Search found 680 matches

by YRT70
Thu Sep 17, 2020 10:28 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

If you don't believe their inclusion will generate higher risk adjusted returns, then there is no reason to use them when holding bonds (you would be equally well off to simply tilt more towards total market equity funds). I believe holding the tilt incorporates different kinds of risk. Like not pu...
by YRT70
Thu Sep 17, 2020 10:04 am
Forum: Investing - Theory, News & General
Topic: U.S. stocks in free fall
Replies: 20319
Views: 2777192

Re: U.S. stocks in free fall

I think I need to stop following the markets every day. It's become something to do during my morning and evening routines, but it's wearing on me and I think it was much better when I checked in a few times per year. (Of course back then, I didn't have enough for any losses to be painful. Now they...
by YRT70
Thu Sep 17, 2020 8:08 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

If you don't believe their inclusion will generate higher risk adjusted returns, then there is no reason to use them when holding bonds (you would be equally well off to simply tilt more towards total market equity funds). I believe holding the tilt incorporates different kinds of risk. Like not pu...
by YRT70
Thu Sep 17, 2020 7:58 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

Ok so you, like Dave and Swedroe, believe in a diversification free lunch. Nothing good or bad, it's just your belief. So you should tilt as much as you can while keeping the tracking error reasonable for you. Believing that a portfolio that has exposure to 3 factors is more diversified than a port...
by YRT70
Thu Sep 17, 2020 7:49 am
Forum: Investing - Theory, News & General
Topic: Best ETFs for shorting: IB Stock yield enhancement
Replies: 41
Views: 2637

Re: Best ETFs for shorting: IB Stock yield enhancement

I like that the ETF makes money from securities lending which is shared with the investor, and then the broker makes money from securities lending that is shared with the investor. It's not that difficult to net a negative ER these days. Yep same here. What do you think of the lending data on VIOV ...
by YRT70
Thu Sep 17, 2020 6:57 am
Forum: Investing - Theory, News & General
Topic: Best ETFs for shorting: IB Stock yield enhancement
Replies: 41
Views: 2637

Re: Best ETFs for shorting: IB Stock yield enhancement

But VIOV and SLYV track exactly the same index, they have the same TER and they perform the same. Sorry I wasn't aware of that.... in that case I guess it could make a very small difference. No problem. Well if your holding is big enough I'd estimate it could amount to a few hundred dollars a year....
by YRT70
Thu Sep 17, 2020 6:39 am
Forum: Investing - Theory, News & General
Topic: Best ETFs for shorting: IB Stock yield enhancement
Replies: 41
Views: 2637

Re: Best ETFs for shorting: IB Stock yield enhancement

Going by these numbers it looks like VIOV would deliver more income through lending, correct? I don't know the answer to that but I can say this... I wouldn't let SYEP amounts in any way determine which ETFs I invest in, because the differences between the ETFs themselves are likely to have way hig...
by YRT70
Thu Sep 17, 2020 6:13 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

rascott wrote: Thu Sep 17, 2020 5:26 am Thanks Robert.... I'm sure you've shared it before.... but care sharing your actual fund holdings?
It's in the quote above this post.
by YRT70
Thu Sep 17, 2020 6:02 am
Forum: Investing - Theory, News & General
Topic: Best ETFs for shorting: IB Stock yield enhancement
Replies: 41
Views: 2637

Re: Best ETFs for shorting: IB Stock yield enhancement

Vanguard VIOV en SPDR SLYV both track S&P 600 small cap value and both have an expense ratio of 0.15%. https://i.imgur.com/zJXTn9O.png (source: ETFchannel.com) According to this site SLYV lends at about 3.6-3.7% https://iborrowdesk.com/report/SLYV VIOV about 6% https://iborrowdesk.com/report/VIOV Th...
by YRT70
Thu Sep 17, 2020 5:56 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

