Search found 1388 matches

by asset_chaos
Tue Nov 20, 2018 6:50 pm
Forum: Investing - Theory, News & General
Topic: Full page ad in WSJ - https://indexingonsteroids.com/
Replies: 8
Views: 1379

Re: Full page ad in WSJ - https://indexingonsteroids.com/

(Marty Schulman is a vascular surgeon in New York ) "Don’t heed the conventional definition of “diversification”. Don’t split your assets into 60% stocks and 40% bonds (where in the Torah does it say “thou must have 40% bonds?”) I thought the Torah did recommend an investment allocation ( https://w...
by asset_chaos
Tue Nov 20, 2018 6:41 pm
Forum: Investing - Theory, News & General
Topic: What's in your Investor Policy Statement about Bear Markets?
Replies: 30
Views: 1779

Re: What's in your Investor Policy Statement about Bear Markets?

Your investor policy statement should describe what you do under different market conditions. Given that we haven't had a bear market in years, this is the first time that some people are getting tested. We're not quite in bear territory yet, but it's getting close. What's in your IPS regarding bea...
by asset_chaos
Tue Nov 20, 2018 6:26 pm
Forum: Investing - Theory, News & General
Topic: [The Economist: Should investors diversify away from America?]
Replies: 12
Views: 1902

Re: Thoughts on this article from The Economist?

I thought the evidence (Vanguard report and other readings) suggests that most stock market investors around the world show a marked home bias. Most people think their own home market is less risky, easier to invest in, better in every way than those scary foreigners. Unlike the residents of Lake Wo...
by asset_chaos
Tue Nov 20, 2018 6:13 pm
Forum: Investing - Theory, News & General
Topic: Will VTWSX expense ratio go down in the future
Replies: 7
Views: 1416

Re: Will VTWSX expense ratio go down in the future

To update this thread, Vanguard has filed with the SEC for Admiral shares of total world (EDGAR filing https://www.sec.gov/Archives/edgar/data/857489/000093247118007443/merged.htm) listing a cost of 10 bp. Filing is preliminary and dated 19 Nov 2018. Looks like lower cost Admiral shares of total wor...
by asset_chaos
Sat Nov 17, 2018 7:12 pm
Forum: Investing - Theory, News & General
Topic: Should I expect 4 funds to perform better than 2 funds?
Replies: 11
Views: 1517

Re: Should I expect 4 funds to perform better than 2 funds?

Say I want 50% stocks and 50% bonds. The simplest way is: 50% world stocks, 50% world bonds. But is there an advantage to: 25% home stocks, 25% international-ex-home stocks, 25% home bonds, 25% international-ex-home bonds. If so, what is the basis of the advantage, mathematically? And, if so, is th...
by asset_chaos
Thu Nov 15, 2018 3:34 pm
Forum: Investing - Theory, News & General
Topic: Vanguard investor class shares on their way out?
Replies: 83
Views: 7618

Re: Vanguard investor class shares on their way out?

Vanguard launched a Global Credit Bond Fund with admiral and investor shares but no etf; although, I believe Vanguard has had this or a similar fund with etf shares for several ears at non-US Vanguard. Evidence remains mixed that investor shares will cease.
by asset_chaos
Wed Nov 14, 2018 3:28 pm
Forum: Investing - Theory, News & General
Topic: Are you all staying the course?
Replies: 114
Views: 6900

Re: Are you all staying the course?

How I respond to stock market gyrations is likely not helpful to you. My risk tolerance is not yours. You have to set your portfolio for a risk tolerance that lets you weather market volatility without excessive worry. Take a look at the "anchored" post at the top of our investing - theory, news & g...
by asset_chaos
Wed Nov 14, 2018 3:20 pm
Forum: Investing - Theory, News & General
Topic: 2 Fund Ports: Everything You NEED?
Replies: 16
Views: 1722

Re: 2 Fund Ports: Everything You NEED?

