“Better Buy” Total US or International ?

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RRAAYY3
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“Better Buy” Total US or International ?

Post by RRAAYY3 » Mon Jan 15, 2018 9:10 am

Given current bull run and current valuations, which fund offers the better “value” at the moment? Not trying to market time or anything, just curious as some of the previous advanced metrics/calculations seem to possibly be outdated

Or who cares, feed whichever one needs to be fed according to your predetermined AA and check back in 20 years?

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Re: “Better Buy” Total US or International ?

Post by Call_Me_Op » Mon Jan 15, 2018 9:12 am

Decide on the appropriate US/foreign mix and stick with it. The usual range is from 0/100 to 50/50.
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Re: “Better Buy” Total US or International ?

Post by RRAAYY3 » Mon Jan 15, 2018 9:15 am

Call_Me_Op wrote:
Mon Jan 15, 2018 9:12 am
Decide on the appropriate US/foreign mix and stick with it. The usual range is from 0/100 to 50/50.
Oh, I am - and it’s wonderfully boring ... just wondering how outdated the previous benchmark/calcs are and if anything new has come along to better determine “value”

Basically, I’m fully invested and have a plan that’ll be on autopilot for the next decade at least - this is more out of curiousity (and I’m trying to help friends / family “dive in” and counter the market peak fears I once had)

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Re: “Better Buy” Total US or International ?

Post by Call_Me_Op » Mon Jan 15, 2018 9:18 am

RRAAYY3 wrote:
Mon Jan 15, 2018 9:15 am
Call_Me_Op wrote:
Mon Jan 15, 2018 9:12 am
Decide on the appropriate US/foreign mix and stick with it. The usual range is from 0/100 to 50/50.
Oh, I am - and it’s wonderfully boring ... just wondering how outdated the previous benchmark/calcs are and if anything new has come along to better determine “value”

Basically, I’m fully invested and have a plan that’ll be on autopilot for the next decade at least - this is more out of curiousity (and I’m trying to help friends / family “dive in” and counter the market peak fears I once had)
I would not recommend trying to guess which will do better over the next X-year period. There are too many variables and the exercise is too error-prone. I think the decision should be strategic. I am 50/50 but many disagree.
Best regards, -Op | | "In the middle of difficulty lies opportunity." Einstein

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Re: “Better Buy” Total US or International ?

Post by livesoft » Mon Jan 15, 2018 9:24 am

There is absolutely no way that anyone can tell you which is a better buy right now. Besides, it will depend on when you take the money out. So whichever one you buy, you can be certain that it will have been the better buy in the future as long as you only remove money when it has proven to have been the better buy in the future. Your power of hindsight should be superb. Got it?
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Re: “Better Buy” Total US or International ?

Post by nisiprius » Mon Jan 15, 2018 9:56 am

I don't know and I don't care. It would never even occur to me to try to figure it out.

The market has decided how much it wants to pay for U.S. and international stocks. When you get to a total global scale, 3,624 stocks in Vanguard Total [U.S.] Stock Market Index, 6,267 in Vanguard Total International Stock Index, you don't necessarily have to believe that the all-seeing omniscient eye of the efficient market has valued everything correctly to the penny... but it's also kind of hard to believe that the world as a whole has gotten wildly overoptimistic about everything in the U.S. and wildly overpessimistic about everything else.

All the statistics that get distilled down into single valuation numbers like CAPE are dubious, even for the U.S. If you try to compare CAPE values now to previous periods in history, some people always pop up and say "they aren't actually comparable because of changes in accounting methods," blah blah... and that's just for the U.S. which has very good transparency and reporting requirements. Unless you personally can write an exam-quality five-paragraph essay on how U.S. GAAP has changed between 1990 and today, it is silly to try to judge whether U.S. stocks are cheaper or more expensive today than in 1990.

I don't have any idea about how accounting and financial reporting are done outside the U.S. and it's important to be aware that it is not as the world had two countries, "the United States" and "the rest of the world" and the rest of the world all did it the same way. Again, unless you can write a five-paragraph essay summarizing the major differences in accounting and financial reporting between Pacific and North American nations, you just don't know what to make of any alleged P/E ratios or other financial summary numbers.

