I have not. Easy enough to check the fund info page in December. It's probably just a typo.SpideyIndexer wrote: ↑Mon Sep 28, 2020 7:13 pm Yes ditto. Have you bugged Fidelity for an explanation of the 25/25 index?
Search found 273 matches
- Mon Sep 28, 2020 7:14 pm
- Forum: Personal Investments
- Topic: Fidelity REITs
- Replies: 21
- Views: 6741
Re: Fidelity REITs
- Mon Sep 28, 2020 1:07 pm
- Forum: Personal Investments
- Topic: Fidelity REITs
- Replies: 21
- Views: 6741
Re: Fidelity REITs
Zonto: The index used by FSRNX (Dow Jones US Select Real Estate Index) did not previously include net lease REITs (such as Realty Income, WP Carey, National Retail Property, and others), nor did it include specialized REITs that owned things like cell towers (such as American Tower and Crown Castle). These sectors have done well over the last few years, and thus I suspect without them the Dow Jones US Select Real Estate Index did not perform well versus an index that did have them. So, it was index construction issue that caused the variance in performance not the fund itself. Now, a couple months ago the Dow Jones US Select Real Estate Index (that FSRNX follows) added net lease REITs. Which I think is a positive addition. However, Dow Jon...
- Mon Aug 10, 2020 1:58 pm
- Forum: Investing - Theory, News & General
- Topic: Why not Vanguard U.S. Growth Fund?
- Replies: 41
- Views: 8391
Re: Why not Vanguard U.S. Growth Fund?
I think the most important reasons are (1) the fact that the total U.S. market is already tech-heavy enough and (2) growth has outperformed value for the vast majority of the last 13 years, leaving value with much more attractive valuations than the historical averages.
(source)
(source)
- Sun Aug 09, 2020 9:32 am
- Forum: Investing - Theory, News & General
- Topic: How Can I Reduce Total Market's (VTI) Tech of 25%
- Replies: 42
- Views: 4506
Re: How Can I Reduce Total Market's (VTI) Tech of 25%
Similar rationale here. Though I don’t work in the tech sector, I work almost exclusively as a service provider to it, so makes sense to reduce my exposure as well. Recall too that lots of commercial real estate is privately held; another reason for a REIT tilt.
50% of equities in international equities also helps.
- Sat Jul 11, 2020 1:17 pm
- Forum: Investing - Theory, News & General
- Topic: Are you adjusting your REIT Allocation?
- Replies: 69
- Views: 8940
Re: Are you adjusting your REIT Allocation?
I find it interesting that these kinds of threads are never started when the tilt is outperforming the broader market, and that people often seem to eliminate their tilts to “simplify” during periods of underperformance. Happens most frequently with international, small cap value, value generally, TIPS, and REITs. If the rationale for the tilt was sound before, it is sound now. Stick to the plan. That said, to respond to your original question directly: I increased my global REIT and real estate allocation from 14% to 20% on April 24. On the same date, I increased my SCV allocation from 7% to 10%. Why? Those asset classes have been hammered this year so I wanted to purchase more shares. Shares of my highly appreciated long term Treasury and...
- Thu Jun 18, 2020 5:50 pm
- Forum: Investing - Theory, News & General
- Topic: What is the historical return of US Stocks & Int’l Stocks?
- Replies: 4
- Views: 798
Re: What is the historical return of US Stocks & Int’l Stocks?
See discussion starting on page 19 herein: Global Investment Return Yearbook 2020 - Credit Suisse. (link will prompt a download of a PDF)
Related press release: https://www.credit-suisse.com/about-us- ... 02002.html
Related press release: https://www.credit-suisse.com/about-us- ... 02002.html
- Fri Jun 12, 2020 3:12 pm
- Forum: Investing - Theory, News & General
- Topic: Why have our employers only offered mutual funds (and not stocks / bonds / ETFs)?
- Replies: 34
- Views: 2335
Re: Why have our employers only offered mutual funds (and not stocks / bonds / ETFs)?
My wife's former employer only offers mutual funds within the 401(k), which is to be expected. They use Fidelity as the provider and offer BrokerageLink access. What irks me is that there is also a mutual-fund-only restriction within the BrokerageLink account as well...
My employer also uses Fidelity and offers BrokerageLink access, but has no BrokerageLink restrictions for stocks/ETFs (as it should be, considering that's kind of the point).
