Search found 897 matches

by zeugmite
Tue Dec 12, 2017 9:04 pm
Forum: Investing - Help with Personal Investments
Topic: Fidelity in-service rollover out of an employer plan
Replies: 1
Views: 203

Fidelity in-service rollover out of an employer plan

Filled out the online request and the personalized form it generates says: Delivery and Fees Delivery Method Timings are estimates, not guarantees, and start when Fidelity receives all your required materials. Rollover Amount Electronic Sent electronically to your account. Allow 3 business days. Est...
by zeugmite
Fri Dec 08, 2017 4:02 pm
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 101
Views: 11003

Re: Buying and Spending Bitcoin

Money does grow on (spanning) trees :wink:
by zeugmite
Fri Dec 08, 2017 3:39 pm
Forum: Investing - Theory, News & General
Topic: Buying and Spending Bitcoin
Replies: 101
Views: 11003

Re: Buying and Spending Bitcoin

Anonymity seems to be the greatest advantage of crypto currency which makes it attractive for criminal activities, black opts, tax evasion, political corruption, etc. And for privacy, of course. And oh, the Panama papers recently: no crypto stuff involved. Just a bit more than normal determination ...
by zeugmite
Fri Dec 08, 2017 12:02 pm
Forum: Investing - Theory, News & General
Topic: Bitcoin now the largest quantifiable bubble in history?
Replies: 88
Views: 6610

Re: Bitcoin now the largest quantifiable bubble in history?

It's definitely a bubble, but likely not the largest in history. I do think it's bigger than either RE in 2007/2008 or oil in 2013 though. Here's my reasoning: Bubbles are all about overvaluing a thing. The closest thing Bitcoin has to an intrinsic value is the cost of production. Right now, one of...
by zeugmite
Fri Dec 08, 2017 10:41 am
Forum: Investing - Theory, News & General
Topic: Bitcoin now the largest quantifiable bubble in history?
Replies: 88
Views: 6610

Re: Bitcoin now the largest quantifiable bubble in history?

In another one of the many bitcoin threads on bogleheads right now, someone said his teenage kid was asking if he could buy bitcoin. I suspect that the bubble will be popping soon. If teenagers are buying, then anyone who wants bitcoin already has it. I would say when grandmas or grandpas start buy...
by zeugmite
Wed Dec 06, 2017 11:23 pm
Forum: Investing - Theory, News & General
Topic: Jack Bogle Says ‘Avoid Bitcoin Like the Plague’
Replies: 185
Views: 16258

Re: Jack Bogle Says ‘Avoid Bitcoin Like the Plague’

Ah, bitcoin. If people were honest with themselves, they'd agree that they are doing it mostly because, so far, it hasn't crashed seriously yet, post Mt. Gox. It could have stayed down after Mt. Gox (and it did, for several years), but (new) people have short memories. A Mt. Gox like event is hardly...
by zeugmite
Wed Nov 22, 2017 5:10 pm
Forum: Investing - Theory, News & General
Topic: Roth IRA Contributions: Still make sense for us?
Replies: 13
Views: 1117

Re: Roth IRA Contributions: Still make sense for us?

If you've maxed other tax-advantaged choices, Roth IRA is perfectly fine. It is always better than taxable. Since your income is fairly high, are you using the Backdoor Roth technique? It's not always better than taxable. Taxable gains are taxed at potentially LTCG rates and losses credited at inco...
by zeugmite
Wed Nov 22, 2017 2:12 pm
Forum: Investing - Theory, News & General
Topic: Case study Broker trade executions
Replies: 155
Views: 17585

Re: Case study Broker trade executions

So I bought shares at 49.7147 and I sold shares at 49.7108 including the SEC fee. So the "spread" was less than 0.4 cents per share and some of that was the SEC fee for selling. I post this because DGS is one of the lowest volume and most illiquid ETFs that I own. The bid/ask spread is not to be fe...
by zeugmite
Sun Nov 19, 2017 9:08 pm
Forum: Investing - Theory, News & General
Topic: Fellow TDA bogleheads [TDA dropping Vanguard ETFs from commission-free list]
Replies: 484
Views: 44553

Re: Fellow TDA bogleheads [TDA dropping Vanguard ETFs from commission-free list]

So what's the deal with (variously) the extension to Jan. 19, the elimination of the short-term trading fee, and the $4.95 commission schedule? Is there any definitive answer on whether retail taxable accounts get these or not?
by zeugmite
Tue Oct 17, 2017 8:10 pm
Forum: Investing - Theory, News & General
Topic: Fellow TDA bogleheads [TDA dropping Vanguard ETFs from commission-free list]
Replies: 484
Views: 44553