It sounds crazy, but my ideal retirement portfolio would be just market-cap, broad, cheap, index funds, with no tilts (VTSAX+VXUS for instance). Interesting. Most of what I've read said 'a tilt is for life', which makes sense to me. If you'd want to switch to VTI/VXUS at retirement date and your ti...
by YRT70
Wed Sep 16, 2020 12:20 pm
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

manlymatt83 wrote: Wed Sep 16, 2020 12:16 pm I presume he will replace SLYV/IJS with AVUV and DLS with AVDV in upcoming months...
I think so too. Ben Felix has indirectly said he will use AVUV instead of IJS. His model portfolio should come out soon.
by YRT70
Wed Sep 16, 2020 12:11 pm
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

I recommend you first take a step back and think about what your beliefs are. Yes that makes sense. But I'm fairly agnostic. The way I see it the data is just the data. I do believe that tilting to small and value vs. only holding TSM improves diversification. I also believe it's more likely that s...
by YRT70
Wed Sep 16, 2020 10:43 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

With so many ways to calculate factor exposure and so many ways to compose portfolio's I'm a bit lost. Maybe some of you have some input. My situation in short: early retiree with 50% fixed income 50% equity. (I'm using a rising equity glide path so looking to slowly increase my equity exposure over...
by YRT70
Wed Sep 16, 2020 7:00 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

I just did a 5 factor analysis of VFMF. Only size and value get a significant loading, profitability and investment don't. Funds like SLYV and VIOV give stronger loading on size and value while they have lower expense ratios than VFMF. Can someone explain the appeal of VFMF? https://www.portfoliovis...
by YRT70
Wed Sep 16, 2020 6:57 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

...double...
by YRT70
Wed Sep 16, 2020 1:56 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

I suppose my conclusion is that even a small-blend fund in the S&P600 will have some value exposure, but I personally would still use the value variant. Even the R2K seems to load positively on value (see below); this isn't surprising once you realize that HML is anchored to a long-short portfolio ...
by YRT70
Wed Sep 16, 2020 1:53 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

Did anyone else replace their SLYV/DGS holdings with AVUV/AVDV? Just curious. And if so, did you dump your entire SLYV/DGS? I think you mean DLS instead of DGS (developed not EM). I moved from SLYV to AVUV where I could (SLYV is tax loss harvest parter now and have a bunch with gain so not moving t...
by YRT70
Tue Sep 15, 2020 12:26 pm
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

Would anybody advocate investing in the broader s&p 600 (as opposed to specifically s&p 600 value) as a sufficient value position at this point in time? I was looking at morningstar metrics and s&p 600 average p/s is .78 and price to cash flow is about 6, for example. That to me seems to have a val...
by YRT70
Tue Sep 15, 2020 8:38 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

Would anybody advocate investing in the broader s&p 600 (as opposed to specifically s&p 600 value) as a sufficient value position at this point in time? I was looking at morningstar metrics and s&p 600 average p/s is .78 and price to cash flow is about 6, for example. That to me seems to have a val...
by YRT70
Mon Sep 14, 2020 11:40 am
Forum: Investing - Theory, News & General
Topic: Best ETFs for shorting: IB Stock yield enhancement
Replies: 41
Views: 2637

Re: Best ETFs for shorting: IB Stock yield enhancement

This might be an interesting website with more info: https://www.etfchannel.com/etfs/?symbol=VXUS VXUS — SHORT INTEREST Shares Short 3,600,000 Chg. from Last Month +2,060,000 Shares Outstanding 442,524,573 % of Shares Short 0.81% Days to Cover 1.4 Can anyone remember the other website that displayed...
by YRT70
Sun Sep 13, 2020 9:36 am
Forum: Investing - Theory, News & General
Topic: AQR still singing the same song
Replies: 121
Views: 9938

Re: AQR still singing the same song

The following is an article from Pensions and Investments Online about AQR's troubles with lousy performance, high fees, and fleeing investor base. It is worth reading for those who are considering expensive complex quant strategies which as a group they have massively underperformed for a decade. ...
by YRT70
Sat Sep 12, 2020 1:13 pm
Forum: Investing - Theory, News & General
Topic: Any further reason to hold DLS?
Replies: 32
Views: 2298

Re: Any further reason to hold DLS?

ilan1h wrote: Sat Sep 12, 2020 11:43 am I agree. I looked at VGTSX (Vang Intl stock index) and it's pretty much identical in most respects to DLS.
VGTSX contains Emerging Markets, DLS doesn't. VTMGX is more comparable to DLS.

