Search found 6307 matches

by lack_ey
Sat Apr 21, 2018 2:21 pm
Forum: Investing - Theory, News & General
Topic: I’m still not a fan of international bond funds
Replies: 52
Views: 2335

Re: I’m still not a fan of international bond funds

Okay, if that truly changed between the editions then that's interesting, especially if Rick himself doesn't remember the old recommendation. The second edition of the book is already eight years old by this point... I guess that's an "oops" on the "never"? That said, "international bond funds" in t...
by lack_ey
Sat Apr 21, 2018 2:07 pm
Forum: Investing - Theory, News & General
Topic: I’m still not a fan of international bond funds
Replies: 52
Views: 2335

Re: I’m still not a fan of international bond funds

I'm quoting from your book. The book you wrote. Are you making a distinction between emerging market debt and emerging market bonds? BobK Your quote doesn't show any EE bonds. Looks like you flubbed the copy/paste. Looks like it's edited now to include EM but I don't remember Rick ever recommending...
by lack_ey
Fri Apr 20, 2018 7:29 pm
Forum: Investing - Theory, News & General
Topic: I’m still not a fan of international bond funds
Replies: 52
Views: 2335

Re: I’m still not a fan of international bond funds

Rick, have you evaluated what the hedge return is doing a weighted average over the currency forwards used in these funds? We can't exactly evaluate local-currency yields in a vacuum and leave it at that. Citing SEC yield without even a mention of this seems pretty misleading to me. For example curr...
by lack_ey
Fri Apr 20, 2018 7:11 pm
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 51
Views: 4233

Re: How good are Vanguard bond funds?

If you are strictly looking at performance results matched to the fund duration, 15 years doesn't make a lot of sense. Since I invest in VFSTX, which is an actively managed fund, I'm interested in the manager's performance over the long term. Considering the duration of VFSTX, I'm concerned about i...
by lack_ey
Fri Apr 20, 2018 3:22 pm
Forum: Investing - Help with Personal Investments
Topic: How do you compare VNQ vs SP500?
Replies: 18
Views: 800

Re: How do you compare VNQ vs SP500?

I think people are trying to make a point about not reading too much into short-term (single digits years is short term as far as markets go) relative performance, in particular saying not to extrapolate. The idea I suppose is that asset allocation should be made on a much broader basis, including t...
by lack_ey
Fri Apr 20, 2018 11:44 am
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 51
Views: 4233

Re: How good are Vanguard bond funds?

Bond index funds are typically mid-packers at best because indexing puts your biggest positions in "biggest debtor" issuers like negative interest rate Japan bonds for int bond, longer term US Treasuries as the US goes big on more debt for total bond, and debt issued by financial basket cases like ...
by lack_ey
Thu Apr 19, 2018 3:21 pm
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 51
Views: 4233

Re: How good are Vanguard bond funds?

Intermediate Corporate Active & Index - three year rolling return to look at the recency question. [url=https://postimages.org/] https://s9.postimg.cc/vrtbojrcf/Capture.gif [/url Recency does not appear to be the answer. Sorry lack_ey. Duration detracted in trailing 3 years, but was additive in tra...
by lack_ey
Thu Apr 19, 2018 2:55 pm
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 51
Views: 4233

Re: How good are Vanguard bond funds?

The 5 years results are similar which maybe means that lack_ey's recently argument is not the whole storey. Of course there are other factors at play, but how does that result figure as a counterpoint against the central idea that the passive exposures are different and driving return differences? ...
by lack_ey
Thu Apr 19, 2018 12:11 pm
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 51
Views: 4233

Re: How good are Vanguard bond funds?

I think you are probably on the right track here. Are you saying in effect "Index! Index! Index!" doesn't work very well for bond funds? (All the time.) "To the extent that you want bond funds to time exposures ...). So if we didn't have lower credit effect and the shorter duration effect recently ...
by lack_ey
Thu Apr 19, 2018 11:04 am
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 51
Views: 4233

Re: How good are Vanguard bond funds?