With the tips, and I assume you mean short term tips, it's more than a feeling (with a nod to 70s rock band Boston). Different people have different willingness, need, or ability to take investment risk (with a nod to multi decade investment writer Larry Swedroe). Risk tolerance is not an airy, fair...
by asset_chaos
Mon Nov 12, 2018 7:23 pm
Forum: Investing - Theory, News & General
Topic: Vanguard lowering Admiral level to $3,000?
Replies: 199
Views: 12165

Re: Admiral share class for total world stock

I doubt that Vanguard will every offer Admiral shares again. The ETF structure is cheaper to run a mutual fund structure. ETFs are the future. Evidence is mixed. On the one hand, Vanguard launched the multifactor fund this year with admiral and etf share classes. On the other hand, Vanguard launche...
by asset_chaos
Mon Nov 12, 2018 2:07 am
Forum: Personal Finance (Not Investing)
Topic: Does anyone know why SSA has to be notified if you go outside the USA for 30 consecutive days or longer?
Replies: 19
Views: 3568

Re: Does anyone know why SSA has to be notified if you go outside the USA for 30 consecutive days or longer?

How would they even know? Is anyone really trying to match up SS# and passports and checking for border crossings in/out of USA? When we lived in Australia and received family benefits (money from the government for young children), we took our children once on an extended travel of about 3 months ...
by asset_chaos
Sat Nov 10, 2018 11:47 pm
Forum: Investing - Theory, News & General
Topic: Vanguard lowering Admiral level to $3,000?
Replies: 199
Views: 12165

Re: Admiral share class for total world stock

I doubt that Vanguard will every offer Admiral shares again. The ETF structure is cheaper to run a mutual fund structure. ETFs are the future. Evidence is mixed. On the one hand, Vanguard launched the multifactor fund this year with admiral and etf share classes. On the other hand, Vanguard launche...
by asset_chaos
Sat Nov 10, 2018 6:46 pm
Forum: Investing - Theory, News & General
Topic: Vanguard lowering Admiral level to $3,000?
Replies: 199
Views: 12165

Re: Admiral share class for total world stock

Total world investor share cost 50 bp when the fund had 100 million in assets and cost 20 bp when it had 1 billion. From memory the fund's fiscal year ends in October. Sometime in December perhaps we'll be able to look at the annual report to see what the actual expenses of the fund were over the la...
by asset_chaos
Sat Nov 10, 2018 5:37 pm
Forum: Investing - Help with Personal Investments
Topic: Strategy during the last stock market decline
Replies: 58
Views: 6249

Re: Strategy during the last stock market decline

I have two rebalancing bands, a soft and a hard, but I've made it a habit not to look at my portfolio too much, so only make the rebalancing calculations a couple times a years. The soft threshold, which is not wide, is where I turn on dividend redirection, i.e. stock dividends automatically get rei...
by asset_chaos
Thu Nov 08, 2018 7:27 pm
Forum: Investing - Theory, News & General
Topic: Bill Sharpe's preferred portfolio
Replies: 133
Views: 28394

Re: Bill Sharpe's preferred portfolio

BNDW is a fund of two funds: A US bond fund and an int'l bond fund. Some of the data on the BNDW screens is confusing. They show TBM (US) component as 46.70% and elsewhere show US allocations as 59.4%. Also, last month, a VG article mentioned something like 56/44 int'l/US for BNDW. I wonder if Vang...
by asset_chaos
Thu Nov 08, 2018 12:20 am
Forum: Personal Finance (Not Investing)
Topic: How to deposit cash in online account with no local branch
Replies: 45
Views: 4633

Re: How to deposit cash in online account with no local branch

For small amounts I think I'd just pay cash for the next couple of grocery trips and transfer to the brokerage account from whatever account I keep money in before it goes to investments or is used to pay bills.
by asset_chaos
Mon Nov 05, 2018 5:36 pm
Forum: Investing - Help with Personal Investments
Topic: Pension Allocation [Ireland]
Replies: 9
Views: 533

Re: Pension Allocation [Ireland]

