What type of bond investor are you?

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restingonmylaurels
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What type of bond investor are you?

Post by restingonmylaurels » Mon Dec 17, 2018 3:01 am

The following excellent (lightly edited) post by stlutz summarized concisely for me many years of reading and thinking about the fixed income part of my portfolio.
stlutz wrote:
Sat Dec 08, 2018 6:51 pm
The answer to this question really depends on the answer to the question of why you even want bonds in your portfolio.

a) The "bonds are for safety" approach. For these investors, they are seeking returns from domestic and international stocks and using bonds to lever down their exposure. With this approach, short term bonds are most appropriate.

b) The "non-correlated investments" approach. For these investors, they are looking for multiple sources of risk/volatility in their portfolio. Stocks and long-term bonds are both volatile. Sometimes they correlate positively; sometimes they don't. If you can't handle the drawdown that could result from the two having positively correlation, then the portfolio should be levered down using short-term bonds.

c) Then there are people who are looking for bonds to generate income. In this case, the duration of the portfolio should be one-half of the period you need the income to be spread over. For the income investor, fluctuation in principal value is irrelevant. What matters is stability of income. This is achieved by matching duration with when you need the money.

d) Finally there are the people who just want to hold a balanced portfolio of assets and don't want to think about it any further. In that case, a total bond market fund probably makes sense. It will provide some portfolio stability, possibly some negative correlation, and hopefully some modest positive return.

But none of these is viewed as being mutually exclusive of the other.
So I am wondering which category (a-d) of bond investor most BHs would place themselves in?

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Re: What type of bond investor are you?

Post by HEDGEFUNDIE » Mon Dec 17, 2018 3:49 am

There is a fifth category, people who know they should be more conservative in their AA but are loath to give up return. High yield corporate bonds fit the bill for them.

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Re: What type of bond investor are you?

Post by columbia » Mon Dec 17, 2018 6:08 am

Another distinction (for intermediate term):

1. Wants better protection during a crash: treasuries

2. Wants better returns during positive stock times: total bond


I suppose that one could try to market time between the two, but hoping to time the bond market seems a bit. Having said, maybe it would be easier than I think it would be.

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Re: What type of bond investor are you?

Post by zuma » Mon Dec 17, 2018 6:22 am

I'm a mix of A, B, and D.

I don't care about bond "income" in isolation. The portfolio as a whole should generate enough total return to support my withdrawal rate.
Last edited by zuma on Mon Dec 17, 2018 6:26 am, edited 1 time in total.

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Re: What type of bond investor are you?

Post by dcabler » Mon Dec 17, 2018 6:23 am

restingonmylaurels wrote:
Mon Dec 17, 2018 3:01 am
The following excellent (lightly edited) post by stlutz summarized concisely for me many years of reading and thinking about the fixed income part of my portfolio.
stlutz wrote:
Sat Dec 08, 2018 6:51 pm
The answer to this question really depends on the answer to the question of why you even want bonds in your portfolio.

a) The "bonds are for safety" approach. For these investors, they are seeking returns from domestic and international stocks and using bonds to lever down their exposure. With this approach, short term bonds are most appropriate.

b) The "non-correlated investments" approach. For these investors, they are looking for multiple sources of risk/volatility in their portfolio. Stocks and long-term bonds are both volatile. Sometimes they correlate positively; sometimes they don't. If you can't handle the drawdown that could result from the two having positively correlation, then the portfolio should be levered down using short-term bonds.

c) Then there are people who are looking for bonds to generate income. In this case, the duration of the portfolio should be one-half of the period you need the income to be spread over. For the income investor, fluctuation in principal value is irrelevant. What matters is stability of income. This is achieved by matching duration with when you need the money.

d) Finally there are the people who just want to hold a balanced portfolio of assets and don't want to think about it any further. In that case, a total bond market fund probably makes sense. It will provide some portfolio stability, possibly some negative correlation, and hopefully some modest positive return.

But none of these is viewed as being mutually exclusive of the other.
So I am wondering which category (a-d) of bond investor most BHs would place themselves in?
Probably not the only one who spans categories but for me, it's
b) But with intermediate treasuries for the long haul and
c) A TIPs ladder

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Re: What type of bond investor are you?

Post by dcabler » Mon Dec 17, 2018 6:24 am

Duplicate
Last edited by dcabler on Mon Dec 17, 2018 10:05 am, edited 1 time in total.

