Search found 8283 matches

by Doc
Mon Apr 30, 2018 3:14 pm
Forum: Investing - Theory, News & General
Topic: 2-year CDs at Vanguard and Fidelity Today
Replies: 320
Views: 42629

Re: 2-year CDs at Vanguard and Fidelity Today

There are a few others that jump out as attractive, looking at my chart, but they are all for small quantities, like 1-3. Dang it Kevin now you've got me looking at these things. At Schwab your Wells Fargo 2.75 shows ($1,000 minimum; $72,090,000 available in $1,000 increments) But when I tried to p...
by Doc
Sun Apr 29, 2018 2:31 pm
Forum: Investing - Theory, News & General
Topic: Yield Curves-Treasury, CD, AA/AAA muni
Replies: 93
Views: 9586

Re: Yield Curves-Treasury, CD, AA/AAA muni

Just a couple of points: Incidentally, the Treasury yields are based on bonds that are close to par, since they use the most recently auctioned Treasuries as much as possible, so the yields are more applicable to par bonds than to zero-coupon bonds. But again, for the type of rough modeling we're do...
by Doc
Sun Apr 29, 2018 9:34 am
Forum: Investing - Theory, News & General
Topic: Yield Curves-Treasury, CD, AA/AAA muni
Replies: 93
Views: 9586

Re: Yield Curves-Treasury, CD, AA/AAA muni

Doc wrote: ↑Sat Apr 28, 2018 5:28 pm And as I have mentioned before if the curve moves against you just hold to maturity. You don't "lose" the original return, you just don't get the "ride" bonus. You do however get a higher coupon until you sell because you took on more term risk. Yeah, but in thi...
by Doc
Sat Apr 28, 2018 5:28 pm
Forum: Investing - Theory, News & General
Topic: Yield Curves-Treasury, CD, AA/AAA muni
Replies: 93
Views: 9586

Re: Yield Curves-Treasury, CD, AA/AAA muni

First a brief clarification. Holding to maturity is not an assumption, I meant assumption as far as the calculation is concerned. ... but here I'll just mention that "riding the yield curve" only works if the yield curve doesn't move against you. And as I have mentioned before if the curve moves ag...
by Doc
Sat Apr 28, 2018 2:12 pm
Forum: Investing - Theory, News & General
Topic: Yield Curves-Treasury, CD, AA/AAA muni
Replies: 93
Views: 9586

Re: Yield Curves-Treasury, CD, AA/AAA muni

The Fidelity feature to download search results into a spreadsheet makes finding the good CD deals much more effective (and enabled me to produce the charts in this thread). I just looked at Schwab and Vanguard. You can just copy and paste the search results into a spreadsheet. (You may have to do ...
by Doc
Sat Apr 28, 2018 12:49 pm
Forum: Investing - Theory, News & General
Topic: "Tax-Adjusted Asset Allocation: Is It Necessary?"
Replies: 51
Views: 2949

Re: "Tax-Adjusted Asset Allocation: Is It Necessary?"

There is a big problem in this whole discussion. The whole reason for picking an asset allocation is to maintain a desired risk in one's portfolio. How much risk each of us want to take is based on our individual need/ability/willingness to take risk. Those are non-quantitative factors that we put i...
by Doc
Sat Apr 28, 2018 11:24 am
Forum: Investing - Theory, News & General
Topic: "Tax-Adjusted Asset Allocation: Is It Necessary?"
Replies: 51
Views: 2949

Re: "Tax-Adjusted Asset Allocation: Is It Necessary?"

The advocates of tax adjusted asset allocation are saying just exactly that you should consider only the risk of your adjusted asset allocation but doing so without telling us how to arrive at an asset allocation at all. Reichenstein does not fall afoul of that miss-step. I think I looked at the Re...
by Doc
Sat Apr 28, 2018 11:07 am
Forum: Investing - Theory, News & General
Topic: Yield Curves-Treasury, CD, AA/AAA muni
Replies: 93
Views: 9586

Re: Yield Curves-Treasury, CD, AA/AAA muni

I updated my yield chart for more recent data. https://s9.postimg.cc/53re6qfm7/Yeild_Curve_-_Capture.gif The fed controls the federal funds rate (FFR), and the FFR doesn't have much bearing on Treasury yields for maturities of more than about 1-month. In other words, even if the FFR is increased per...
by Doc
Sat Apr 28, 2018 10:44 am
Forum: Investing - Theory, News & General
Topic: "Tax-Adjusted Asset Allocation: Is It Necessary?"
Replies: 51
Views: 2949

Re: "Tax-Adjusted Asset Allocation: Is It Necessary?"

