Search found 4613 matches

by triceratop
Wed Aug 01, 2018 12:15 pm
Forum: Investing - Theory, News & General
Topic: Fidelity Files for two Fidelity ZERO℠ Funds (0.00% ER total stock and total international mutual funds)
Replies: 655
Views: 56267

Re: Fidelity Files for two Fidelity ZERO℠ Funds (0.00% ER total stock and total international mutual funds)

Do you think Vanguard will respond? Is it even possible for Vanguard to offer zero ER? Will these two funds be just as tax efficient? They're Fidelity mutual funds so it's unlikely they'll be as efficient as Vanguard mutual funds or ETFs (incl. non-Vanguard). So I can track the world index with the...
by triceratop
Wed Aug 01, 2018 11:43 am
Forum: Investing - Theory, News & General
Topic: Fidelity Files for two Fidelity ZERO℠ Funds (0.00% ER total stock and total international mutual funds)
Replies: 655
Views: 56267

Re: Fidelity Files for two Fidelity ZERO℠ Funds (0.00% ER total stock and total international mutual funds)

I merged several duplicate topics into this first one by jhfenton (the system orders by time).

(Me personally I would still not use the funds; for tax reasons and because I'm not receiving the full rewards of the risks they take with my money in securities lending)
by triceratop
Wed Aug 01, 2018 1:39 am
Forum: Investing - Theory, News & General
Topic: What is the market structure rationale for prevalence of minimum size orders in bond markets but not in equities?
Replies: 6
Views: 465

Re: What is the market structure rationale for prevalence of minimum size orders in bond markets but not in equities?

My first thought actually was that Reg NMS might have something to do with it, but from a cursory glance it didn't seem obvious why. Maybe someone can explain that. So far I like Iridium's explanation that there is a penalty for the first-mover to sell $1,000 out of $50,000 when others are not. If t...
by triceratop
Wed Aug 01, 2018 12:53 am
Forum: Investing - Theory, News & General
Topic: What is the market structure rationale for prevalence of minimum size orders in bond markets but not in equities?
Replies: 6
Views: 465

What is the market structure rationale for prevalence of minimum size orders in bond markets but not in equities?

As the title says: what is the market structure rationale for prevalence of minimum size orders in bonds but not stocks? Let me explain what I mean. Odd lot transactions are very common in stock markets, and especially since ETFs are traded on equity markets we're fortunate that the tightest spreads...
by triceratop
Tue Jul 31, 2018 3:38 pm
Forum: Investing - Theory, News & General
Topic: Value vs. Growth & Taxes
Replies: 15
Views: 979

Re: Value vs. Growth & Taxes

For me, small value is more tax efficient than total market.

It's not a crazy idea altogether, though. There have been studies where some outperformance is attributed to tax differences, in treasuries versus corporate bonds.
by triceratop
Tue Jul 31, 2018 8:58 am
Forum: Investing - Help with Personal Investments
Topic: Which Vanguard fund is best to tilt to SCV?
Replies: 16
Views: 1007

Re: Which Vanguard fund is best to tilt to SCV?

drzzzzz wrote:
Tue Jul 31, 2018 8:55 am
Since Vanguard will be offering ETF's from all providers without a fee, is there a non-Vanguard SCV ETF that individuals would recommend instead of Vanguard's own ETF that tilts more to SCV?
A lot of people use IJS/SLYV for this reason, but Vanguard has its own product in this space, VIOV.
by triceratop
Mon Jul 30, 2018 10:37 pm
Forum: Investing - Theory, News & General
Topic: So go the FAANG, so goes the market?
Replies: 41
Views: 4454

Re: So go the FAANG, so goes the market?

350,000 out of 1-2 billion is not 17-35%. However, the percentage might yet be accurate because there are nowhere near 1-2 billion animal species.
by triceratop
Mon Jul 30, 2018 9:05 pm
Forum: Investing - Theory, News & General
Topic: So go the FAANG, so goes the market?
Replies: 41
Views: 4454

Re: So go the FAANG, so goes the market?