Have read different information online and wondering did anyone have opinion on allocation into any Fixed Income assets or anything that will diversify out of Equities for me, or in fact is it necessary at 26? It's not necessary at your age, but one day you will want more bonds. I believe it is a g...
by asset_chaos
Fri Nov 02, 2018 5:54 pm
Forum: Investing - Theory, News & General
Topic: Animated World GDP Growth chart over past 50+ years
Replies: 4
Views: 504

Re: Animated World GDP Growth chart over past 50+ years

It needs a companion per capita GDP dynamic chart.
by asset_chaos
Fri Nov 02, 2018 5:22 pm
Forum: Investing - Theory, News & General
Topic: What is an "advanced" investor?
Replies: 34
Views: 2578

Re: What is an "advanced" investor?

Is this a zen question?

The advanced investor knows simplicity and contentment.

"Because it is so very clear, // It takes longer to come to the realization." Mumon
by asset_chaos
Fri Nov 02, 2018 5:06 pm
Forum: Investing - Theory, News & General
Topic: "Individual investors should have access to Private Equity"
Replies: 46
Views: 3433

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

In principle I want my total market index fund to invest in all companies in the economy at their market weight. In practice I expect the total market index fund to make all feasible investments. Some companies are infeasible because of the cost or other barriers to ownership. Very very small public...
by asset_chaos
Thu Nov 01, 2018 7:34 pm
Forum: Investing - Theory, News & General
Topic: Dangers of VTSAX? (Unrealized Appreciation)
Replies: 26
Views: 4695

Re: Dangers of VTSAX? (Unrealized Appreciation)

1. Where on the Vanguard site can you see that VTSAX has 40% unrealized gain and if this is gain "owned" by the fund company rather than the investors then you would have to disagree with the WSJ article that says any capital gains owned by the fund "must" be paid out on an annual basis. Do you agr...
by asset_chaos
Wed Oct 31, 2018 6:49 pm
Forum: Investing - Theory, News & General
Topic: GE: We Bring Bad News To Life!
Replies: 35
Views: 4712

Re: GE: We Bring Bad News To Life!

Maybe it's "Curse Of The New HQ", https://www.businessinsider.com.au/poor ... rk-times-1, where spending up big on a new HQ presages the decline of a business. Didn't GE move it's HQ from upstate NY to Boston a couple of years ago?
by asset_chaos
Wed Oct 31, 2018 6:21 pm
Forum: Investing - Theory, News & General
Topic: Dangers of VTSAX? (Unrealized Appreciation)
Replies: 26
Views: 4695

Re: Dangers of VTSAX? (Unrealized Appreciation)

I'm showing my age, but it's like deja vu all over again. Back in the late 90s the supposed danger of embedded capital gains popped up as one of the many criticisms of index funds from active managers and their financial press toadies as index funds started to really take market share from active. D...
by asset_chaos
Tue Oct 30, 2018 6:39 pm
Forum: Personal Finance (Not Investing)
Topic: Calculating ROI for PhD
Replies: 86
Views: 4780

Re: Calculating ROI for PhD

If you're even asking the question in terms of ROI, then don't do a PhD. For the love of god, don't do it. If you do the PhD, I think you'll look back on it as time wasted from achieving your true goals.
by asset_chaos
Tue Oct 30, 2018 6:28 pm
Forum: Investing - Help with Personal Investments
Topic: Advise on Fixed income ETFs [Non-US]
Replies: 8
Views: 635

Re: Advise on Fixed income ETFs [Non-US]

In my Australian retirement fund I have invested in Vanguard's global bond index fund hedged to A$. The fund has only been available here for a couple of years. In that time it hasn't thrown up any surprises; I'm not sure what my expectations were other than it being a low volatility, safe asset in ...
by asset_chaos
Tue Oct 30, 2018 6:01 pm
Forum: Investing - Help with Personal Investments
Topic: Changing Asset Allocation Based On Market Forecasts - Market Timing?
Replies: 7
Views: 711

Re: Changing Asset Allocation Based On Market Forecasts - Market Timing?