My employer also uses Fidelity and offers BrokerageLink access, but has no BrokerageLink restrictions for stocks/ETFs (as it should be, considering that's kind of the point).
- Fri Jun 05, 2020 2:37 pm
- Forum: Investing - Theory, News & General
- Topic: Long Term Treasury (VGLT) vs. Ext Duration Treasury (EDV)
- Replies: 38
- Views: 5750
Re: Long Term Treasury (VGLT) vs. Ext Duration Treasury (EDV)
Running out of space in my tax-deferred accounts, so will need to add bonds back to a taxable account soon. In a taxable account, are there any special considerations for holding EDV that one would not need to consider for holding VGLT?
Distribution pages: It looks like EDV makes distributions quarterly vs. monthly for VGLT. EDV also had short-term and long-term capital gains last year, whereas VGLT had none.
Distribution pages: It looks like EDV makes distributions quarterly vs. monthly for VGLT. EDV also had short-term and long-term capital gains last year, whereas VGLT had none.
- Fri Jun 05, 2020 2:20 pm
- Forum: Personal Investments
- Topic: Deciding Between Treasuries and Munis in Taxable
- Replies: 16
- Views: 3844
Re: Deciding Between Treasuries and Munis in Taxable
@Noobvestor, what did you decide to do here?
Found this thread in a search today as I'm quickly running out of tax-sheltered space so will need to add bonds to taxable soon.
Found this thread in a search today as I'm quickly running out of tax-sheltered space so will need to add bonds to taxable soon.
- Thu Jun 04, 2020 7:31 pm
- Forum: Investing - Theory, News & General
- Topic: Small Cap Value heads Rejoice !!!
- Replies: 5577
- Views: 623833
Re: Edit needed
Please see: viewtopic.php?f=10&t=282533&p=5119358&h ... l#p5119358Taylor Larimore wrote: ↑Thu Jun 04, 2020 6:24 pm Valuables:
Please edit your post : "Of course you are joyful ..." I did not make that quote you attributed to me.
Thank you and best wishes.
TaylorJack Bogle's Words of Wisdom:"Avoid funds at the top of the performance deck with hot recent records."
- Thu Jun 04, 2020 5:57 pm
- Forum: Investing - Theory, News & General
- Topic: Small Cap Value heads Rejoice !!!
- Replies: 5577
- Views: 623833
Re: Small Cap Value heads Rejoice !!!
I think it's pretty easy to see the hypocrisy if one replaces "SCV" in the post in question with various other investments:
One should not be chided on the forum for expressing an observation about one-day diversification benefits simply because the fund down that day happens to comprise 100% of many members' equity allocations and they may take offense.It's neat to see SCV [international equities / long-term Treasuries / gold] up 2% while the S&P is negative.
- Tue Jun 02, 2020 3:11 pm
- Forum: Investing - Theory, News & General
- Topic: Why Dollar Cost Averaging (DCA) is a mental accounting bias and should never be used [vs. lump sum]
- Replies: 765
- Views: 50400
Re: Why Dollar Cost Averaging (DCA) is a mental accounting bias and should never be used
I agree. If one cannot lump sum any non-life-changing amount into their existing asset allocation, it means their portfolio is not diversified and/or conservative enough.
- Tue Jun 02, 2020 2:21 pm
- Forum: Investing - Theory, News & General
- Topic: Disconnect between market and economy
- Replies: 12
- Views: 1666
Re: Disconnect between market and economy
The final paragraph reads:
Sound advice. Similar to @Portfolio7, I completed my quarterly rebalance at the end of April and am staying the course.Our advice to investors trying to navigate these uncertain waters has been consistent this year: rely on tried-and-true disciplines like diversification (across and within asset classes) and regular rebalancing (trimming into strength and adding into weakness). Keys to long-term investment success do not rely on the precise timing of market tops and bottoms. Investing is—and always has been—a process over time. It should never be about moments in time.
- Tue May 19, 2020 5:06 pm
- Forum: Investing - Theory, News & General
- Topic: Why no love for REITs?
- Replies: 265
- Views: 46469
Re: Why no love for REITs?
