Search found 4878 matches

by triceratop
Sat Sep 29, 2018 4:37 pm
Forum: Investing - Theory, News & General
Topic: SEC charges Musk with Fraud!
Replies: 117
Views: 10855

Re: SEC charges Musk with Fraud!!!

Well, it's over: Elon Musk Settles SEC Fraud Charges; Tesla Charged With and Resolves Securities Law Charge "Settlement Requires Musk to Step Down as Tesla’s Chairman; Tesla to Appoint Additional Independent Directors; Tesla and Musk Agree to Pay $40 million in Penalties" Per my earlier comment, not...
by triceratop
Sat Sep 29, 2018 12:10 pm
Forum: Investing - Theory, News & General
Topic: SEC charges Musk with Fraud!
Replies: 117
Views: 10855

Re: SEC charges Musk with Fraud!!!

* SEC is trying to strip Musk of his job - Clearly the SEC is being extremely aggressive. However, lawyers pretty much always ask for the moon. I have yet to see any way in which asking for the moon costs them anything, whereas it strengthens their position for settlement discussions. That the SEC ...
by triceratop
Thu Sep 27, 2018 11:58 am
Forum: Investing - Theory, News & General
Topic: Total Treasuries Market vs Intermediate Treasuries vs Total Bond Market
Replies: 111
Views: 6809

Re: Total Treasuries Market vs Intermediate Treasuries vs Total Bond Market

Instead, pick the Treasury maturity that suits your own needs, not a market maturity determined by large-entity investors like insurance companies. Why is arbitrarily determining an average duration of 4 or 5 or 6 better than than the market average maturity? Why do you think the market average mat...
by triceratop
Wed Sep 26, 2018 10:26 am
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 202
Views: 10703

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

Doc wrote:
Tue Sep 25, 2018 7:07 am
vineviz wrote:
Tue Sep 25, 2018 7:02 am
Again, that is NOT the case. The limit order that didn’t execute was INSIDE the spread, not at the prevailing bid.
The first 300 executed. Am I wrong that implies that the order was at the bid?
Yes.
by triceratop
Wed Sep 26, 2018 9:29 am
Forum: Investing - Theory, News & General
Topic: S&P 500 Forward P/E ratio - Are stocks highly valued?
Replies: 75
Views: 5456

Re: S&P 500 Forward P/E ratio - Are stocks highly valued?

As for forward earnings, I'll trust them when someone can tell me the temperature next week Friday at noon with any degree of certainty. Do you really believe the last 10 years of next week Friday at noon temperatures will tell you exactly about next week Friday at noon temperatures? I believe the ...
by triceratop
Tue Sep 25, 2018 2:44 pm
Forum: Investing - Theory, News & General
Topic: Total Treasuries Market vs Intermediate Treasuries vs Total Bond Market
Replies: 111
Views: 6809

Re: Total Treasuries Market vs Intermediate Treasuries vs Total Bond Market

Doesn't Warren Buffet advise putting 90% in stocks and 10% in Short-Term Treasuries? So, why not just put fixed in come in Short-Term Treasuries? "because Warren Buffet advises it" may look like a rational reason to pursue a strategy, but it in fact is not. Among other things, the fact he suggests ...
by triceratop
Fri Sep 21, 2018 1:18 pm
Forum: Investing - Theory, News & General
Topic: Robinhood Is Making Millions Selling Out Their Millennial Customers To High-Frequency Traders
Replies: 20
Views: 5858

Re: Robinhood Is Making Millions Selling Out Their Millennial Customers To High-Frequency Traders

I'm a skeptic of this story---it's convenient to blame Robinhood and say customers are getting a worse deal. But if you dig into market structure a bit, it's less clear, and possibly even points in the other direction. HFT firms want to avoid adverse selection which is easy to do with retail investo...
by triceratop
Fri Sep 21, 2018 12:42 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 202
Views: 10703

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

Oh, and a $0.40 spread is not a 40bps spread unless the security's bid/ask midpoint is $100. Unless, you want to concede vineviz did a trade in a 6bps spread in the post below. :wink:
by triceratop
Fri Sep 21, 2018 12:41 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 202
Views: 10703