You've highlighted basically zero (maybe one?) of the functionally active Vanguard bond funds. The Vanguard bond index funds and most of those nominally active funds have returns driven by fairly consistent beta exposures over time to term and credit risks. The fund categories are not matched to the...
by lack_ey
Thu Apr 19, 2018 10:43 am
Forum: Investing - Help with Personal Investments
Topic: ETFs for cash savings
Replies: 8
Views: 886

Re: ETFs for cash savings

I have considered laddering 1 year T-bills. Do you trust having large amounts of money in Treasury Direct? Yes, but if you prefer, you can just buy T-bills in a brokerage account, new offers at auction or secondary market. Some brokerages effectively mark up the price slightly to take a small cut, ...
by lack_ey
Thu Apr 19, 2018 10:33 am
Forum: Investing - Theory, News & General
Topic: Goof? Prime MM, "retail," "Admiral," $5 million minimum?
Replies: 20
Views: 2562

Re: Goof? Prime MM, "retail," "Admiral," $5 million minimum?

No, I don't think it is a mistake. The Admiral shares are to pass lower expense ratios on to larger account holders (not for pikers). Every other Admiral share-class fund I know of has a minimum of either $10,000 (index funds) or $50,000 (non-index funds). unimportant aside but psst the non-REIT se...
by lack_ey
Thu Apr 19, 2018 10:20 am
Forum: Investing - Theory, News & General
Topic: Unimpressive category averages of managed futures, multialternative, market neutral, etc.
Replies: 82
Views: 5005

Re: Unimpressive category averages of managed futures, multialternative, market neutral, etc.

It is my contention that gold is a separate asset class from commodities or currencies. I communicate with an humble mini iPad and am unable to reproduce Nisiprius charts. Is anyone able to reproduce a 10 year chart with GLD versus VMMXX? Thanks, VinhoVerde http://hostimg.co/images/2018/04/19/gold....
by lack_ey
Thu Apr 19, 2018 10:13 am
Forum: Investing - Theory, News & General
Topic: [ETF.com] Vanguard Active [Factor] ETFs Slow To Grow
Replies: 0
Views: 228

[ETF.com] Vanguard Active [Factor] ETFs Slow To Grow

Here's a short article on ETF.com taking note of the fact that Vanguard's factor ETFs are hardly taking off. Vanguard is charging competitive fees relative to index funds in the space, and they have the advantage of more flexibility here in terms of implementation (like DFA or similar), not being ti...
by lack_ey
Wed Apr 18, 2018 6:34 pm
Forum: Investing - Theory, News & General
Topic: Unimpressive category averages of managed futures, multialternative, market neutral, etc.
Replies: 82
Views: 5005

Re: Unimpressive category averages of managed futures, multialternative, market neutral, etc.

I read in Rick Ferri's book on asset allocation that the real return on commodities over long periods of time is a negative one percent a year. I figured this would make any commodities strategy an ultimate loser. Then someone pointed out, well that is true, but commodity futures have more stock-li...
by lack_ey
Wed Apr 18, 2018 5:51 pm
Forum: Investing - Theory, News & General
Topic: Wellesley January Price Drop? Why?
Replies: 26
Views: 2872

Re: Wellesley January Price Drop? Why?

Wellesley performance has been underwhelming this year, compared to other funds IN IT'S CATEGORY. It's currently in the bottom 7% of all "Allocation - 30-50% equity" funds YTD according to M*. Like many close to ER, I have sizable investments in Wellesley and have always considered it my "sleep wel...
by lack_ey
Wed Apr 18, 2018 5:26 pm
Forum: Investing - Theory, News & General
Topic: Unimpressive category averages of managed futures, multialternative, market neutral, etc.
Replies: 82
Views: 5005

Re: Unimpressive category averages of managed futures, multialternative, market neutral, etc.

