Search found 190 matches

by daffyd
Sat Sep 08, 2018 3:58 am
Forum: Investing - Theory, News & General
Topic: QSPIX - thoughts on interesting fund
Replies: 1515
Views: 215240

Re: QSPIX - thoughts on interesting fund

Re: performance measurement for these funds, on a long-term basis the most reasonable way I've found to do it is to consider the expected Sharpe ratio and volatility. For example, at 8% volatility with Sharpe ratio 0.7 I'd look for long term performance around 5.6% above bills. We could argue about ...
by daffyd
Sat Aug 04, 2018 7:26 am
Forum: Investing - Theory, News & General
Topic: Australian Superannuation Funds with Index Investing: Costs and Choice
Replies: 15
Views: 1218

Re: Australian Superannuation Funds with Index Investing: Costs and Choice

Note I work for a competing super fund. Firstly, hostplus now also offer indexed international equities at very low expense ratios. For completeness you may want to review and add them to your first table. The options are run by IFM and Blackrock. HostPlus' low index fees are low but not that strang...
by daffyd
Mon Jun 04, 2018 10:11 am
Forum: Personal Finance (Not Investing)
Topic: Can a Retired 60 yo MD, MBA Start a Law Career?
Replies: 276
Views: 15449

Re: Can a Retired 60 yo MD, MBA Start a Law Career?

You don't need the money. Do you crave the status/external validation of a particular position/qualification or is it purely an internal drive? Have you thought about a PhD on some philosophical or ethics-related topic? A decent PhD program is a research internship, and with financial independence y...
by daffyd
Sat Dec 30, 2017 10:05 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: The Tax Efficiency Of Long -Short Strategies
Replies: 4
Views: 802

Re: Larry Swedroe: The Tax Efficiency Of Long -Short Strategies

Alpha Architect provide the blog Larry wrote the article on.

They also run funds with a focus primarily on concentrated value and momentum, as well as trend.
by daffyd
Sat Aug 05, 2017 12:54 am
Forum: Investing - Help with Personal Investments
Topic: Alpha Architect Robo and Approach
Replies: 6
Views: 1139

Re: Alpha Architect Robo and Approach

I like their work and have a small amount invested in IVAL (their International Value ETF). However I'm not sure their robo-advisor is great value unless you have complete conviction in their approach and also want access to an advisor (even though they are automated you can pick up the phone and ta...
by daffyd
Wed May 03, 2017 3:30 am
Forum: Investing - Theory, News & General
Topic: Diversification in practice: Investing from Australia
Replies: 28
Views: 5034

Re: Diversification in practice: Investing from Australia

Hi everyone, I found this thread while looking for small cap value ETF (US and international) available to Australian investors. The most attractive offering that I found was Vanguard MSCI World Ex-Australia, but it not tilted to value. Have any new / better ETFs become available since this thread ...
by daffyd
Sun Apr 23, 2017 10:09 pm
Forum: Local Chapters and Bogleheads Community
Topic: The next generation of Boglehead authors
Replies: 41
Views: 5710

Re: The next generation of Boglehead authors

Ben Carlson (awealthofcommonsense.com - traditionally a bit more institutionally focused but plenty of great material)

Carl Richards (behavoirgap.com)

Both have very readable, valuable books in line with Boglehead thinking.
by daffyd
Sat Apr 08, 2017 1:14 am
Forum: Investing - Help with Personal Investments
Topic: Australia - Could I get some noob advice please?
Replies: 28
Views: 2170

Re: Australia - Could I get some noob advice please?

2. Thank you for this information - I hadn't even thought about hedging income being treated as ordinary income. Do hedging losses then reduce taxable income? Taken into account as part of distribution? As you say, our trust would soak up the hedging income - and given the scale of the losses, woul...
by daffyd
Fri Apr 07, 2017 9:34 pm
Forum: Investing - Help with Personal Investments
Topic: Australia - Could I get some noob advice please?
Replies: 28
Views: 2170

Re: Australia - Could I get some noob advice please?

