Search found 137 matches

by TomP10
Thu Mar 01, 2018 8:19 am
Forum: Investing - Theory, News & General
Topic: ETF "Size" -- what does it mean
Replies: 3
Views: 359

ETF "Size" -- what does it mean

When I look at ETFs at Vanguard I see (in addition to bid and ask prices) something called "Size". Next to size is something like "2 x 13" or "5 x 9", etc.

Can anyone explain what this means? Something about buy and size sizes? What are the units?

Thanks in advance.
by TomP10
Mon Jan 22, 2018 8:35 am
Forum: Investing - Theory, News & General
Topic: The Power of Working Longer
Replies: 77
Views: 9480

Re: The Power of Working Longer

If the results are correct (which I have no reason to think they are not), it shows the incredible power of working just a bit longer. Obviously is you are not in good health, that's a non-starter. However, a healthy person who retires at, say, age 67 rather than age 64 can "make up" for a lifetime ...
by TomP10
Mon Jan 22, 2018 7:57 am
Forum: Investing - Theory, News & General
Topic: The Power of Working Longer
Replies: 77
Views: 9480

The Power of Working Longer

From a new working paper. A rather amazing result.... not that working longer matters, but that it matters so much! This paper compares the relative strengths of working longer vs. saving more in terms of increasing a household’s affordable, sustainable standard of living in retirement. Both stylize...
by TomP10
Tue Jan 02, 2018 2:40 pm
Forum: Investing - Theory, News & General
Topic: Target Date Funds & sustainable retirement income and spending
Replies: 11
Views: 1155

Re: Target Date Funds & sustainable retirement income and spending

For those who lack access in their own respective employer provided retirement plans, what is the solution? How can they implement this or something similar? Did you take a look at the table in my prior post? It gives the percentage of your TOTAL TIP allocation to be allocated to long-term,intermed...
by TomP10
Mon Jan 01, 2018 2:00 pm
Forum: Investing - Theory, News & General
Topic: Target Date Funds & sustainable retirement income and spending
Replies: 11
Views: 1155

Re: Target Date Funds & sustainable retirement income and spending

You don't need to use DFA to implement this strategy. I use 3 TIPS funds to approximate the DFA strategy: a long term TIPS fund (LTPZ, duration of 22.5 years), an intermediate term TIPS fund (VAIPX, duration of 8 years) and a short term TIPS fund (VTAPX, duration of 3 years) In the table below I ass...
by TomP10
Sat Dec 30, 2017 2:58 pm
Forum: Investing - Theory, News & General
Topic: Individual Stocks That Went Bust
Replies: 101
Views: 7047

Re: Individual Stocks That Went Bust

* Enron
* National Steel
* LTV Steel
by TomP10
Sun Nov 19, 2017 2:52 pm
Forum: Investing - Theory, News & General
Topic: Book for new college graduate
Replies: 20
Views: 1596

Re: Book for new college graduate

I have a few books that in my opinion would serve a college graduate or anyone well: 1) Jack Bogle - The Little Book of Common Sense Investing 2) Jack Brennan - Straight Talk on Investing 3) The Bogleheads Guide to Investing 4) The Bogleheads Guide to Retirement * Any other books authored by Jack B...
by TomP10
Sun Nov 19, 2017 11:51 am
Forum: Investing - Theory, News & General
Topic: Book for new college graduate
Replies: 20
Views: 1596

Book for new college graduate

I am looking for a book to recommend to a recent college graduate. I've already given him "If You Can" pamphlet. He really liked it -- he is fired about about saving and investing. I think he will got with Vanguard Target Date funds in his IRAs. He is lucky as those are also in his company's 401k pl...
by TomP10
Thu Nov 16, 2017 9:03 am
Forum: Investing - Theory, News & General
Topic: The passive investing trap
Replies: 23
Views: 5099

Re: The passive investing trap

Two comments. There is no evidence that active managers fare better in downturns than passive investors. It is a big selling point, but it is a falsehood. It can only be true if the manager times both getting out of the market and getting back into the market. Hard to do. Second, if the critique is ...
by TomP10
Mon Nov 13, 2017 9:17 pm
Forum: Investing - Theory, News & General
Topic: "A Case Against Over Weighting International Equity"
Replies: 11
Views: 1636

Re: "A Case Against Over Weighting International Equity"

I don't find the arguments particularly convincing. While I agree the difference in valuation metrics across markets might be partly due to inherent differences (that is, emerging markets might always have a lower P/E ratio), the author don't provide any serious historical context proving his point....
by TomP10
Tue Jul 18, 2017 6:16 am
Forum: Investing - Help with Personal Investments
Topic: Investment advice for $4 million - can I do all stocks?
Replies: 72
Views: 7274

Re: Investment advice for $4 million - can I do all stocks?

