Search found 4792 matches

by triceratop
Fri Oct 05, 2018 4:29 pm
Forum: Investing - Help with Personal Investments
Topic: Whew! Stock market is no longer at all-time highs, so ...
Replies: 34
Views: 5372

Re: Whew! Stock market is no longer at all-time highs, so ...

Great news. Now people will ask if stocks and bonds even make sense at this time, when both are declining. Should I invest only in T-bills? But even they can decrease in value. Bank deposits for me.
by triceratop
Fri Oct 05, 2018 11:59 am
Forum: Investing - Theory, News & General
Topic: A time to EVALUATE your jitters
Replies: 283
Views: 243164

Re: A time to EVALUATE your jitters

I managed to lock myself out of my brokerage account with incorrect password attempts, so even if I wanted to change my allocation I could not. :)
by triceratop
Fri Oct 05, 2018 11:26 am
Forum: Personal Consumer Issues
Topic: Anyone tried basil tea?
Replies: 24
Views: 1447

Re: Anyone tried basil tea?

Pesto can be readily frozen for year-round use. Anyway, I have tried basil tea and I do not enjoy it. It tastes like fresh grass clippings soaked in water. I'm impressed that you actually brewed and tasted a tea made from, "fresh grass clippings soaked in water." Have you made any other exotic tea-...
by triceratop
Fri Oct 05, 2018 12:09 am
Forum: Personal Consumer Issues
Topic: Anyone tried basil tea?
Replies: 24
Views: 1447

Re: Anyone tried basil tea?

Earl, you could try it yourself and see what you think. I don't know why my personal preferences would imply you couldn't enjoy basil tea. My preferences might be strange -- I actually enjoy "tea" made from another vile weed, Yerba mate, so I could be atypical.
by triceratop
Thu Oct 04, 2018 3:15 pm
Forum: Personal Consumer Issues
Topic: Anyone tried basil tea?
Replies: 24
Views: 1447

Re: Anyone tried basil tea?

Pesto can be readily frozen for year-round use. Anyway, I have tried basil tea and I do not enjoy it. It tastes like fresh grass clippings soaked in water.
by triceratop
Thu Oct 04, 2018 3:01 pm
Forum: Personal Consumer Issues
Topic: Anyone tried basil tea?
Replies: 24
Views: 1447

Re: Anyone tried basil tea?

I would prefer to make pesto which is delicious, typically expensive to purchase, and not hard to make with a good food processor (just add walnut (pine nuts not essential, though expensive), cheese (parmesan or romano), and oil).
by triceratop
Mon Oct 01, 2018 9:24 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone want to share their monthly budget? Here's ours
Replies: 62
Views: 10732

Re: Anyone want to share their monthly budget? Here's ours

Income (net of tax): $2500 Rent: 660 Utilities: 40 Food: 200 Car (incl. gas): 100 Phone: 25 (15/mo Mintsim plus 10 amortized phone costs over used iPhone lifetime) Subscriptions (headspace, spotify): 12 Discretionary dining, entertainment, hobbies, travel: pretty variable, often substantial. I still...
by triceratop
Mon Oct 01, 2018 11:44 am
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 10011

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

Isn't much of this covered in https://www.vanguard.nl/documents/understanding-etf-liquidity.pdf -- as posted earlier? I understand it might not be quite as detailed. I agree that document is helpful, and it covers many of the same questions about the process that have been addressed in this thread....
by triceratop
Mon Oct 01, 2018 11:03 am
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 10011

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

Isn't much of this covered in https://www.vanguard.nl/documents/under ... uidity.pdf -- as posted earlier? I understand it might not be quite as detailed.
by triceratop
Sun Sep 30, 2018 6:13 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 10011

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

I don't think it is fair to describe a market maker stepping in to provide additional shares at the NBBO as "front running", since they're not offering better than the market price. OK. But what if the NBBO is only for 100 shares and the market maker puts in an offer for 1000. Did the investors wit...
by triceratop
Sun Sep 30, 2018 4:24 pm
Forum: Investing - Theory, News & General
Topic: SLYV vs IJS [SPDR vs. iShares S&P 600 Small Cap Value]
Replies: 201
Views: 10011

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

That's what I was alluding to. If I interpret this correctly the Market Order does not show up until after it has executed so the Market Maker can't front run it. That's a good thing. The "crossed trade" aspect if I understand it correctly wouldn't matter because it doesn't indicate how large the m...
by triceratop
Sun Sep 30, 2018 3:57 pm
Forum: Investing - Help with Personal Investments
Topic: 2018 foreign tax credit forecast
Replies: 3
Views: 452

Re: 2018 foreign tax credit forecast

I would do what livesoft suggests. One other thing, is if you want to have a 2nd-order approximation based on livesoft's suggestion, use the same percentage of foreign tax paid from last year for the foreign sourced income from this year. But the problem is you don't know how much will be paid by th...
by triceratop
Sat Sep 29, 2018 6:17 pm
Forum: Investing - Theory, News & General
Topic: SEC charges Musk with Fraud!
Replies: 117
Views: 10633

Re: SEC charges Musk with Fraud!!!

sambb wrote:
Sat Sep 29, 2018 6:02 pm
SEC just announced -- hes out
"hes out" could mean almost anything, but it definitely isn't true that he's out as CEO, at least for now.
by triceratop
Sat Sep 29, 2018 4:37 pm
Forum: Investing - Theory, News & General
Topic: SEC charges Musk with Fraud!
Replies: 117
Views: 10633

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: 10633

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: 6511

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: 201
Views: 10011

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: 5048

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 2:46 pm
Forum: Investing - Theory, News & General
Topic: New Facebook group for Vanguard investors!
Replies: 22
Views: 2150

Re: New Facebook group for Vanguard investors!

I wouldn't want my views on such a topic to be public, in the event I wanted to get a job with them or their competitors at some point in the future.
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: 6511

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: 5690

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: 201
Views: 10011

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: 201
Views: 10011

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: 201
Views: 10011

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: 201
Views: 10011

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: 201
Views: 10011

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: 201
Views: 10011

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: 201
Views: 10011

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: 201
Views: 10011

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: 25200

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: 201
Views: 10011

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: 1124

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: 25200

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: 575

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: 2875

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: 2267

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: 2267

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: 201
Views: 10011

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: 201
Views: 10011

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: 98
Views: 16406

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: 201
Views: 10011

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: 3717

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: 3717

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: 98
Views: 16406

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: 753
Views: 73747

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: 753
Views: 73747

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: 201
Views: 10011

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: 98
Views: 16406

Re: 2017 Relative Tax Efficiency

I agree fully with Chip and would not have been able to say it better.