April "Bogleheads on Investing" podcast with special guest Allan Roth!

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
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Rick Ferri
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April "Bogleheads on Investing" podcast with special guest Allan Roth!

Post by Rick Ferri » Fri Apr 05, 2019 11:54 am

I'm pleased to have Allan Roth, CPA, CFP, as my guest on Episode 008 of the "Bogleheads on Investing" podcast. Our discussion focuses on investment advisers and the investment advice industry. There are surprises.

This podcast is also available on several podcast sites including Apple Podcasts, iTunes, Google Podcasts, and Spotify.

Enjoy!

Your host - Rick Ferri
The Education of an Index Investor: born in darkness, finds indexing enlightenment, overcomplicates everything, embraces simplicity.

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Re: April "Bogleheads on Investing" podcast with special guest Allan Roth!

Post by livesoft » Fri Apr 05, 2019 1:10 pm

A couple of good buddies discussing what they know best. :)

The bits on Direct Investing did mention how such a product makes an account hard to get out of and complex if one decides to leave, so Mr. Roth suggested Direct Investing if planning to give the whole account to charity. Although Mr. Ferri proposed an idea to make an exit more "palatable" his idea may not ever be implemented.
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Re: April "Bogleheads on Investing" podcast with special guest Allan Roth!

Post by Rick Ferri » Fri Apr 05, 2019 4:23 pm

There are several different ways to do "direct indexing," all having the same end-goal. The idea of all strategies is to own hundreds of stocks, then selectively harvest losses from the losing stocks. The losses are used to offset a large gain someplace else in your existing portfolio, such as a single large position. The problem is this, the strategy simply swaps the taxable gain from existing stocks to other stocks, it doesn't eliminate taxes, and taxes eventually are owned unless the low-cost basis stocks are given away or you die with them (creating a stepped-up in basis). In the meantime, the portfolio tax losses diminish over the years and you end up with hundreds of stocks, an ongoing management fee, and a lot of complexity.

This is one of the items Allan and I discussed in the podcast, and I offered a theoretical solution using ETFs.

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Re: April "Bogleheads on Investing" podcast with special guest Allan Roth!

Post by Rick Ferri » Fri Apr 05, 2019 7:15 pm

Thousands of people have downloaded Allan Roth's interview posted today.

Here is a list of past Bogleheads on Investing podcast guests:

Sep. 2018: John Bogle
Oct. 2018: David Blitzer
Nov. 2018: Jonathan Clements
Dec. 2018: Cristine Benz
Jan. 2019: Gus Sauter
Feb. 2019: Dan Egan
Mar. 2019: Mike Piper
Last edited by Rick Ferri on Fri Apr 05, 2019 7:24 pm, edited 1 time in total.
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Re: April "Bogleheads on Investing" podcast with special guest Allan Roth!

Post by arcticpineapplecorp. » Fri Apr 05, 2019 7:17 pm

great job Rick. Really enjoying the podcasts thus far. Keep up the good work.
"May you live as long as you want and never want as long as you live" -- Irish Blessing | "Invest we must" -- Jack Bogle

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Re: April "Bogleheads on Investing" podcast with special guest Allan Roth!

Post by indexlover » Fri Apr 05, 2019 8:44 pm

Excellent. Thank you for asking the question about Municipal bonds and VWIUX. I appreciate it very much.
“If a statue is ever erected to honor the person who has done the most for American investors, the hands-down choice should be Jack Bogle.” - Mr. Buffett - Berkshire Hathaway ’s 2016 annual report.

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Re: April "Bogleheads on Investing" podcast with special guest Allan Roth!

Post by Spinola » Sat Apr 06, 2019 12:12 am

Always look forward to these podcasts. Very informative and engaging. Thank you!

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Re: April "Bogleheads on Investing" podcast with special guest Allan Roth!

Post by Stinky » Sat Apr 06, 2019 5:28 am

This is the best, most informative podcast of the 40 or so that I have in my feed.

Thank you for doing it, and keep up the good work.
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Re: April "Bogleheads on Investing" podcast with special guest Allan Roth!

Post by Mickey7 » Sat Apr 06, 2019 9:10 pm

Thank you for all of your work in airing these podcasts. Every time I listen I come out for the better.

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Re: April "Bogleheads on Investing" podcast with special guest Allan Roth!

Post by sabtastic » Sat Apr 06, 2019 11:01 pm

Thank you for doing this!

I have had success recommending these to the younger crew. I still lend out my Boglehead's guide but the podcast is much more "hip". Everyone is too busy to read a book these days, but they all spend a lot of time sitting in traffic

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Re: April "Bogleheads on Investing" podcast with special guest Allan Roth!