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Re: What type of bond investor are you?

Post by nisiprius » Mon Dec 17, 2018 7:06 am

Mostly (a), maybe some (d).

For me, bonds are a volume control that let me adjust the volatility of my entire portfolio so it isn't too loud for me.

Volatility? Risk? To me, volatility darn well is risk, or at least an important form of risk, and I don't care who knows it. Furthermore, it is well correlated with every other forms of risk I care about, so logic-chopping about "what is risk, truly?" doesn't matter.

Unlike more sophisticated strategies for mitigating risk, bonds are simple and have worked reliably in the past.

When I started, I chose the Vanguard Total Bond Market Index Fund because I didn't know any better, and as I learned more I have seen no reason to change. I'm lying a bit here because I also started buying individual TIPS in 1998, and a few years ago swapped them all for Vanguard's TIPS fund, reluctantly, in the interest of portfolio simplification. So I'm actually about 40% Total Bond, 40% TIPS fund (VIPSX), 20% series I savings bonds.

For me, bonds earn enough more than cash to prefer them over cash, and the volatility of intermediate-term, investment-grade bonds is not only acceptable, but practically invisible if I am also holding stocks.

I don't care about theories of investor behavior, "flights to safety," and claims of negative correlation (which don't show up unless you cherry-pick your time span).

During 2008-2009 I didn't really care that Total Bond (my choice) happened to go straight across (blue), while the frequently-touted-nowadays corporates (red) went "down," and Treasuries (green) went "up." I put "down" and "up" in quotes because direction means little unless you say something about magnitude, too. Corporates didn't go down much, Treasuries didn't go up much. All of them went straight across, compared to stocks. (Meanwhile, advocates of kinds of stocks that supposedly "provide downside protection" could at best brag that "I only lost -48%, when the stock market lost -52%.")

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Re: What type of bond investor are you?

Post by columbia » Mon Dec 17, 2018 7:25 am

My favorite bonds aren’t actually bonds: it’s the 4.25% I get in TIAA Traditional. The illiquidity doesn’t bother me, but I can see how that would bother some.

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Re: What type of bond investor are you?

Post by z3r0c00l » Mon Dec 17, 2018 7:37 am

A for sure. I have no argument against the idea that stocks have, and maybe always will recover over the span of 20-30 years and outperform other common asset classes. I also have no desire to risk my entire retirement and life's savings on testing it.

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Re: What type of bond investor are you?

Post by Valuethinker » Mon Dec 17, 2018 7:45 am

HEDGEFUNDIE wrote:
Mon Dec 17, 2018 3:49 am
There is a fifth category, people who know they should be more conservative in their AA but are loath to give up return. High yield corporate bonds fit the bill for them.
Make sure your credit spread is giving you adequate returns for the additional risk.

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Re: What type of bond investor are you?

Post by Dandy » Mon Dec 17, 2018 8:05 am

First of all I wish people would think of fixed income vs bonds or bond funds. I use my fixed income for safety and balance.

1. From a safety standpoint I have about 20 years worth of drawdown dollars in FDIC products, Money market funds and short term bond funds roughly following Dr. Wm Bernstein's idea. This accounts for somewhat less than 2/3 of my fixed income.

2. From a balance risk and income standpoint have a bit more than 1/3 of my fixed income in intermediate bond funds and the fixed income portions of Wellesely Income Fund and Balanced Fund.

I don't see fixed income as providing great income or capital gain potential. They are more for safety and portfolio risk control. Any income or capital gain/growth is a bonus.

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Re: What type of bond investor are you?

Post by Cyclesafe » Mon Dec 17, 2018 8:50 am

nisiprius wrote:
Mon Dec 17, 2018 7:06 am
For me, bonds are a volume control that let me adjust the volatility of my entire portfolio so it isn't too loud for me.
Great analogy. Thank you.

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Re: What type of bond investor are you?

Post by longinvest » Mon Dec 17, 2018 9:04 am

restingonmylaurels wrote:
Mon Dec 17, 2018 3:01 am
stlutz wrote:
Sat Dec 08, 2018 6:51 pm
But none of these is viewed as being mutually exclusive of the other.
So I am wondering which category (a-d) of bond investor most BHs would place themselves in?
I don't fit into any of the 4 categories of bond investors.