Peter G wrote:
You could also use Vanguard Wholesale funds as they will accept investments from $100,000
Vanguard Aust wholesale funds accept $5000 additional investments, but the initial investment needs to be $500,000, or so they say.
If you give them a call you'll find they'll accept $100,000
by daffyd
Fri Apr 07, 2017 9:00 pm
Forum: Investing - Help with Personal Investments
Topic: Australia - Could I get some noob advice please?
Replies: 28
Views: 2170

Re: Australia - Could I get some noob advice please?

1. If targeting sub-100% equities (i.e. you have some degree of risk aversion) I'd be paying down the mortgage. Be careful recycling via redraw - you can easily lose tax deductibility as the original purpose for borrowing was a principle place of residence. I am not a tax expert so seek advice if un...
by daffyd
Tue Mar 07, 2017 7:13 am
Forum: Investing - Theory, News & General
Topic: Improving the Dalio/Robbins All-Seasons Portfolio
Replies: 103
Views: 30465

Re: Improving the Dalio/Robbins All-Seasons Portfolio

First, thank you! This is an amazing thread and I loved all of the discussion. I'm looking at implementing it in my accounts, but I have about 10% of my assets in a taxable account. Are any of these ETFs or funds better to run out of that account than others, or does it simply not matter? I'm not p...
by daffyd
Fri Feb 10, 2017 7:50 pm
Forum: Investing - Theory, News & General
Topic: A Wellesley alternative
Replies: 93
Views: 11257

Re: A Wellesley alternative

Not sure why anyone would want an "alternative" to Wellesley, which consistently ranks as one of Vanguard's top managed funds. But if you're looking for an all-index equivalent, you could try the LifeStrategy Conservative Growth fund (VSCGX), which has a similar 40/60 stock/bond mix (although you d...
by daffyd
Fri Feb 10, 2017 6:54 pm
Forum: Investing - Help with Personal Investments
Topic: Investing a foundation's endowment
Replies: 15
Views: 2075

Re: Investing a foundation's endowment

The key for me is not the investments but the organization. Are there experienced investors on the board? Are stakeholders more worried about capital preservation or inflation protection (longevity of the contribution)? How involved will stakeholders be in ongoing decisions? Do they have the knowled...
by daffyd
Fri Feb 03, 2017 7:57 pm
Forum: Investing - Help with Personal Investments
Topic: Strategy for upcoming $3M windfall
Replies: 60
Views: 12000

Re: Strategy for upcoming $3M windfall

It’s unlikely I will stay at company B after the payout. I am hoping to invest the proceeds into a short term portfolio and take 4-6 months off to travel and figure out what I want to do in the future, i.e. go back into tech, consulting, etc. What kind of things should I look at to get some fixed i...
by daffyd
Wed Jan 25, 2017 6:49 pm
Forum: Investing - Theory, News & General
Topic: New iShares Global REIT ETF
Replies: 8
Views: 1803

Re: New iShares Global REIT ETF

I have not. However it has grown to reasonable FUM, tracks a well-used index and is low cost. If you want a single Global REIT product (including US) it looks like a strong choice.
by daffyd
Sat Jan 21, 2017 6:00 pm
Forum: Investing - Help with Personal Investments
Topic: Portafolio Allocation - Wealth Preservation - Moving away from wealth managers
Replies: 17
Views: 2009

Re: Portafolio Allocation - Wealth Preservation - Moving away from wealth managers

To reiterate (even putting aside tax for a moment), will your retirement expenses be in US dollars?