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

Your definition is inconsistent with what I've read about what market efficiency means. But sure, fair enough. I wouldn't submit a market order for a large number of shares into that market either (notwithstanding everything what more informed participants in this discussion have said -- I am risk-a...
by triceratop
Thu Sep 20, 2018 4:15 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 202
Views: 10703

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

Infrequent trading tends to cause markets to be inefficient. No. No. No. This whole thread has been about us trying to explain to you why this isn't the case with index ETFs like VIOV. If nothing else, the fact VIOV trades so close to IJS/VIOV-IV despite having a handful of trades during an entire ...
by triceratop
Thu Sep 20, 2018 3:38 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 202
Views: 10703

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

Infrequent trading tends to cause markets to be inefficient. No. No. No. This whole thread has been about us trying to explain to you why this isn't the case with index ETFs like VIOV. If nothing else, the fact VIOV trades so close to IJS/VIOV-IV despite having a handful of trades during an entire ...
by triceratop
Thu Sep 20, 2018 11:37 am
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 202
Views: 10703

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

Okay I need to learn more microstructure then before I opine further.
by triceratop
Thu Sep 20, 2018 11:27 am
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 202
Views: 10703

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

We've covered this: those 500 shares you see in Level 2 quotes at the bid price represent a tiny fraction of the liquidity of the ETF. It's pointless to fixate on it, because it tells you virtually nothing. Isn't Doc right though that placing a 1000-share market order will result in a subpar price,...
by triceratop
Thu Sep 20, 2018 11:19 am
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 202
Views: 10703

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

The operative word in your definition you are ignoring is 'can'. It doesn't mean that assets are frequently bought or sold into the market without affecting the asset's price. If anything, your chart shows data supporting vineviz's contention, because a security is very sparsely traded but tracks c...
by triceratop
Thu Sep 20, 2018 11:10 am
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 202
Views: 10703

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

Doc, what data have you provided to show that low volume necessarily implies low liquidity? What is 'Liquidity' Liquidity describes the degree to which an asset or security can be quickly bought or sold in the market without affecting the asset's price. Read more: Liquidity https://www.investopedia...
by triceratop
Thu Sep 20, 2018 10:58 am
Forum: Personal Consumer Issues
Topic: What is your single most expensive mistake?
Replies: 293
Views: 25748

Re: What is your single most expensive mistake?

I've never made a financial mistake. A moderate amount of planning and use of logic before decisions with significant financial impact helps enormously. I have plenty of time to make a mistake though, so that's great. Sounds like you meant to post in the "I've never made a financial mistake!" threa...
by triceratop
Wed Sep 19, 2018 6:51 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 202
Views: 10703

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

Doc, what data have you provided to show that low volume necessarily implies low liquidity?
by triceratop
Wed Sep 19, 2018 5:13 pm
Forum: Investing - Theory, News & General
Topic: Matter/scatter, part 9. Small-cap value and the "ten-fund portfolio."
Replies: 10
Views: 1190

Re: Matter/scatter, part 9. Small-cap value and the "ten-fund portfolio."

I can't eat Sharpe ratios (don't try this at home, you might bleed), but I can tilt a 95-100% equity-dominated portfolio.
by triceratop
Wed Sep 19, 2018 12:37 pm
Forum: Personal Consumer Issues
Topic: What is your single most expensive mistake?
Replies: 293
Views: 25748

Re: What is your single most expensive mistake?

I've never made a financial mistake. A moderate amount of planning and use of logic before decisions with significant financial impact helps enormously. I have plenty of time to make a mistake though, so that's great.
by triceratop
Tue Sep 18, 2018 12:49 pm
Forum: Investing - Theory, News & General
Topic: With expense-free funds, are other Fidelity fund obsolete?
Replies: 7
Views: 595

Re: With expense-free funds, are other Fidelity fund obsolete?

For one thing, the new funds are not currently available in every account type so the answer is most definitely no.