Re: Fellow TDA bogleheads [TDA dropping Vanguard ETFs from commission-free list]

denovo wrote:
Tue Oct 17, 2017 7:54 pm
They make you wait 14 weeks after opening up the account to get cash bonuses. TD would give it to you immediately.
Why does this matter? You'll have to hold longer than that to keep it.
by zeugmite
Tue Oct 17, 2017 4:28 pm
Forum: Investing - Theory, News & General
Topic: Fellow TDA bogleheads [TDA dropping Vanguard ETFs from commission-free list]
Replies: 484
Views: 44553

Re: Fellow TDA bogleheads [TDA dropping Vanguard ETFs from commission-free list]

Fidelity just looked a lot better. $2 less in commission per trade, lots of highly liquid, fairly low-cost iShares ETF's with no commission, and no 30-day limits on commission claw-back. TDA must have received a huge chunk of change from their new buddy providers to make this move. Here's the offici...
by zeugmite
Sun Oct 15, 2017 8:03 pm
Forum: Investing - Help with Personal Investments
Topic: What if HSA contribution more than gross income?
Replies: 1
Views: 304

What if HSA contribution more than gross income?

This is a theoretical question from trying to understand HSA rules. So HSA contributions are not subject to earned income rules like IRA contributions, only insurance type. If you had little earned income, and you made thousands worth of HSA contributions all from post-tax money, don't you end up wi...
by zeugmite
Thu Sep 28, 2017 1:41 pm
Forum: Investing - Help with Personal Investments
Topic: Allocation in TIAA-CREF
Replies: 27
Views: 2285

Re: Allocation in TIAA-CREF

It behaves like a mutual fund and can transfer to a beneficiary. In order for it to behave like an annuity, you must annuitize it. --vtMaps Thanks, I assume you're referring to the "payout phase" when you say you have to annuitize it to make it behave like an annuity, since that is one of the optio...
by zeugmite
Thu Sep 28, 2017 1:35 am
Forum: Investing - Help with Personal Investments
Topic: Allocation in TIAA-CREF
Replies: 27
Views: 2285

Re: Allocation in TIAA-CREF

So can you leave money in the fund indefinitely (besides RMD, obviously), and if so, does the fact that it is an "annuity" have any ramifications on death? Would it transfer to a beneficiary just like IRA money? Or would it have no value like a single-life annuity?
by zeugmite
Wed Sep 27, 2017 3:04 am
Forum: Investing - Help with Personal Investments
Topic: Allocation in TIAA-CREF
Replies: 27
Views: 2285

Re: Allocation in TIAA-CREF

GSRA is liquid like any mutual fund in your 403b - no restrictions at all. Obviously, this is just for moving money around WITHIN the 403b. Understood, I'm thinking that if the GSRA crediting rate falls too far behind, say, high quality corporate bond yields a few years down the line, hands wouldn'...
by zeugmite
Tue Sep 26, 2017 2:25 pm
Forum: Investing - Help with Personal Investments
Topic: Allocation in TIAA-CREF
Replies: 27
Views: 2285

Re: Allocation in TIAA-CREF

If your plan is a GSRA, there's no liquidity issue. You can transfer out whenever you want. If your plan is something else, I believe you're subject to the 10-year transfer requirement (although they pay 4% instead of 3% for your loss of liquidity). If you search TIAA Traditional here you'll find a...
by zeugmite
Thu Aug 31, 2017 1:16 pm
Forum: Investing - Theory, News & General
Topic: Ally Bank: No one can answer a simple question
Replies: 19
Views: 3426

Re: Ally Bank: No one can answer a simple question

At the end of the day, it's up to their backend software writers, internal auditors, and external regulators to make sure they've calculated everything right. While financial institutions tend to be among the more competent at math, I have seen enough to know that they also cut corners when there is...
by zeugmite
Sun Jul 09, 2017 5:08 pm
Forum: Investing - Theory, News & General
Topic: yahoo finance - adjusted price data incorrect?
Replies: 63
Views: 9077

Re: yahoo finance - adjusted price data incorrect?

What is going on with Yahoo Finance? It has not been reporting mutual fund prices since July 3 and the one for June 30 is null. It looks like the last free place to get historical data is gone. Are there any other options? You might be able to scrape it from the NASDAQ site, but not sure how sustain...
by zeugmite
Fri Jun 30, 2017 10:33 am
Forum: Investing - Theory, News & General
Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
Replies: 667
Views: 112742

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Earl Lemongrab wrote:I haven't really tracked the coming and going of the offers closely enough to say.
Not sure if already mentioned, but how long from funding are free trades available at TD? Immediately or you have to wait/ask?
by zeugmite
Wed May 31, 2017 9:17 am
Forum: Investing - Theory, News & General
Topic: Credit unions are non-profit, how come they do not dominate over banks???
Replies: 73
Views: 6682

Re: Credit unions are non-profit, how come they do not dominate over banks???