10 year performance on M*
DLS: 6.48%
VTMGX: 5.54%
by YRT70
Sat Sep 12, 2020 2:50 am
Forum: Investing - Theory, News & General
Topic: Any further reason to hold DLS?
Replies: 32
Views: 2298

Re: Any further reason to hold DLS?

DLS hasn't done great but it still outperformed VEA and VGTSMX (Vanguard developed markets). https://www.portfoliovisualizer.com/backtest-portfolio?s=y&timePeriod=4&startYear=1985&firstMonth=1&endYear=2020&lastMonth=12&calendarAligned=true&includeYTD=false&initialAmount=10000&annualOperation=0&annua...
by YRT70
Thu Sep 10, 2020 2:33 am
Forum: Investing - Theory, News & General
Topic: DCA, Lump sum, or...
Replies: 19
Views: 1119

Re: DCA, Lump sum, or...

Vanguard paper: Dollar-cost averaging just means taking risk later https://static.twentyoverten.com/5980d16bbfb1c93238ad9c24/rJpQmY8o7/Dollar-Cost-Averaging-Just-Means-Taking-Risk-Later-Vanguard.pdf Ben Felix paper: Lump sum vs. DCA https://www.pwlcapital.com/wp-content/uploads/2020/07/Dollar-Cost-A...
by YRT70
Tue Sep 08, 2020 12:38 pm
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

...deleted...
by YRT70
Tue Sep 08, 2020 1:33 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

Kind of lost on which SCV to pick. How do you guys decide? VIOV, VBR, IJS, SLYV, and RWJ (Invesco Small Cap Revenue ETF) I want to learn a lot more about RWJ or any ETF that has to do with SCV companies that are somewhat filtered. I believe that is what AVUV tries to do, but I am a bit lost Any mor...
by YRT70
Mon Sep 07, 2020 11:55 am
Forum: Investing - Theory, News & General
Topic: Why are european markets always trailing US markets?
Replies: 18
Views: 1607

Re: Why are european markets always trailing US markets?

YRT70 I think you misinterpreted the OP. (The title is a little misleading.) I understand what you mean but I think I got what he meant. My thought was if the total returns can be so different surely Europe isn't always following US. And yes I agree with your point that there usually seems to be a ...
by YRT70
Mon Sep 07, 2020 11:33 am
Forum: Investing - Theory, News & General
Topic: Why are european markets always trailing US markets?
Replies: 18
Views: 1607

Re: Why are european markets always trailing US markets?

YRT70 I think you misinterpreted the OP. (The title is a little misleading.) I understand what you mean but I think I got what he meant. My thought was if the total returns can be so different surely Europe isn't always following US. And yes I agree with your point that there usually seems to be a ...
by YRT70
Mon Sep 07, 2020 11:15 am
Forum: Investing - Theory, News & General
Topic: Why are european markets always trailing US markets?
Replies: 18
Views: 1607

Re: Why are european markets always trailing US markets?

YRT70 I think you misinterpreted the OP. (The title is a little misleading.) I understand what you mean but I think I got what he meant. My thought was if the total returns can be so different surely Europe isn't always following US. And yes I agree with your point that there usually seems to be a ...
by YRT70
Mon Sep 07, 2020 7:06 am
Forum: Investing - Theory, News & General
Topic: Best ETFs for shorting: IB Stock yield enhancement
Replies: 41
Views: 2637

Re: Best ETFs for shorting: IB Stock yield enhancement

Is there any way to zero in on the net for that, what the actual results are on a day-to-day basis? If you were to get the FEERATE for the entire year on a position, it could be comparable in magnitude to a good transfer bonus (to my mind a good transfer bonus is $1M getting $2500, whereas $1M at 0...
by YRT70
Mon Sep 07, 2020 6:24 am
Forum: Investing - Theory, News & General
Topic: Best ETFs for shorting: IB Stock yield enhancement
Replies: 41
Views: 2637