And yeah, tax efficiency. Also, some people like ETFs.
by triceratop
Tue Sep 18, 2018 11:55 am
Forum: Local Chapters and Bogleheads Community
Topic: Jack Bogle Bobblehead
Replies: 24
Views: 3030

Re: Jack Bogle Bobblehead

You'll only receive responses from people interested in buying them, which won't necessarily be an indication of how much demand there is relative to the size of the community. So, in the spirit of representativeness let me say that I will definitely not be buying one. Also, this is more appropriate...
by triceratop
Mon Sep 17, 2018 7:53 pm
Forum: Investing - Theory, News & General
Topic: Unchanging opinions
Replies: 25
Views: 2318

Re: Unchanging opinions

Please comment on today's WSJ Real Time Economics posting: "We find that ... individuals are reluctant to incorporate new information. ... OP, my comment is that this reveals - at long last and not a moment too soon -the source of confirmation bias. What is your comment? My comment is that it makes...
by triceratop
Mon Sep 17, 2018 7:18 pm
Forum: Investing - Theory, News & General
Topic: Unchanging opinions
Replies: 25
Views: 2318

Re: Unchanging opinions

In my field replication is not an issue. If I need to replicate a simulation, I can re-run the program or tweak some parameter to show robustness and that the idea I had is not a coincidence. Most code ends up open source, and in any case the ideas are all there to be evaluated in the paper. A lot o...
by triceratop
Mon Sep 17, 2018 2:33 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 202
Views: 10703

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

It turned out I was trying to buy using limit orders in a period where the price was escalating, 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? chisey ...
by triceratop
Mon Sep 17, 2018 1:45 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 202
Views: 10703

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

It's true that VIOV has fewer trades, but the trades it DOES have are executing very close to the IV (as you'd expect for a liquid ETF). Thanks, I just notice that the trades themselves are indeed very close to the IV. It is only the time between trades where the lines diverge. Linear interpolation...
by triceratop
Sun Sep 16, 2018 6:01 pm
Forum: Investing - Theory, News & General
Topic: 2017 Relative Tax Efficiency
Replies: 101
Views: 17929

Re: 2017 Relative Tax Efficiency

If Morningstar was right so much about things they wouldn't be wrong so much. I enjoy the name being different than tax cost ratio (TCR), because as it is I know whenever cites something called a TCR their data is likely flawed at the source.
by triceratop
Sun Sep 16, 2018 4:03 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 202
Views: 10703

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

My concern is with the bid/ask spread. And low volume would intend to increase that spread. I think the problem is that you have not justified why this is the case. It appears to be a tenuous case, since VIOV has spreads very cloes to IJS despite substantially lower volume. Why? This is the thesis ...
by triceratop
Sun Sep 16, 2018 11:49 am
Forum: Personal Consumer Issues
Topic: Using Lastpass as your password manager
Replies: 34
Views: 3791

Re: Using Lastpass as your password manager

I would love it if a password manager worked with Yubikey and would jump on it in a heartbeat. Until then... Shakespeare: “Striving to better, oft we mar what's well.” There is such a password manager and I use it every day (as I mentioned above, sorry to repeat myself). It’s called password-store ...
by triceratop
Sun Sep 16, 2018 11:24 am
Forum: Personal Consumer Issues
Topic: Using Lastpass as your password manager
Replies: 34
Views: 3791

Re: Using Lastpass as your password manager

I would love it if a password manager worked with Yubikey and would jump on it in a heartbeat. Until then... Shakespeare: “Striving to better, oft we mar what's well.” There is such a password manager and I use it every day (as I mentioned above, sorry to repeat myself). It’s called password-store ...
by triceratop
Sun Sep 16, 2018 11:00 am
Forum: Investing - Theory, News & General
Topic: 2017 Relative Tax Efficiency
Replies: 101
Views: 17929