100% equities because you have "won the game" seems like a very odd decision. You have not "won the game" by so much that you can take a huge hit and not be affected. Would you be asking this question if your $2M were $200,000? You way underestimate the prospect of big losses in (or near) retirement...
by TomP10
Sat Jun 10, 2017 7:00 am
Forum: Personal Consumer Issues
Topic: College admissions question - she got a "C"
Replies: 100
Views: 11108

Re: College admissions question - she got a "C"

I think you are making a mountain out of a molehill. One mediocre grade should not be viewed that poorly. How she scores on her ACT/SAT is far more important than one semester's Bio grade. This is not to say that the grade won't affect her prospects at some college(s). Yet, you have to question whet...
by TomP10
Sun Jun 04, 2017 12:25 pm
Forum: Investing - Help with Personal Investments
Topic: Help in implementing glide path AA
Replies: 28
Views: 1819

Re: Help in implementing glide path AA

I was at 90-10 until 20 years before my projected retirement age. Since that time I have added +2% to bonds each year. My goal by retirement is to be 50-50. My current thought is I will stay at 50-50 throughout retirement. In my tax deferred accounts I change my allocation % and rebalance to new tar...
by TomP10
Mon May 29, 2017 3:04 pm
Forum: Investing - Theory, News & General
Topic: Using Funded Ratio to drive retirement investment plan - Part 1 of Funded Ratio series
Replies: 116
Views: 15410

Re: Using the Funded Ratio to drive your retirement investment plan

I am wondering which is the better strategy, buying TIPS individually or in a fund? I own TIPS in two funds, one is managed and the other is an indexed fund. Earlier in this thread, I asked a similar question, which I am repeating here for clarity: Is it preferable to buy an LTPZ ETF or a 30-year T...
by TomP10
Mon May 29, 2017 1:42 pm
Forum: Investing - Theory, News & General
Topic: Using Funded Ratio to drive retirement investment plan - Part 1 of Funded Ratio series
Replies: 116
Views: 15410

Re: Using the Funded Ratio to drive your retirement investment plan

VictoriaF wrote: Earlier in this thread, I asked a similar question, which I am repeating here for clarity:
Is it preferrable to buy an EFTZ ETF or a 30-year TIPS on the secondary market?
Did you mean Pimco fund with the ticker LTPZ?
by TomP10
Mon May 29, 2017 11:46 am
Forum: Investing - Theory, News & General
Topic: Using Funded Ratio to drive retirement investment plan - Part 1 of Funded Ratio series
Replies: 116
Views: 15410

Re: Using the Funded Ratio to drive your retirement investment plan

I have found the series of threads on the concept of "Funded Ratio" and the thinking about moving toward a liability driven portfolio as one approaches retirement very, very interesting. Bill Bernstein has written about similar ideas but (as far as I can recall) in much less actionable ways. The onl...
by TomP10
Mon May 29, 2017 8:55 am
Forum: Investing - Theory, News & General
Topic: Using Funded Ratio to drive retirement investment plan - Part 1 of Funded Ratio series
Replies: 116
Views: 15410

Re: Using the Funded Ratio to drive your retirement investment plan

The easiest way to estimate the liabilities in the denominator is to price a deferred real life annuity that has payouts that match your targeted retirement income that is derived from your portfolio and begins payments in your expected retirement year. For example, you want to withdrawal $30,000/y...
by TomP10
Sun May 28, 2017 10:42 am
Forum: Investing - Theory, News & General
Topic: Using Funded Ratio to drive retirement investment plan - Part 1 of Funded Ratio series
Replies: 116
Views: 15410

Re: Using the Funded Ratio to drive your retirement investment plan

Bobcat An excellent post (along with several other recent threads you've been a part of). Full of wisdom and good suggestions. For what it's worth, I've long been against investing in long bonds. I'm still at least a decade from retirement and during my accumulation phase I've always used intermedia...
by TomP10
Mon May 22, 2017 9:10 am
Forum: Investing - Help with Personal Investments
Topic: HELP -- Solo 401k vs SEP-IRA
Replies: 6
Views: 663

