Search found 3574 matches

by jalbert
Mon Sep 24, 2018 9:03 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 103
Views: 5544

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

The point being missed is that arbitragers will be generating new bids when insufficient market bids lead to the price of VIOV to start to fall to a discount relative to NAV because of a market imbalance. They may arbitrage against the underlying securities or against IJS or SLYV. Do you really thin...
by jalbert
Mon Sep 24, 2018 8:52 pm
Forum: Investing - Theory, News & General
Topic: Are We Headed For A Passive Index Meltdown?
Replies: 60
Views: 9047

Re: Are We Headed For A Passive Index Meltdown?

What a ridiculous article, filled with misinformation. The dot-com meltdown was triggered by institutions rebalancing? Pulease. The crash in 2000 was triggered by the end of Y2K spending, a major driver of tech spending during the tech bubble. Sometimes we don't really know what actually causes the...
by jalbert
Mon Sep 24, 2018 8:45 pm
Forum: Personal Finance (Not Investing)
Topic: [Help my company select 401k plan Target Retirement Funds - T. Rowe vs Vanguard]
Replies: 14
Views: 565

Re: [Help my company select 401k plan Target Retirement Funds - T. Rowe vs Vanguard]

Either are fine. Vanguard’s are preferred. Vanguard TR funds are pretty aggressive, a tad overly aggressive for my taste, so the fact that the TRP funds are even more aggressive is not something I would find particularly attractive.
by jalbert
Fri Sep 21, 2018 12:16 am
Forum: Investing - Theory, News & General
Topic: Are We Headed For A Passive Index Meltdown?
Replies: 60
Views: 9047

Re: Are We Headed For A Passive Index Meltdown?

What a ridiculous article, filled with misinformation. The dot-com meltdown was triggered by institutions rebalancing? Pulease. The crash in 2000 was triggered by the end of Y2K spending, a major driver of tech spending during the tech bubble.
by jalbert
Tue Sep 18, 2018 10:32 pm
Forum: Personal Finance (Not Investing)
Topic: Guaranteed access for Medigap policies
Replies: 29
Views: 1705

Re: Guaranteed access for Medigap policies

In some states, a fair number of providers are not accepting new patients who are on original Medicare (part A, B, & supplemental). You have to be an established patient with the provider when you turn 65 to use original Medicare, or be on a Medicare Advantage plan if you are a new patient. If this ...
by jalbert
Tue Sep 18, 2018 6:48 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 103
Views: 5544

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

The gap can be very high because there is not enough of a market for that large investment bank to bother with. Even if that large bank got into the market where would it get the investors on the other side of the trade. What is your source for that? There is no reason a market maker for IJS could ...
by jalbert
Tue Sep 18, 2018 6:45 pm
Forum: Investing - Theory, News & General
Topic: How often do cap weighted funds get adjusted?
Replies: 16
Views: 667

Re: How often do cap weighted funds get adjusted?

Ahh, that all makes sense. Thanks for clearing that up for me. Kind of looks like VT is the way to go for a cap weighted global equities. It is a reasonable choice. It has not been as tax efficient as holding VTI & either IXUS or VXUS. If you hold a US index and total non-US index in market cap-wei...
by jalbert
Tue Sep 18, 2018 6:39 pm
Forum: Investing - Theory, News & General
Topic: How often do cap weighted funds get adjusted?
Replies: 16
Views: 667

Re: How often do cap weighted funds get adjusted?

For example: VT Vanguard Total World Stock ETF. How often is it adjusted to the index? Is it a set time? If there were some extreme event to throw the % way off all of a sudden, would there be adjustments to AA right away or not? Just trying to wrap my head around how this stuff works :confused Ind...
by jalbert
Mon Sep 17, 2018 6:39 pm
Forum: Personal Consumer Issues
Topic: How to tell if computer update notice is legit
Replies: 8
Views: 1125

Re: How to tell if computer update notice is legit

Is there a way I can tell if the update notification in the dialogue box is legit? Not reliably so. If it is not legit, then something is running on your machine to cause it to pop up. If the machine is compromised, then all bets are off in terms of the legitimacy of anything you see in the overall...
by jalbert
Mon Sep 17, 2018 4:53 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 103
Views: 5544

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

chisey put in a limit order near the bid but it didn't execute because the price kept rising. If there had been a lot of sellers the price would not be expected to go up. The sellers would have reduced the ask price so they could make the sale. So there were not a lot of sellers. :?: Buyers > Selle...
by jalbert
Mon Sep 17, 2018 2:01 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 103
Views: 5544

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

chisey wrote: It turned out I was trying to buy using limit orders in a period where the price was escalating,
Doc wrote: That's what I got from your experience. Not enough sellers.
If I put in a limit order to buy IJS at $1/share how long will that take to execute? Is the problem that there are not enough sellers?
by jalbert
Mon Sep 17, 2018 1:47 am
Forum: Investing - Help with Personal Investments
Topic: How real is cyber risk?
Replies: 175
Views: 9304

Re: How real is cyber risk?