I believe that there's fundamentally only three types of investment vehicles that pay me to hold them:
  • Interest bearing cash (savings account, bank CDs, I-Bonds): These investments aren't marketable and, as a consequence, don't fluctuate in value. Note that I-bonds have a stable inflation-indexed value.
  • Bonds: These marketable securities pay predetermined regular coupons, and pay back a principal at maturity except for perpetual bonds (consols). Some bonds have their payments indexed to inflation (TIPS).
  • Stocks: These marketable securities are title of partial ownership. They entitle their holders to a voting right and to their fair share of future dividends. Both of these go together; a stock might not currently pay dividends, but the voting right allows stockholders to force management to distribute dividends or buy back stocks if the company runs out of growth opportunities.
Note that I am perfectly aware that these three categories are an approximate classification. A preferred stock, for example, doesn't perfectly match the definition of a stock or a bond; it's like a hybrid stock-bond, yet it still fits the idea of being a marketable security that would pay me to hold it.

Generally speaking, cash and short-term bonds are "safer" than long-term bonds and stocks.

I don't invest into other things. In particular, I don't invest into commodities and derivatives, as they have embedded carrying costs. This has the direct consequence of keeping me out of currency-hedged investments like currency-hedged international bonds, and out of synthetic ETFs even if they perfectly track an index.
stlutz wrote:
Sat Dec 08, 2018 6:51 pm
a) The "bonds are for safety" approach. For these investors, they are seeking returns from domestic and international stocks and using bonds to lever down their exposure. With this approach, short term bonds are most appropriate.
I don't buy bonds for their safety. Actually, I excluded the safer short-term bonds from my portfolio (see viewtopic.php?f=1&t=261936#p4177291), as I consider them more appropriate for savings than investing. For me, investing is about taking reasonable risk in the hope of higher long-term returns than cash. As it happens, I consider long-term bonds risky (see viewtopic.php?p=4184164#p4184164). I also consider stocks risky, of course.

I keep enough cash (savings) outside of my portfolio for covering upcoming expenses. This could be seen as a form of mental accounting, but it's simpler for me to think in terms of matching short-term liabilities with cash, and managing the rest of my money in a portfolio using a predetermined asset allocation.
stlutz wrote:
Sat Dec 08, 2018 6:51 pm
b) The "non-correlated investments" approach. For these investors, they are looking for multiple sources of risk/volatility in their portfolio. Stocks and long-term bonds are both volatile. Sometimes they correlate positively; sometimes they don't. If you can't handle the drawdown that could result from the two having positively correlation, then the portfolio should be levered down using short-term bonds.
During some periods, bonds were correlated with stocks, during other periods they weren't. I don't care and, more importantly, I don't know what will happen in the future.

I buy bonds because they're fundamentally different from stocks and they pay me to hold them.
stlutz wrote:
Sat Dec 08, 2018 6:51 pm
c) Then there are people who are looking for bonds to generate income. In this case, the duration of the portfolio should be one-half of the period you need the income to be spread over. For the income investor, fluctuation in principal value is irrelevant. What matters is stability of income. This is achieved by matching duration with when you need the money.
While I care about being paid to hold a security (immediately for cash, bonds, and dividend stocks, or in the future for stocks still in the growth phase), I also care about the current value of my securities (and the balance of my savings account). So, I don't fit into this category.
stlutz wrote:
Sat Dec 08, 2018 6:51 pm
d) Finally there are the people who just want to hold a balanced portfolio of assets and don't want to think about it any further. In that case, a total bond market fund probably makes sense. It will provide some portfolio stability, possibly some negative correlation, and hopefully some modest positive return.
While I want to hold a portfolio of distinct assets, I did carefully think about which assets I wanted to include and exclude from my portfolio. So, again, I don't fit into this last category.

I only invest into investment-grade securities (no junk bonds or pink sheet stocks). I divide my portfolio equally between stocks and domestic long-term bonds. I divide my stocks equally between international (exposed to currency fluctuations) and domestic. I divide my long-term bonds equally between nominal and inflation-indexed. As a result, my portfolio is divided equally between four low-cost cap-weighted total-market index ETFs, one ETF for each of the four markets I've selected to invest into. It's simple and it works for me.


There isn't a single approach to investing. Some people would like to fit every human into a pre-labelled box (figuratively). But, humans are complex beings. Sometimes, using broad categories can be helpful, but not always. I haven't figured out, yet, what goal the proposed a-to-d categorization (where I don't fit) would achieve. Maybe the OP or Stlutz could enlighten me.