Re: 2017 Relative Tax Efficiency

Thanks for collecting the data. Question: Doesn't the number in the "tax efficiency" row of the spreadsheet reflect the yearly "tax cost" of holding the fund? This got me confused because normally the higher the number for efficiency, the more desirable it is. In this case, it is the opposite -- th...
by triceratop
Sun Sep 16, 2018 12:13 am
Forum: Investing - Theory, News & General
Topic: Fidelity Files for Four Fidelity ZERO℠ Funds (0.00% ER)
Replies: 762
Views: 78507

Re: Fidelity Files for Four Fidelity ZERO℠ Funds (0.00% ER)

What does that excerpt have to do with Fidelity being incapable of maintaining its own index?
by triceratop
Sat Sep 15, 2018 11:12 pm
Forum: Investing - Theory, News & General
Topic: Fidelity Files for Four Fidelity ZERO℠ Funds (0.00% ER)
Replies: 762
Views: 78507

Re: Fidelity Files for Four Fidelity ZERO℠ Funds (0.00% ER)

No, I don't think Vanguard has such expertise. And that's why Vanguard doesn't create its own indexes but relies on organizations like CRSP and FTSE that have extensive expertise. And doesn't Vanguard sell said index funds with their name on it? If so, how is that different than what Fidelity has d...
by triceratop
Sat Sep 15, 2018 7:48 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 202
Views: 10703

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

Useful information: ETF Basics: The Creation and Redemption Process and Why It Matters

A key thing to understand is that volume is not synonymous with liquidity.
by triceratop
Fri Sep 14, 2018 2:32 pm
Forum: Investing - Theory, News & General
Topic: 2017 Relative Tax Efficiency
Replies: 101
Views: 17929

Re: 2017 Relative Tax Efficiency

I agree fully with Chip and would not have been able to say it better.
by triceratop
Fri Sep 14, 2018 1:18 pm
Forum: Investing - Theory, News & General
Topic: Take your canes out in Emerging Markets
Replies: 39
Views: 7528

Re: Take your canes out in Emerging Markets

For ppl that need help with a narrative that the future might be different than present China Is Overtaking the U.S. in Scientific Research Thirty years ago in December, the modern exchange of scholars between the U.S. and China began. Since then, Chinese academics have become the most prolific glo...
by triceratop
Thu Sep 13, 2018 9:41 pm
Forum: Investing - Help with Personal Investments
Topic: Tax Efficient Growth ETF's
Replies: 4
Views: 379

Re: Tax Efficient Growth ETF's

I would not select my equity asset allocation based on the tax cost of dividend yields. However, I would, and do, avoid VXUS in favor of IXUS for international stocks in taxable brokerage accounts.

My recommendation: VTI, ITOT, IXUS.
by triceratop
Thu Sep 13, 2018 7:05 pm
Forum: Investing - Theory, News & General
Topic: Fidelity Files for Four Fidelity ZERO℠ Funds (0.00% ER)
Replies: 762
Views: 78507

Re: Fidelity Files for Four Fidelity ZERO℠ Funds (0.00% ER)

tj wrote:
Thu Sep 13, 2018 7:04 pm
isn't it obvious that the only difference is in the early part of the graph?
Not obvious enough. My post should clear that up for those who still don't see it.
by triceratop
Thu Sep 13, 2018 7:02 pm
Forum: Investing - Theory, News & General
Topic: Fidelity Files for Four Fidelity ZERO℠ Funds (0.00% ER)
Replies: 762
Views: 78507

Re: Fidelity Files for Four Fidelity ZERO℠ Funds (0.00% ER)

Daitokuji wrote:
Thu Sep 13, 2018 6:58 pm
I did a comparison of the results on morning star and you can see it is the sole laggard. Should it not be appropriate to evaluate the results yet?

https://imgur.com/yETapIm
Now try a 1mo return, that is, excluding the first few days of existence.