I'm very on the fence about them. I like the idea that REITs might have relatively low correlations to the general stock market, and I like that they should provide inflation protection. However, I have read that REITs don't provide anything that can't be explained by the Fama-French equity model plus term and credit risk. Any time I've tried this, the R^2 is around 0.7. Not sure if that's normal for a sector, if I'm doing it wrong, or if REITs genuinely have special qualities. i see that study referenced from time to time in discussions with REIT and i can't help but dismiss it. let's look at the past, pick this type of stock, pick that type of bond, move the slider for AA and behold, we've found something that matches the risk/return of ...
- Tue May 19, 2020 4:09 pm
- Forum: Investing - Theory, News & General
- Topic: BDREX - broadstone real estate access fund
- Replies: 7
- Views: 776
Re: BDREX - blackstone real estate access fund
Minimum for I shares is $1M, so we're talking about W shares with a minimum of $2,500 for most investors. From their fact sheet : Class W includes a shareholder servicing fee of .25%. Class I gross expenses are 4.23% and net expenses after fee waiver and reimbursement are 2.71%, Class W gross expenses are 4.48% and net expenses after fee waiver and reimbursement are 2.96%*. The Fund’s investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until September 25, 2020, to ensure that the net annual fund operating expenses will not exceed 1.99% for Class W and 1.74% for Class I, subject to possible recoupment from the Fund in future years. Please review the Fund’s prospectus for more detail on ...
- Tue May 19, 2020 1:05 pm
- Forum: Investing - Theory, News & General
- Topic: Why no love for REITs?
- Replies: 265
- Views: 46469
Re: Why no love for REITs?
Further to my post above re: April rent collections, I saw this CNBC article re: May rent collection today: Most real estate investment trusts are still getting their rent, except in the retail sector.
- Fri May 15, 2020 5:54 pm
- Forum: Personal Investments
- Topic: Why international?
- Replies: 636
- Views: 56251
Re: Why international?
. . . So, this study just confirmed my point - US has soundly beaten the other parts of the world for 117 years straight. See page 11: https://www.credit-suisse.com/media/assets/corporate/docs/about-us/media/media-release/2018/02/giry-summary-2018.pdf Making it a bit easier for folks to look at the primary source vs. your interpretation: "Figure 5 shows that the USA performed well, ranking third for equity performance (6.5% per year) and sixth for bonds (2.0% per year). This confirms our earlier conjecture, namely, that US returns would be high since the US economy has been such an obvious success story, and that it was unwise for investors around the world to base their future projections solely on historical US evidence. However, Fi...
- Fri May 15, 2020 10:52 am
- Forum: Investing - Theory, News & General
- Topic: What's the point of TLH when you already have booked losses?
- Replies: 35
- Views: 2574
Re: What's the point of TLH when you already have booked losses?
What's the point of not harvesting more losses? Only one I can think of is wanting to leave assets to your heirs with a higher basis.
Otherwise, might as well harvest to offset future gains as others have stated. Could be a boon decades from now when withdrawing from the portfolio or wanting to rebalance.
Otherwise, might as well harvest to offset future gains as others have stated. Could be a boon decades from now when withdrawing from the portfolio or wanting to rebalance.
- Thu May 14, 2020 7:34 pm
- Forum: Investing - Theory, News & General
- Topic: Why no love for REITs?
- Replies: 265
- Views: 46469
Re: Why no love for REITs?
Updated April 2020 rent collection article on REIT.com: https://www.reit.com/news/blog/market-commentary/updated-reit-industry-april-rent-collections. Commentary, in relevant part: In the retail sector, there are three sub sectors, shopping centers, regional malls, and free standing. The sample was not representative for regional malls so those results are not presented. The free standing subsector collected an estimated 70% of typical rents collected in April, a relatively strong performance for the retail sector. Many free-standing tenants are essential services like grocery stores, drug stores, or banks which are a stabilizing influence for the subsector. Shopping centers collected an estimated 47% of typical rents collected, on the high...
- Thu May 14, 2020 7:07 pm
- Forum: Personal Investments
- Topic: Why international?
- Replies: 636
- Views: 56251
Re: Why international?
Check the identical tobacco companies performance in the US and non-US. Same industry, same product, same everything. US side beats non-US soundly even with the product volume decreasing. This is not to argue about individual stock investments, but rather as a case study with the same input variables, except for the US/non-US variable. 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&annualAdjustment=0&inflationAdjusted=true&annualPercentage=0.0&frequency=4&rebalanceType=1&absoluteDeviation=5.0&relativeDeviation=25.0&showY...
