What's your U.S. : International ratio?

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What's your U.S. : International ratio?

100:0
41
6%
80:20
122
17%
70:30
165
22%
60:40
125
17%
60:40
125
17%
50:50
126
17%
40:60
10
1%
30:70
10
1%
20:80
12
2%
 
Total votes: 736

Tamalak
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Re: What's your U.S. : International ratio?

Post by Tamalak »

Actin wrote: Sun Jun 17, 2018 9:02 am 90% US 10% int

International just drags a VTSAX portfolio down
Boy it sure does, especially recently. I don't like calculating where I'd be if I had gone all US instead of world cap.

Not even tempted to change it, though. Stay the course :mrgreen:
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ruralavalon
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Re: What's your U.S. : International ratio?

Post by ruralavalon »

Tamalak wrote: Tue Jun 19, 2018 12:41 pm
Actin wrote: Sun Jun 17, 2018 9:02 am 90% US 10% int

International just drags a VTSAX portfolio down
Boy it sure does, especially recently. I don't like calculating where I'd be if I had gone all US instead of world cap.

Not even tempted to change it, though. Stay the course :mrgreen:
In the past tense, that was correct. I am not certain at all about the future.
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columbia
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Re: What's your U.S. : International ratio?

Post by columbia »

Tamalak wrote: Tue Jun 19, 2018 12:41 pm
Actin wrote: Sun Jun 17, 2018 9:02 am 90% US 10% int

International just drags a VTSAX portfolio down
Boy it sure does, especially recently. I don't like calculating where I'd be if I had gone all US instead of world cap.

Not even tempted to change it, though. Stay the course :mrgreen:

If you actually do calculate it, you might be tempted.
mbasherp
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Re: What's your U.S. : International ratio?

Post by mbasherp »

2:1

Some say that's too much, some say anything less than market weight is too little. For whatever reason, I've felt this is an elegantly simple middle ground.
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Taylor Larimore
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Re: What's your U.S. : International ratio?

Post by Taylor Larimore »

Bogleheads:

I probably answered this old thread long ago. Anyhow, here is my solution:

How Much International Stock -- A Suggestion

Best wishes
Taylor
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Tamalak
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Re: What's your U.S. : International ratio?

Post by Tamalak »

columbia wrote: Tue Jun 19, 2018 5:19 pm
Tamalak wrote: Tue Jun 19, 2018 12:41 pm
Actin wrote: Sun Jun 17, 2018 9:02 am 90% US 10% int

International just drags a VTSAX portfolio down
Boy it sure does, especially recently. I don't like calculating where I'd be if I had gone all US instead of world cap.

Not even tempted to change it, though. Stay the course :mrgreen:

If you actually do calculate it, you might be tempted.
I actually did. No I'm not tempted. Granted, I've only been invested since Sept. 2015. Domestic REAL returns in those less than three years have been 40%. International 20%. Mine 30%. Life is good :sharebeer

...Just not as good as life for those smug Bogle-following USA-tilters! :D
lostdog
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Re: What's your U.S. : International ratio?

Post by lostdog »

Forgot about 2017 already?
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Re: What's your U.S. : International ratio?

Post by LadyGeek »

I let the experts figure out the ratio. How? Just match the ratio used in the target date funds. See: Approximating Vanguard target date funds

Guidance is provided here: How to build a lazy portfolio, which is how we help new investors build a portfolio from the choices provided in their employer's 401(k) plan.

If anyone needs help with this, start a thread in the Investing - Help with Personal Investments forum.
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analogsavior
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Re: What's your U.S. : International ratio?

Post by analogsavior »

Currently 75:25 US to International stocks. Been thinking of moving going 67:33% US to international when I next revise my IPS to better align with my current views on global diversification.
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Re: What's your U.S. : International ratio?

Post by abuss368 »

We are presently 60% domestic and 40% international for equities. Bonds are presently 100% domestic and on the fence about international bonds in the future.
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Re: What's your U.S. : International ratio?

Post by abuss368 »

I would not be surprised if in the future Vanguard investment experts recommend 50% domestic and 50% international with the Target and LifeStrategy funds.
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columbia
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Re: What's your U.S. : International ratio?

Post by columbia »

abuss368 wrote: Tue Jun 19, 2018 8:17 pm I would not be surprised if in the future Vanguard investment experts recommend 50% domestic and 50% international with the Target and LifeStrategy funds.
I agree.