I didn't say there is no difference in risk. I said you need to rethink what the risk should be for the virtual portfolio. You can't do this problem without first understanding how to determine what the risk should be. How did you arrive at 50/50 and if you think that is right for actual assets why...
by Doc
Sat Apr 28, 2018 9:34 am
Forum: Investing - Theory, News & General
Topic: "Tax-Adjusted Asset Allocation: Is It Necessary?"
Replies: 51
Views: 2949

Re: "Tax-Adjusted Asset Allocation: Is It Necessary?"

But you didn't establish that the correct asset allocation for the after tax virtual portfolio is still 50/50. It isn't logical that the two asset allocations should be the same. The virtual portfolio should be more aggressive because it is smaller and needs earn more return. If I have $100 in my t...
by Doc
Thu Apr 26, 2018 9:50 am
Forum: Investing - Theory, News & General
Topic: Yield Curves-Treasury, CD, AA/AAA muni
Replies: 93
Views: 9586

Re: Yield Curves-Treasury, CD, AA/AAA muni

Newbie question: Why are CD yields higher than treasuries? Are they considered less safe? Are we assuming those are not FDIC protected? CD's are not as liquid as Treasuries. So if you want or need to sell before maturity it is more difficult and often more expensive to sell the CD. Investors demand...
by Doc
Wed Apr 25, 2018 11:44 am
Forum: Investing - Theory, News & General
Topic: Yield Curves-Treasury, CD, AA/AAA muni
Replies: 93
Views: 9586

Re: Yield Curves-Treasury, CD, AA/AAA muni

So how do the yield curves look relative to this guideline? Yields have changed a bit since I posted the chart in the OP, and you can't really read these numbers off the chart ... For Treasuries here's a chart showing the change in the curve at several times over the last few years: https://s9.post...
by Doc
Wed Apr 25, 2018 10:04 am
Forum: Investing - Theory, News & General
Topic: Yield Curves-Treasury, CD, AA/AAA muni
Replies: 93
Views: 9586

Re: Yield Curves-Treasury, CD, AA/AAA muni

One guideline suggested by Larry Swedroe is to only extend maturity if you earn at least an additional 20 basis points (bps) of yield per extra year of maturity. I finally took the time to search for Larry's recommendation. First, for TAXABLE bonds I have suggested 20bp per year as a good starting ...
by Doc
Tue Apr 24, 2018 4:59 pm
Forum: Investing - Theory, News & General
Topic: Yield Curves-Treasury, CD, AA/AAA muni
Replies: 93
Views: 9586

Re: Yield Curves-Treasury, CD, AA/AAA muni

I think I explained that already. Basically I'm comfortable with the tiny risk of Prime MM in taxable and CA Muni MM in IRA, so that's where my cash in a brokerage account is going to be parked. If I were not comfortable with it, I'd probably use the SEC yield of Treasury MM. I understand that. My ...
by Doc
Tue Apr 24, 2018 12:47 pm
Forum: Investing - Theory, News & General
Topic: Where to find call dates for bonds in Vanguard Bond Funds
Replies: 19
Views: 1070

Re: Where to find call dates for bonds in Vanguard Bond Funds

What are 'On-The-Run Treasuries' On-the-run Treasuries are the most recently issued U.S. Treasury bonds or notes of a particular maturity. "On-the-run" Treasuries are the opposite of "off-the-run" Treasuries, which refer to Treasury securities that have been issued before the most recent issue and ...
by Doc
Tue Apr 24, 2018 12:32 pm
Forum: Investing - Theory, News & General
Topic: 2-year CDs at Vanguard and Fidelity Today
Replies: 320
Views: 42629

