am
Forum: Investing - Theory, News & General
Topic: WSJ: Sometimes, It’s Bonds For the Long Run
Replies: 72
Views: 5946

Re: WSJ: Sometimes, It’s Bonds For the Long Run

Well, with a 50% Equities and a 50% Bond portfolio, I figure I'm covered no matter what. :D You know, for a forum that stresses "past is not a predictor of the future", it does seem that many folks are not convinced.... just saying! :D If the idea was fully supported, I suppose there wouldn't be mu...