That, however, doesn’t mean that it would or will be the optimal choice.
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Re: What's your U.S. : International ratio?

Post by ruralavalon »

columbia wrote: Tue Jun 19, 2018 9:06 pm
abuss368 wrote: Tue Jun 19, 2018 8:17 pm I would not be surprised if in the future Vanguard investment experts recommend 50% domestic and 50% international with the Target and LifeStrategy funds.
I agree.

That, however, doesn’t mean that it would or will be the optimal choice.
I agree.
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Re: What's your U.S. : International ratio?

Post by Hukedonfonix4me »

80% US/20% INTL

We only had a developed international index available so the above includes 0% emerging markets exposure...
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klaus14
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Re: What's your U.S. : International ratio?

Post by klaus14 »

columbia wrote: Tue Jun 19, 2018 9:06 pm
abuss368 wrote: Tue Jun 19, 2018 8:17 pm I would not be surprised if in the future Vanguard investment experts recommend 50% domestic and 50% international with the Target and LifeStrategy funds.
I agree.

That, however, doesn’t mean that it would or will be the optimal choice.
my bet is that they will move to market cap (VT) which is the optimal choice :)
My investment algorithm: https://www.bogleheads.org/forum/viewtopic.php?f=10&t=351899&p=6112869#p6112869
shawcroft
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What's your U.S. : International ratio?

Post by shawcroft »

Continuation of an interesting discussion over the years
We are currently 82% US, 18% international. Target is 80-20. Will rebalance slowly to attain 80-20 goal.
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yogesh
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Re: What's your U.S. : International ratio?

Post by yogesh »

Life strategy and target date funds will hold “Total World Index” instead of continuously raising international exposure every few years. This would be similar to how Vanguard replaced S&P Index with Total Market. Why is Fidelity so late to global market cap party?
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Quercus Palustris
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Re: What's your U.S. : International ratio?

Post by Quercus Palustris »

69/31 US/ex-US (core-4 Total Economy portfolio).

AFAIK Fidelity doesn't have a Total Market fund (ACWI/VT), maybe that's why?
Luckywon
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Re: What's your U.S. : International ratio?

Post by Luckywon »

77:23
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ruralavalon
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Re: What's your U.S. : International ratio?

Post by ruralavalon »

Quercus Palustris wrote: Sun Mar 17, 2019 3:28 pm 69/31 US/ex-US (core-4 Total Economy portfolio).

AFAIK Fidelity doesn't have a Total Market fund (ACWI/VT), maybe that's why?
Fidelity does have a total international stock index fund.

It is Fidelity Total International Index Fund (FTIHX) ER 0.06%, using the MSCI ACWI ex USA IMI Index.

Fidelity does not have a total world stock index fund.
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Re: What's your U.S. : International ratio?

Post by dougger5 »

67.30 : 32.70
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columbia
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Re: What's your U.S. : International ratio?

Post by columbia »

Maybe Fidelity read Vanguard’s literature about 30% being the maximum diversification benefit.



;)
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Re: What's your U.S. : International ratio?

Post by ohai »

The main reason for US outperformance over the past 10-15 years has been the rise of tech giants like Amazon and Facebook. There's no such thing as this in Europe, Japan or other countries. The most valuable company in Europe today is Nestle. Consumer staples like this are not known for explosive growth. Anyway, if you don't think Amazon or Facebook can continue to lead market gains, you might be convinced to reconsider a high US asset allocation.

For me though, I am convinced that US deserves more generous valuation and is thus chronically underpriced relative to other countries. For one thing, very few political events seem to be able to derail the US stock market, as 1) corporate interests drive more of US government than most developed countries, and 2) the checks and balance system in the US is far better than any other major economy's. On top of that, Harvard and Stanford business schools are still producing the world's best management and most effective corporate culture. Every time I've had first hand experience dealing with European management in my industry, it's been a total joke compared to US companies. Finally, US people are far more enterprising than Japan or Europe, even in big companies. The next industry defining change in any field is more likely to come from the US than anywhere else, just like it has been before.

I understand that I am a little biased, but interestingly, some very intelligent people who I respect (for instance Mohd El Erian) share this POV.
RJC
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Re: What's your U.S. : International ratio?