If not, holding such a large proportion in USD-denominated stocks and bonds does not make much sense.
by daffyd
Sat Jan 21, 2017 5:26 pm
Forum: Investing - Help with Personal Investments
Topic: Portafolio Allocation - Wealth Preservation - Moving away from wealth managers
Replies: 17
Views: 2009

Re: Portafolio Allocation - Wealth Preservation - Moving away from wealth managers

... I don't live in the US nor I am a US citizen. ... Questions: 1. How would you allocate the $11M focusing on wealth preservation as a long-term goal? (40+ years) 2. What would you recommend I do to move away from wealth managers? Should I hire someone to help me allocate the initial portfolio fo...
by daffyd
Sat Jan 21, 2017 6:49 am
Forum: Investing - Theory, News & General
Topic: Comparing EM value options [Emerging Market]
Replies: 35
Views: 4993

Re: Comparing EM value options [Emerging Market]

And back to the fund selection, I plan on using most of my tax advantaged on us small cap value, but will go from there. I am also considering a combination of these for my international. SPDR® S&P® Emerging Markets Small Cap ETF (EWX) 12% SPDR® S&P® International Small Cap ETF (GWX) 35% Schwab Fun...
by daffyd
Thu Jan 19, 2017 6:41 am
Forum: Investing - Theory, News & General
Topic: Replicating Index with Individual Stocks vs Index Fund
Replies: 28
Views: 3722

Re: Replicating Index with Individual Stocks vs Index Fund

It can make sense if: You're talking multiple billions (eg as an institutional investor we get Vanguard to manage our index via individual stocks held in an account with our custodian) If you want to exclude a particular industry (eg you work in oil and your employment and remuneration are strongly ...
by daffyd
Tue Jan 03, 2017 6:09 am
Forum: Investing - Help with Personal Investments
Topic: Global Small cap invest.
Replies: 4
Views: 783

Re: Global Small cap invest.

I'm not sure that fund can be invested in with less than 100,000 Euros. Personally, if I wanted more returns (probably with more risk) I would diversify across different factors. Read some articles and posts (or the most recent book) by Larry Swedroe if unfamiliar with the principles. In particular,...
by daffyd
Sun Jan 01, 2017 6:13 pm
Forum: Investing - Theory, News & General
Topic: A look at funds managed by the Vanguard Quantitative Equity Group (VUVLX, VSEQX, VSTCX, VMNFX, VMNVX, VASFX, VPGDX)
Replies: 23
Views: 6857

Re: A look at funds managed by the Vanguard Quantitative Equity Group (VUVLX, VSEQX, VSTCX, VMNFX, VMNVX, VASFX, VPGDX)

To me the surprising thing here is how they've been able to achieve lower volatility than other min vol formulations. But there are multiple confounding variables so it's hard to say how and why. It's been less volatile than iShares Edge MSCI Min Vol USA (USMV), for example. What I want to know is ...
by daffyd
Sat Dec 31, 2016 7:00 pm
Forum: Investing - Theory, News & General
Topic: How To Tilt To Value?
Replies: 6
Views: 1236

Re: How To Tilt To Value?

http://investorfieldguide.com/alpha-or-assets/ One conclusion that could be drawn is that an investor might consider a DIY portfolio of 50 value stocks :P. However, a DIY portfolio would result in more cap gains tax than an ETF would. I don't think the capital gains would be worthwhile to incur in ...
by daffyd
Mon Dec 26, 2016 4:25 pm
Forum: Investing - Theory, News & General
Topic: Improving the Dalio/Robbins All-Seasons Portfolio
Replies: 103
Views: 30465

Re: Improving the Dalio/Robbins All-Seasons Portfolio

I saw your reasoning for low cost active funds. I have no problem in principle with those - I work for an institutional investor and my boss is surprisingly good at active fund selection within a low-cost framework (I have no clue as I'm just the quant/factor investing guy). But manager risk is a re...
by daffyd
Mon Dec 26, 2016 2:51 am
Forum: Investing - Theory, News & General
Topic: Improving the Dalio/Robbins All-Seasons Portfolio
Replies: 103
Views: 30465

Re: Improving the Dalio/Robbins All-Seasons Portfolio

Another portfolio revision (inspired by Tag :mrgreen: ) 15% Vanguard Selected Value Fund (VASVX) 0.39% 15% Vanguard International Explorer Fund (VINEX) 0.42% 10% Vanguard Emerging Markets Government Bond ETF (VWOB) 0.34% 15% Vanguard Extended Duration Treasury ETF (EDV) 0.07% 30% PIMCO 15+ Year US ...
by daffyd
Fri Dec 23, 2016 6:39 pm
Forum: Investing - Help with Personal Investments
Topic: Looking for a good way to get some exposure to SHORT TERM international bonds via ETF or mutual fund
Replies: 6
Views: 728