You should always use at least two of the three factors of authentication: Something you know (e.g. a password) Something you have (e.g. a token or smart phone) Something you are (e.g. biometrics such as facial recognition, or a fingerprint or retina scanner) I hate to be so nitpicky about this, bu...
by jalbert
Mon Sep 17, 2018 12:44 am
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 103
Views: 5544

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

You are (almost) right in defining this as noise. But I don't usually look at NAV/Price spread except when I an considering a completely new position and if such a spike occurred when I was adding to or reducing an existing position I probably would never notice. You pay transaction cost (discount/...
by jalbert
Mon Sep 17, 2018 12:24 am
Forum: Personal Consumer Issues
Topic: ACA - Silver plan cost sharing worth it?
Replies: 29
Views: 2223

Re: ACA - Silver plan cost sharing worth it?

It says: "If you qualify for an SEP, you usually have up to 60 days following the event to enroll in a plan." The qualifying date would be 9/1 as that is when I lost coverage. After that, I get 60 days. At least that is how I read it. In such a scenario, wouldn’t you have to enroll retroactively go...
by jalbert
Mon Sep 17, 2018 12:16 am
Forum: Investing - Theory, News & General
Topic: Vanguard: Hedging international equities’ currency risk would have reduced portfolio volatility for US investors
Replies: 17
Views: 1793

Re: Vanguard: Hedging international equities’ currency risk would have reduced portfolio volatility for US investors

Hedging currency risk on developed market currencies is very straightforward and inexpensive (very low bid-offers), for instance using 1-month rolling forwards. There are 2 ETFs I know of that do this already - DBEF and HEFA, but they cost about 35bp more than Vanguard’s unhedged developed market i...
by jalbert
Sun Sep 16, 2018 5:43 pm
Forum: Personal Consumer Issues
Topic: ACA - Silver plan cost sharing worth it?
Replies: 29
Views: 2223

Re: ACA - Silver plan cost sharing worth it?

Yes. My work insurance ended at the end of August. We are trying in Sept/Oct to not have insurance with the fallback of opting for COBRA retroactively if we really have to. I will then go on the ACA for Nov/Dec. This is really just to avoid the penalty and as a backstop to a medical catastrophe. If...
by jalbert
Sat Sep 15, 2018 10:19 pm
Forum: Personal Consumer Issues
Topic: ACA - Silver plan cost sharing worth it?
Replies: 29
Views: 2223

Re: ACA - Silver plan cost sharing worth it?

Silver plans with CSR are the best deal for those who are sick, but not very sick. The cost-sharing subsidy will offset the higher premium. If you qualify for CSR they are, particularly the lower two tiers of CSR. The top tier depends on how much higher the silver premium is. my COBRA is subsidized...
by jalbert
Sat Sep 15, 2018 10:04 pm
Forum: Investing - Help with Personal Investments
Topic: Opinions on American Funds
Replies: 28
Views: 1872

Re: Opinions on American Funds

The biggest problem with American Funds products arises when they are sold with sizable loads and 12b-1 fees flowing to advisors that direct clients to the funds. Generally they are good actively managed portfolios. Fees are often higher than for Vanguard active funds, but I’ve occasionally seen the...
by jalbert
Sat Sep 15, 2018 7:47 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 103
Views: 5544

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

In fact, I’d say that the low average daily volume of VIOV is itself evidence that VIOV is as liquid as IJS. That is a bit of a stretch. You can see the spikes (i.e. in either direction) of premium or discount to NAV in graphs under the Tradability tab for the ETFs on ETF.com: VIOV graph IJS graph ...
by jalbert
Sat Sep 15, 2018 7:26 pm
Forum: Personal Consumer Issues
Topic: ACA - Silver plan cost sharing worth it?
Replies: 29
Views: 2223

Re: ACA - Silver plan cost sharing worth it?