The following is from an interview with Fran Kinniry of Vanguard; You can't really determine how much to save, what you may end up with, how you will allocate your assets [/u]without having some information of market outlook." I read the interview. The emphasis is yours not Kinniry's. If I were goi...
by asset_chaos
Tue Oct 30, 2018 5:31 pm
Forum: Investing - Theory, News & General
Topic: GE: We Bring Bad News To Life!
Replies: 35
Views: 4712

Re: GE: We Bring Bad News To Life!

I wouldn't classify Enron with Kodak, GE, or, say, Sears. Enron was, I believe, a relatively young company that went bust from fraud. Kodak, GE, and Sears are 100+ year old companies that were successful for a century but that finally accumulated a sufficiently long enough string of poor business de...
by asset_chaos
Tue Oct 30, 2018 1:47 am
Forum: Investing - Help with Personal Investments
Topic: Spreading the Risk - World Stock versus S&P 500?
Replies: 11
Views: 1563

Re: Spreading the Risk - World Stock versus S&P 500?

I've put around 30% of my equities into the S&P 500, and 70% into MCSI World Shares. So, 30% exposure to US stocks, and 70% to global stocks (which obviously also contains a big chunk of US stocks!). I'm based in the UK, so prefer that global exposure, but not sure if it's historically sound! If yo...
by asset_chaos
Mon Oct 29, 2018 7:09 pm
Forum: Investing - Theory, News & General
Topic: Is the growing national debt a reason to diversify with international?
Replies: 33
Views: 3404

Re: Is the growing national debt a reason to diversify with international?

I think broad diversification is good. Any specific datum that worries you is unlikely to be knowably relevant in advance. For instance, was national debt level correlated with stock market performance in the past; will it be in the future? Broad diversification has you invested in all the situation...
by asset_chaos
Wed Oct 24, 2018 5:58 pm
Forum: Investing - Theory, News & General
Topic: Buying on LSE or NYSE [from Ireland]
Replies: 7
Views: 361

Re: Buying on LSE or NYSE [from Ireland]

I have no direct knowledge, but if I were in your shoes, I'd check carefully for adverse tax implications. As an Irish national, it could well be that your tax situation is very different if you own a fund through a foreign exchange versus through a (still) EU exchange. Also have you investigated th...
by asset_chaos
Wed Oct 24, 2018 5:44 pm
Forum: Investing - Theory, News & General
Topic: Number of market participants in stocks and bonds
Replies: 6
Views: 622

Re: Number of market participants in stocks and bonds

I was wondering if there are estimates on how many people participate (actively trading, not just holding) in the US stock market (perhaps split by individual and institutional). E.g. if S&P500 goes down because "people are panicking" what does that mean: thousands are selling? Millions? Same for o...
by asset_chaos
Tue Oct 23, 2018 8:35 pm
Forum: Investing - Theory, News & General
Topic: What is the name for this type of portfolio?
Replies: 4
Views: 770

Re: It's also called "Dedicated Portfolio Theory" or LDI

After reading a little more about it, it sounds like some experts endorse it while others feel that it is dangerous because we're bad at predicting how much money we need in retirement plus there's the risk of horrendous medical bills decimating your entire portfolio. I think liability matching was...
by asset_chaos
Mon Oct 22, 2018 4:50 pm
Forum: Investing - Theory, News & General
Topic: What is the name for this type of portfolio?
Replies: 4
Views: 770

Re: What is the name for this type of portfolio?

Sounds like a type of liability matching portfolio.
by asset_chaos
Tue Oct 16, 2018 2:57 am
Forum: Investing - Help with Personal Investments
Topic: Maturing out of Target 2015 fund
Replies: 8
Views: 916

Re: Maturing out of Target 2015 fund

Thank you Index Fan and rkhusky for supplying the precise path that gets target retirement funds to target retirement income.
by asset_chaos
Mon Oct 15, 2018 7:22 pm
Forum: Investing - Help with Personal Investments
Topic: Maturing out of Target 2015 fund
Replies: 8
Views: 916