In order for transactions to take place, at any instant of time the prices of stocks must be prices at which someone is willing to buy and someone is willing to sell. That doesn't mean one investor is right and the other is wrong, because in stocks as in everything else there could be rational reasons why something is actually worth more to someone than to someone else. But it does mean that there are investors willing to buy U.S. stocks at current prices. At any moment, the situation is always the same. Some gurus say "overpriced," some say "underpriced," and both can pull out numbers to support their arguments.

What is nonsense is to suppose that international stocks must be a better buy simply because, since 2009, their prices have risen less than U.S. stocks.

The fact is that there is no firm evidence in past history to support there being a sharp optimum US/international stock allocation. You are never going to be sure what the right number is, because there hasn't been much difference overall, or any consistent pattern. Once you've picked your number, stay the course; there just isn't any compelling reason in anything you can point to currently that would justify changing it.
Last edited by nisiprius on Mon Jan 15, 2018 1:07 pm, edited 1 time in total.
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Re: “Better Buy” Total US or International ?

Post by Svensk Anga » Mon Jan 15, 2018 11:16 am

My understanding is that it is not valid to compare US PE to international PE or US CAPE10 to international CAPE10 to determine if one is undervalued relative to another. However, there may be some validity to comparing say the German market's current CAPE10 to its mean historic value or trend. Those country markets that are below their own historical levels may represent better values than those that are above. The US CAPE10 is an odd case in that the accounting rule changes have distorted current CAPE10 compared to the historical basis. My understanding is that most international markets are running lower than their own historical CAPE10 and thus might be expected to yield better returns.

My sense is also that the US leads the world out of recessions and other countries follow. Certainly the EU has been held back coming out of the global financial crisis by concerns about the PIIGS and viability of the Euro. This may be passing now. Japan seems to be having a bit of economic revival.

So I have some low-conviction sense that international is the better place to be for the next few years or decade. I still hold my decades-long 30% of stocks allocation to international. However, I have acted on this sense in a different manner. I have gone to 50/50 US/International in my Roth and HSA, where the growth is tax-free, and made countervailing moves in my traditional IRA/401k where the government may share in any presumed US reversion to the mean via lower taxes on reduced RMD's. For those that tax-adjust their allocations, I have increased my international. I am in the Bernstein camp that says that tax-adjusted allocation is an illusion, since I am free to reverse these moves without immediate tax consequence.

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Re: “Better Buy” Total US or International ?

Post by midareff » Mon Jan 15, 2018 11:47 am

The prevailing thought these day is that international is the "better buy" at this moment due to PE and historical valuations. I have increased my allocation to international to 50/50. FWIW, M* also lists the prior 12 month dividend yield for VTIAX at 2.73% and I take dividends from taxable (retired).

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Re: “Better Buy” Total US or International ?

Post by cfs » Mon Jan 15, 2018 11:52 am

Or who cares, feed whichever one needs to be fed according to your predetermined AA and check back in 20 years?
USA, Internationals, are we looking for the best portfolio? Full disclosure, I have a globally diversified equity portfolio, but, is this the best portfolio, best allocation, best decision, this will only be known in retrospect (you can check back with me in 20 years). We have a group of experts writing about future returns of domestic and international equities (some of these experts are well-known here, names withheld to protect the innocent). About a decade ago some members of the same group told their investors to be ready for The New Normal . . . Your money, your portfolio, your decision, good luck, and thanks for reading ~cfs~
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Re: “Better Buy” Total US or International ?

Post by genefl » Mon Jan 15, 2018 12:55 pm

Very interesting discussion. The Vanguard Target funds seem to all be around 40% international for their stock allocations.

Within a taxable account, are there pros or cons from a tax standpoint with regards to total US (VTSAX) vs total international (VTIAX)?

Thanks!

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Re: “Better Buy” Total US or International ?

Post by Taylor Larimore » Mon Jan 15, 2018 1:16 pm

genefl wrote:
Mon Jan 15, 2018 12:55 pm
Very interesting discussion. The Vanguard Target funds seem to all be around 40% international for their stock allocations.

Within a taxable account, are there pros or cons from a tax standpoint with regards to total US (VTSAX) vs total international (VTIAX)?

Thanks!
genefl:

I believe that Total International may be a bit more tax-efficient than Total Stock Market Index Fund because it benefits from the Foreign Tax Credit in a taxable account. On the other hand, Total Stock Market is usually a much larger part of ones portfolio so it receives more total benefit and is more accessible for contributions and withdrawals when placed in a taxable account.