But what are those? What is an "advisor program?" Is that a fancy name for a hedge fund? In the real world could you created a mutual fund that invests equally in each of 20 hedge funds? How liquid are these "advisor programs" and how meaningful is it to tabulate an "index" if you can't actually li...
by lack_ey
Wed Apr 18, 2018 4:44 pm
Forum: Investing - Theory, News & General
Topic: The cost of maintaining stable NAV in money market funds
Replies: 5
Views: 676

Re: The cost of maintaining stable NAV in money market funds

There's no construct like for stable value funds where the fund effectively pays another entity to guarantee a certain value with some stipulations. Nobody guarantees the stable NAV of a money market fund. It's just kind of naturally mostly stable based on the low volatility of the holdings. Money m...
by lack_ey
Wed Apr 18, 2018 4:32 pm
Forum: Investing - Theory, News & General
Topic: Capital Efficiency Trumps Fees In Search For Portfolio Diversifiers
Replies: 9
Views: 894

Re: Capital Efficiency Trumps Fees In Search For Portfolio Diversifiers

For as long as I've been paying attention, purveyors of high-cost investment vehicles have said that fees should not be your first consideration. "You get what you pay for," "Stated returns are net of fees so if I can get you higher returns why would you care about fees," etc. etc. And year after y...
by lack_ey
Wed Apr 18, 2018 2:30 pm
Forum: Investing - Theory, News & General
Topic: Unimpressive category averages of managed futures, multialternative, market neutral, etc.
Replies: 82
Views: 5005

Re: Unimpressive category averages of managed futures, multialternative, market neutral, etc.

This isn't just managed futures. I don't have enough data to prove it, and I may have unconscious bias, but four different non-traditional assets--managed futures, commodities, multialternatives, market neutral strategies-- all somehow managed to launch mutual funds just the exact moment when they ...
by lack_ey
Tue Apr 17, 2018 11:31 pm
Forum: Investing - Help with Personal Investments
Topic: Buying T-bills ..help needed
Replies: 13
Views: 1280

Re: Buying T-bills ..help needed

When a bond is not callable, yield-to-worst equals yield-to-maturity. T-bills and most other fixed income mature and pay out the par value. If you see a price quote of something like 98.534, that's relative to par of 100. The rate of return that results in that 98.534 turning into 100 over X days is...
by lack_ey
Tue Apr 17, 2018 4:55 pm
Forum: Investing - Theory, News & General
Topic: N.Y. Attorney General Forces Vanguard, BlackRock, Others To Disclose Active Share
Replies: 5
Views: 1059

Re: N.Y. Attorney General Forces Vanguard, BlackRock, Others To Disclose Active Share

Active share is predictive of performance in a sense. Russ Kinnel's quote needs to be understood correctly in context. Active share predicts the dispersion of tracking error (though I guess that should be obvious enough). It just doesn't predict alpha, or at least not convincingly or by much if at a...
by lack_ey
Tue Apr 17, 2018 10:52 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Don’t Exclude Emerging Markets
Replies: 30
Views: 3012

Re: Larry Swedroe: Don’t Exclude Emerging Markets

I don't think the difference between EM = 9% vs 13% of global market cap is important. It's just a puzzle. I can't seem to account for it by including China A shares or taking account of the recent US stock market fluctuations. ADDED: I think Selters, below, got it. It's probably MSCI's categorizat...
by lack_ey
Mon Apr 16, 2018 9:36 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Don’t Exclude Emerging Markets
Replies: 30
Views: 3012

Re: Larry Swedroe: Don’t Exclude Emerging Markets

It's not a big deal, but does anyone have a source for "Emerging markets represent about 13% of global equity capitalization?" It just seems high. Morningstar is only showing 9.15% emerging markets in their benchmark for the Vanguard Total World Stock Index fund. https://imgur.com/jQ1pfTI.png Vangu...
by lack_ey
Mon Apr 16, 2018 3:33 pm
Forum: Investing - Help with Personal Investments
Topic: S&P 500 Total Return ETF ?
Replies: 11
Views: 1015

Re: S&P 500 Total Return ETF ?

I don't know about the tax treatment, but there are accumulating ETFs available (outside the US) that reinvest dividends. If you're investing in US markets, no. The US-listed funds all distribute dividends. I know some Ireland-domiciled ETFs are popular abroad but don't know how that fits. There's a...
by lack_ey
Mon Apr 16, 2018 3:22 pm
Forum: Investing - Theory, News & General
Topic: Firstrade Makes a Splash With 700 Commission-Free ETFs (Including Vanguard!)
Replies: 12
Views: 1526

Re: Firstrade Makes a Splash With 700 Commission-Free ETFs (Including Vanguard!)