Re: 2-year CDs at Vanguard and Fidelity Today

indexfundfan wrote:
Tue Apr 24, 2018 12:05 pm
The 2-yr treasury note just closed at auction with a rate of 2.498%.
I bought the then on the run 2-yr for 2.270% on 4/9/18. :oops:

Twenty bps in two weeks. :annoyed
by Doc
Tue Apr 24, 2018 12:03 pm
Forum: Investing - Theory, News & General
Topic: Where to find call dates for bonds in Vanguard Bond Funds
Replies: 19
Views: 1070

Re: Where to find call dates for bonds in Vanguard Bond Funds

The fact that you can get multiple bid/ask quotes is not exactly on point. You can always get a quote on a Treasury. Most of the trading is done on on-the-run. The bid/ask spreads are larger on the off-the-run. You will probably pay an extra 5 to 10 bps to trade in this space. Or maybe not. It all ...
by Doc
Tue Apr 24, 2018 11:22 am
Forum: Investing - Theory, News & General
Topic: Where to find call dates for bonds in Vanguard Bond Funds
Replies: 19
Views: 1070

Re: Where to find call dates for bonds in Vanguard Bond Funds

triceratop wrote:
Tue Apr 24, 2018 10:13 am
I'll look next into whether funds take advantage of this. Probably in a new topic.
I'm missing something here I think.

Is a US Treasury 1.75% 01/31/2023 on the run?

I can currently get multiple bid/asked for $10 million and even up to $25 million. :?
by Doc
Mon Apr 23, 2018 11:54 am
Forum: Investing - Theory, News & General
Topic: Yield Curves-Treasury, CD, AA/AAA muni
Replies: 93
Views: 9586

Re: Yield Curves-Treasury, CD, AA/AAA muni

For 0-year yield in tax-advantaged accounts, I use Prime money market yield, currently 1.79%. So this is the baseline for Treasury and CD curves, as those are what I'd look at in tax-advantaged. What is the rationale for using a MM yield for 0-year. Why not a 4 wk T-bill or just assume it as cash a...
by Doc
Sun Apr 22, 2018 5:27 pm
Forum: Investing - Theory, News & General
Topic: Why is the SEC yield the one that Vanguard displays?
Replies: 39
Views: 4236

Re: Why is the SEC yield the one that Vanguard displays?

alex_686 wrote: ↑Sun Apr 22, 2018 2:08 pm I chose FFR because it is simple, and the CME is very kind in providing free easy to under graphs, the inputs to construct those graphs, and the white paper of the methodology with the formulas. There are similar tools out there for the 10 year treasury, co...
by Doc
Sun Apr 22, 2018 12:22 pm
Forum: Investing - Theory, News & General
Topic: 2-year CDs at Vanguard and Fidelity Today
Replies: 320
Views: 42629

Re: 2-year CDs at Vanguard and Fidelity Today

You happened to be the first to reply, and your reply was about Treasury yield, considering liquidity, taxation, and ability to hold to maturity. So you turned the thread into a different discussion. Of course I don't mind that, and am always happy to have some dialog about it. Yes I was the first ...
by Doc
Sun Apr 22, 2018 7:42 am
Forum: Investing - Theory, News & General
Topic: when to rebalance?
Replies: 12
Views: 1129

Re: when to rebalance?

I don't know if there is an "optimum" strategy. Probably not. Just pick one of those that has wide support and write it up in your investment strategy statement. What you don't to want to do is get yourself in jimmyq's position of worrying about it when the time comes and therefore fail to do it at ...
by Doc
Sat Apr 21, 2018 7:14 pm
Forum: Investing - Theory, News & General
Topic: 2-year CDs at Vanguard and Fidelity Today
Replies: 320
Views: 42629

Re: 2-year CDs at Vanguard and Fidelity Today

This whole thread is based on assumptions that are not elucidated and are not universally applicable. From Kevin's perspective of a tax advantaged account and holding to maturity I have no disagreement at all with his ideas. But these premises are not universally applicable and the exceptions are no...
by Doc
Sat Apr 21, 2018 5:46 pm
Forum: Investing - Theory, News & General
Topic: 2-year CDs at Vanguard and Fidelity Today
Replies: 320
Views: 42629