Post by RJC »

ohai wrote: Sun Mar 17, 2019 4:04 pm The main reason for US outperformance over the past 10-15 years has been the rise of tech giants like Amazon and Facebook. There's no such thing as this in Europe, Japan or other countries. The most valuable company in Europe today is Nestle. Consumer staples like this are not known for explosive growth. Anyway, if you don't think Amazon or Facebook can continue to lead market gains, you might be convinced to reconsider a high US asset allocation.

For me though, I am convinced that US deserves more generous valuation and is thus chronically underpriced relative to other countries. For one thing, very few political events seem to be able to derail the US stock market, as 1) corporate interests drive more of US government than most developed countries, and 2) the checks and balance system in the US is far better than any other major economy's. On top of that, Harvard and Stanford business schools are still producing the world's best management and most effective corporate culture. Every time I've had first hand experience dealing with European management in my industry, it's been a total joke compared to US companies. Finally, US people are far more enterprising than Japan or Europe, even in big companies. The next industry defining change in any field is more likely to come from the US than anywhere else, just like it has been before.

I understand that I am a little biased, but interestingly, some very intelligent people who I respect (for instance Mohd El Erian) share this POV.
+1
Trader Joe
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Re: What's your U.S. : International ratio?

Post by Trader Joe »

kpanghmc wrote: Fri Mar 09, 2007 12:50 pm [restarted thread. Check posting dates before replying - admin alex]

Just curious how other Bogleheads have their U.S.:International ratio set up. I'm currently at 2:1 but I'm tempted to cap weight and go 1:1. After all, if I believe in cap weighting my U.S. equities, why not cap weight my global equities as well?
100% U.S. equities. 0% International equities. Very happy with my results.
DosCommas
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Re: What's your U.S. : International ratio?

Post by DosCommas »

ohai wrote: Sun Mar 17, 2019 4:04 pm The main reason for US outperformance over the past 10-15 years has been the rise of tech giants like Amazon and Facebook. There's no such thing as this in Europe, Japan or other countries. The most valuable company in Europe today is Nestle. Consumer staples like this are not known for explosive growth. Anyway, if you don't think Amazon or Facebook can continue to lead market gains, you might be convinced to reconsider a high US asset allocation.

For me though, I am convinced that US deserves more generous valuation and is thus chronically underpriced relative to other countries. For one thing, very few political events seem to be able to derail the US stock market, as 1) corporate interests drive more of US government than most developed countries, and 2) the checks and balance system in the US is far better than any other major economy's. On top of that, Harvard and Stanford business schools are still producing the world's best management and most effective corporate culture. Every time I've had first hand experience dealing with European management in my industry, it's been a total joke compared to US companies. Finally, US people are far more enterprising than Japan or Europe, even in big companies. The next industry defining change in any field is more likely to come from the US than anywhere else, just like it has been before.

I understand that I am a little biased, but interestingly, some very intelligent people who I respect (for instance Mohd El Erian) share this POV.
While the above is true today, it wasn’t always so. Does the above sound like chasing past performance to anyone else?
DB2
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Re: What's your U.S. : International ratio?

Post by DB2 »

ohai wrote: Sun Mar 17, 2019 4:04 pm The main reason for US outperformance over the past 10-15 years has been the rise of tech giants like Amazon and Facebook. There's no such thing as this in Europe, Japan or other countries. The most valuable company in Europe today is Nestle. Consumer staples like this are not known for explosive growth. Anyway, if you don't think Amazon or Facebook can continue to lead market gains, you might be convinced to reconsider a high US asset allocation.

For me though, I am convinced that US deserves more generous valuation and is thus chronically underpriced relative to other countries. For one thing, very few political events seem to be able to derail the US stock market, as 1) corporate interests drive more of US government than most developed countries, and 2) the checks and balance system in the US is far better than any other major economy's. On top of that, Harvard and Stanford business schools are still producing the world's best management and most effective corporate culture. Every time I've had first hand experience dealing with European management in my industry, it's been a total joke compared to US companies. Finally, US people are far more enterprising than Japan or Europe, even in big companies. The next industry defining change in any field is more likely to come from the US than anywhere else, just like it has been before.