Bottom line: Both Total International and Total U.S. Stock Market are very tax-efficient and either one or both can be placed in a taxable account.

Best wishes
Taylor
"Simplicity is the master key to financial success." -- Jack Bogle

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Re: “Better Buy” Total US or International ?

Post by heyyou » Mon Jan 15, 2018 1:22 pm

Or who cares, feed whichever one needs to be fed according to your predetermined AA and check back in 20 years?
Yes.
Be aware that when you help family and friends get started with indexing, they could also blame you when the inevitable crashes occur that reduce the dollar value of their assets.

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Re: “Better Buy” Total US or International ?

Post by saltycaper » Mon Jan 15, 2018 1:36 pm

genefl wrote:
Mon Jan 15, 2018 12:55 pm
Very interesting discussion. The Vanguard Target funds seem to all be around 40% international for their stock allocations.

Within a taxable account, are there pros or cons from a tax standpoint with regards to total US (VTSAX) vs total international (VTIAX)?

Thanks!
You can look at triceratop's spreadsheet addressing relative tax efficiency here.

Results will vary by tax bracket. My guess, which I have not backed up with hard numbers:

Lower tax brackets: International more tax efficient
Middle tax brackets: They are about the same
Higher tax brackets: US is more tax efficient

My guess is based on two assumptions:

1) international stocks tend to pay more dividends, which is less tax efficient for investors in the highest tax brackets than for investors in the lowest tax brackets;

2) investors in all tax brackets benefit "more equally" from the foreign tax credit
Quod vitae sectabor iter?

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Re: “Better Buy” Total US or International ?

Post by saltycaper » Mon Jan 15, 2018 1:45 pm

nisiprius wrote:
Mon Jan 15, 2018 9:56 am

I don't have any idea about how accounting and financial reporting are done outside the U.S. and it's important to be aware that it is not as the world had two countries, "the United States" and "the rest of the world" and the rest of the world all did it the same way.
Japan and China may be two large exceptions, but there seems to be significant convergence to IFRS throughout the ex-US world, where more publicly listed companies are required to adhere to IFRS. That's not to say differences don't remain. Eventually, it probably will be more tedious to compare each country to its past than it will be to compare one country to another country.
Quod vitae sectabor iter?

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Re: “Better Buy” Total US or International ?

Post by RRAAYY3 » Mon Jan 15, 2018 2:35 pm

Thanks everyone! Pretty much what I expected, just wanted to make sure there wasn't some fancy new metric I've been missing out on.

Currently 60/40 US/Int'l [trending towards 50/50 market share], and with the only decent 401K fund available to me being the SP500, looks like my monthly contributions will be toward TOTAL INT'L ... for now 8-)


** I've been prefacing any "Advice" I give to others with the fact that the market will go down at some point and they shouldn't be investing any amount of money they know they'll need for 3-5 years **

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Re: “Better Buy” Total US or International ?

Post by arcticpineapplecorp. » Mon Jan 15, 2018 3:15 pm

not sure if you checked out at this point but in case you're still following this thread...at Vanguard's site you can find (under the "portfolio and management" tab) the price to earnings and price to book values for each fund (and all funds offered). Maybe not predictive of which will do better in the future, but if you're asking which is cheaper to buy then international looks to be cheaper than U.S. at present (by both metrics, p/e and price to book):

Total International:

Image

source:
https://personal.vanguard.com/us/funds/ ... true#tab=2

and

Total U.S.

Image
source:
https://personal.vanguard.com/us/funds/ ... true#tab=2


is that what you're looking for?
"Invest we must." -- Jack Bogle | “The purpose of investing is not to simply optimise returns and make yourself rich. The purpose is not to die poor.” -- William Bernstein

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Re: “Better Buy” Total US or International ?

Post by RRAAYY3 » Mon Jan 15, 2018 3:29 pm

arcticpineapplecorp. wrote:
Mon Jan 15, 2018 3:15 pm
not sure if you checked out at this point but in case you're still following this thread...at Vanguard's site you can find (under the "portfolio and management" tab) the price to earnings and price to book values for each fund (and all funds offered). Maybe not predictive of which will do better in the future, but if you're asking which is cheaper to buy then international looks to be cheaper than U.S. at present (by both metrics, p/e and price to book):

Total International:

Image

source:
https://personal.vanguard.com/us/funds/ ... true#tab=2

and

Total U.S.