Re: 2-year CDs at Vanguard and Fidelity Today

What are the spreads today on a 3 yr CD that was originally issued one year ago? A lot of CDs don't have bid prices listed and for the ones that do, spreads vary a lot. My basic rule of thumb for a 5 year CD would be about 1%. Am I getting this right - 100 bps for a CD vs 3 or 4 bps for a Treasury?
by Doc
Sat Apr 21, 2018 5:42 pm
Forum: Investing - Theory, News & General
Topic: 2-year CDs at Vanguard and Fidelity Today
Replies: 320
Views: 42629

Re: 2-year CDs at Vanguard and Fidelity Today

Kevin, you finally let the cat out of the bag. :D ... how is 25-40 bps more yield without extending maturity at all not a good deal if you plan to hold to maturity ? But what if you don't or can't for some reason. That's when the better Treasury liquidity comes into the thought process. I just bough...
by Doc
Sat Apr 21, 2018 5:31 pm
Forum: Investing - Theory, News & General
Topic: 2-year CDs at Vanguard and Fidelity Today
Replies: 320
Views: 42629

Re: 2-year CDs at Vanguard and Fidelity Today

Sorry, don't understand. Can you elaborate on what you're asking? By "get away from", do you mean extending maturity, so say looking at 2.5 year and 3.5 year instead of 2-year and 3-year? Or do you mean just what yield premiums do you get on secondary market for same maturities? What are the spread...
by Doc
Sat Apr 21, 2018 5:18 pm
Forum: Investing - Theory, News & General
Topic: 2-year CDs at Vanguard and Fidelity Today
Replies: 320
Views: 42629

Re: 2-year CDs at Vanguard and Fidelity Today

The size of my fixed-income allocation requires that I hold FI in both tax-advantaged and taxable. OK start from there. Assume for whatever reason - space, tax advantage, or something else - you are going to hold your CD or Treasury in taxable. If you are paying 6% in state income tax the CD only h...
by Doc
Sat Apr 21, 2018 4:35 pm
Forum: Investing - Theory, News & General
Topic: 2-year CDs at Vanguard and Fidelity Today
Replies: 320
Views: 42629

Re: 2-year CDs at Vanguard and Fidelity Today

Kevin M wrote:
Sat Apr 21, 2018 4:19 pm
... but there were only 10 of those ...
What kind of spreads do you see on the secondary market once you get away form the initial offering? Perhaps more important do the spreads increase a lot when market rates change say a year into the life of the CD?
by Doc
Sat Apr 21, 2018 1:56 pm
Forum: Investing - Theory, News & General
Topic: 2-year CDs at Vanguard and Fidelity Today
Replies: 320
Views: 42629

Re: 2-year CDs at Vanguard and Fidelity Today

Yesterday I purchased 40 quantity of 3-year CD (Wells Fargo Bk N A Sioux Falls S D CUSIP: 949763FW1) at Vanguard ($2 commission) @97.898 and yield (to maturity and worst) was 2.928 after commission. Coupon rate is 2.250. Do you think this is a good deal? Thanks. Guys I don't get it. The three year ...
by Doc
Sat Apr 21, 2018 1:27 pm
Forum: Investing - Theory, News & General
Topic: 2-year CDs at Vanguard and Fidelity Today
Replies: 320
Views: 42629

Re: 2-year CDs at Vanguard and Fidelity Today

Yesterday I purchased 40 quantity of 3-year CD (Wells Fargo Bk N A Sioux Falls S D CUSIP: 949763FW1) at Vanguard ($2 commission) @97.898 and yield (to maturity and worst) was 2.928 after commission. Coupon rate is 2.250. Do you think this is a good deal? Thanks. Guys I don't get it. The three year ...
by Doc
Sat Apr 21, 2018 9:54 am
Forum: Investing - Theory, News & General
Topic: Is it time to dump high yield savings for prime money market?
Replies: 138
Views: 23483

Re: Is it time to dump high yield savings for prime money market?

grayfox wrote:
Sat Apr 21, 2018 9:37 am
VMMXX is now up to 1.79%. It keeps edging up. We'll be at 2% in no time.
18 June 2018 :D

http://www.cmegroup.com/trading/interes ... -fomc.html
by Doc
Sat Apr 21, 2018 9:30 am
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 52
Views: 5723

Re: How good are Vanguard bond funds?