1. Fee-free ATM network kind of sucks 2. No multi-state branch network 3. Poor interest rates on liquid accounts 4. Poor technology innovation, e.g. web sites, mobile banking, etc. 5. Poor hours of operation, closes early and often 6. Small number of banking products They are really only good for ma...
by zeugmite
Wed May 24, 2017 7:01 pm
Forum: Investing - Theory, News & General
Topic: Ally Self-Directed Trading
Replies: 11
Views: 1716

Re: Ally Self-Directed Trading

At least they are putting pressure on the low end with $4.95 trades, that's likely going to be the commission cap going forward everywhere.
by zeugmite
Thu May 18, 2017 6:25 pm
Forum: Investing - Theory, News & General
Topic: yahoo finance - adjusted price data incorrect?
Replies: 63
Views: 9077

Re: yahoo finance - adjusted price data incorrect?

Adjusted price is not that useful, as I stated previously. What you should be concerned with is daily return. For days with a dividend distribution, just add the distribution back into the price*. Once you have all the daily returns, you can find whatever price sequence you want. * Yahoo reports the...
by zeugmite
Tue May 16, 2017 7:57 am
Forum: Investing - Theory, News & General
Topic: yahoo finance - adjusted price data incorrect?
Replies: 63
Views: 9077

Re: yahoo finance - adjusted price data incorrect?

i was pulling price history data from finance.yahoo.com, and i noticed that the "adjusted close price" is the same as the "close price" even before/after dividend payments. Is there a bug in the site? I've seen this. You can just do your own calculations though, and anyways adjusted prices are almo...
by zeugmite
Sun May 14, 2017 11:25 am
Forum: Investing - Theory, News & General
Topic: iShares Proxy: Vote No on iShares sale to BlackRock
Replies: 27
Views: 12464

Re: iShares Proxy: Vote No on iShares sale to BlackRock

Any thoughts on the latest iShares vote? I am too tired to figure out what it is really about. Adding board members? Swapping them? Some other proposals?

https://www.ishares.com/us/literature/s ... y-2017.pdf
by zeugmite
Sun May 14, 2017 10:55 am
Forum: Investing - Theory, News & General
Topic: Why does Vanguard/Blackrock not offer a fund that replicates the market portfolio?
Replies: 19
Views: 2200

Re: Why does Vanguard/Blackrock not offer a fund that replicates the market portfolio?

What is the rationale for holding world market cap? I am not sure there is a plausible equilibrium story here given all the home-state biases and investment restrictions.
by zeugmite
Sun May 14, 2017 10:35 am
Forum: Investing - Theory, News & General
Topic: Why does Vanguard/Blackrock not offer a fund that replicates the market portfolio?
Replies: 19
Views: 2200

Re: Why does Vanguard/Blackrock not offer a fund that replicates the market portfolio?

If you like that strategy, ticker GAA gets pretty darn close to it, only slightly tilting to value and momentum factors. Oh, and its relatively cheap, given the components. GAA recently (centered at early 2016) had a bout of nearly 15% down and up. That seems odd. Overall, through its short existen...
by zeugmite
Sun May 14, 2017 10:33 am
Forum: Investing - Theory, News & General
Topic: Why does Vanguard/Blackrock not offer a fund that replicates the market portfolio?
Replies: 19
Views: 2200

Re: Why does Vanguard/Blackrock not offer a fund that replicates the market portfolio?

then lever it up or down for risk Tangential question: How would one lever such a portfolio *down* for risk? Typically one levers their equity portfolio down by adding more bonds, but I don't think that is allowed here... Add cash or TIPS. As for levering up, just go to IB and use margin. It's esse...
by zeugmite
Sat May 13, 2017 10:47 pm
Forum: Investing - Theory, News & General
Topic: American Funds beat out Vanguard Index over lifetime?
Replies: 63
Views: 8747

Re: American Funds beat out Vanguard Index over lifetime?