I understand that I am a little biased, but interestingly, some very intelligent people who I respect (for instance Mohd El Erian) share this POV.
I think a lot of this is true today. However, I believe the U.S. is currently going through a dramatic cultural change which is going translate into a dramatic political change in 2020 or 2024 at the latest where a lot of these advantages will start to disappear. The U.S. is going to go through a dramatic transformation and become a much different country than what it's been so far. I don't intend this to veer into politics per forum rules, so I will just leave it at that. But I think the writing is writing is on the wall. In addition, I feel like the dollar is going to weaken due for years to come due to the high debt and deficits which are going to worsen (how do we have a 1.2 trillion deficit in a 'growing economy'? What happens in a recession?). I see many investors fleeing the U.S. for better international opportunities. Global market cap weight investing makes more sense than ever to me.
Last edited by DB2 on Sun Mar 17, 2019 5:58 pm, edited 2 times in total.
Jags4186
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Re: What's your U.S. : International ratio?

Post by Jags4186 »

I am 70/30 US/INT. International is split 50/50 International Value VTRIX and International Small Cap VFSAX.
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Que1999
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Re: What's your U.S. : International ratio?

Post by Que1999 »

Image

I'm done playing the guessing game. My investing is for the long-term and I'm confident there will be a reversion to the mean.... Going world market cap weighted, and recently came to this decision. I love the good ole' USA, but feel that home-country bias and recency bias are strong here.

Remember, investing is for the longgggg-term.....

Good luck to all, but I'm confident in the worlds economy first and foremost.

:beer
wesgreen
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Re: What's your U.S. : International ratio?

Post by wesgreen »

DosCommas wrote: Sun Mar 17, 2019 4:53 pm
ohai wrote: Sun Mar 17, 2019 4:04 pm The main reason for US outperformance over the past 10-15 years has been the rise of tech giants like Amazon and Facebook. There's no such thing as this in Europe, Japan or other countries. The most valuable company in Europe today is Nestle. Consumer staples like this are not known for explosive growth. Anyway, if you don't think Amazon or Facebook can continue to lead market gains, you might be convinced to reconsider a high US asset allocation.

For me though, I am convinced that US deserves more generous valuation and is thus chronically underpriced relative to other countries. For one thing, very few political events seem to be able to derail the US stock market, as 1) corporate interests drive more of US government than most developed countries, and 2) the checks and balance system in the US is far better than any other major economy's. On top of that, Harvard and Stanford business schools are still producing the world's best management and most effective corporate culture. Every time I've had first hand experience dealing with European management in my industry, it's been a total joke compared to US companies. Finally, US people are far more enterprising than Japan or Europe, even in big companies. The next industry defining change in any field is more likely to come from the US than anywhere else, just like it has been before.

I understand that I am a little biased, but interestingly, some very intelligent people who I respect (for instance Mohd El Erian) share this POV.
While the above is true today, it wasn’t always so. Does the above sound like chasing past performance to anyone else?
It certainly does. Much like expecting higher returns from stocks than from bonds does, but it still seems to work much of the time. (I also don't worry about "confusing strategy with outcome", investing like an old person, or supposedly not having travelled enough, etc.)
From time to time there are really patient posters on these threads explaining why history, culture, politics, geography and other forces make a difference in longterm outcomes, and make a comparison of US to Japan and some of the other arguments against US-only investing for US investors questionable. I'm unfortunately not that patient, and would just refer to their or Mr. Bogle's statements. Based on the record so far, I wonder how much Vanguard's prognosticators appreciate these complications.
Some of the posters on these international threads don't reside in the US, which can make it sometimes seem to me like we talk past each other. Best of luck to you, whatever your choice is!
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Re: What's your U.S. : International ratio?

Post by RJC »

Que1999 wrote: Sun Mar 17, 2019 5:53 pm Image

I'm done playing the guessing game. My investing is for the long-term and I'm confident there will be a reversion to the mean.... Going world market cap weighted, and recently came to this decision. I love the good ole' USA, but feel that home-country bias and recency bias are strong here.

Remember, investing is for the longgggg-term.....

Good luck to all, but I'm confident in the worlds economy first and foremost.

:beer
For every one of these charts there are other charts/tables that show a different picture. Is there a definitive chart that compares the total US market vs total international over the last 50+ years? or is this it?

Thanks!
columbia
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Re: What's your U.S. : International ratio?

Post by columbia »

I'm done playing the guessing game. My investing is for the long-term and I'm confident there will be a reversion to the mean.
The end of the second sentence significantly contradicts the first sentence. :confused
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Que1999
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Re: What's your U.S. : International ratio?