- Thu May 14, 2020 1:58 pm
- Forum: Personal Investments
- Topic: Why international?
- Replies: 636
- Views: 56251
Re: Why international?
Agreed. I finally remembered where I saw this data recently: The Long-Term in International Stocks (A Wealth of Common Sense blog)
- Wed May 13, 2020 11:46 am
- Forum: Personal Investments
- Topic: Why international?
- Replies: 636
- Views: 56251
Re: Why international?
Depends what your home country is. When it's my country, the USA, and its stock and bond markets, it's not foolish at all. Diversification as a religion might be the foolish thing, if returns are more important in the end. . . . I'm a Boglehead in terms that I've had a solid base in the Vanguard S&P 500 and the bond fund, but I also find it important not to pass on long term investing in single stocks if you see that the future is bright (I've owned AAPL and GOOG for a long time, and the returns have dwarfed what I've made with the S&P and bond fund). Even if it means I've "double-invested" in a stock due to being in an index fund that holds them. This argument is internally inconsistent. It reads as: "Diversificatio...
- Tue May 12, 2020 3:56 pm
- Forum: Personal Investments
- Topic: Why international?
- Replies: 636
- Views: 56251
Re: Why international?
As of the COB May 11, 2020, VG Total International Admiral is down 18.19% YTD. Vanguard S&P500 Admiral is down 8.68% YTD, Total Stock Market Admiral is down 9.49%. Since inception of VTIAX on 11/29/2010 it has returned a total of 31.22% wherein $10K became $13,122.19, in that same time period . Since that same date The Total Stock Market Fund (VTSAX) has had a total return of 190.61% wherein $10K became $19,060.83 and the S&P 500 (VFIAX) returned 201.07% and a $10K investment became $20,106.69. Let's say it wasn't a $10K investment.. let's say you retired 11/29/2010 with a $1M portfolio split in typical 60/40 equity fixed income fashion and again 60/40 US International. The 40% ($240K) you had in Total International became 314,928....
- Tue May 12, 2020 7:50 am
- Forum: Investing - Theory, News & General
- Topic: Why no love for REITs?
- Replies: 265
- Views: 46469
Re: Why no love for REITs?
- Tue May 12, 2020 7:40 am
- Forum: Investing - Theory, News & General
- Topic: Why no love for REITs?
- Replies: 265
- Views: 46469
Re: Why no love for REITs?
I have also maintained an allocation to REITs over the years. Used to be 10% of equities (7% of portfolio in each of VNQ (or similar Fidelity options) and VNQI. I upped this at the end of April to 10% of portfolio in each. A few of my favorite resources on REITs: Heitman: Why REITs? – Five Reasons to Invest in Real Estate Through Public Markets Fidelity white paper: REIT Stocks: An Underutilized Portfolio Diversifier Greenstreet Advisors: Average Premium to NAV (updated monthly) One response to the below: for those with > 10% allocation towards REITs, has recent events changed your perspective or not? whether you're staying the course or not, why/why not? I have roughly 12% of my portfolio in REITs split between domestic (USRT) and internat...
- Tue May 12, 2020 7:24 am
- Forum: Investing - Theory, News & General
- Topic: Small Cap Value heads Rejoice !!!
- Replies: 5577
- Views: 623833
Re: "Fool me once your fault. Fool me twice my fault."
Ironically he has abandoned international equities. Another example of the “Bogleheads conundrum” with regard to tilting away from global market cap under the guise of simplicity (e.g., home and recency bias).
- Sat May 09, 2020 5:26 am
- Forum: Investing - Theory, News & General
- Topic: A bond rule of thumb better than "age in bonds"
- Replies: 212
- Views: 26865
Re: A bond rule of thumb better than "age in bonds"
All due respect, but no it doesn’t. It has absolutely nothing to do with that. Yet you’ve chosen to continue in this thread your crusade on this topic from an unrelated thread. Please give it a rest.Noobvestor wrote: ↑Sat May 09, 2020 4:21 am It also seems to be largely (if indirectly) in service of another, deeper, much-discussed conviction about long bonds - a first step in getting people used to that idea.