Re: Best ETFs for shorting: IB Stock yield enhancement

Is there any way to zero in on the net for that, what the actual results are on a day-to-day basis? If you were to get the FEERATE for the entire year on a position, it could be comparable in magnitude to a good transfer bonus (to my mind a good transfer bonus is $1M getting $2500, whereas $1M at 0...
by YRT70
Sun Sep 06, 2020 6:44 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

Ben Mathew wrote: Sat Sep 05, 2020 10:27 pm I agree with what you wrote. And that's precisely what raises the question: among the factor-enthusiasts who have decided that factors are real and they should tilt, why is the vast majority tilting towards small value?
I suspect because of the historic data.
by YRT70
Sun Sep 06, 2020 4:27 am
Forum: Investing - Theory, News & General
Topic: SoftBank partially responsible for tech stock rally in recent weeks?
Replies: 52
Views: 6228

Re: SoftBank partially responsible for tech stock rally in recent weeks?

Did Thursday's NASDAQ drop start exactly when this article was published? Or how close was it?
by YRT70
Sun Sep 06, 2020 1:56 am
Forum: Investing - Theory, News & General
Topic: P2P Lending (Reaching for Yields)
Replies: 35
Views: 2404

Re: P2P Lending (Reaching for Yields)

Junk bonds have a yield of ~3.9% with a similar term duration of LC loans. So, LC loans are the equivalence of junk bonds?! Yes this is true for the loans I invest in on Mintos too. I could get similar returns by directly investing in bonds from the loan originators that offer the loans on Mintos. ...
by YRT70
Sat Sep 05, 2020 7:39 am
Forum: Investing - Theory, News & General
Topic: Did bonds really beat stocks over the last 20 years?
Replies: 34
Views: 3711

Re: Did bonds really beat stocks over the last 20 years?

For what it's worth, long term treasury did beat TSM over 20 years. https://www.portfoliovisualizer.com/backtest-asset-class-allocation?s=y&mode=1&timePeriod=4&startYear=2000&firstMonth=1&endYear=2020&lastMonth=12&calendarAligned=true&includeYTD=false&initialAmount=10000&annualOperation=0&annualAdju...
by YRT70
Sat Sep 05, 2020 12:38 am
Forum: Investing - Theory, News & General
Topic: P2P Lending (Reaching for Yields)
Replies: 35
Views: 2404

Re: P2P Lending (Reaching for Yields)

at wrote: Fri Sep 04, 2020 8:13 pm
I've already said, I'm not allowed to invest in Lending Club. The P2P lender I participate in does not have platform risks.
Which one?

I've got 2% of my portfolio invested in Mintos.com. My average return is 11%.
by YRT70
Fri Sep 04, 2020 1:27 pm
Forum: Investing - Theory, News & General
Topic: How to evaluate a SCV fund implementation: AVDV vs DLS? [Avantis vs. WisdomTree]
Replies: 2
Views: 200

Re: How to evaluate a SCV fund implementation: AVDV vs DLS? [Avantis vs. WisdomTree]

There's been some discussion about DLS vs. AVDV in the main Small Cap Value thread.
by YRT70
Fri Sep 04, 2020 11:48 am
Forum: Investing - Theory, News & General
Topic: Looking for great interviews, podcasts, blogs
Replies: 14
Views: 1086

Re: Looking for great interviews, podcasts, blogs

Jim O is extremely science based and rational (I love listening to him discuss the policy reaction to the current global turmoil) but Corey's Flirting With Models is probably the most consistent science based discussion on pure investing strategies (Jim O talks about more loosely related topics lik...
by YRT70
Fri Sep 04, 2020 11:36 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

August 2001 to Dec 2009 -annualized returns: [post 1999 'bubble'] +7.4% = IJS (iShares S&P Small Cap 600 Value) -0.8% = IVV (iShares S&P500) Jan 2010 to Aug 2020 - annualized returns +9.4% = IJS (iShares S&P Small Cap 600 Value) 13.6% = IVV (iShares S&P500) This was very interesting. SCV performanc...
by YRT70
Fri Sep 04, 2020 9:53 am
Forum: Investing - Theory, News & General
Topic: Looking for great interviews, podcasts, blogs
Replies: 14
Views: 1086