Another Morningstar article on the active/index bond question. Our Favorite Core Passive Bond Funds and ETFs Karen Wallace is a senior editor with Morningstar.com For many years, our fund flows showed that fixed income was one area where many investors preferred active management. Owing to the Fed's...
by Doc
Fri Apr 20, 2018 5:52 pm
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 52
Views: 5723

Re: How good are Vanguard bond funds?

Something is very different at the Pimco fund...as it is -46.7 % cash, and 144.6 bonds... making me think there is something complicated going on in that fund that is not fully understandable by me as the individual investor. Options, or ? Mornigstar also has no "rating" for the quality of the bond...
by Doc
Fri Apr 20, 2018 5:16 pm
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 52
Views: 5723

Re: How good are Vanguard bond funds?

My overall point: the "correct" way to think about Sharpe's theorem is to apply it to whatever index your index fund tracks. If "active" and "passive" management styles are defined in sensible ways, it must be the case that (1) before costs, the return on the average actively managed dollar will eq...
by Doc
Fri Apr 20, 2018 5:02 pm
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 52
Views: 5723

Re: How good are Vanguard bond funds?

I track 15 Vanguard bond funds at Morningstar. ... According to Doc's chart, VFSTX has tanked over the last year. I'm curious as to why this has occurred. DMW Looking at the 15 year data Vg bond funds look good. Lately nor so much. (Sorted on 3 year returns. Look at the 15 year column to see Dead M...
by Doc
Fri Apr 20, 2018 4:44 pm
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 52
Views: 5723

Re: How good are Vanguard bond funds?

Pimco and other actively managed funds that outperformed "comparable" Vanguard funds likely took on more risk to do so. How do you come up with this result? PTTRX: Market Value % US Government Related9 51.90 Mortgage 58.88 Invest. Grade Credit 15.79 High Yield Credit 2.82 Non-USD Developed -20.29 E...
by Doc
Fri Apr 20, 2018 7:05 am
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 52
Views: 5723

Re: How good are Vanguard bond funds?

After responding to triceratop I opened my email and found a link to this: 5 Common Misconceptions About Index Funds by Christine Benz (Morningstar) It's also worth noting that the index structure confers no particular advantage unto bond index mutual funds , whether traditional index funds or ETFs,...
by Doc
Fri Apr 20, 2018 6:34 am
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 52
Views: 5723

Re: How good are Vanguard bond funds?

(aside: Do Vanguard's benchmarks for its active funds change? I don't think so (and it appears their active funds are lagging). ) No they are not. See chart above. Given that I'm capturing the index return, why do I care about Morningstar category averages? Because you could get better returns by c...
by Doc
Thu Apr 19, 2018 7:18 pm
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 52
Views: 5723

Re: How good are Vanguard bond funds?

Is Morningstar required to make the category average average correspond to the Vanguard index benchmark? (No.) That's the ballgame. Agreed. But is Vanguard required to make the Vanguard index benchmark correspond to the category average? (No) That's another game. What surprised me was that so many ...
by Doc
Thu Apr 19, 2018 4:57 pm
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 52
Views: 5723

Re: How good are Vanguard bond funds?

Just to throw another monkey wrench into the works. I ran the same all funds screen for Fidelity. Your Screen Summary: (Fund Category = Taxable Bond) and (Distinct Portfolio Only = Yes) and (Fund Name like Fidelity) The Fidelity funds (without looking at index or active) outperformed their category ...
by Doc
Thu Apr 19, 2018 4:43 pm
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 52
Views: 5723

Re: How good are Vanguard bond funds?