- Fri May 08, 2020 11:22 am
- Forum: Investing - Theory, News & General
- Topic: 2007 to 2020: The changing advice of "A Random Walk Down Wall Street"
- Replies: 82
- Views: 19413
Re: The changing advice of "A Random Walk Down Wall Street" - 2007 to 2020
As another data point, in the 2012 version (page 378) Malkiel lists the following portfolio for "Age: Mid-Fifties" (which I assume corresponds to those in the original post):
- 55% stocks (one-half in U.S. stocks with good representation of smaller growth companies; one-half in international stocks, including emerging markets)
- 12.5% real estate (REITs)
- 27.5% bonds (zero-coupon Treasury bonds, no-load high-grade bond fund, some Treasury inflation protection securities; if bonds are to be held outside of tax-favored retirement plans, tax-exempt bonds should be used)
- 5% cash (money market fund or short-term bond fund (average maturity 1 to 1.5 years)
- Wed May 06, 2020 3:43 pm
- Forum: Investing - Theory, News & General
- Topic: Treasurys increases longer-date debt auctions, unveils 20-year bond
- Replies: 11
- Views: 1158
- Sun May 03, 2020 7:14 pm
- Forum: Investing - Theory, News & General
- Topic: VSS really small cap value?
- Replies: 19
- Views: 2905
Re: VSS really small cap value?
I’m intrigued by this, but can’t commit until we get a sense for its tax efficiency. No room for anything but bonds and REITs in tax advantaged accounts anymore.
- Wed Apr 29, 2020 7:23 pm
- Forum: Investing - Theory, News & General
- Topic: Does the market have a mind of its own?
- Replies: 6
- Views: 451
Re: Does the market have a mind of its own?
I'd recommend watching this YouTube video: The Stock Market vs. The Economy.
- Wed Apr 29, 2020 11:16 am
- Forum: Investing - Theory, News & General
- Topic: First 20% of bonds in long-term Treasuries
- Replies: 2259
- Views: 269297
Re: First 20% of bonds in long-term Treasuries
Ok... that's a nice story. What will you do when interest rates goes up to 10%? Look, 10 years ago I wanted to go LTT, but couldn't because interest rates were so low (thinking they would go up). And now they are even lower. . . . My honest answer, is I don't know. Back in 2008, I thought interest rates wouldn't go lower and so I held off buying LTT. Now in 2020, it's even lower. So does that further my resolve not to buy LTT? Maybe in 2040 we'll hit negative interest rates?! Thanks(?). You say you couldn't purchase LTT 10 years ago. What you really mean is that you didn't because you were trying to market time by predicting rates, instead of purchasing bonds based on your investment horizon as this thread has been encouraging folks to do....
- Tue Apr 28, 2020 5:56 pm
- Forum: Investing - Theory, News & General
- Topic: First 20% of bonds in long-term Treasuries
- Replies: 2259
- Views: 269297
Re: First 20% of bonds in long-term Treasuries
If we had all only added LTT when the OP first started this thread in August 2019... :shock: Vineviz had posted about long-term Treasurys in other threads before that time as well. See one example here: De-Risking and Diversification aren't the same thing . As luck would have it, I allow myself to make structural changes to my portfolio every January and July, and after months of research last July I made the move from total bond market indices (US and int'l, per Vanguard recommendation) to long-term Treasurys. Though the bond market liquidity issues last month were frustrating (and affected the entire bond market, not just long-term Treasurys), the ballast my bond allocation has provided over this past year has been incredible. There's be...
- Tue Apr 28, 2020 2:49 pm
- Forum: Investing - Theory, News & General
- Topic: International REIT
- Replies: 84
- Views: 18323
Re: International REIT
I think it's important to note that much of the difference between the two is likely due to the fact that REET holds only REITs (meaning the actual legal structure), whereas SFREX (and VNQI for that matter) track indices that include real estate operating companies and other real estate companies. The latter give broader exposure to ex-US real estate markets because many countries, including China, have not (yet?) adopted a legal structure akin to U.S. REITs (source).
- Tue Apr 28, 2020 8:21 am
- Forum: Personal Investments
- Topic: considering pausing my global REIT allocation
- Replies: 18
- Views: 1063
Re: considering pausing my global REIT allocation
Looks like it. See page 2: https://www.msci.com/documents/10199/ef ... 19e8f517a3. I think it’s important to not read too much into this, as many countries simply have not adopted a legal structure akin to a U.S. REIT. More info here: https://www.reit.com/investing/global-r ... investment.