Image
source:
https://personal.vanguard.com/us/funds/ ... true#tab=2


is that what you're looking for?
thank you! INT'L it is !

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Re: “Better Buy” Total US or International ?

Post by shess » Mon Jan 15, 2018 3:56 pm

RRAAYY3 wrote:
Mon Jan 15, 2018 2:35 pm
Currently 60/40 US/Int'l [trending towards 50/50 market share], and with the only decent 401K fund available to me being the SP500, looks like my monthly contributions will be toward TOTAL INT'L ... for now 8-)
AFAICT, the differences between 60/40 and 50/50 are nominal in the short term, you need compounding over time to make the differences really add up. So, for purposes of getting started, it doesn't really matter all that much, pick something which feels right to you and go.

I have flip-flopped on this issue. My baseline is that it feels to me like over the long term, the US is fully developed and non-US has more long-term potential (and more people and resources), so I've tended to be overweight INTL relative to the market cap numbers. BUT, if you take the top 100 or so US companies and the top 100 or so non-US companies, they are essentially the same. Those US companies generally have substantial international operations, and the non-US companies generally have substantial US operations, so both will probably have similar fundamentals. In other words, while I used to think I was smart to go 50/50 rather than 60/40, now I'm not even sure it will really matter over time.

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Re: “Better Buy” Total US or International ?

Post by arcticpineapplecorp. » Mon Jan 15, 2018 4:10 pm

RRAAYY3 wrote:
Mon Jan 15, 2018 3:29 pm
thank you! INT'L it is !
well, why stop there? If you're looking for the "cheapest" why not try Vanguard's Emerging Market Stock Index fund. It's is even cheaper than total international stock market index fund (p/e 14.8X and price to book 1.8X):

Image

source:
https://personal.vanguard.com/us/funds/ ... true#tab=2

now the question is, do you understand the risk you're taking?

If you look at the Callan Periodic Table of Investment Returns, you see the emerging market stock index often did best AND worst of all asset classes. Are you prepared for that volatility just to get what's cheapest?

Image

source:
https://www.callan.com/wp-content/uploa ... d_2017.pdf
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Re: “Better Buy” Total US or International ?

Post by RRAAYY3 » Mon Jan 15, 2018 6:56 pm

I'm early 30s - Volatility is irrelevant to me .. everything I put in has a 20 year outlook, at least.

EM has been tempting me for awhile, thanks for posting

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Re: “Better Buy” Total US or International ?

Post by HenrysPlan2 » Mon Jan 15, 2018 7:01 pm

Taylor Larimore wrote:
Mon Jan 15, 2018 1:16 pm
genefl wrote:
Mon Jan 15, 2018 12:55 pm
Very interesting discussion. The Vanguard Target funds seem to all be around 40% international for their stock allocations.

Within a taxable account, are there pros or cons from a tax standpoint with regards to total US (VTSAX) vs total international (VTIAX)?

Thanks!
genefl:

I believe that Total International may be a bit more tax-efficient than Total Stock Market Index Fund because it benefits from the Foreign Tax Credit in a taxable account. On the other hand, Total Stock Market is usually a much larger part of ones portfolio so it receives more total benefit and is more accessible for contributions and withdrawals when placed in a taxable account.

Bottom line: Both Total International and Total U.S. Stock Market are very tax-efficient and either one or both can be placed in a taxable account.

Best wishes
Taylor
how about the tax efficiency on the VWO (emerging market index)?

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Re: “Better Buy” Total US or International ?

Post by Taylor Larimore » Mon Jan 15, 2018 9:26 pm

How about the tax efficiency on the VWO (emerging market index)?
Genefl:

Morningstar ranks VWO somewhat less tax-efficient than Vanguard Total International (VGTSX).

Personally I would not bother with VWO inasmuch as Total International already holds emerging market stocks.

Strive for simplicity--not complexity. Please read my "Simplicity" link below.

Best wishes.
Taylor
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Re: “Better Buy” Total US or International ?

Post by sambb » Mon Jan 15, 2018 9:30 pm

I would invest in emerging markets. Any Experts who talk about the market have no idea if it is going up or down, or whether or not past performance or their own theories mattered. Cant have it both ways. Consider being diversified. If younger, i like SCV/MCV and EM - check out other threads on those tilts.

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Re: “Better Buy” Total US or International ?