Re: HELP -- Solo 401k vs SEP-IRA

Employee max for Solo 401k (over 50) is $24K and that is if you don't have an employer plan. I do not think you can make employee contributions to a Solo 401k if your regular 403b is already being maxed. Employ-er max for Solo 401k (over 50) is 25% of self employment income up to $60K. I am not sur...
by TomP10
Mon May 22, 2017 8:17 am
Forum: Investing - Help with Personal Investments
Topic: HELP -- Solo 401k vs SEP-IRA
Replies: 6
Views: 663

HELP -- Solo 401k vs SEP-IRA

I am trying to decide between a Solo 401k and a SEP-IRA. Here's the background: I am over 50. I have a full-time job and max out my employee contributions to my work 403b ($24,000) and work 457 (another $24,000). This year I have some consulting income.... will be approximately $150,000 for the full...
by TomP10
Fri May 19, 2017 8:53 am
Forum: Investing - Help with Personal Investments
Topic: REITs: Count as Stocks or Bonds?
Replies: 49
Views: 4831

Re: REITs: Count as Stocks or Bonds?

Despite the fact they throw off a lot of income, REITs are stocks.

Due to the income generation, should be held in tax deferred accounts.
by TomP10
Fri May 19, 2017 8:52 am
Forum: Investing - Help with Personal Investments
Topic: Another small value tilt question
Replies: 3
Views: 399

Re: Another small value tilt question

You did not indicate how often you put money in your Roth..... once a year? once every 5 years? That answer might influence the responses. If nothing else, you could initially "rebalance" so you have 30% small value in your Roth. According to what you have said, it will likely drift down over the ye...
by TomP10
Fri May 19, 2017 8:47 am
Forum: Investing - Help with Personal Investments
Topic: Help with investing
Replies: 6
Views: 554

Re: Help with investing

Not enough information.

Read this post and provide the suggested info.
by TomP10
Tue May 09, 2017 11:00 am
Forum: Investing - Theory, News & General
Topic: Odd factor loadings - int'l funds
Replies: 6
Views: 1014

Re: Odd factor loadings - int'l funds

Thanks. I had not noticed that pull down menu.
by TomP10
Tue May 09, 2017 10:11 am
Forum: Investing - Theory, News & General
Topic: Odd factor loadings - int'l funds
Replies: 6
Views: 1014

Odd factor loadings - int'l funds

I was playing around with the portfoliovisualizer website and I am a bit confused. When I look at my three domestic funds (total stock market, mid cap value, small cap value) the website's reported factor loadings look sensible. All good. However, the factor loadings for international funds look odd...
by TomP10
Sun May 07, 2017 12:55 pm
Forum: Investing - Help with Personal Investments
Topic: Bond Ladder Construction Tool??
Replies: 3
Views: 585

Re: Bond Ladder Construction Tool??

You did not specify how much you want in each rung of the ladder. If you are thinking $10,000 or less (per year) then the simplest and cheapest would be to go with Treasury iBonds --- see TreasuryDirect website . If you want to have more than $10,000 per rung, then it gets more complicated and/or ex...
by TomP10
Thu Apr 06, 2017 5:49 pm
Forum: Investing - Theory, News & General
Topic: Larry-ish Portfolio, But Easier To Implement. Thoughts?
Replies: 58
Views: 6788

Re: Larry-ish Portfolio, But Easier To Implement. Thoughts?

Yep. See pages 79-80 - Look under the Statement of Operations and the Statement of Assets and Liabilities. https://www.ishares.com/us/library/stream-document?stream=reg&product=I-IEMG&shareClass=US+Class&documentId=926235~925821~925823~925653~925638&iframeUrlOverride=%2Fus%2Fliterature%2Fannual-rep...
by TomP10
Thu Apr 06, 2017 4:13 pm
Forum: Investing - Theory, News & General
Topic: Larry-ish Portfolio, But Easier To Implement. Thoughts?
Replies: 58
Views: 6788

Re: Larry-ish Portfolio, But Easier To Implement. Thoughts?

I looked up the EEMS annual report. I did see some discussion of securities lending revenue. However, nothing in the discussion gave me the impression iShares in not charging the full 0.71% expense ratio fee.

Can you clarify?
by TomP10
Thu Apr 06, 2017 3:20 pm
Forum: Investing - Theory, News & General
Topic: Larry-ish Portfolio, But Easier To Implement. Thoughts?
Replies: 58
Views: 6788

Re: Larry-ish Portfolio, But Easier To Implement. Thoughts?