The commission-free ETF list is very wide ranging. They have the big market-cap-weighted index ETFs, style box ETFs, all the big sector ETFs, a number of narrow subsector ETFs, various tilted and smart beta-type strategies like RAFI funds and equal weighted, low vol and a number of single-factor ETF...
by lack_ey
Mon Apr 16, 2018 3:01 pm
Forum: Investing - Theory, News & General
Topic: Some basic questions about bond index funds
Replies: 23
Views: 1887

Re: Some basic questions about bond index funds

I'll answer using an analogy. A human start as a " Baby ", then becomes a " Child ", then a " Teen ", then an " Adult ". A bond works similarly, but in reverse. Such security starts as a " Bond ", then becomes a " Note ", then a " Bill ". There's nothing special about it; it's always the same secur...
by lack_ey
Mon Apr 16, 2018 2:51 pm
Forum: Investing - Theory, News & General
Topic: Unimpressive category averages of managed futures, multialternative, market neutral, etc.
Replies: 82
Views: 5005

Re: Unimpressive category averages of managed futures, multialternative, market neutral, etc.

These are among the many considerations you have to make looking at alternatives investments. Is having many considerations to look at before investing in alt investments a pro or a con? More work for the investor is generally bad, and juggling more things usually means more mistakes. There are a l...
by lack_ey
Mon Apr 16, 2018 2:30 pm
Forum: Investing - Theory, News & General
Topic: Unimpressive category averages of managed futures, multialternative, market neutral, etc.
Replies: 82
Views: 5005

Re: Unimpressive category averages of managed futures, multialternative, market neutral, etc.

For managed futures in particular, I think crowding is a concern, and if you're looking at mutual funds then you're missing the bulk of AUM. This article is over two years old but I think is informative: https://www.rcmalternatives.com/2016/02/how-big-is-managed-futures-aum-exactly/ The current figu...
by lack_ey
Mon Apr 16, 2018 2:12 pm
Forum: Investing - Theory, News & General
Topic: Higher bond allocations with riskier bonds
Replies: 10
Views: 534

Re: Higher bond allocations with riskier bonds

Historically you have not been rewarded for taking credit risk with bonds. You get higher volatility but not higher returns. That's approximately true when looking at long-term bond returns and not duration matching. If you do a more apples-to-apples comparison, it doesn't seem to be right. I would...
by lack_ey
Mon Apr 16, 2018 12:20 pm
Forum: Investing - Theory, News & General
Topic: Higher bond allocations with riskier bonds
Replies: 10
Views: 534

Re: Higher bond allocations with riskier bonds

Valuethinker wrote:
Mon Apr 16, 2018 11:50 am
Historically you have not been rewarded for taking credit risk with bonds. You get higher volatility but not higher returns.
That's approximately true when looking at long-term bond returns and not duration matching. If you do a more apples-to-apples comparison, it doesn't seem to be right.
by lack_ey
Mon Apr 16, 2018 10:34 am
Forum: Investing - Help with Personal Investments
Topic: How 'bad' are American Funds through UBS?
Replies: 12
Views: 640

Re: How 'bad' are American Funds through UBS?

A lot of times loads are waived when investing through advisors or even just in a number of other circumstances. Many times not. If not paying loads, in tax-advantaged accounts, it's not bad (other than the advisor fee; I mean the investment products themselves). These have been pretty stable, borin...
by lack_ey
Mon Apr 16, 2018 10:29 am
Forum: Investing - Theory, News & General
Topic: Unimpressive category averages of managed futures, multialternative, market neutral, etc.
Replies: 82
Views: 5005

Re: Unimpressive category averages of managed futures, multialternative, market neutral, etc.

I would also be curious to see what the numbers would be if the hedging strategies were compared without considering fees. VMNFX has an expense ration of 1.6%. That has got to be a huge drag on the returns. How much are these results an indictment of the fees versus the strategy itself? That figure...
by lack_ey
Sun Apr 15, 2018 6:50 pm
Forum: Investing - Theory, News & General
Topic: Pacer Wealthshield ETF
Replies: 11
Views: 634