Post by 2pedals » Mon Jan 15, 2018 9:41 pm

arcticpineapplecorp. wrote:
Mon Jan 15, 2018 4:10 pm
RRAAYY3 wrote:
Mon Jan 15, 2018 3:29 pm
thank you! INT'L it is !
well, why stop there? If you're looking for the "cheapest" why not try Vanguard's Emerging Market Stock Index fund. It's is even cheaper than total international stock market index fund (p/e 14.8X and price to book 1.8X):

Image

source:
https://personal.vanguard.com/us/funds/ ... true#tab=2

now the question is, do you understand the risk you're taking?

If you look at the Callan Periodic Table of Investment Returns, you see the emerging market stock index often did best AND worst of all asset classes. Are you prepared for that volatility just to get what's cheapest?

Image

source:
https://www.callan.com/wp-content/uploa ... d_2017.pdf
FYI, the Periodic Table has been updated for 2017 returns.

https://www.callan.com/wp-content/uploa ... d_2018.pdf

Image
Last edited by 2pedals on Mon Jan 15, 2018 9:49 pm, edited 1 time in total.

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Re: “Better Buy” Total US or International ?

Post by brother7 » Mon Jan 15, 2018 9:43 pm

I don't know the answer to your question but if you believe in the predictive value of CAPE, you might be interesting in Meb Faber's The Idea Farm which is a paid service. As part of the $399 annual subscription, you receive quarterly CAPE ratios.
Access quarterly CAPE ratios for over 40 countries around the world that can help you make wiser, more profitable investing decisions.

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Re: “Better Buy” Total US or International ?

Post by arcticpineapplecorp. » Mon Jan 15, 2018 10:28 pm

2pedals wrote:
Mon Jan 15, 2018 9:41 pm
FYI, the Periodic Table has been updated for 2017 returns.

https://www.callan.com/wp-content/uploa ... d_2018.pdf

Image
yes I know I just pulled the first Callan Table I could find. So Emerging market stock index was the best performer last year (again) which means this year (or some other year) it might be the worst performer.

You've only made the point stronger with more recent information that this fund, while cheaper than the other two can be very volatile. Just making sure the OP was aware that cost is only one consideration. As Taylor mentioned tax efficiency is also a very important consideration with taxable investments. So just making sure the OP is aware there are lots of things to consider beyond just "what is the cheaper/cheapest?"
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Re: “Better Buy” Total US or International ?

Post by genefl » Tue Jan 16, 2018 12:18 pm

Thank you Taylor and Saltycaper!

Inspired by Taylor's 3 fund portfolio, I am only in 2 funds: VTSAX and VTIAX. My AA is 50/50 right now because of my inclination that VTIAX has better value currently than VTSAX. My long term AA is probably 60/40 favoring VTSAX. I am dollar cost averaging into the market right now, but that's a different story and a different controversy!

I am a high income professional in the top tax bracket. Based on age, I could work for 25+ years, so our investment horizon is long. (I might decide to retire in 10-12 years.) I am trying to learn about nuances, such as tax effects, as I refine my AA.

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Re: “Better Buy” Total US or International ?

Post by triceratop » Tue Jan 16, 2018 12:40 pm

Taylor Larimore wrote:
Mon Jan 15, 2018 9:26 pm
How about the tax efficiency on the VWO (emerging market index)?
Genefl:

Morningstar ranks VWO somewhat less tax-efficient than Vanguard Total International (VGTSX).

Personally I would not bother with VWO inasmuch as Total International already holds emerging market stocks.

Strive for simplicity--not complexity. Please read my "Simplicity" link below.

Best wishes.
Taylor
Taylor,
Morningstar's (incorrect) numbers not withstanding, Vanguard Emerging Markets has been more tax efficient than Vanguard Total International. This has been one of the consequences of my work in 2015-2017 Relative Tax Efficiency, to increase awareness that Morningstar's numbers are completely unreliable and incorrect.
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Tax-Efficiency

Post by Taylor Larimore » Tue Jan 16, 2018 6:47 pm

triceratop:

Thank you for your hard work on "tax-efficiency." It is much appreciated.

Best wishes.
Taylor
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Re: “Better Buy” Total US or International ?