You posted in Are stocks dangerously overvalued? Not according to new Vanguard yardstick after I made a post refuting precisely this analysis. Here is what I said: OP, Another point of view: https://www.peakprosperity.com/blog/114231/faang-nary-coal-mine The recent stock run is driven by the FAANG a...
by triceratop
Mon Jul 30, 2018 6:37 pm
Forum: Investing - Help with Personal Investments
Topic: TSP G Fund vs Bond Fund AGG or BND
Replies: 7
Views: 580

Re: TSP G Fund vs Bond Fund AGG or BND

Also Isn't the TSP F fund the same as FSITX / AGG / BND / VBTLX / VBMFX / FBIDX ? Right, this is the reason for OP's use of "in theory"; in practice for TSP it is more complicated to maintain a fixed asset allocation in the presence of required distributions. However as long as your TSP is not 100%...
by triceratop
Mon Jul 30, 2018 4:58 pm
Forum: Investing - Theory, News & General
Topic: Are stocks dangerously overvalued? Not according to new Vanguard yardstick
Replies: 84
Views: 8547

Re: Are stocks dangerously overvalued? Not according to new Vanguard yardstick

Anyone can look at the numbers for themselves using IJH (iShares SP600 index ETF) vs SP500 total return on Morningstar You meant to use IJR; IJH is the SP400. IJR dominated IJH/SP500. IJH appears to have actually lagged the SP500. Sorry, yes; I actually originally used IJR and then messed up for th...
by triceratop
Mon Jul 30, 2018 4:03 pm
Forum: Investing - Theory, News & General
Topic: Are stocks dangerously overvalued? Not according to new Vanguard yardstick
Replies: 84
Views: 8547

Re: Are stocks dangerously overvalued? Not according to new Vanguard yardstick

The idea I was trying to develop, if all of the "models" that are brought forth, take one concept/value/idea/data and morph it into "its not that bad, its actually better than we thought", and go in this direction for every single one, there is probably factual inaccuracy and misplaced optimism the...
by triceratop
Mon Jul 30, 2018 3:35 pm
Forum: Investing - Theory, News & General
Topic: Are stocks dangerously overvalued? Not according to new Vanguard yardstick
Replies: 84
Views: 8547

Re: Are stocks dangerously overvalued? Not according to new Vanguard yardstick

A weather model that only accounted for one variable and assumed all other variables would remain the same would be very inaccurate predicting the weather. In fact this is exactly why you don't see weather predictions 10 weeks or 10 months or 10 years in advance. I do not understand how CAPE propon...
by triceratop
Mon Jul 30, 2018 12:54 pm
Forum: Investing - Theory, News & General
Topic: Are stocks dangerously overvalued? Not according to new Vanguard yardstick
Replies: 84
Views: 8547

Re: Are stocks dangerously overvalued? Not according to new Vanguard yardstick

OP, Another point of view: https://www.peakprosperity.com/blog/114231/faang-nary-coal-mine The recent stock run is driven by the FAANG aka 5 stocks. KlangFool P.S.: Unless you are 100% stock, none of this matters to you. You just buy according to your AA. You would not be buying the stock now due t...
by triceratop
Mon Jul 30, 2018 10:40 am
Forum: Investing - Help with Personal Investments
Topic: Should I Dump a Pile of Money on Young Son?
Replies: 157
Views: 13336

Re: Should I Dump a Pile of Money on Young Son?

By the way, from a tax perspective it may be more advantageous to let it compound in your personal account and when you pass all of those gains are tax free to your son. It's a way of deferring gains he would otherwise have to pay tax on. I'm not too familiar with trusts though, maybe that works the...
by triceratop
Mon Jul 30, 2018 10:37 am
Forum: Personal Consumer Issues
Topic: Why dont people sit outside more? And how to deal with bugs?
Replies: 50
Views: 5287

Re: Why dont people sit outside more? And how to deal with bugs?