How much are other bronze plans? The thing to watch out for with bronze plans is if the deductible and out of pocket max are family aggregates only vs individual limits for each. In the former case, just do two separate enrollments, one for each spouse if you think one person may hit the individual ...
by jalbert
Sat Sep 15, 2018 6:16 pm
Forum: Personal Consumer Issues
Topic: ACA - Silver plan cost sharing worth it?
Replies: 29
Views: 2223

Re: ACA - Silver plan cost sharing worth it?

Bronze HSA plans in our state also have slightly lower out of pocket maximums than all other bronze and silver plans. When you factor in the lower premiums and tax deferral/elimination for HSA contributions, it works out that these are by far the lowest total cost of health care in scenarios where o...
by jalbert
Sat Sep 15, 2018 5:41 pm
Forum: Personal Finance (Not Investing)
Topic: Use 401k loan to pay off student loan debt?
Replies: 8
Views: 787

Re: Use 401k loan to pay off student loan debt?

What problem does the 401K loan actually solve? Either way you are making loan payments and bad things happen if you default on the payments. If you are thinking you are paying the interest to yourself, you can just collect interest in the 401K from a bond fund instead and continue making the studen...
by jalbert
Sat Sep 15, 2018 5:30 pm
Forum: Investing - Theory, News & General
Topic: Index funds - how do they work? Do passive funds reliant on active funds indirectly?
Replies: 15
Views: 1125

Re: Index funds - how do they work? Do passive funds reliant on active funds indirectly?

Here's the question - how would this work if society mov d completely to index funds? Or if actively managed funds were to die away completely?
Before or after a meteor strikes the earth and wipes out the exchanges on which the stocks trade?
by jalbert
Sat Sep 15, 2018 3:48 pm
Forum: Investing - Theory, News & General
Topic: Vanguard Brokerage Assets Held In Street Name
Replies: 52
Views: 1400

Re: A Great Reason to Consider Vanguard's Brokerage Services

If holding mutual fund shares issued by Vanguard, Fidelity, T-Ro, etc. your protection against accounting errors or fraud is that the assets are held by a 3rd party custodian and regular audits of the assets at the custodian have to be trued up with regular audits at the fund provider.
by jalbert
Sat Sep 15, 2018 2:52 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 103
Views: 5544

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

But they do it with baskets of stocks provided by outside investors. If they did it with their own basket they would be competing with those outside investors both in buying the basket and in selling the new ETFS. That shouts conflict of interest to me. I don’t know if Vanguard does this. They woul...
by jalbert
Sat Sep 15, 2018 2:45 pm
Forum: Investing - Help with Personal Investments
Topic: How real is cyber risk?
Replies: 175
Views: 9304

Re: How real is cyber risk?

The most common weakness of a less than fully robust 2FA like a text code is when it is used for password reset. In this scenario the password is not needed, just the phone to be compromised. That is not the case for Google accounts. Receiving a code is only one of the steps in their password recov...
by jalbert
Sat Sep 15, 2018 2:08 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Simple Factor Investing
Replies: 46
Views: 4358

Re: Larry Swedroe: Simple Factor Investing

larryswedroe wrote:
Sat Sep 15, 2018 1:47 pm
Just question, so owning a Vanguard small value index fund is not simple? Rhetorical
Owning the fund is simple. Management and administration of the index it tracks is not so simple.
by jalbert
Sat Sep 15, 2018 1:56 pm
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Simple Factor Investing
Replies: 46
Views: 4358

Re: Larry Swedroe: Simple Factor Investing

Jalbert I agree with your logic, but it hasn't happened despite many decades of this knowledge out there, and IMO it's behavioral issues that prevent it from ever happening, things like tracking error. Would a small-cap value fund be considered more “diversified across factors” than a market index ...
by jalbert
Sat Sep 15, 2018 1:46 pm
Forum: Personal Consumer Issues
Topic: ACA - Silver plan cost sharing worth it?
Replies: 29
Views: 2223

Re: ACA - Silver plan cost sharing worth it?