Re: Maturing out of Target 2015 fund

I thought that when target retirement <date> funds hit their retirement <date> that they all essentially became the same as the target retirement income fund VTINX. Perhaps VTINX is the all-in-one fund you seek, and perhaps it's what you've already got.
by asset_chaos
Thu Oct 11, 2018 3:40 pm
Forum: Investing - Theory, News & General
Topic: "Do not invest with Vanguard if you are a market-timer." - Vanguard
Replies: 12
Views: 2635

Re: "Do not invest with Vanguard if you are a market-timer." - Vanguard

That phrase has been in every Vanguard prospectus I've read, which is definitely not every Vanguard prospectus, for the past 30 years.
by asset_chaos
Tue Oct 09, 2018 1:26 pm
Forum: Investing - Theory, News & General
Topic: Is Vanguard Multi-Factor Fund like DFA and AQR fund offerings?
Replies: 10
Views: 1033

Re: Is Vanguard Multi-Factor Fund like DFA and AQR fund offerings?

And it lists two managers involved in the day to day operations: I wouldn't read too much into that. Total stock market index fund also lists two portfolio managers by name in the prospectus. I believe this is due to a change of rules some years ago that mandated listing real people's names instead...
by asset_chaos
Tue Oct 09, 2018 3:10 am
Forum: Investing - Help with Personal Investments
Topic: Should I keep Intermediate Term Tax Exempt Fund?
Replies: 15
Views: 2023

Re: Should I keep Intermediate Term Tax Exempt Fund?

In the OP's case doing Roth conversions up to a bracket break point, wouldn't tax exempt income instead of taxable income from bonds free up a bit more space to do somewhat larger Roth conversions? That seems like some benefit. Had not considered this before. On a federal level, I guess it would. N...
by asset_chaos
Sun Oct 07, 2018 7:56 pm
Forum: Investing - Help with Personal Investments
Topic: Should I keep Intermediate Term Tax Exempt Fund?
Replies: 15
Views: 2023

Re: Should I keep Intermediate Term Tax Exempt Fund?

In the OP's case doing Roth conversions up to a bracket break point, wouldn't tax exempt income instead of taxable income from bonds free up a bit more space to do somewhat larger Roth conversions? That seems like some benefit. Moreover, according to M* the trailing 12 month yield (actual distributi...
by asset_chaos
Wed Oct 03, 2018 8:00 pm
Forum: Investing - Theory, News & General
Topic: A simple moving average timing model using stocks and treasuries
Replies: 40
Views: 2679

Re: A simple moving average timing model using stocks and treasuries

I've been fiddling around on Portfolio Visualizer with a simple timing model using two assets: U.S. stocks and U.S. intermediate treasuries. One model switches between 100% stocks and 100% IT using the 10 - month moving average for stocks. The other switches between 50% stocks/ 50% treasuries and 1...
by asset_chaos
Tue Oct 02, 2018 6:05 pm
Forum: Investing - Theory, News & General
Topic: Contrarian investors vs. EMH/GMP
Replies: 21
Views: 1269

Re: Contrarian investors vs. EMH/GMP

I've got two competing worldviews wrt investing. They seem mutually exclusive, but they both seem like they should be right. #1) The Global Market Portfolio (GMP) is the world's largest Prediction Market. Prices reflect all available information to all investors. No single investor can be expected ...
by asset_chaos
Tue Oct 02, 2018 3:56 pm
Forum: Investing - Theory, News & General
Topic: Source for Expense Ratio history?
Replies: 1
Views: 185

Re: Source for Expense Ratio history?