EM Small - iShares Emerging Markets Small (EEMS - .71 - best for taxable and it has a boatload of securities lending revenue that makes the "real ER closer to .15) or WisdomTree Emerging Markets Small Cap Dividend (DGS - .64) I found your comment about "boatload of securities lending revenue" inter...
by TomP10
Fri Mar 10, 2017 1:46 pm
Forum: Personal Consumer Issues
Topic: What to do with all these passwords ?
Replies: 125
Views: 15119

Re: What to do with all these passwords ?

Another vote for LastPass. Works great.
by TomP10
Thu Mar 02, 2017 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: The Index Card -- Kindle Version on sale
Replies: 0
Views: 480

The Index Card -- Kindle Version on sale

I just saw that the book "The Index Card: Why Personal Finance Doesn't Have to be Complicated" by Helaine Olen and Harold Pollack is on sale for just $1.99 for the Kindle. (amazon.com) It is a good book. Full of lots of good advice. Very consistent with boglehead wisdom. The book is based on the Pol...
by TomP10
Mon Feb 06, 2017 8:48 am
Forum: Investing - Theory, News & General
Topic: "How the Bogle Model Beats the Yale Model"
Replies: 1
Views: 529

"How the Bogle Model Beats the Yale Model"

A great little post by Ben Carlson (Wealth of Common Sense) on how the three fund portfolio has out-performed college endowments over the last decade. No guarantee it will do so in the future. Nevertheless people really have a hard time believing something so simple can be so productive! To quote Ca...
by TomP10
Fri Jan 27, 2017 3:42 am
Forum: Investing - Help with Personal Investments
Topic: How much would you pay for trend following portfolio?
Replies: 4
Views: 686

How much would you pay for trend following portfolio?

I just finished Wes Grey's "DIY Financial Advisor" book. The book is okay, with some discussion of costs and indexing. Nevertheless, I thought many aspects of his discussion make investing seem way harder than it has to be (i.e., using a simple buy and hold portfolio with just a handful of low cost ...
by TomP10
Wed Jan 25, 2017 8:27 pm
Forum: Local Chapters and Bogleheads Community
Topic: HAPPY 93RD BIRTHDAY, TAYLOR!
Replies: 199
Views: 12638

Re: HAPPY 93RD BIRTHDAY, TAYLOR!

I would like to echo what others have already said. Taylor, as great as your contributions are to the intellectual side of this group, you're kindness and civility are equally important. I am often struck by the tone of your comments and helpfulness. You are a reminder of what good the internet can ...
by TomP10
Wed Jan 18, 2017 7:54 am
Forum: Investing - Help with Personal Investments
Topic: When to annuitize?
Replies: 36
Views: 5212

Re: When to annuitize?

Not all at once, but instead in chunks Can you elaborate on why? (particularly for TIAA, which at least for Trad sort of buffers interest rate changes, IIUC) Annuitizing over a series of years makes sense as it mitigates interest rate risk. If you move everything to an annuity today, and then two y...
by TomP10
Sat Jan 14, 2017 11:11 am
Forum: Personal Consumer Issues
Topic: Recommendations for home paper shredder
Replies: 52
Views: 3651

Re: Recommendations for home paper shredder

I got a Fellowes shredder, Model 89ci. Rather than focus on specific models or brands, think about what features you want. * number of pages you can shred at a time * ease of jam removal (which means how easy to put it into reverse) * does it shred CDs? * does it have a removable bin or do you need ...
by TomP10
Sun Jan 08, 2017 4:00 pm
Forum: Investing - Theory, News & General
Topic: Bernstein-"To Make Money They Didn't Need".....and Pascal's Wager
Replies: 187
Views: 23075

Re: Bernstein-"To Make Money They Didn't Need".....and Pascal's Wager

... FWIW, Clement's book was my favorite book for 2016. I highly recommend it to all. Tom Hi Tom, by chance did you read the Kindle version? I'm asking because I would order that version if other found it was digitized well. Thanks in advance. Yes, I read the Kindle version. Very well done. No prob...
by TomP10
Wed Jan 04, 2017 7:17 am
Forum: Investing - Theory, News & General
Topic: "It’s Time to Ignore Advice About Which Stocks to Buy in 2017"
Replies: 4
Views: 795

"It’s Time to Ignore Advice About Which Stocks to Buy in 2017"