Re: Looking for a good way to get some exposure to SHORT TERM international bonds via ETF or mutual fund

I couldn't find a good alternative to Dimensional. What role do you want these to play in your portfolio? I slice and dice but I want purpose behind my holdings. The big challenge with short term international bonds is that the yield will be very close to zero. If currency hedged, most of the return...
by daffyd
Fri Dec 23, 2016 7:30 am
Forum: Investing - Theory, News & General
Topic: iShares Factor ETF Fee Cuts
Replies: 5
Views: 1400

Re: iShares Factor ETF Fee Cuts

I was almost sold on INTF (the Large/Mid cap International one) thanks to the fee cut. The others just look far too small so far in terms of AUM for my liking, but perhaps the fee cut will provide some asset-gathering momentum. I ran the underlying index against a five factor (Fama-French style) mod...
by daffyd
Tue Dec 13, 2016 7:58 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe's New Book is Available Now!
Replies: 164
Views: 23731

Re: Larry Swedroe's New Book is Available Now!

Your Complete Guide to Factor-Based Investing now available on Kindle.

This PSA brought to you by Size, Value, Momentum (and friends).
by daffyd
Tue Dec 13, 2016 6:52 am
Forum: Investing - Help with Personal Investments
Topic: [EU-Belgium] Which bond ETF?
Replies: 24
Views: 2252

Re: [EU-Belgium] Which bond ETF?

I'm curious, do you have access to a government guaranteed bank account paying zero or greater interest? I ask as I'd usually like SXRP/CBE7, 3-7y if I were a euro investor. However the expense ratio is higher than the yield, while still taking term risk (although you will get roll down returns if ...
by daffyd
Mon Dec 12, 2016 7:07 am
Forum: Investing - Help with Personal Investments
Topic: [EU-Belgium] Which bond ETF?
Replies: 24
Views: 2252

Re: [EU-Belgium] Which bond ETF?

I'm curious, do you have access to a government guaranteed bank account paying zero or greater interest? I ask as I'd usually like SXRP/CBE7, 3-7y if I were a euro investor. However the expense ratio is higher than the yield, while still taking term risk (although you will get roll down returns if n...
by daffyd
Sat Sep 10, 2016 7:20 pm
Forum: Investing - Theory, News & General
Topic: Best books [on investing strategy]
Replies: 26
Views: 3643

Re: Best books [on investing strategy]

The four pillars of investing by William Bernstein opened my eyes

Asset Management: A Systematic Approach to Factor Investing by Professor Andrew Ang brought the details into focus
by daffyd
Fri Sep 09, 2016 6:20 pm
Forum: Investing - Help with Personal Investments
Topic: Is my financial adviser expensive? Can I improve my portfolio?
Replies: 37
Views: 5146

Re: Is my financial adviser expensive? Can I improve my portfolio?

Yes, your financial adviser is expensive. If you prefer something closer to a 3-fund portfolio (albeit spread over multiple accounts) then others have described how to do this well above. If you still think DFA have value to offer but the financial adviser is charging too much and adding too little ...
by daffyd
Fri Sep 09, 2016 5:15 pm
Forum: Investing - Theory, News & General
Topic: The Intolerance of Uncertainty
Replies: 12
Views: 2271

Re: The Intolerance of Uncertainty

There's a deeper definition of uncertainty that perhaps wasn't explicitly teased out by the article. By that definition "risk" is quantifiable (e.g. a 50% chance of landing heads on a coin toss) where (Knightian) uncertainty is not (e.g. future stock market returns we don't actually know the underly...
by daffyd
Fri Sep 09, 2016 7:49 am
Forum: Investing - Theory, News & General
Topic: Quality Minus Junk Funds
Replies: 2
Views: 837

Re: Quality Minus Junk Funds

Almost but not quite. AQR (whose principals authored the papers) have a line of defensive style funds which do include QMJ but are primarily minimum volatility funds. You may be able to access them in an IRA from fidelity. If you are comfortable with something like MSCI's quality definition (I am no...
by daffyd
Tue Aug 30, 2016 8:44 am
Forum: Investing - Help with Personal Investments
Topic: [Australia] Portfolio ETF for a young starter with Vanguard?
Replies: 13
Views: 1646

Re: [Australia] Portfolio ETF for a young starter with Vanguard?