Post by Que1999 »

columbia wrote: Sun Mar 17, 2019 7:30 pm
I'm done playing the guessing game. My investing is for the long-term and I'm confident there will be a reversion to the mean.
The end of the second sentence significantly contradicts the first sentence. :confused
If saying that I'm no longer playing the guessing game with US-only investing(which is the context I was using it in and how I used to invest) is contradicting the fact that I've moved to an all-world investment allocation, then OK I guess? Having confidence in the theory of mean reversion is hardly contradicting the fact that I was a US-only investor for many years and decided to move to an all-world allocation.
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Que1999
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Re: What's your U.S. : International ratio?

Post by Que1999 »

RJC wrote: Sun Mar 17, 2019 7:28 pm
Que1999 wrote: Sun Mar 17, 2019 5:53 pm Image

I'm done playing the guessing game. My investing is for the long-term and I'm confident there will be a reversion to the mean.... Going world market cap weighted, and recently came to this decision. I love the good ole' USA, but feel that home-country bias and recency bias are strong here.

Remember, investing is for the longgggg-term.....

Good luck to all, but I'm confident in the worlds economy first and foremost.

:beer
For every one of these charts there are other charts/tables that show a different picture. Is there a definitive chart that compares the total US market vs total international over the last 50+ years? or is this it?

Thanks!
That chart is from this article by Fidelity...

https://www.fidelity.com/viewpoints/inv ... ting-myths
columbia
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Re: What's your U.S. : International ratio?

Post by columbia »

Que1999 wrote: Sun Mar 17, 2019 8:03 pm
RJC wrote: Sun Mar 17, 2019 7:28 pm
Que1999 wrote: Sun Mar 17, 2019 5:53 pm Image

I'm done playing the guessing game. My investing is for the long-term and I'm confident there will be a reversion to the mean.... Going world market cap weighted, and recently came to this decision. I love the good ole' USA, but feel that home-country bias and recency bias are strong here.

Remember, investing is for the longgggg-term.....

Good luck to all, but I'm confident in the worlds economy first and foremost.

:beer
For every one of these charts there are other charts/tables that show a different picture. Is there a definitive chart that compares the total US market vs total international over the last 50+ years? or is this it?

Thanks!
That chart is from this article by Fidelity...

https://www.fidelity.com/viewpoints/inv ... ting-myths

Note their 70/30 remarks...which do not differ from Vanguard’s published remarks on the subject.
DB2
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Re: What's your U.S. : International ratio?

Post by DB2 »

columbia wrote: Sun Mar 17, 2019 8:09 pm
Que1999 wrote: Sun Mar 17, 2019 8:03 pm
RJC wrote: Sun Mar 17, 2019 7:28 pm
Que1999 wrote: Sun Mar 17, 2019 5:53 pm Image

I'm done playing the guessing game. My investing is for the long-term and I'm confident there will be a reversion to the mean.... Going world market cap weighted, and recently came to this decision. I love the good ole' USA, but feel that home-country bias and recency bias are strong here.

Remember, investing is for the longgggg-term.....

Good luck to all, but I'm confident in the worlds economy first and foremost.

:beer
For every one of these charts there are other charts/tables that show a different picture. Is there a definitive chart that compares the total US market vs total international over the last 50+ years? or is this it?

Thanks!
That chart is from this article by Fidelity...

https://www.fidelity.com/viewpoints/inv ... ting-myths

Note their 70/30 remarks...which do not differ from Vanguard’s published remarks on the subject.
Vanguard is going with 60/40 in their Target funds. They also published a fairly recent paper which seems to suggest global market cap weighting (at which point 60/40 is not far from really).
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Re: What's your U.S. : International ratio?

Post by ruralavalon »

Our desired asset allocation is 25% of stocks in international stocks, the actual is currently 22% of stocks in international stocks.
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Re: What's your U.S. : International ratio?

Post by Vulcan »

I do not know, and do not particularly care. It's whatever it is in VTWAX.
If you torture the data long enough, it will confess to anything. ~Ronald Coase
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Re: What's your U.S. : International ratio?

Post by zonto »

An updated version of the chart discussed above was included in Vanguard's February 2019 whitepaper titled Global equity investing: The benefits of diversification and sizing your allocation: https://www.vanguard.com/pdf/ISGGEB.pdf. See Figure 6 on page 7. The whole paper is a good read, and a continuation of Vanguard's white papers on international investing published in 2012 and 2014.
Last edited by zonto on Mon Mar 18, 2019 12:38 pm, edited 1 time in total.
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Re: What's your U.S. : International ratio?