Image
by triceratop
Wed Sep 12, 2018 5:08 pm
Forum: Investing - Theory, News & General
Topic: WSJ 9/12/18- Fidelity Doubles Down on Free Fund Strategy
Replies: 34
Views: 3722

Re: WSJ 9/12/18- Fidelity Doubles Down on Free Fund Strategy

1 billion since launch, Aug 1 So $1 billion growth in a little under six weeks is at the pace of about $9 billion annually. At that rate, it would take them 122 years to match Vanguard's current assets in these two fund types. A billion sounds like a lot to the layperson, but in the investment worl...
by triceratop
Tue Sep 11, 2018 11:48 pm
Forum: Investing - Help with Personal Investments
Topic: Working until the end of January for Roth contribution
Replies: 20
Views: 1754

Re: Working until the end of January for Roth contribution

Does it still make sense to make pre-tax contributions for a year where you will be retired? Do you expect your taxable income to be the same? It may not make sense to proceed as you otherwise would in a previous working year.
by triceratop
Tue Sep 11, 2018 12:54 pm
Forum: Investing - Theory, News & General
Topic: Why Bull Markets Are Dangerous
Replies: 152
Views: 21427

Re: Why Bull Markets Are Dangerous

I will not be changing my portfolio because my portfolio happens to hit those values.
by triceratop
Tue Sep 11, 2018 12:41 pm
Forum: Investing - Theory, News & General
Topic: Why Bull Markets Are Dangerous
Replies: 152
Views: 21427

Re: Why Bull Markets Are Dangerous

I'll take your bait. $500000 more (30 years, $1000/month investment, using a 1% larger return for 100% stock per your link). I'm sure you'll tell me I'm a fool, so I don't plan on responding any further. P.S. I'm a scientist too... :beer dogagility, It is not 500K more. It is 2.4 million versus 1.9...
by triceratop
Tue Sep 11, 2018 12:34 pm
Forum: Investing - Help with Personal Investments
Topic: AA and Tax efficiency review
Replies: 12
Views: 842

Re: AA and Tax efficiency review

ready20 wrote:
Tue Sep 11, 2018 12:27 pm
So, if they are more tax efficient, they should be held where?
If they were held in taxable they would have cost less money in taxes.
by triceratop
Tue Sep 11, 2018 12:18 pm
Forum: Investing - Theory, News & General
Topic: Why Bull Markets Are Dangerous
Replies: 152
Views: 21427

Re: Why Bull Markets Are Dangerous

I'll take your bait. $500000 more (30 years, $1000/month investment, using a 1% larger return for 100% stock per your link). I'm sure you'll tell me I'm a fool, so I don't plan on responding any further. P.S. I'm a scientist too... :beer dogagility, It is not 500K more. It is 2.4 million versus 1.9...
by triceratop
Tue Sep 11, 2018 12:15 pm
Forum: Investing - Help with Personal Investments
Topic: AA and Tax efficiency review
Replies: 12
Views: 842

Re: AA and Tax efficiency review

You should check out this thread: viewtopic.php?t=242137

US stocks have been more tax efficient for someone in your situation.
by triceratop
Tue Sep 11, 2018 11:08 am
Forum: Investing - Theory, News & General
Topic: Barron's--Vanguard Is Losing Battles on Two Fronts in Fee Wars
Replies: 53
Views: 4815

Re: Barron's--Vanguard Is Losing Battles on Two Fronts in Fee Wars

This is largely just a fluff piece. ....Most people just getting started with investing do so in a 401k, where minimums do not apply in the first place. Beyond that, having to sit on the sidelines until one reaches $10k to invest isn't going to move the needle for anyone. .... Don't most here (and ...
by triceratop
Tue Sep 11, 2018 9:51 am
Forum: Investing - Help with Personal Investments
Topic: AA and Tax efficiency review
Replies: 12
Views: 842

Re: AA and Tax efficiency review

What are your federal/state income tax rates?
by triceratop
Mon Sep 10, 2018 5:38 pm
Forum: Investing - Theory, News & General
Topic: Why Bull Markets Are Dangerous
Replies: 152
Views: 21427

Re: Why Bull Markets Are Dangerous

jadd806, Okay. You believe that 100/0 expected return is better than 70/30. So, could you please tell us what are their expected returns? 100/0 versus 70/30? KlangFool Do you not think that 100/0 has a higher expected return than 70/30? That would be quite the statement. triceratop, You are a scien...