BTW, people didn't sit outside in the past when there were lots of bugs. What about the stereotype of the dad sitting on the porch in a rocker with a shotgun to ward off unwelcome (any) beaus? I suppose I am less nervous now about meeting SO's parents. Thanks! I do sit outside during the day and re...
by triceratop
Mon Jul 30, 2018 12:20 am
Forum: Investing - Help with Personal Investments
Topic: Should I Dump a Pile of Money on Young Son?
Replies: 157
Views: 13336

Re: Should I Dump a Pile of Money on Young Son?

It's also possible that your son is more financially knowledgeable than yourself and can make more productive use of the money in risk-adjusted terms than you would. There are plenty of young bogleheads who know way more about personal finance and investing than their much-wealthier parents. Being o...
by triceratop
Sun Jul 29, 2018 9:42 pm
Forum: Investing - Help with Personal Investments
Topic: International Stocks – A Taxing Situation
Replies: 13
Views: 1262

Re: International Stocks – A Taxing Situation

With reference to grabiner's post above, it's important to note that my spreadsheet doesn't force any particular tax rate; the idea is to input your own personal tax numbers. However, since those are my current tax rates (and yes I am in the uncommon situation of making this judgement call at those ...
by triceratop
Sun Jul 29, 2018 8:14 pm
Forum: Investing - Help with Personal Investments
Topic: International Stocks – A Taxing Situation
Replies: 13
Views: 1262

Re: International Stocks – A Taxing Situation

The added diversification of international stocks would be nice but the tax drag bothers me. What tax drag? All I see is a bunch of handwaving with no numbers. For most people international is more tax efficient than domestic. For the average tax filer, Vanguard's Total Stock Market fund has a tax ...
by triceratop
Wed Jul 25, 2018 9:14 pm
Forum: Investing - Help with Personal Investments
Topic: newcomer 21yr/o college student
Replies: 16
Views: 1158

Re: newcomer 21yr/o college student

* Some plan to treat their rIRA as their EF (emergency fund) and remove the principle to pay this expense. Don't do that. Why? --(1) It's stealing eggs from the goose sitting on your retirement nest egg. And it will annoy your retired self. --(2) If you plan to treat this money as an EF---remove it...
by triceratop
Wed Jul 25, 2018 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: Bank of America/Merrill Edge - Preferred Rewards
Replies: 469
Views: 97540

Re: Bank of America/Merrill Edge - Preferred Rewards

One thing I just realized -- Merrill Edge with preferred rewards has no fees on incoming wire transfers (and for international for platinum and platinum honors). Meanwhile, Marcus Online Savings has no outgoing wire transfer fees. Therefore this is a frictionless and fast way to execute a transfer ...
by triceratop
Wed Jul 25, 2018 12:21 pm
Forum: Personal Consumer Issues
Topic: Do you like technical conferences?
Replies: 19
Views: 900

Re: Do you like technical conferences?

I go to technical conferences for my academic field; I am organizing a session at my next technical conference. Depending on the conference the networking opportunities can be more important than the technical content, which one can of course obtain through journal articles. I also give talks based ...
by triceratop
Wed Jul 25, 2018 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Bank of America/Merrill Edge - Preferred Rewards
Replies: 469
Views: 97540

Re: Bank of America/Merrill Edge - Preferred Rewards

One thing I just realized -- Merrill Edge with preferred rewards has no fees on incoming wire transfers (and for international for platinum and platinum honors). Meanwhile, Marcus Online Savings has no outgoing wire transfer fees. Therefore this is a frictionless and fast way to execute a transfer b...
by triceratop
Tue Jul 24, 2018 10:04 pm
Forum: Investing - Theory, News & General
Topic: New article about factor investing in Financial Times
Replies: 7
Views: 590

Re: New article about factor investing in Financial Times

57Ab90tH4 wrote:
Tue Jul 24, 2018 10:02 pm
Then daily emails until I die pushing paid subscription.😂
Strange; I have never received an unwanted e-mail from FT.com.