The bogleheads wiki has historical expense ratio data for selected vanguard index funds; I don't have exact links to hand. For other funds I'm not aware of any site that collects and posts that data. Your best bet for a specific fund may be the SEC's EDGAR database where you can look up historic ann...
by asset_chaos
Fri Sep 28, 2018 2:43 am
Forum: Investing - Theory, News & General
Topic: A quick peek at a RAFI Fundamental Large-Cap Index Fund, ten years later
Replies: 22
Views: 1669

Re: A quick peek at a RAFI Fundamental Large-Cap Index Fund, ten years later

I personally wouldn't expect a fundamental index to outperform during a time when growth stocks did so much better. Perhaps that's how they were sold and yes I agree that's dubious marketing. Maybe I misremember, but I thought Arnott vigorously claimed that fundamental indexing was somehow differen...
by asset_chaos
Thu Sep 27, 2018 2:10 am
Forum: Investing - Theory, News & General
Topic: FTSE Russell Said to Announce China A-Share Inclusion This Week
Replies: 3
Views: 417

Re: FTSE Russell Said to Announce China A-Share Inclusion This Week

On completion Chinese equities ... are projected to account for 0.57 per cent of the FTSE Global All Cap Index. Something odd about that number. Vanguard total world index follows the FTSE global all cap index and the fund's portfolio page https://investor.vanguard.com/mutual-funds/profile/portfoli...
by asset_chaos
Thu Sep 27, 2018 12:10 am
Forum: Investing - Theory, News & General
Topic: Investment types in a no-growth environment
Replies: 35
Views: 2766

Re: Investment types in a no-growth environment

Under the premise I suspect that stock prices would decline until stock yield was greater than bond yield, which was, I believe, considered normal and plain common sense prior to 1950 or thereabouts.
by asset_chaos
Tue Sep 25, 2018 4:29 pm
Forum: Investing - Theory, News & General
Topic: Other Portfolios that aren't 3 fund
Replies: 31
Views: 3430

Re: Other Portfolios that aren't 3 fund

You could look up the blog post from one of our fellow Bogleheads, the white coat investor, entitled "150 portfolios better than yours". That's a pretty long starting list of portfolios for you to play around with.
by asset_chaos
Sat Sep 22, 2018 5:04 pm
Forum: Investing - Theory, News & General
Topic: Matter-scatter sidebar: sequence of returns in accumulation
Replies: 5
Views: 654

Re: Matter-scatter sidebar: sequence of returns in accumulation

As the standard deviation of the red portfolio is much larger than that of the green, is this an example of variance drag?
by asset_chaos
Fri Sep 21, 2018 9:32 pm
Forum: Investing - Help with Personal Investments
Topic: Still haven't made sense of this 50-50 AA situation
Replies: 9
Views: 1385

Re: Still haven't made sense of this 50-50 AA situation

I think you're doing mental gymnastics, not for naught perhaps, but not for very much. If it really bothers you to take an RMD from bond funds that might decline 5% or so in a year, then put three (or a number that makes you comfortable) years of anticipated RMDs into a much shorter duration bond fu...
by asset_chaos
Fri Sep 21, 2018 4:30 pm
Forum: Investing - Help with Personal Investments
Topic: 23 with 130k cash to invest in index funds need help [Australia]
Replies: 7
Views: 751

Re: 23 with 130k cash to invest in index funds need help [Australia]

You could start by reading through the Bobleheads wiki pages on investing in Australia. At the top of every forum page look for the link labeled "Wiki" and follow to the Australia page, or the direct link is https://www.bogleheads.org/wiki/Investing_in_Australia.
by asset_chaos
Wed Sep 19, 2018 4:40 pm
Forum: Investing - Theory, News & General
Topic: Matter/scatter, part 9. Small-cap value and the "ten-fund portfolio."
Replies: 10
Views: 1184

Re: Matter/scatter, part 9. Small-cap value and the "ten-fund portfolio."

With respect to the factors, the results here seem to reinforce that factors are a risk story. Factor premia exist largely or solely because they are reward for bearing non-diversifiable risk of one kind or another that are different than straight market risk. If you personally can bear some of thes...
by asset_chaos
Wed Sep 19, 2018 4:27 pm
Forum: Investing - Theory, News & General
Topic: Why are there so few long-term investors?
Replies: 18
Views: 2944

Re: Why are there so few long-term investors?

I can google and find that somewhat less than 1% of apple shares are traded on a typical day over some recent time period. (I don't know the right search terms to use to get that number for the total market.) With a couple of hundred trading days in the year, does that 1% a day turnover mean that ev...