Re: Pacer Wealthshield ETF

arcticpineapplecorp., why are you posting prospectus language? Aren't these things obvious from the description of the strategy? And I don't even think you're interpreting concepts correctly. For example, the fund may be nondiversified in the sense of owning multiple ETFs from the same issuer (maybe...
by lack_ey
Sun Apr 15, 2018 6:17 pm
Forum: Investing - Theory, News & General
Topic: Plots of stock market and Treasury bond relationship over time [Not quite so quick anymore]
Replies: 13
Views: 1354

Re: Plots of stock market and Treasury bond relationship over time [Not quite so quick anymore]

Check out Dimson's work. He has studied the relationship between real interest rates and stock prices and finds there is a negative correlation: high or increasing real rates -> low real equity returns (e.g., the 1970s in U.S.); low or declining real rates -> high real equity returns. Nominal rates...
by lack_ey
Sun Apr 15, 2018 6:13 pm
Forum: Investing - Theory, News & General
Topic: Unimpressive category averages of managed futures, multialternative, market neutral, etc.
Replies: 82
Views: 5005

Re: Unimpressive category averages of managed futures, multialternative, market neutral, etc.

Looking at individual funds is like the people who say--with a straight face, I think--that active funds are superior to index funds and that the SPIVA results are misleading--because investors are smart enough to invest in the good active funds, not the bad ones. Why, just look--all the active fun...
by lack_ey
Sun Apr 15, 2018 3:40 pm
Forum: Investing - Theory, News & General
Topic: Pacer Wealthshield ETF
Replies: 11
Views: 634

Re: Pacer Wealthshield ETF

from the link you provided: 'Inception date 12/11/17" Not much of a track record to speak of yet. Don't you think it might be better to see how it performs in different markets before being the first in the pond? How long would you wait? Ten years? I don't think that's enough, yet too long in human...
by lack_ey
Sun Apr 15, 2018 3:38 pm
Forum: Investing - Theory, News & General
Topic: Unimpressive category averages of managed futures, multialternative, market neutral, etc.
Replies: 82
Views: 5005

Re: Unimpressive category averages of managed futures, multialternative, market neutral, etc.

In some alt categories there are large differences in asset exposures and risks. We can identify based on stated fund strategies, holdings, and past performance the types of properties to expect, at least to some degree. This can tell us a little bit about forward return in the same sense as the pr...
by lack_ey
Sun Apr 15, 2018 3:20 pm
Forum: Investing - Theory, News & General
Topic: Pacer Wealthshield ETF
Replies: 11
Views: 634

Re: Pacer Wealthshield ETF

Yes, that is definitionally an index fund. There are a number of ETFs tracking indexes that effectively run some kind of trading strategy in a similar vein. To some degree this means there's a level of transparency required as to the strategy, and the fund then has a natural benchmark we can use to ...
by lack_ey
Sun Apr 15, 2018 11:31 am
Forum: Investing - Theory, News & General
Topic: Plots of stock market and Treasury bond relationship over time [Not quite so quick anymore]
Replies: 13
Views: 1354

Re: Quick plots of stock market and Treasury bond relationship over time

I tried analyzing the equity and bond (yield change) series using computational Bayesian statistical modeling. Effectively, given certain priors (weakly stated, here) and a model for the returns distributions, we treat the model parameters as unknown random variables and use Markov chain Monte Carlo...
by lack_ey
Sun Apr 15, 2018 11:09 am
Forum: Investing - Theory, News & General
Topic: Unimpressive category averages of managed futures, multialternative, market neutral, etc.
Replies: 82
Views: 5005

Re: Unimpressive category averages of managed futures, multialternative, market neutral, etc.

I would kindly disagree. The first part of your post is reasonable as a critique on Nisi's methodology of his analysis stating he did not choose appropriate benchmarks for each alt approach. I have no interest, but if you do claim that then it is your responsibility to redo the analysis based on us...
by lack_ey
Sat Apr 14, 2018 6:19 pm
Forum: Investing - Theory, News & General
Topic: Unimpressive category averages of managed futures, multialternative, market neutral, etc.
Replies: 82
Views: 5005

Re: Unimpressive category averages of managed futures, multialternative, market neutral, etc.