I don't plan on working next year (though that could change) and I am trying to figure out what to do for insurance. We'll (spouse and I) be going on an ACA plan. What I am wondering is if I can keep our income low enough to get the cost sharing reductions in deductibles/co-pays and if it is worth ...
by jalbert
Sat Sep 15, 2018 12:54 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Simple Factor Investing
Replies: 46
Views: 4358

Re: Larry Swedroe: Simple Factor Investing

If a risk associated with an asset can be diversified away reliably, it will be arbitraged away by market participants bidding up the price of an asset until the risk is fairly priced. This is not specific to factors nor do I think it should be a controversial point. Diversifying away security-speci...
by jalbert
Sat Sep 15, 2018 12:13 am
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 103
Views: 5544

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

ETF providers create new shares of ETFs all the time, which is what minting new shares means. This doesn’t just happen when the ETF is launched.
by jalbert
Sat Sep 15, 2018 12:06 am
Forum: Investing - Help with Personal Investments
Topic: How real is cyber risk?
Replies: 175
Views: 9304

Re: How real is cyber risk?

2FA doesn’t offer all that much protection, in reality. For the second factor to come into play, an attacker needs to already have your password. The most likely way someone is going to get your password is via a successful phishing campaign, and if that happens most 2FA methods don’t offer any pro...
by jalbert
Fri Sep 14, 2018 11:54 pm
Forum: Investing - Help with Personal Investments
Topic: How real is cyber risk?
Replies: 175
Views: 9304

Re: How real is cyber risk?

Neither one factor is impenetrable, but because your phone is something you have, as opposed to your password, which is something you know, it makes it exponentially more difficult to actually gain access to an account that is protected with the second factor. You have to both intercept my password...
by jalbert
Fri Sep 14, 2018 8:12 pm
Forum: Investing - Help with Personal Investments
Topic: How real is cyber risk?
Replies: 175
Views: 9304

Re: How real is cyber risk?

You can buy a physical key if you want additional protection on your Vanguard (or google) account: Something like this: https://www.yubico.com/product/yubikey-neo/ https://investor.vanguard.com/security/security-keys Once configured, someone would need to steal the key to gain access to your Vangua...
by jalbert
Fri Sep 14, 2018 4:57 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 103
Views: 5544

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

What you describe is an option you have if you hold the mutual fund share class and want to convert to ETF shares, but most newly minted ETF shares of Vanguard funds are created by Vanguard and sold in bulk to institutional investors and market makers. That is the normal way ETF shares get created a...
by jalbert
Fri Sep 14, 2018 4:38 pm
Forum: Personal Consumer Issues
Topic: Stereo receiver amp without aux plug or bluetooth ?
Replies: 23
Views: 1577

Re: Stereo receiver amp without aux plug or bluetooth ?

First, it is the inputs that matter, not outlets, but maybe that was what you meant by outlet. Any input labeled for CD, Tuner, Tape Play, Tape In, Tape Monitor, or Aux will expect the same line level voltage range and can be used interchangeably for your purposes. The difference will be what select...
by jalbert
Fri Sep 14, 2018 11:56 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Simple Factor Investing
Replies: 46
Views: 4358

Re: Larry Swedroe: Simple Factor Investing

Jalbert No reason to expect arbitrage away because the factors are risk-based and risk cannot be arbed away. I wasn’t suggesting the risk could be arbitraged away. I was saying something more subtle, that the asymmetry of upside and downside in historical data is a historical outcome, not a future ...
by jalbert
Fri Sep 14, 2018 12:21 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: Simple Factor Investing
Replies: 46
Views: 4358

Re: Larry Swedroe: Simple Factor Investing

He provides evidence supporting the thesis that a portfolio tilted to size and value may well outperform significantly, and when it underperforms has underperformed in the past the deficit tends has tended to be much less significant. Corrections to text above. No doubt many factor proponents will ...
by jalbert
Thu Sep 13, 2018 10:47 pm
Forum: Personal Consumer Issues
Topic: Need burner phone for wife traveling in Italy
Replies: 24
Views: 1884

Re: Need burner phone for wife traveling in Italy

Regards to all. My wife is traveling to Italy in two weeks with a group but will have a few days by herself. I would like her to purchase a cheap “Walmart” phone with a service that would allow her to text me in the US should she need to contact me. We’ve travelled several times to Europe and I kno...
by jalbert
Thu Sep 13, 2018 10:30 pm
Forum: Investing - Help with Personal Investments
Topic: Do you rollover all of your previous 401ks?
Replies: 33
Views: 2205

Re: Do you rollover all of your previous 401ks?