Post by AerialWombat » Sat Apr 06, 2019 11:21 pm

This was a great interview. Very informative. Thanks for doing these!

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Re: April "Bogleheads on Investing" podcast with special guest Allan Roth!

Post by rvs323 » Sun Apr 07, 2019 10:14 am

sabtastic wrote:
Sat Apr 06, 2019 11:01 pm
Thank you for doing this!

I have had success recommending these to the younger crew. I still lend out my Boglehead's guide but the podcast is much more "hip". Everyone is too busy to read a book these days, but they all spend a lot of time sitting in traffic
While I agree with all of the prior posts ("Thanks Rick for doing this"), I found this one particularly insightful. We have 4 young adult children who are busy making their way in the world. I try to nudge them to start thinking about their financial futures but I know I come off as old and nerdy. Recommending a podcast may seem less so.

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Re: April "Bogleheads on Investing" podcast with special guest Allan Roth!

Post by WoodSpinner » Sun Apr 07, 2019 11:03 am

Rick Ferri wrote:
Fri Apr 05, 2019 7:15 pm
Thousands of people have downloaded Allan Roth's interview posted today.

Here is a list of past Bogleheads on Investing podcast guests:

Sep. 2018: John Bogle
Oct. 2018: David Blitzer
Nov. 2018: Jonathan Clements
Dec. 2018: Cristine Benz
Jan. 2019: Gus Sauter
Feb. 2019: Dan Egan
Mar. 2019: Mike Piper
Rick,

Count me in as a subscriber and fan. Really enjoy these Podcasts — a secret pleasure to accompany me on my walks.

Thanks for the hard work and initiative!

As a thought — would you consider some of the BoggleHeads more thoughtful posters as guests? Might be interesting to hear real world perspectives (which I enjoy reading) discussed. Sort of a shift from the theory to the reality of a more specific sitauation and options.

Thanks

WoodSpinner

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Re: April "Bogleheads on Investing" podcast with special guest Allan Roth!

Post by Mel Lindauer » Sun Apr 07, 2019 2:28 pm

Another great podcast, Rick. Keep up the good work!
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Rick Ferri and Allen Roth: A brilliant combination

Post by Taylor Larimore » Sun Apr 07, 2019 4:21 pm

Bogleheads:

I have known Rick Ferri and Allan Roth personally for more than twenty years. They are two of the finest and most knowledgeable investment authorities I know.

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

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Re: April "Bogleheads on Investing" podcast with special guest Allan Roth!

Post by Rick Ferri » Mon Apr 08, 2019 12:36 pm

Thank you, Taylor!

:D

Rick Ferri
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Re: April "Bogleheads on Investing" podcast with special guest Allan Roth!

Post by Jeff Albertson » Thu Apr 11, 2019 2:36 pm

Here's a short video interview (9 minutes) with Rick & Barry Ritholtz.
https://ritholtz.com/2019/04/rick-ferri ... llocation/
Rick Ferri on Asset Allocation
On this episode of Talk Your Book, I speak with Rick Ferri about the next phase of his career. Rick was one of the pioneers of the low cost investing and sound portfolio construction.
Has there ever been a better time to be an investor?
I'm a little surprised he missed this dinner - https://twitter.com/ReformedBroker/stat ... 4645535746

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Re: April "Bogleheads on Investing" podcast with special guest Allan Roth!

Post by abuss368 » Thu Apr 11, 2019 10:40 pm

Rick Ferri wrote:
Fri Apr 05, 2019 7:15 pm
Thousands of people have downloaded Allan Roth's interview posted today.

Here is a list of past Bogleheads on Investing podcast guests:

Sep. 2018: John Bogle
Oct. 2018: David Blitzer
Nov. 2018: Jonathan Clements
Dec. 2018: Cristine Benz
Jan. 2019: Gus Sauter
Feb. 2019: Dan Egan
Mar. 2019: Mike Piper
Hi Rick -

What an amazing list of knowledge investment experts. Is it possible you could do a podcast with David Swensen of Yale University?

I was fortunate to attend a lecture of David Swensen a few years back and it was a great experience. I learned much.

Best.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

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Re: April "Bogleheads on Investing" podcast with special guest Allan Roth!

Post by confusedinvestor » Mon Apr 15, 2019 12:07 am

Rick,
Excellent last 7 guests, but, I humbly feel, we have 'boglehead bias' in guest invitation, may I request your consideration of requesting few contrarian guests - eg:


- Cliff Asness of AQR - Ask his opinion on index investing...

- Michael Kitces - Ask his opinion on Advisor 1-2% AUM fees...

Thanks again for all you do !

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