Lastly, let me state the view of our mentor, Jack Bogle, about bonds: "I don’t look at bond funds as a unity. You can hold a short-term bond fund if you’re willing to sacrifice income in favor or principal stability. You can hold a long-term bond fund if you want a higher interest rate and therefore a higher long-term return, but you have to be willing to tolerate the higher volatility. I tend to favor, mostly for behavioral reasons, an intermediate-term maturity, which will only have roughly half the volatility of the stock market."(Source)
Bogleheads investment philosophy | single-ETF balanced portfolio | VBAL

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Re: What type of bond investor are you?

Post by asif408 » Mon Dec 17, 2018 9:26 am

Mainly a) for me, and maybe a small amount of b). I actually don't hold any bonds right now except for a small portion of I-bonds, mainly because I am young and have a long time horizon, not necessarily because I dislike bonds. But if I did hold a bond fund right now or anytime in the future I would hold short-term and high quality (e.g., mostly Treasuries, TIPS, or I-bonds). Because safety is important to me, I want to own something that does well in multiple types of economic environments. These types of bonds tend to hold up better in multiple types of environments, such as deflationary or inflationary.

There have been a few posts here recently highlighting the benefits of long-term bonds, primarily because of their negative correlation and performance in 2008. But that was a deflationary crisis, and in an inflationary crisis their correlation and performance are unlikely to be the same. I expect short-term bonds, TIPS, & I-bonds to do ok in either deflationary or inflationary environments, but long bonds can do very poorly in an inflationary environment.

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Re: What type of bond investor are you?

Post by Toons » Mon Dec 17, 2018 9:58 am

Intermediate Tax Exempt
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Re: What type of bond investor are you?

Post by HEDGEFUNDIE » Mon Dec 17, 2018 10:10 am

longinvest wrote:
Mon Dec 17, 2018 9:04 am
There isn't a single approach to investing. Some people would like to fit every human into a pre-labelled box (figuratively). But, humans are complex beings. Sometimes, using broad categories can be helpful, but not always. I haven't figured out, yet, what goal the proposed a-to-d categorization (where I don't fit) would achieve. Maybe the OP or Stlutz could enlighten me.
Intellectual clarity. This is the theory board, after all. Perhaps some of the D investors will decide they are actually A-C upon further reflection and change their bond allocation accordingly.

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Re: What type of bond investor are you?

Post by HEDGEFUNDIE » Mon Dec 17, 2018 10:28 am

asif408 wrote:
Mon Dec 17, 2018 9:26 am
Mainly a) for me, and maybe a small amount of b). I actually don't hold any bonds right now except for a small portion of I-bonds, mainly because I am young and have a long time horizon, not necessarily because I dislike bonds. But if I did hold a bond fund right now or anytime in the future I would hold short-term and high quality (e.g., mostly Treasuries, TIPS, or I-bonds). Because safety is important to me, I want to own something that does well in multiple types of economic environments. These types of bonds tend to hold up better in multiple types of environments, such as deflationary or inflationary.

There have been a few posts here recently highlighting the benefits of long-term bonds, primarily because of their negative correlation and performance in 2008. But that was a deflationary crisis, and in an inflationary crisis their correlation and performance are unlikely to be the same. I expect short-term bonds, TIPS, & I-bonds to do ok in either deflationary or inflationary environments, but long bonds can do very poorly in an inflationary environment.
The last inflationary crisis happened in 1980 when inflation hit 15%. It’s true, during this time (July 1979-Sept 1981) long treasuries suffered a drawdown of 23%. However during the same period stocks were up 30%.

https://www.portfoliovisualizer.com/bac ... asury2=100

Which is why I am a “B” bond investor.

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Re: What type of bond investor are you?

Post by zuma » Mon Dec 17, 2018 10:43 am

HEDGEFUNDIE wrote:
Mon Dec 17, 2018 10:10 am
longinvest wrote:
Mon Dec 17, 2018 9:04 am
There isn't a single approach to investing. Some people would like to fit every human into a pre-labelled box (figuratively). But, humans are complex beings. Sometimes, using broad categories can be helpful, but not always. I haven't figured out, yet, what goal the proposed a-to-d categorization (where I don't fit) would achieve. Maybe the OP or Stlutz could enlighten me.
Intellectual clarity. This is the theory board, after all. Perhaps some of the D investors will decide they are actually A-C upon further reflection and change their bond allocation accordingly.
+1

This isn't about forcing yourself into a box. It's an exercise to help you think about why you (might want to) invest in bonds. And, as stated in the original post, these categories aren't mutually exclusive.