Post by JoMoney » Tue Jan 16, 2018 7:42 pm

RRAAYY3 wrote:
Mon Jan 15, 2018 9:10 am
Given current bull run and current valuations, which fund offers the better “value” at the moment? Not trying to market time or anything, just curious as some of the previous advanced metrics/calculations seem to possibly be outdated

Or who cares, feed whichever one needs to be fed according to your predetermined AA and check back in 20 years?
Your question requires knowing what the "value" will be at some future date when you sell.
If U.S. stocks are selling at 20x and International at 15x even if U.S. stocks metric moves down to 15x ten years from now, if there growth rate was 3% higher it wouldn't make any difference.
If in 10 years U.S. is selling at 25x and International at 10x, then U.S. would have been a better buy even if their intrinsic growth was the same.

So unless you want to bet on what the future outcome will be, feed whichever one needs feeding to match your risk tolerance.
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham

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Re: “Better Buy” Total US or International ?

Post by TropikThunder » Wed Jan 17, 2018 12:34 am

2pedals wrote:
Mon Jan 15, 2018 9:41 pm
FYI, the Periodic Table has been updated for 2017 returns.

https://www.callan.com/wp-content/uploa ... d_2018.pdf

Image
I love that table! Note the EM has been #1 9 times, and #10 6 times out of the last 20 years. #FeastorFamine :beer

Also, note that the S&P 500 has done 6th or worse 12 times, and never finished 1st (or last) yet is still considered Buffet's (and most people's) go-to.

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Re: “Better Buy” Total US or International ?

Post by RRAAYY3 » Mon Jan 22, 2018 3:32 pm

How is Emerging Market Fund in taxable account? Just made my monthly contribution to Total Int’l - loving the simplicity / low cost of the 2 funds , but may add admiral Shares EM next month

I’m able to save approximately 50% of my net income each month (30-50 depending on my weekends, gotta enjoy life too), so just trying to figure out where / how much money to keep feeding my taxable acct

401k eligible in June, only decent fund is SP500 so trying to counter that tilt ahead of time as I aim for 50/50 US/Int’l

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Re: “Better Buy” Total US or International ?

Post by aarondearu » Mon Jan 22, 2018 5:24 pm

[removed - better information provided]
Last edited by aarondearu on Thu Mar 22, 2018 3:40 pm, edited 1 time in total.

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Re: “Better Buy” Total US or International ?

Post by bgf » Mon Jan 22, 2018 5:39 pm

check this out. it was just posted today.

https://seekingalpha.com/article/413897 ... n-rankings
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Re: “Better Buy” Total US or International ?

Post by triceratop » Mon Jan 22, 2018 5:40 pm

Rather than rely on rules of thumb, one can compute the relevant numbers for Emerging Markets vs Total Intl. See: viewtopic.php?t=208818.

By the way, if you own Total Intl you already own EM so there is no need for a separate fund unless you want to deviate from market weights for some reason (hopefully not recent outperformance).
"To play the stock market is to play musical chairs under the chord progression of a bid-ask spread."

RRAAYY3
Posts: 926
Joined: Thu Jan 17, 2013 12:32 pm

Re: “Better Buy” Total US or International ?

Post by RRAAYY3 » Mon Jan 22, 2018 8:16 pm

triceratop wrote:
Mon Jan 22, 2018 5:40 pm
Rather than rely on rules of thumb, one can compute the relevant numbers for Emerging Markets vs Total Intl. See: viewtopic.php?t=208818.

By the way, if you own Total Intl you already own EM so there is no need for a separate fund unless you want to deviate from market weights for some reason (hopefully not recent outperformance).
Thought so. My goal is portfolio = market weight so I’m just going to continue feeding Total Us / Int’l accordingly

Looks like I’ll be able to invest at least 1/3 but closer to 1/2 of my net income each month - is this a decent savings rate? Trying my best to be frugal but still enjoy life

staythecourse
Posts: 6130
Joined: Mon Jan 03, 2011 9:40 am

Re: “Better Buy” Total US or International ?

Post by staythecourse » Mon Jan 22, 2018 8:39 pm

This very difficult (if not impossible) question to answer is why I am always 50/50. That way either way I am unhappy that I didn't tilt to the
winners. :D
As Mr. Gibson wrote in his excellent "Asset Allocation" paraphrasing, "Being diversified means always being unhappy as each year you own too much of the losers and not enough of the winners."

Good luck.
"The stock market [fluctuation], therefore, is noise. A giant distraction from the business of investing.” | -Jack Bogle

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