Post by DB2 »

Vulcan wrote: Mon Mar 18, 2019 9:53 am I do not know, and do not particularly care. It's whatever it is in VTWAX.
True. Who really feels like playing the lottery?
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Re: What's your U.S. : International ratio?

Post by Vulcan »

DB2 wrote: Mon Mar 18, 2019 12:38 pm
Vulcan wrote: Mon Mar 18, 2019 9:53 am I do not know, and do not particularly care. It's whatever it is in VTWAX.
True. Who really feels like playing the lottery?
What am I going to be asked next: "what is your consumer discretionary to biotech ratio?" :oops:
If you torture the data long enough, it will confess to anything. ~Ronald Coase
MnD
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Re: What's your U.S. : International ratio?

Post by MnD »

Whatever the global market cap is. I look occasionally and it tracks quite nicely plus or minus less than 1% without any intervention on my part. I also don't worry about what my ratio of financial stocks to consumer discretionary stocks is or what my ratio of large cap to mid cap and small cap is at. Buying the haystack is quite liberating in this regard. Over the years my dream of being a master equity arbitrageur between nations, markets and sectors has apparently fallen by the wayside. :mrgreen:
70/30 AA for life, Global market cap equity. Rebalance if fixed income <25% or >35%. Weighted ER< .10%. 5% of annual portfolio balance SWR, Proportional (to AA) withdrawals.
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Re: What's your U.S. : International ratio?

Post by 9-5 Suited »

DB2 wrote: Sun Mar 17, 2019 5:37 pmI think a lot of this is true today. However, I believe the U.S. is currently going through a dramatic cultural change which is going translate into a dramatic political change in 2020 or 2024 at the latest where a lot of these advantages will start to disappear. The U.S. is going to go through a dramatic transformation and become a much different country than what it's been so far.
I try very hard to avoid the bias toward selling that is well-documented when the opposing side is either in or gaining power. But man is it hard for me with what you are referencing. I'm trying to fortify my mental resolve not to make changes on this basis, though.
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Re: What's your U.S. : International ratio?

Post by DB2 »

9-5 Suited wrote: Mon Mar 18, 2019 12:50 pm
DB2 wrote: Sun Mar 17, 2019 5:37 pmI think a lot of this is true today. However, I believe the U.S. is currently going through a dramatic cultural change which is going translate into a dramatic political change in 2020 or 2024 at the latest where a lot of these advantages will start to disappear. The U.S. is going to go through a dramatic transformation and become a much different country than what it's been so far.
I try very hard to avoid the bias toward selling that is well-documented when the opposing side is either in or gaining power. But man is it hard for me with what you are referencing. I'm trying to fortify my mental resolve not to make changes on this basis, though.
I understand and it's not easy to grapple with sometimes. And none of us have a crystal ball. But honestly, I feel like this is just one more reason for World Market Cap weighting as it does take off some stress for me in this regard.
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Re: What's your U.S. : International ratio?

Post by SevenBridgesRoad »

Interesting related, parallel thread going on right now under Larry Swedroe: Capitalism vs Socialism, reviewing his article by the same name. My takeaways: The title is a little misleading (it's not about the merits of the two systems). Actually the article reminds us that the "wisdom of crowds" is setting the prices within the market and that the crowd has the same information you do. He reminds us that the crowd is pricing based on their perception of risk and that the market price and country allocation are the combination of all of those perceptions within the crowd, again with everyone in the crowd having the same information you have. In any case, you are placing your bet on the future: you either bet with the crowd or against the crowd. Worthwhile reviewing the article if you haven't already.
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Re: What's your U.S. : International ratio?

Post by yogesh »

In the poll results why 60:40 shows twice? Or is that just me?
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Re: What's your U.S. : International ratio?

Post by LadyGeek »

It's because the poll was started in 2007 and has gone through several major software updates. The conversion process for the polls resulted in double entries (last done in 2011).

A few years ago, the site owner stopped allowing polls. Here's the announcement with an explanation: Polls Disabled

This thread should have been locked earlier, but it slipped through the cracks.

The alternative is to join an on-going discussion or start a new thread.

(Thread locked.)
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