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Re: What type of bond investor are you?

Post by Sandtrap » Mon Dec 17, 2018 10:46 am

Consider:
1. Diversification of "fixed" to include: Bond Index Funds, Treasuries, CD ladders, etc.
2. Diversification of income stream (effects the proportion of #1 in AA.
j

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Re: What type of bond investor are you?

Post by nedsaid » Mon Dec 17, 2018 12:26 pm

A) for safety, D) a more balanced portfolio, and a little bit of C) for income. Right now A & D are most important and as I get older C will also grow in importance.
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Re: What type of bond investor are you?

Post by kolea » Mon Dec 17, 2018 3:29 pm

I am an "A" bond investor.

Slowly moving from TBM to short term Treasuries and TIPS ladders.
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Re: What type of bond investor are you?

Post by alfaspider » Mon Dec 17, 2018 3:34 pm

I consider myself the James type :mrgreen:

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Re: What type of bond investor are you?

Post by jginseattle » Mon Dec 17, 2018 5:05 pm

Short Treasuries at the present time.

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Re: What type of bond investor are you?

Post by Atomic » Mon Dec 17, 2018 5:41 pm

"A(safety)" for the emergency fund later tiers, and "D(balanced)" for the retirement portfolio.

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Re: What type of bond investor are you?

Post by pascalwager » Mon Dec 17, 2018 5:59 pm

I like short-term, even ultra short-term. For me bonds are for asset preservation and I don't expect a generous positive return.

In one non-Vanguard account I don't have ideal choices, so I pair a money market fund with Total Bond Market, 50/50, to get the duration down to 3.2 years. On my spreadsheet, this particular money market fund appears under the "bonds" designation and contributes to my bonds percentage. At Vanguard I use Treasury funds to create the Merriman bond portfolio with 3.5 years duration.

I could almost see myself using the Treasury Money Market Fund for all of my asset preservation needs, but at that point I would probably combine the money market fund with a portion of Treasury Bills/Notes.

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Re: What type of bond investor are you?

Post by Doc » Mon Dec 17, 2018 7:31 pm

pascalwager wrote:
Mon Dec 17, 2018 5:59 pm
I like short-term, even ultra short-term. For me bonds are for asset preservation and I don't expect a generous positive return.
This idea is a good example of why these "which bond segment" threads get nowhere. Pascalwager states his reasoning
pascalwager wrote:
Mon Dec 17, 2018 5:59 pm
bonds are for asset preservation
I have no argument with that if that is his purpose. But it is not my purpose. My purpose is that bonds are to reduce the overall risk of my entire portfolio hopefully by zigging when equities zag. If we don't make our objective clear when responding in these theads we really only add confusion to the discussion.
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Re: What type of bond investor are you?

Post by gtwhitegold » Mon Dec 17, 2018 7:59 pm

Mine are A and B, but I don't need as much safety as someone who is near retirement or who is currently retired, so I'm willing to take more risk as long as it has been historically rewarded.

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Re: What type of bond investor are you?

Post by pascalwager » Tue Dec 18, 2018 12:09 am

Doc wrote:
Mon Dec 17, 2018 7:31 pm
pascalwager wrote:
Mon Dec 17, 2018 5:59 pm
I like short-term, even ultra short-term. For me bonds are for asset preservation and I don't expect a generous positive return.
This idea is a good example of why these "which bond segment" threads get nowhere. Pascalwager states his reasoning
pascalwager wrote:
Mon Dec 17, 2018 5:59 pm
bonds are for asset preservation
I have no argument with that if that is his purpose. But it is not my purpose. My purpose is that bonds are to reduce the overall risk of my entire portfolio hopefully by zigging when equities zag. If we don't make our objective clear when responding in these theads we really only add confusion to the discussion.
I agree. I should have provided more information.

I personally don't like the heterogeneous nature of the common portfolio and I don't depend, and don't wish to depend, on any supposed dynamic relationship between bonds and stocks. I simply use the asset preservation nature of bonds (promised principal and interest) to produce an isolated, low-volatility, low-risk portfolio.