Thanks OP for the link.
by triceratop
Tue Jul 24, 2018 9:14 pm
Forum: Investing - Help with Personal Investments
Topic: tax question on index funds
Replies: 10
Views: 1119

Re: tax question on index funds

It is trivial to claim the foreign tax credit, unless one has an enormous amount of taxable international investment income. The foreign tax credit in simple situations counts as a 1-1 credit against tax owed. It's really simple. The tricky thing comes when evaluating tax efficiency of index funds b...
by triceratop
Tue Jul 24, 2018 8:34 pm
Forum: Investing - Help with Personal Investments
Topic: Tax Efficiency Vanguard Funds
Replies: 10
Views: 1353

Re: Tax Efficiency Vanguard Funds

See this thread: viewtopic.php?t=242137

By the way, it's the #2 Bogleheads hit on Google for "tax efficiency", which you can find with the search box in the upper right.
by triceratop
Tue Jul 24, 2018 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Is it possible to change one's career in their 40s?
Replies: 88
Views: 7742

Re: Is it possible to change one's career in their 40s?

What is "another field"? Lots of graduating medical students are closer to 40 than 30. I don't think age would be much of a factor getting a job in most clinical health care positions. It's not particularly onerous to become an EMT, for example. This is simply not true, most graduating medical stud...
by triceratop
Tue Jul 24, 2018 1:58 pm
Forum: Investing - Theory, News & General
Topic: Confused about Treasury bills and notes
Replies: 11
Views: 1131

Re: Confused about Treasury bills and notes

True, Vanguard has plenty of room for improvement. However, one might read the TD instructions as implying that you can buy Treasury securities (ie, bills, notes or bonds) in $100 increments. When I first started, I might easily have read that to mean that I can by such Treasury securities with par...
by triceratop
Tue Jul 24, 2018 10:48 am
Forum: Investing - Help with Personal Investments
Topic: newcomer 21yr/o college student
Replies: 16
Views: 1158

Re: newcomer 21yr/o college student

* Some plan to treat their rIRA as their EF (emergency fund) and remove the principle to pay this expense. Don't do that. Why? --(1) It's stealing eggs from the goose sitting on your retirement nest egg. And it will annoy your retired self. --(2) If you plan to treat this money as an EF---remove it...
by triceratop
Tue Jul 24, 2018 10:43 am
Forum: Investing - Theory, News & General
Topic: I don’t understand the concept of cost of equity
Replies: 26
Views: 2190

Re: I don’t understand the concept of cost of equity

NoRegret wrote:
Mon Jul 23, 2018 9:57 pm
Doesn’t appear to be many believers in Modigliani-Miller around here.
https://en.m.wikipedia.org/wiki/Modigli ... er_theorem
MM comes around a lot when we get into the famous dividend vs buyback arguments. :)
by triceratop
Tue Jul 24, 2018 2:06 am
Forum: Personal Consumer Issues
Topic: Engineers come in.
Replies: 108
Views: 7781

Re: Engineers come in.

I'll comment from the non-engineer perspective. I don't think you can cruise through any of the math and engineering courses as many of them build on each other. I cruised through the first 2 calcs because I took them in high school. When I got to Calc 3 and Diff Eq, I didn't understand enough back...
by triceratop
Tue Jul 24, 2018 12:59 am
Forum: Personal Consumer Issues
Topic: TSA Pancake Mix Drama
Replies: 22
Views: 2531

Re: TSA Pancake Mix Drama

This topic is now locked: topic not actionable
by triceratop
Mon Jul 23, 2018 8:39 pm
Forum: Investing - Theory, News & General
Topic: Are socially responsible funds just another marketing ploy?
Replies: 25
Views: 2159

Re: Are socially responsible funds just another marketing ploy?