Today's NY Times has a nice article on how people should ignore the many articles that appear early in the year about "what stocks to pick for 2017". The article points out that in 2016 a simple Vanguard Total Stock Market fund trounced the "expert" advice. To quote Charlie Ellis, "buying stocks is ...
by TomP10
Fri Dec 30, 2016 11:38 am
Forum: Investing - Theory, News & General
Topic: Bernstein-"To Make Money They Didn't Need".....and Pascal's Wager
Replies: 187
Views: 23075

Re: Bernstein-"To Make Money They Didn't Need".....and Pascal's Wager

dognose wrote:Thanks for the tip, TomP10. I will order the Clements book this morning.
I'm confident you will like it. Full of good info and insight.
by TomP10
Fri Dec 30, 2016 9:09 am
Forum: Investing - Theory, News & General
Topic: Bernstein-"To Make Money They Didn't Need".....and Pascal's Wager
Replies: 187
Views: 23075

Re: Bernstein-"To Make Money They Didn't Need".....and Pascal's Wager

No need for Larry to write a book on the concept of diminishing marginal utility of money --- Jonathan Clement's new book "How to think about money" has an excellent and thorough discussion of the issue and how it could influence how you spend and invest your money! FWIW, Clement's book was my favor...
by TomP10
Sat Dec 24, 2016 10:37 am
Forum: Investing - Theory, News & General
Topic: NY Times: "Hedge Fund Math: Heads We Win, Tails You Lose"
Replies: 9
Views: 2193

Re: NY Times: "Hedge Fund Math: Heads We Win, Tails You Lose"

Why? Rarely there are some incredible managers, arbitrage, top quant strategies, uncommon underlying investments, or something else not available elsewhere and it might be worth the cost, particularly as a source of return not all that correlated with other investments. Most (all) the incredible ma...
by TomP10
Fri Dec 23, 2016 1:22 pm
Forum: Investing - Theory, News & General
Topic: NY Times: "Hedge Fund Math: Heads We Win, Tails You Lose"
Replies: 9
Views: 2193

Re: NY Times: "Hedge Fund Math: Heads We Win, Tails You Lose"

But now consider the return after deducting a 20 percent performance fee. In years one and two, the fund manager earns $20,000 and $20,400 for a total of $40,400. The fund’s manager earns nothing in years three and four. After deducting the fees, the investor would end up after the four years with ...
by TomP10
Thu Dec 22, 2016 11:55 pm
Forum: Investing - Theory, News & General
Topic: NY Times: "Hedge Fund Math: Heads We Win, Tails You Lose"
Replies: 9
Views: 2193

NY Times: "Hedge Fund Math: Heads We Win, Tails You Lose"

Interesting story on how incredibly costly hedge funds are. The story cites how Pershing Square has taken 72% of the return (in fees) over the past few years. Almost three-quarters of the return, none of the risk. The article explains how hedge fund costs (such as 2 and 20) imply a far larger propo...
by TomP10
Thu Dec 22, 2016 9:46 am
Forum: Personal Finance (Not Investing)
Topic: 16 yo, first book on investing
Replies: 28
Views: 2404

Re: 16 yo, first book on investing

How to Think About Money by Jonathan Clements
by TomP10
Mon Dec 19, 2016 9:36 pm
Forum: Investing - Theory, News & General
Topic: DFA on Managing Expectations
Replies: 8
Views: 2633

DFA on Managing Expectations

Just came across these four videos on the ifa.com youtube channel. Really nice discussion of various aspects of managing your expectations of return. The videos feature a VP at Dimensional Funds, Scott Bosworth. I did not have high expectations but I found the discussion very good. Don't get bogged ...
by TomP10
Mon Dec 19, 2016 4:37 pm
Forum: Investing - Theory, News & General
Topic: The Argument for More Stocks in Retirement
Replies: 166
Views: 15472

Re: The Argument for More Stocks in Retirement

I strongly recommend what several others have said --- read William Bernstein on this issue (Deep Risk, Investor's Manifesto, Four Pillars, etc.). His analysis and discussion have had a big effect on my own desire to take risk in retirement. Before reading Bill I would have said I would be 75-25 in ...
by TomP10
Fri Dec 02, 2016 7:07 am
Forum: Investing - Theory, News & General
Topic: What percentage of international do you hold?
Replies: 127
Views: 9183

Re: What percentage of international do you hold?

I'm at 30% of stocks, based on a trade-off between minimum volatility and maximum return from this chart in the Wiki : https://www.bogleheads.org/w/images/1/11/US-International.png Recommendations here range from 0% from John Bogle to 51% by market cap. Here's a recent thread: Why not use Global Ma...