Furthermore, I don't run a single mixed portfolio, but rather three entirely separate portfolios as described below:

-Risky Portfolio (stocks)
-Low-Risk Portfolio (short-term bonds)
-Riskless Portfolio (cash)

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Re: What type of bond investor are you?

Post by AerialWombat » Tue Dec 18, 2018 12:21 am

I’m in B and C.

My securities portfolio is 70% bonds, and 70% of my bonds are Vanguard muni bond funds.

I have enough risk in other areas of my financial and business life that I cannot stomach stock market volatility. I embrace an income portfolio and want minimal correlation to the S&P 500 et al.
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Re: What type of bond investor are you?

Post by fennewaldaj » Tue Dec 18, 2018 12:35 am

I have some of A, B and D. I do hold some very safe bonds but I am at least somewhat interested in correlation. I hold Total bond, G fund, inter term munis, TIPs, HY, And ex US (mostly EM dollar bonds but some EM local and developed)

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Re: What type of bond investor are you?

Post by Portfolio7 » Tue Dec 18, 2018 3:32 am

Well. I know that as long as my stable value fund yields more than Int treasuries, I'm in SV. I believe that will also be true as long as ST Treasury rates are lower than the SV yield, even if IT rates are higher. Once ST Treasuries pass the SV yield, if ever, then I have to think about shifting some portion of FI back into bonds. I'm also thinking about mixing in some Int to LT bonds in my base portfolio at the suggestion of dabbling economist and others, but haven't gotten to thinking that through yet.

I guess that's a little bit of A) B) and D), but really I'm just trying to balance various types of risks across my portfolio to optimize risk/return trade-offs given my portfolio volatility target. I won't claim to be any good at it yet; I'm using mostly rules of thumb, and my tendency to anchor on certain relationships gets past me now and then.
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Re: What type of bond investor are you?

Post by Dude2 » Tue Dec 18, 2018 8:26 am

nisiprius wrote:
Mon Dec 17, 2018 7:06 am
Volatility? Risk? To me, volatility darn well is risk, or at least an important form of risk, and I don't care who knows it. Furthermore, it is well correlated with every other forms of risk I care about, so logic-chopping about "what is risk, truly?" doesn't matter.
Boo. Hiss!

(But that's ok. Excellent post as ever.) Perhaps volatility is a good measure of a basket of risks, and then using it that way is fine. I'm just one of those that doesn't equate it with risk and use them as synonyms. Still, it would seem that if things can go down or up slowly and gently that it would throw off volatility's ability to measure them as risky. Anyway, a subject for another thread.

I am proud to be a (b) bond investor.

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Re: What type of bond investor are you?

Post by stlutz » Wed Dec 19, 2018 7:49 pm

Been a busy week--hadn't seen this thread until now!

Stlutz started as as (d)--just wanting a balanced portfolio. Over time, I've moved to the non-correlated returns approach (b). As I get older, I have started to think about how I want to transition to (c)--using bonds for stable income.

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Re: What type of bond investor are you?

Post by kolea » Wed Dec 19, 2018 7:58 pm

I would opine that (b) is the same as (a). A security is not going to be a safe haven if it is correlated with equities. And vice-versa. Perhaps the OP meant that case (b) is those investors who seek an anti-correlated asset (which bonds are over some periods)?
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Peter Foley
Posts: 4876
Joined: Fri Nov 23, 2007 10:34 am
Location: Lake Wobegon

Re: What type of bond investor are you?

Post by Peter Foley » Wed Dec 19, 2018 8:42 pm

I place myself in the "a" camp. I just don't want to lose money over the long term. My goal is simply to keep pace with inflation. Fortunately we have good access to higher paying stable value funds. My "bond" allocation is actually more diverse than my equities: Percentages are very approximate

Stable Value funds 70%
I-bonds (10+ years old) 10%
Short term TIPS 5%
Intermediate term treasuries 7%
Total bond fund 7%
Cd's 1%

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Nate79
Posts: 4515
Joined: Thu Aug 11, 2016 6:24 pm
Location: Delaware

Re: What type of bond investor are you?

Post by Nate79 » Wed Dec 19, 2018 10:10 pm

Mostly also in "a" camp using stable value funds, cash, and ibonds, MM, and such and increased allocation to stock funds.

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