- Tue Apr 28, 2020 8:09 am
- Forum: Personal Investments
- Topic: considering pausing my global REIT allocation
- Replies: 18
- Views: 1063
- Tue Apr 28, 2020 4:03 am
- Forum: Investing - Theory, News & General
- Topic: Any other investors with 70/30 portfolio?
- Replies: 130
- Views: 28231
Re: Any other investors with 70/30 portfolio?
Another 70/30 investor checking in. 34 years old, with a high savings rate. Equities: 15% S&P500 index (VFIAX) 10% U.S. small cap value index (VIOV) 10% U.S. REIT / real estate index (VGSLX/FREL/FSRNX) 25% total international index (VFWAX/FZILX) 10% international REIT / real estate index (VNQI) Fixed income: 30% long term U.S. Treasurys (EDV/FNBGX) Above does not include emergency / down payment fund. Had rebalanced back to portfolio targets at the end of January this year. As of last week, allocation was sitting at 59/41, so completed my quarterly rebalance. Used this as an opportunity to slightly increase SCV and REIT allocations to what you see above (were each 7% of portfolio before). Have been grateful for the ballast the bonds hav...
- Tue Apr 28, 2020 2:34 am
- Forum: Personal Investments
- Topic: considering pausing my global REIT allocation
- Replies: 18
- Views: 1063
Re: considering pausing my global REIT allocation
International REITs have outperformed (on average) the broader international stock market since inception of VNQI. I wouldn’t say that’s horrible. Most of the “underperformance” of international funds has simply been due to the strength of the USD over the past decade.
And while VNQI holds a number of REOCs and other non-REIT issues, that’s also been true for VNQ and other U.S. “REIT” funds for many years.
- Sun Apr 26, 2020 1:27 pm
- Forum: Personal Investments
- Topic: considering pausing my global REIT allocation
- Replies: 18
- Views: 1063
Re: considering pausing my global REIT allocation
It's absolutely certain that REITs are in trouble. That’s not true for diversified REIT investors, at least right now. See: https://www.reit.com/news/blog/market-commentary/nareit-member-survey-results-covid-19-and-april-rent-collections [T]he valuation argument was nothing as compelling as it was in 2000 when REITs were trading at 20%+ discounts to NAVs and from memory 6-8% yields. At last update, Greenstreet estimates were that REITs were trading at a discount to NAV of nearly 22%. See: https://www.greenstreetadvisors.com/insights/avgpremnav. Yahoo! and Morningstar list the TTM yields of VGSLX (tracks an MSCI index) at 4.54%; FSRNX (Fidelity’s REIT index, tracks a Dow Jones index) of 4.31%; and VGRLX (international REIT and real estate i...
- Sun Apr 26, 2020 12:55 pm
- Forum: Investing - Theory, News & General
- Topic: Worried about the future of REITs
- Replies: 71
- Views: 9047
Re: Worried about the future of REITs
Agreed. Recency bias has been strong on the forums recently.
If you’ve made the decision to tilt to REITs and/or SCV, then rebalancing when they are 30%+ from peak values seems like a no brainer. Or you could sell REITs low, buy a total market index (i.e., big tech) high, and then consider getting into REITs again some time later, likely right after they’ve outperformed again.
If you’ve made the decision to tilt to REITs and/or SCV, then rebalancing when they are 30%+ from peak values seems like a no brainer. Or you could sell REITs low, buy a total market index (i.e., big tech) high, and then consider getting into REITs again some time later, likely right after they’ve outperformed again.
- Fri Apr 24, 2020 11:08 am
- Forum: Investing - Theory, News & General
- Topic: Your Favorite Vanguard Fund
- Replies: 93
- Views: 16247
Re: Your Favorite Vanguard Fund
Vanguard Extended Duration Treasury ETF (EDV). :twisted: This fund, though extremely volatile, has kept me sane and my equity-heavy, young-accumulator portfolio afloat during the market craziness this year. Its runup over the last year, coupled with the recent market tumble, turned my 70/30 portfolio to a 59/41 portfolio. With my quarterly rebalance and tax loss harvest extravaganza completed (as of this morning!), I was able to sell a chunk of those appreciate long-term Treasury shares to buy shares of VIOV (Vanguard S&P Small Cap 600 Value Index ETF) and US and international REIT / real estate index funds at great discounts. If I had to pick just ONE Vanguard fund to hold forever though, it would probably be LifeStrategy Moderate Grow...