So do you really believe that this fund, which earned a cumulative total of only 14% over a period of 8-1/2 years, would have improved Vanguard Lifestrategy Moderate? Because it wouldn't have. The red curve is 80% LifeStrategy moderate, 20% MHFIX. By all means play with the percentages if you think...
by lack_ey
Sat Apr 14, 2018 5:41 pm
Forum: Investing - Theory, News & General
Topic: NAESX - is not really Small Cap?!
Replies: 36
Views: 2152

Re: NAESX - is not really Small Cap?!

NAESX tracks a CRSP index that despite the name, is a small and midcap index, so NAESX is a small and midday index fund. You can get an S&P Smallcap 600 index ETF at very low cost, just not from Vanguard. Ishares IJR has an ER of .07%. I suspect it also is significantly more liquid than VIOO. Yes. ...
by lack_ey
Sat Apr 14, 2018 4:54 pm
Forum: Investing - Theory, News & General
Topic: Historical International/Global Corporate Bond Returns
Replies: 6
Views: 300

Re: Historical International/Global Corporate Bond Returns

You can certainly get higher yields from foreign bonds, especially in EM, these days. Cambria's sovereign bond ETF, SOVB, currently has a yield of 3.57%. http://www.cambriafunds.com/Data/Sites/30/media/docs/SOVB-FactSheet.pdf Does this fund take on currency risk? Or does it just hold USD paying EM ...
by lack_ey
Sat Apr 14, 2018 4:14 pm
Forum: Investing - Theory, News & General
Topic: NAESX - is not really Small Cap?!
Replies: 36
Views: 2152

Re: NAESX - is not really Small Cap?!

There have been a number of threads asking similar questions. The primary driving effect behind the difference is that Morningstar changed the breakpoints for what they consider mid and small. What's a small cap in your estimation? Regardless of what anybody else thinks, there may be other funds tha...
by lack_ey
Sat Apr 14, 2018 4:04 pm
Forum: Investing - Theory, News & General
Topic: Meb Faber/Cambria/Trinity Funds
Replies: 44
Views: 2869

Re: Meb Faber/Cambria/Trinity Funds

When you evaluate a strategy known to be prone to underperform for years at a time on a scale of a few years, I don't really think the relative outcome can be considered reliably indicative of much of anything. The data is consistent with a wide range of performance levels. Based on fund results we ...
by lack_ey
Sat Apr 14, 2018 2:07 pm
Forum: Investing - Theory, News & General
Topic: Unimpressive category averages of managed futures, multialternative, market neutral, etc.
Replies: 82
Views: 5005

Re: Unimpressive category averages of managed futures, multialternative, market neutral, etc.

So nisiprius, how do you interpret these results? How would you relate the category average characteristics to that of a given fund in the category? Category average performance over time reflects the underlying performance of the average assets held minus all costs. So what does that say? Are you i...
by lack_ey
Fri Apr 13, 2018 9:19 pm
Forum: Investing - Help with Personal Investments
Topic: Ditched bond fund for money market. Thoughts?
Replies: 40
Views: 3665

Re: Ditched bond fund for money market. Thoughts?

Instead of money market, how about switching to international bond fund? The Vanguard international bond index seems to be holding up nicely as opposed to Total bond index which is negative YTD. Curious what the group thinks about this. Bond fund NAV is up because yield is down. I knew the yield wa...
by lack_ey
Fri Apr 13, 2018 8:58 pm
Forum: Investing - Theory, News & General
Topic: The historical distribution of returns in upwards vs. downwards trending markets
Replies: 2
Views: 391

Re: The historical distribution of returns in upwards vs. downwards trending markets

Okay, I originally had some errors in the partitioning based on calculating the past windows incorrectly (dumb coding mistake), which primarily made the sample means further apart than they should be. That's fixed now. I also added some graphs for non-US stocks, 10-year Treasuries, and gold. I was c...
by lack_ey
Fri Apr 13, 2018 8:32 pm
Forum: Investing - Theory, News & General
Topic: Scatter plots, monthly and quarterly returns, Total Stock versus 500 Index
Replies: 9
Views: 746

Re: Scatter plots, monthly and quarterly returns, Total Stock versus 500 Index

Not sure about TLH, but the time sequence pattern looks like an alternating (zig-zag) pattern, suggesting a person might capture some gain by re-balancing between the two funds every 90 days or so (less trading costs)? Anyone tried/analyzed? I don't think so. Doing a really quick check of Fama-Fren...