Re: Looking for great interviews, podcasts, blogs

I like the Rational Reminder podcast with Ben Felix. He has done interviews with William Bernstein, Ken French, Eugene Fama, Michael Kitces and many others. Well worth the listen in my opinion. Rational Reminder is one of my favorites. Here are a few others: Flirting with Models gives a deeper dive...
by YRT70
Fri Sep 04, 2020 9:42 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

That ^ looked good, but it's looking worse by the minute. Close to yesterday.
by YRT70
Fri Sep 04, 2020 6:24 am
Forum: Investing - Theory, News & General
Topic: Safe withdrawal rate for someone retiring at 35? Would real estate help or hurt?
Replies: 59
Views: 7473

Re: Safe withdrawal rate for someone retiring at 35? Would real estate help or hurt?

Thank you. This is an incredibly helpful post. The period of negative real yields gives me a bit of confidence, and ERN’s real estate analysis is fantastic. ERN had a new post up that reminded me of this thread. Perhaps it's interesting. I talked to Taylor at Passive Wealth Strategies for Busy Prof...
by YRT70
Thu Sep 03, 2020 7:13 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

nzahir wrote: Thu Sep 03, 2020 2:10 am Good links for why some of you guys like small value over small blend?
Ben Felix explains it well imo: https://youtube.com/watch?v=uErHwq4M6pg

I also enjoyed this article: https://www.whitecoatinvestor.com/small ... -strategy/
by YRT70
Thu Sep 03, 2020 6:58 am
Forum: Investing - Theory, News & General
Topic: Chase performance all you want.. it doesn't need to matter
Replies: 111
Views: 8174

Re: Chase performance all you want.. it doesn't need to matter

Decades of research and you decide to post as your representative an article that argues against your position? As I said, the evidence is voluminous and readily searchable. Some highlights: https://www.vanguard.com/pdf/ISGQFP.pdf https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2168768 http://w...
by YRT70
Sun Aug 30, 2020 6:14 am
Forum: Non-US Investing
Topic: Long term currency risk
Replies: 13
Views: 1074

Re: Long term currency risk

If we are talking strictly long term (i.e. ignoring all the speculative froth), the theoeretical (and market actual) answer is based on relative long term interest rates between the two currencies. A currency with a higher interest rate set by that government will, all else being equal, have a curr...
by YRT70
Sun Aug 30, 2020 5:34 am
Forum: Non-US Investing
Topic: Long term currency risk
Replies: 13
Views: 1074

Re: Long term currency risk

If we are talking strictly long term (i.e. ignoring all the speculative froth), the theoeretical (and market actual) answer is based on relative long term interest rates between the two currencies. A currency with a higher interest rate set by that government will, all else being equal, have a curr...
by YRT70
Sun Aug 30, 2020 2:32 am
Forum: Non-US Investing
Topic: Long term currency risk
Replies: 13
Views: 1074

Re: Long term currency risk

If we are talking strictly long term (i.e. ignoring all the speculative froth), the theoeretical (and market actual) answer is based on relative long term interest rates between the two currencies. A currency with a higher interest rate set by that government will, all else being equal, have a curr...
by YRT70
Fri Aug 28, 2020 7:14 am
Forum: Investing - Theory, News & General
Topic: If International, what specifically?
Replies: 88
Views: 7228

Re: If International, what specifically?

I've been wanting to add international small-cap value but I can't find any decent fund to do this. Good luck. I've been looking for years and there all medium/large-cap masquerading as small-cap except for the DFA funds. DFA International Small Cap Value I DISVX would be the one I'd take if I coul...
by YRT70
Thu Aug 27, 2020 8:39 am
Forum: Investing - Theory, News & General
Topic: Small Cap Value heads Rejoice !!!
Replies: 3108
Views: 227281

Re: Small Cap Value heads Rejoice !!!

In January, 1997 Bernstein developed the Academic Cowards Portfolio - http://www.efficientfrontier.com/ef/197/cowar197.htm 25% DFA US Large Cap Value 25% DFA US Small Cap Value 25% DFA Int'l Value 25% DFA Int'l Small Cap Value 1997-2019 performance: https://www.portfoliovisualizer.com/backtest-port...