- Fri Apr 24, 2020 9:35 am
- Forum: Investing - Theory, News & General
- Topic: whos' just about had it w/ SCV ?
- Replies: 277
- Views: 24188
Re: whos' just about had it w/ SCV ?
I just went through this analysis after tax loss harvesting VTMSX (Vanguard Tax Managed Balanced). Decided to “bite the bullet” and just sell the mutual fund shares and buy shares of VIOV the next morning. Just processed that transaction. I was not enthused about any other tax loss harvest mutual fund partner, except VSMVX.
- Wed Apr 22, 2020 3:24 am
- Forum: Personal Investments
- Topic: Fidelity REITs
- Replies: 21
- Views: 6741
Re: Fidelity REITs
For some reason over the last couple years the Dow Jones index that FSRNX tracks has been underperforming the MSCI index that VNQ/VGSLX and FREL track. It’s not clear to me why, as neither index is a pure REIT index and both include REOCs.
Any ideas?
Edit: In case anyone reads this post later, the above performance is not limited to FSRNX but appears to be a Dow Jones index construction point as compared to the MSCI indices. FSRNX performance has tracked the performance of the Schwab US REIT ETF (SCHH) nearly identically, which follows a similar index.
Any ideas?
Edit: In case anyone reads this post later, the above performance is not limited to FSRNX but appears to be a Dow Jones index construction point as compared to the MSCI indices. FSRNX performance has tracked the performance of the Schwab US REIT ETF (SCHH) nearly identically, which follows a similar index.
- Tue Apr 07, 2020 8:02 am
- Forum: Investing - Theory, News & General
- Topic: Small Cap Value heads Rejoice !!!
- Replies: 5577
- Views: 623833
Re: Small Cap Value heads Rejoice !!!
Here you go:
- Wed Mar 25, 2020 7:51 am
- Forum: Investing - Theory, News & General
- Topic: Vanguard Municipal Money Market VMSXX [0.03%]
- Replies: 651
- Views: 124001
Re: Vanguard Municipal Money Market VMSXX 1.39%
Seems too good to be true. What are the risks here?
- Sat Mar 21, 2020 6:11 pm
- Forum: Investing - Theory, News & General
- Topic: When is it time to do something? - Morgan Housel
- Replies: 2
- Views: 479
Re: When is it time to do something? - Morgan Housel
So what are you doing?
- Fri Mar 20, 2020 2:31 pm
- Forum: Investing - Theory, News & General
- Topic: TIPS
- Replies: 271
- Views: 24000
- Thu Mar 19, 2020 4:28 pm
- Forum: Investing - Theory, News & General
- Topic: First 20% of bonds in long-term Treasuries
- Replies: 2259
- Views: 269297
Re: First 20% of bonds in long-term Treasuries
I am wondering whether this might be a good moment for me to adopt this strategy in my equity-heavy (75/25) portfolio. Currently, I hold VGIT (intermediate Treasuries) for my bonds. It has performed well, but it has not moved opposite stocks the way long-term Treasuries did for the first several days of this crisis. Then again, it has not gotten crushed the way long Treasuries have lately. Any thoughts, vineviz? Does your analysis still apply? First, let me say that I generally advise against making any significant changes in portfolio design during periods of abnormal market volatility. But, yes, if your investment horizon is in the 15+ year timeframe I think the analysis I presented earlier applies just as much now as ever. If my bond al...
- Fri Mar 13, 2020 12:54 pm
- Forum: Investing - Theory, News & General
- Topic: First 20% of bonds in long-term Treasuries
- Replies: 2259
- Views: 269297
Re: First 20% of bonds in long-term Treasuries
It definitely happens with Vanguard’s Treasury ETFs, especially long term Treasury funds this week. EDV and VGLT are (were?) trading at pretty significant discounts to NAV.
Holding tight here for now, but plan to soon rebalance back into stocks. Wish I would have sold Monday afternoon.
Holding tight here for now, but plan to soon rebalance back into stocks. Wish I would have sold Monday afternoon.
- Fri Mar 13, 2020 5:47 am
- Forum: Investing - Theory, News & General
- Topic: [Bond ETFs Face Toughest Liquidity Test Yet 3/12/20]
- Replies: 42
- Views: 3680
Re: [Bond ETFs Face Toughest Liquidity Test Yet 3/12/20]
EDV discount to NAV is $2.10. https://investor.vanguard.com/etf/profile/EDV