Though in the case whereby say you move country to country for a year to 2 and decide to come back to australia then in that case there will be no problem yeah? As long as you have not cashed out any during your travel period I assume? Again, care is needed. If you become a resident for tax purpose...
by daffyd
Tue Aug 30, 2016 8:01 am
Forum: Investing - Help with Personal Investments
Topic: $50M+ - Need a sounding board/advice
Replies: 205
Views: 28894

Re: $50M+ - Need a sounding board/advice

The key is investing according to your objectives. I would split up the problem along those lines In your case it sounds like an income floor around $200-250k would be valuable. A mix of general obligation and other high quality municipal bonds (tax), FDIC insured CDs and intermediate Treasuries (ul...
by daffyd
Sat Aug 27, 2016 1:57 am
Forum: Investing - Help with Personal Investments
Topic: [Australia] Portfolio ETF for a young starter with Vanguard?
Replies: 13
Views: 1646

Re: [Australia] Portfolio ETF for a young starter with Vanguard?

It depends a bit how broad your travel plans might be. For example in my case I narrowed it down to Australia, the US or UK. Vanguard US-domiciled ETFs should be OK in all of these given my particular situation. But if I were a citizen/likely to move or retire to a different country than those I'd l...
by daffyd
Fri Aug 19, 2016 2:43 pm
Forum: Investing - Help with Personal Investments
Topic: Ultra aggressive index portfolio for a 30 yo with high risk tolerance?
Replies: 47
Views: 5657

Re: Ultra aggressive index portfolio for a 30 yo with high risk tolerance?

90 or 100% stocks is fine at your age as long as a large drop won't put you off stocks for life... A bigger concern for me, depending on the tax treaties between your country of residence and the US, is you are holding us-domiciled funds. If you intend to build up large amounts over the long term yo...
by daffyd
Thu Aug 11, 2016 4:23 pm
Forum: Investing - Theory, News & General
Topic: Part 2 of the low volatility post
Replies: 9
Views: 1246

Re: Part 2 of the low volatility post

What are your thoughts on Cliff Asness' perspective re: valuation relevance for low volatility/low beta in: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2799441 Critiquing popular ETFs is something of a strawman when it comes to the factor exposure. AQR and Vanguard's implementation both limit...
by daffyd
Sat Aug 06, 2016 5:14 pm
Forum: Investing - Help with Personal Investments
Topic: Schwab/Ivy portfolio
Replies: 6
Views: 1121

Re: Schwab/Ivy portfolio

Just to check, is this for a Roth/traditional IRA or a taxable account?

If you're paying tax, REITs and commodities tend to be unpleasant to hold...
by daffyd
Fri Aug 05, 2016 5:53 pm
Forum: Investing - Theory, News & General
Topic: Global value funds?
Replies: 21
Views: 3172

Re: Global value funds?

I don't know of any cheap global (incl US) value strategies. I'm not sure there's a big market for them in the US as if you're already slicing the market with value you'll tend to have a view on your international exposure also. Funnily enough Vanguard have a global value strategy but it's a ucits f...
by daffyd
Sat May 28, 2016 4:13 am
Forum: Personal Consumer Issues
Topic: MIT OpenCourseWare - completely self-guided
Replies: 3
Views: 1276

Re: MIT OpenCourseWare - completely self-guided

Yes, completely self-guided.