Socially responsible funds face a pretty awful dilemma. On the one hand, they could work. The only way refusing to invest in "bad" companies could work, though, is by increasing their cost of capital. By refusing to lend or buy shares from a company, it increases the price they must pay to fund new...
by triceratop
Mon Jul 23, 2018 8:30 pm
Forum: Investing - Theory, News & General
Topic: 2017 Relative Tax Efficiency
Replies: 75
Views: 12800

Re: 2017 Relative Tax Efficiency

PSA: A number of people have recently formally requested, through Google, access to the Google spreadsheet document recently. Apart from being amusing that I see the real names of people requesting access, this is additionally not necessary; to personalize the spreadsheet make a copy which is conseq...
by triceratop
Mon Jul 23, 2018 9:42 am
Forum: Investing - Theory, News & General
Topic: Where to find qualified dividend income for funds?
Replies: 15
Views: 1277

Re: Where to find qualified dividend income for funds?

I am also looking into QDI to select ETFs to hold for many years. I suppose that QDI of a fund can change due to events during a calendar year. However, does a QDI of a fund or ETF change significantly and trend higher/lower over several years? (If it does, then this strategy may not be a great one...
by triceratop
Fri Jul 20, 2018 3:07 pm
Forum: Investing - Help with Personal Investments
Topic: Being tax efficient
Replies: 4
Views: 453

Re: Being tax efficient

Are you familiar with deductible IRAs, HSA?

You could also try searching using the keyword “deductible”.
by triceratop
Fri Jul 20, 2018 2:07 pm
Forum: Investing - Theory, News & General
Topic: The other side of stock buybacks
Replies: 24
Views: 2245

Re: The other side of stock buybacks

Please keep discussion on-topic and away from economic policy and political discussion. Bogleheads is a personal finance forum which is unrelated to "buying into" any given economic system.
by triceratop
Mon Jul 16, 2018 10:07 pm
Forum: Personal Finance (Not Investing)
Topic: $540 a month on food for graduate student budget too much?
Replies: 81
Views: 6442

Re: $540 a month on food for graduate student budget too much?

I spend much less ($250 on food) as a grad student, but I can relate to the desire to not plan any aspects of my life beyond academics. I've definitely had weeks where I have not made any of my own prepared food. However, I capitalize on free food on campus in such situations where possible.
by triceratop
Sun Jul 15, 2018 5:37 pm
Forum: Investing - Theory, News & General
Topic: Brokers sell ETF order flow used to trade against clients
Replies: 24
Views: 1838

Re: Brokers sell ETF order flow used to trade against clients

Fortunately mutual funds have figured out a way to avoid the HFT's, that can be used by anyone : Place all buy-sell orders as Market-On-Close orders on the primary exchange. All buy and sell orders placed as Market-On-Close orders will be traded at the close in a single auction (so all the buys and...
by triceratop
Sun Jul 15, 2018 4:57 pm
Forum: Investing - Theory, News & General
Topic: In defense of short-term treasuries
Replies: 114
Views: 7154

Re: In defense of short-term treasuries

If your concern with IT treasuries is inflation, diversify them with TIPS and you can earn the term premium of intermediate bonds while taking less inflation risk than if just holding ST treasuries. The main benefit of ST treasuries is liquidity. It looks like my response got lost in the aether... ...
by triceratop
Sun Jul 15, 2018 10:22 am
Forum: Investing - Theory, News & General
Topic: In defense of short-term treasuries
Replies: 114
Views: 7154

Re: In defense of short-term treasuries

My issue with LT treasuries is that the market is driven by insurance companies and pension funds. These institutions are matching LT treasuries to nominal liabilities so they don't need a yield that compensates them for inflation and term risk. I believe the yield of LT treasuries would be much hi...
by triceratop
Sat Jul 14, 2018 11:42 pm
Forum: Investing - Theory, News & General
Topic: In defense of short-term treasuries
Replies: 114
Views: 7154