Doc, would you please state exactly what point you are trying to make? I'm a bit confused. Significantly more than half of Vanguard bond mutual funds return less than the average return of their respective categories. When comparing bond Vanguard funds to their respective category average, active f...
by Doc
Thu Apr 19, 2018 3:37 pm
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 52
Views: 5723

Re: How good are Vanguard bond funds?

What is this trying to show? The rolling return chart is an illustration that the active fund exceeded the return of the passive fund for every three year period for the last ten or so years. It doesn't say anything about the credit quality or duration of the funds over that period and what differe...
by Doc
Thu Apr 19, 2018 3:12 pm
Forum: Investing - Theory, News & General
Topic: 2-year CDs at Vanguard and Fidelity Today
Replies: 320
Views: 42629

Re: 2-year CDs at Vanguard and Fidelity Today

I secure messaged (I wanted to have an electronic record) both Schwab and Vanguard about when will my account be credited when a treasury note/bond matures. Vanguard says T+0, Schwab says T+1 where T is the maturity date. Go figure. I had an "incident" about this several years ago. The money from t...
by Doc
Thu Apr 19, 2018 3:03 pm
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 52
Views: 5723

Re: How good are Vanguard bond funds?

Intermediate Corporate Active & Index - three year rolling return to look at the recency question. [url=https://postimages.org/] https://s9.postimg.cc/vrtbojrcf/Capture.gif [/url Recency does not appear to be the answer. Sorry lack_ey. Duration detracted in trailing 3 years, but was additive in trai...
by Doc
Thu Apr 19, 2018 2:48 pm
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 52
Views: 5723

Re: How good are Vanguard bond funds?

I was not trying to make any index/active point here at all. I had a list of bond funds that I own, have owned in the past or had some interest in. I was "shocked" at how poorly the Vanguard funds did with respect to their category aververage. Redid the screen: Your Screen Summary: (Fund Category = ...
by Doc
Thu Apr 19, 2018 11:36 am
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 52
Views: 5723

Re: How good are Vanguard bond funds?

You've highlighted basically zero (maybe one?) of the functionally active Vanguard bond funds. The Vanguard bond index funds and most of those nominally active funds have returns driven by fairly consistent beta exposures over time to term and credit risks. The fund categories are not matched to th...
by Doc
Thu Apr 19, 2018 11:02 am
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 52
Views: 5723

Re: How good are Vanguard bond funds?

Are you reading this correctly? I am just wondering - just in Bogle's books - percentile comparisons (for example TSM) outpaces 77% of large cap blend funds - I would expect it to be in the 77 percentile. I take what you are saying backwards - that many of VG's bond funds are outpacing their compet...
by Doc
Thu Apr 19, 2018 10:50 am
Forum: Investing - Theory, News & General
Topic: How good are Vanguard bond funds?
Replies: 52
Views: 5723

How good are Vanguard bond funds?

Most of our bond funds are Vanguard funds. But they may not be as good as I thought they were. Look at all the Vanguard funds with category ranking less than 50%. https://s9.postimg.cc/z8hlmcz4v/Capture.gif And the often shunned Pimco managed active funds are both in the top third. What's going on h...
by Doc
Thu Apr 19, 2018 10:23 am
Forum: Investing - Theory, News & General
Topic: Goof? Prime MM, "retail," "Admiral," $5 million minimum?
Replies: 20
Views: 2916

Re: Goof? Prime MM, "retail," "Admiral," $5 million minimum?

Remember that the minimums are often waived when the fund is offered in a big 401(k). Example: I can purchase shares in VBIPX in my 401(k). Even if I took the coin jar to the bank I couldn't meet the $100,000,000 minimum investment. Employees likely collectively do, as there's north of $15 billion ...
by Doc
Thu Apr 19, 2018 6:45 am
Forum: Investing - Theory, News & General
Topic: vanguard notice - retiring our old investment platform
Replies: 50
Views: 7172

Re: vanguard notice - retiring our old investment platform

This "new platform" business never made any sense for the customer's point of view. They said "nothing will change": if it is true, then why should I bother ? If it is not true, I'm perfectly happy as things are, then why should I bother. If you have only VG mutual funds there is no operational adv...