If the new 401k is a decent plan (measured in expense and fund selection), isn't there an advantage to rolling the old 401k over into the new 401k rather than an IRA, since the money would be available at age 55 rather than 59.5? +1. Another reason is the current employer's 401(k) being exempt from...
by jalbert
Thu Sep 13, 2018 10:08 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 103
Views: 5544

Re: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]

VIOV is the ETF share class of a fund that also includes an institutional mutual fund share class. Vanguard can invest some of the cash position in additional securities and mint new ETF shares easily, so low supply of shares on the market should not be an issue. If there were low demand to buy ETF ...
by jalbert
Thu Sep 13, 2018 7:46 pm
Forum: Investing - Help with Personal Investments
Topic: Small cap tilt
Replies: 86
Views: 5525

Re: Small cap tilt

Nobody can predict the future. The size or value premium may overperform with a vengeance after I’m dead, but underperform until then, and still satisfy that they still exist. If you believe in mean reversion, value may be a better bet than size right now.
by jalbert
Wed Sep 12, 2018 6:29 pm
Forum: Investing - Help with Personal Investments
Topic: Do you rollover all of your previous 401ks?
Replies: 33
Views: 2205

Re: Do you rollover all of your previous 401ks?

As long as current 401K has been a good plan with low fee options, I have usually preferred to consolidate there so that everything is in one account. It is still just one rollover to move it to an IRA or different 401K upon termination.
by jalbert
Wed Sep 12, 2018 4:04 pm
Forum: Investing - Theory, News & General
Topic: Argument for taking social security before 70. Comments?
Replies: 111
Views: 7415

Re: Argument for taking social security before 70. Comments?

Enlightening comments for me in this thread. Thanks for posting. I did not realize that spousal benefits froze at FRA if they have less on their own work record The spouse gets the larger of their own benefit and spousal benefit. Their benefit only increases after FRA if it is based on their own be...
by jalbert
Wed Sep 12, 2018 12:33 am
Forum: Investing - Theory, News & General
Topic: Argument for taking social security before 70. Comments?
Replies: 111
Views: 7415

Re: Argument for taking social security before 70. Comments?

Bottom line: Taking benefits at age 66 won. In my model, delaying to age 70 took until age 84 to break-even; i.e. rebuild portfolio to parity. Why is rebuilding the portfolio to parity considered full parity? You are getting a higher benefit level by delaying. The lower benefit level of starting at...
by jalbert
Tue Sep 11, 2018 11:46 pm
Forum: Investing - Theory, News & General
Topic: Mother, can I trust the stock market?
Replies: 19
Views: 2280

Re: Mother, can I trust the stock market?

For example, how can I know that my shares of stock and my bonds are genuine and mine alone?
It varies by country.
by jalbert
Tue Sep 11, 2018 12:48 pm
Forum: Investing - Help with Personal Investments
Topic: Is there a point where you should stop or hold off rebalancing?
Replies: 15
Views: 1078

Re: Is there a point where you should stop or hold off rebalancing?

Eliminate the problem by holding 1 total international instead of developed and emerging separately. If you prefer to hold them separately, there must be a reason....if that reason was a "rebalancing bonus" (if such a thing exists), you need to get with the program or give it up and move to one fun...
by jalbert
Tue Sep 11, 2018 12:26 am
Forum: Investing - Theory, News & General
Topic: Medallion Signature guarantee?
Replies: 28
Views: 2293

Re: Medallion Signature guarantee?

When a bank offers a MSG, they're accepting the financial liability associated with verifying that you are who you say you are. It's unlikely that an institution will offer a MSG if they haven't done business with you for a while. The bank insures the MSG liability. They usually do this up to a lim...
by jalbert
Mon Sep 10, 2018 1:53 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone else not save for cars?
Replies: 113
Views: 9993

Re: Anyone else not save for cars?

I don't, because I just do not have anything left after trying to max HSA, 401K, and saving what's left to increase EF to our goal. I honestly don't know how it seems that (almost) everyone here can afford to max out 401K, IRAs, HSA, have 2 years EF, taxable, separate savings for cars, vacation, pa...
by jalbert
Sun Sep 09, 2018 8:14 pm
Forum: Investing - Help with Personal Investments
Topic: What happens when a country goes from VWO -> VEA?
Replies: 14
Views: 1025

Re: What happens when a country goes from VWO -> VEA?

I own both VEA and VWO in taxable accounts and was wondering if anyone knows what happens when an emerging country becomes developed and goes from VWO -> VEA? For example, Taiwan is in VWO but it's just a matter of time before it goes to VEA. I don’t think Taiwan will be reclassified in the foresee...