Of course, this is all picking the funds NOW that have outperformed the Vanguard Index - not a fair comparison. Correct. If 30 people roll dice 15 times and add up the results, somebody will win. Pointing out who won after the fact is trivial. American Funds products are good products if you can ge...
by zeugmite
Fri May 12, 2017 5:17 pm
Forum: Investing - Theory, News & General
Topic: Goofy idea - moving 401k to money market each weekend
Replies: 15
Views: 1907

Re: Goofy idea - moving 401k to money market each weekend

When stocks and ETFs open for trading each morning, they apparently don't open at the same price they closed at the end of the previous trading day. So even if you had a SuperFast Trading Computer and bought in again at one second past 9:30, there would be a difference in price. Perhaps someone can...
by zeugmite
Fri May 12, 2017 2:16 pm
Forum: Investing - Theory, News & General
Topic: Goofy idea - moving 401k to money market each weekend
Replies: 15
Views: 1907

Re: Goofy idea - moving 401k to money market each weekend

Ah, I think the 3 day settle period ruins the thought entirely. If, in theory, you could exit an index fund friday and get back in for tuesday, I would expect the guaranteed two days of interest to have a (small) chance of beating whatever the index does over the long term. (I don't have the data t...
by zeugmite
Fri May 12, 2017 2:08 pm
Forum: Investing - Theory, News & General
Topic: Goofy idea - moving 401k to money market each weekend
Replies: 15
Views: 1907

Re: Goofy idea - moving 401k to money market each weekend

You misunderstand how mutual funds (or any funds) are valued on days they are not trading. There is no way to hold a price on the day you sell (Friday) till the day you buy again (Monday).
by zeugmite
Wed May 10, 2017 10:55 pm
Forum: Investing - Theory, News & General
Topic: Twin funds for RMDs: one fund in IRA and the other fund in Taxable account?
Replies: 4
Views: 630

Re: Twin funds for RMDs: one fund in IRA and the other fund in Taxable account?

Wash sales can be a future issue if you hold the same fund in your taxable account and IRA, and reinvest dividends in the fund in the IRA. To avoid a wash sale, don't reinvest dividends in the IRA fund within 30 days before or after selling the taxable fund for a loss; put them in cash or in a mone...
by zeugmite
Mon May 08, 2017 7:20 pm
Forum: Investing - Theory, News & General
Topic: New Roboadvisor - Elm Funds
Replies: 22
Views: 2016

Re: New Roboadvisor - Elm Funds

So what are they actually managing for those 12bp? Why not disclose, instead of going behind what seems like a paywall? Very little information.
by zeugmite
Sun May 07, 2017 9:24 pm
Forum: Investing - Theory, News & General
Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
Replies: 667
Views: 112742

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

I just completed a $1000 offer into a Roth IRA at TD Ameritrade. It's nice that they have instituted web-form transfers for at least some source custodians. I did the account opening and transfer on Saturday, and the assets posted today. As it's TDA, they also paid the bonus immediately. There was ...
by zeugmite
Sun May 07, 2017 8:52 pm
Forum: Investing - Theory, News & General
Topic: Are indexed funds overblown?
Replies: 89
Views: 7706

Re: Are indexed funds overblown?

a) what happens if public stocks get very cheap with 99.9999% indexers: Companies generate capital by issuing either stocks (ownership) or by bonds (loans). If stocks look very cheap compared to interest rates(bonds), companies can buyback their own shares. Since 2009, there has been a huge amount ...
by zeugmite
Sun May 07, 2017 5:44 pm
Forum: Investing - Theory, News & General
Topic: Are indexed funds overblown?
Replies: 89
Views: 7706

Re: Are indexed funds overblown?

The survey study discussion starts at around 30:00. The actual study is http://ebusiness.mit.edu/research/paper ... n_STOC.pdf. However, it is really irrelevant to the discussion. Lo was just humoring the interviewer.
by zeugmite
Sun May 07, 2017 4:55 pm
Forum: Investing - Theory, News & General
Topic: Are indexed funds overblown?
Replies: 89
Views: 7706

Re: Are indexed funds overblown?

for those interested in the answer to how much indexing is too much - please listen to the podcast with Barry Ritholz and Andrew Lo - they discuss this. According to Lo, more than 92% would have to index to be too much. In addition, he had some interesting ideas that it would be more beneficial for...
by zeugmite
Sun May 07, 2017 4:42 pm
Forum: Investing - Theory, News & General
Topic: Are indexed funds overblown?
Replies: 89
Views: 7706

Re: Are indexed funds overblown?

....But you do point out where the alternative is, people would pool into private equity to buy out all shares of underpriced companies and liquidate them. I think this already happens... but when the prices being payed by the market relative to value starts getting high the companies go public aga...
by zeugmite
Sun May 07, 2017 3:54 pm
Forum: Investing - Theory, News & General
Topic: Are indexed funds overblown?
Replies: 89
Views: 7706

Re: Are indexed funds overblown?