Re: In defense of short-term treasuries

I have seen good reasons to not use LT treasuries in general, as market prices for those assets might not be determined in a way that yields a well-compensated return for the risks one takes on. Such structural demand for LT nominals which depresses yields is well-discussed. Anyway, my point was abo...
by triceratop
Sat Jul 14, 2018 11:29 pm
Forum: Investing - Theory, News & General
Topic: In defense of short-term treasuries
Replies: 114
Views: 7154

Re: In defense of short-term treasuries

Historical returns, from beginning of 2008 bear market (Oct 9 2007):

Image

VFISX: ST Trs
VFITX: IT Trs
VUSTX: LT Trs
VTSAX: US TSM

The return spread demonstrated above is such that the max drawdown figures provided above are called into question.
by triceratop
Sat Jul 14, 2018 11:04 pm
Forum: Investing - Theory, News & General
Topic: In defense of short-term treasuries
Replies: 114
Views: 7154

Re: In defense of short-term treasuries

Well, apparently you think that the analysis was talking about calendars. I seriously can't imagine why you thought that I was talking about calendars. * Maximum drawdown statistics are calculated from simulated monthly balances. * The results assume annual rebalancing of portfolio assets at the en...
by triceratop
Sat Jul 14, 2018 7:02 pm
Forum: Investing - Theory, News & General
Topic: In defense of short-term treasuries
Replies: 114
Views: 7154

Re: In defense of short-term treasuries

The max drawdowns are determined using monthly portfolio returns but rebalancing is only allowed to occur yearly. That is not consistent with the reasoning provided by those who use IT instead of ST. What is so special about the end of the calendar year? If the reasoning you are attempting to dispro...
by triceratop
Sat Jul 14, 2018 12:59 pm
Forum: Investing - Help with Personal Investments
Topic: How to buy T-Bills
Replies: 33
Views: 2817

Re: How to buy T-Bills

Hmmm. OP here. I'm really on the fence here on going all in Vanguard or all in Treasury Direct. I like the auto rollover feature of TD but i know in a couple years I will want to use more of the other portfolio options of Vanguard. Plus it seems on here that everyone ends up at Vanguard. Any other ...
by triceratop
Thu Jul 12, 2018 4:15 pm
Forum: Investing - Theory, News & General
Topic: Treasury Auction - Nobody Came: "Great T-Bill Massacre"
Replies: 145
Views: 12330

Re: Treasury Auction - Nobody Came: "Great T-Bill Massacre"

How often are worst-in-a-decade events expected to occur? Why is there a sky falling article written every time, with no recognition that these things are expected to occur with a certain frequency?
by triceratop
Wed Jul 11, 2018 3:16 pm
Forum: Investing - Theory, News & General
Topic: Are Bonds Always Safe? — A Second Look at U.S. Portfolio Disasters
Replies: 108
Views: 9074

Re: Are Bonds Always Safe? — A Second Look at U.S. Portfolio Disasters

triceratop wrote: Why do you quote bond returns in nominal terms when your data allows you to compute bond returns in real terms? I see a 10% real loss in bonds in a single year. That is significantly more loss than -2.6%. triceratop: I quoted bond returns the way stock and bond returns are usually...
by triceratop
Wed Jul 11, 2018 8:49 am
Forum: Investing - Help with Personal Investments
Topic: Where to put international?
Replies: 35
Views: 3552

Re: Where to put international?

Where can we get all this good info the spreadsheet has (QDI ratio, ...) ? You can find 2015,2016 links in the OP to the 2017 thread. You can get this data from the fund provider (use Google), as I do. Sorry.. I guess I cannot find it. Where do you get QDI for VTI, for instance (URL)? I have to do ...
by triceratop
Wed Jul 11, 2018 8:47 am
Forum: Personal Consumer Issues
Topic: Any kayakers here?
Replies: 60
Views: 3492

Re: Any kayakers here?

I enjoy Kayaking and Canoeing. I don't get to do much of it in California. I am going on a 6 hour canoe trip in the wilderness of the Pine Barrens, New Jersey tomorrow. I recommend everyone check out rivers in this area: some of the best freshwater waters in the mid-east. Pineland Adventures? Pleas...