However MIT do have a number of courses you can register for at www.edx.org if that's your preference.
by daffyd
Tue May 10, 2016 4:52 pm
Forum: Investing - Theory, News & General
Topic: "The Value of Active Management" - a thoughtful analysis
Replies: 14
Views: 3533

"The Value of Active Management" - a thoughtful analysis

http://www.philosophicaleconomics.com/2016/05/indexville/ Summary: Putting Everything Together The points that I’ve tried to express in this piece are complex and difficult to clearly convey. So I’m going to summarize them in bullet points below: The right size of the active segment of the market is...
by daffyd
Mon May 02, 2016 5:29 am
Forum: Investing - Help with Personal Investments
Topic: Which Small Cap Index Fund?
Replies: 7
Views: 1333

Re: Which Small Cap Index Fund?

black_knight_32 wrote: If my goal is to attempt to mimic VTSAX inside my 401K, which of the 3 small cap index funds provide me the best choice to do so.
DFSTX - DFA U.S. Small Cap Fund will be closest, slightly "small" but close enough. Equally you could drop it entirely and be just fine.
by daffyd
Sun May 01, 2016 7:27 am
Forum: Investing - Help with Personal Investments
Topic: Finalizing 100% equity portfolio using Vanguard, DFA & AQR
Replies: 16
Views: 2671

Re: Finalizing 100% equity portfolio using Vanguard, DFA & AQR

Will this all be tax advantaged and will you face transaction costs to purchase? How about advisor costs? If the answers are yes and either no and no, or negligible given the size of the portfolio then either of these portfolios may be reasonable if you can stay the course. If you'll face taxes for ...
by daffyd
Sun May 01, 2016 2:32 am
Forum: Investing - Theory, News & General
Topic: Anyone interested in Fama and French Australia ASX data ?
Replies: 2
Views: 340

Re: Anyone interested in Fama and French Australia ASX data ?

Yes I would be interested.

Have not contacted them but did wonder if there would be many conditions attached to use of the data.
by daffyd
Fri Apr 29, 2016 10:06 pm
Forum: Investing - Help with Personal Investments
Topic: Which Small Cap Index Fund?
Replies: 7
Views: 1333

Re: Which Small Cap Index Fund?

It does depend a bit on your beliefs (e.g. see viewtopic.php?t=121958 )

At those prices I'd be inclined to use DFFVX - DFA US Targeted Value Fund for both the small and mid-cap allocation
by daffyd
Fri Apr 29, 2016 8:33 pm
Forum: Investing - Help with Personal Investments
Topic: What's next? [investment choices]
Replies: 5
Views: 622

Re: What's next? [investment choices]

I assume when you talk about fees from your broker dealer that as a condition of employment you either have to use your own BD or pay for supervision of your outside account. First read this and related links: https://www.bogleheads.org/wiki/Getting_started As suggested, the best format to ask for a...
by daffyd
Fri Apr 29, 2016 3:52 pm
Forum: Investing - Theory, News & General
Topic: The 1 website you'd recommend
Replies: 27
Views: 5295

Re: The 1 website you'd recommend

QuietWealth wrote:Would love to post a ton but if I had to choose one:

Abnormal Returns

Basically a daily article/podcast aggregator of financial news and stuff. Does a good job of helping me limit going to a million sites.
A great aggregator. My favorite standalone is: awealthofcommonsense.com
by daffyd
Mon Apr 25, 2016 6:42 am
Forum: Investing - Help with Personal Investments
Topic: EM vs. Asia ex Japan
Replies: 12
Views: 1428

Re: EM vs. Asia ex Japan

Either way is fine so long as you are willing to stick with it over the years. Some years Asia ex-Japan (or EM Asia) will outperform EM ex-Asia, other years the reverse. If you have exposure to the US and broad Developed Markets as well you will be well-diversified either way.
by daffyd
Mon Apr 25, 2016 2:34 am
Forum: Investing - Theory, News & General
Topic: Concentrated Factor Indexing
Replies: 9
Views: 1181

Re: Concentrated Factor Indexing

Within the smaller-cap space I was going to post something similar to Random Walker - the idiosyncratic risks are just too large in this segment (both in the positive and the negative - if you miss the few stocks that 'migrate' to mid/large cap you miss a lot of the return). In larger caps you proba...