The person on the other side is going to be an indexer, if there are many of them. Sure, and they will take whatever price the informed investor offers - or where there are two indexers the market maker will set the price based on previous informed bids/offers. The real risk is that prices might be...
by zeugmite
Sun May 07, 2017 3:43 pm
Forum: Investing - Theory, News & General
Topic: Are indexed funds overblown?
Replies: 89
Views: 7706

Re: Are indexed funds overblown?

Bogle talked about this yesterday at the Berkshire meeting. https://www.google.com/amp/s/www.bloomberg.com/amp/news/articles/2017-05-06/bogle-says-if-everybody-indexed-markets-would-fail-under-chaos My thing is given this has never happened before, you cannot reasonably say at which point too much ...
by zeugmite
Sun May 07, 2017 3:36 pm
Forum: Investing - Theory, News & General
Topic: Are indexed funds overblown?
Replies: 89
Views: 7706

Re: Are indexed funds overblown?

The bizarre contrived scenario makes very little sense. To make a market, you would need at least two people.. one willing buyer and one willing seller.. the market price will be whatever they agree to transact at on that security. It doesn't really matter if you have N-2 indexers and 2 non-indexer...
by zeugmite
Sun May 07, 2017 3:34 pm
Forum: Investing - Theory, News & General
Topic: Are indexed funds overblown?
Replies: 89
Views: 7706

Re: Are indexed funds overblown?

If the concern is that the price would become less efficient, it could create an incredible opportunity. If there was a stock growing its intrinsic value faster than the others relative to the price that the zombie market set on it, the value would just keep getting larger and larger relative to th...
by zeugmite
Sun May 07, 2017 2:34 pm
Forum: Investing - Theory, News & General
Topic: Are indexed funds overblown?
Replies: 89
Views: 7706

Re: Are indexed funds overblown?

The bizarre contrived scenario makes very little sense. To make a market, you would need at least two people.. one willing buyer and one willing seller.. the market price will be whatever they agree to transact at on that security. It doesn't really matter if you have N-2 indexers and 2 non-indexer...
by zeugmite
Sun May 07, 2017 2:02 pm
Forum: Investing - Theory, News & General
Topic: Are indexed funds overblown?
Replies: 89
Views: 7706

Re: Are indexed funds overblown?

[Response to removed post removed by admin LadyGeek] Moreover, this discussion that comes up every half year, which I am well aware of, never gets to the point nor answers the question posed above. Some of the more serious people who engage in responses have gotten close: The counter question is: h...
by zeugmite
Sun May 07, 2017 1:36 pm
Forum: Investing - Theory, News & General
Topic: Are indexed funds overblown?
Replies: 89
Views: 7706

Re: Are indexed funds overblown?

I'm going to again orient this conversation in a meaningful theoretical direction. Here's a rough thought experiment: Suppose you live in a world of N people (N very large) who all have the same profile of lifetime saving/withdrawal needs and the same access to initial capital, no one more or less t...
by zeugmite
Sun May 07, 2017 12:02 pm
Forum: Investing - Theory, News & General
Topic: Are indexed funds overblown?
Replies: 89
Views: 7706

Re: Are indexed funds overblown?

... Suppose an informative investor who believes certain stocks in a basket are mispriced against others. Suppose further that a horde of uninformative indexers are trading the basket as one, either increasing (accumulating) or decreasing (decumulating) the demand of all stocks together. The one pe...
by zeugmite
Sun May 07, 2017 11:52 am
Forum: Investing - Theory, News & General
Topic: Are indexed funds overblown?
Replies: 89
Views: 7706

Re: Are indexed funds overblown?

If I switch from making 100 random trades a month to indexing, this reduces market impact and noise in pricing. Can you be certain that the money that would have been invested in other ways that is now in indexed strategies would have net contributed information? A lot of the active traders are not...
by zeugmite
Sun May 07, 2017 1:03 am
Forum: Investing - Theory, News & General
Topic: Are indexed funds overblown?
Replies: 89
Views: 7706

Re: Are indexed funds overblown?

... If everyone is making the same investments (i.e., indexing), There ain't no everyone, just a bunch of individuals, and to the extent people like us use total-market indices we simply reflect the market as a whole. By doing so we increase demand for shares of stock, but not their values relative...
by zeugmite
Fri May 05, 2017 11:06 am
Forum: Investing - Theory, News & General
Topic: Increasing correlation between US and international equities
Replies: 66
Views: 5353

Re: Increasing correlation between US and international equities

IMPORTANT: A diversification benefit accrues if the correlation between the two assets is lower than the lower of their Sharpe ratios divided by the higher of their Sharpe ratios. Now, adding a constant to one of the mean value (return) of an asset most definitely does change the Sharpe ratio of th...