Planning to go 100% long stocks today

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cosmic
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Planning to go 100% long stocks today

Post by cosmic » Tue Aug 09, 2011 3:48 am

I admit this is blatant market timing, but blue chip stocks look to be attractively value on a price to earnings and dividend yield basis, relative to Treasury and AAA bond yields (or cash). So, I am going to sell all my bonds and go 100% long stocks in the first hour when markets open, then hang on regardless.

Of course, I may be totally off on the timing and markets could fall another 10, 20 or 30%, like in 2008. In which case I will simply sit and reinvest my dividends until the next bull market brings prices back up to something approximating reasonable value.

I am willing to accept the risk, in pursuit of what look to be attractive relative returns. Anyone planing to do the same?

wriggly
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Post by wriggly » Tue Aug 09, 2011 4:36 am

Are there any Bogleheads left on this forum? :D

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MekongTrader
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Post by MekongTrader » Tue Aug 09, 2011 5:21 am

wriggly wrote:Are there any Bogleheads left on this forum? :D
Indeed.

:lol:

Isn't it fun how we sometimes debate how to slice and dice, small-cap value, Reits or not, how much int'l and whether to overweight EM or not... we love to tinker around in up-markets. Trying to construct the perfect portfolio. Add a little here, add a little there...

I myself was thinking whether and when I should take my VTI and VEU and put into VXUS (VG total int'l) to streamline, etc.

This is all peanuts and so trivial at the end of the day.

This all becomes irrelevant when the markets go down south. The speed of this sell-off is breath-taking. Give it 2 more bad days this week and we can easily be down 30%.

I'm out of here. Saigon at night - I'm in need of a BIG drink now.

MT

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Post by HongKonger » Tue Aug 09, 2011 5:32 am

MekongTrader wrote:
wriggly wrote:Are there any Bogleheads left on this forum? :D
Indeed.

:lol:

Isn't it fun how we sometimes debate how to slice and dice, small-cap value, Reits or not, how much int'l and whether to overweight EM or not... we love to tinker around in up-markets. Trying to construct the perfect portfolio. Add a little here, add a little there...

I myself was thinking whether and when I should take my VTI and VEU and put into VXUS (VG total int'l) to streamline, etc.

This is all peanuts and so trivial at the end of the day.

This all becomes irrelevant when the markets go down south. The speed of this sell-off is breath-taking. Give it 2 more bad days this week and we can easily be down 30%.

I'm out of here. Saigon at night - I'm in need of a BIG drink now.

MT
Same here, Hong Kong at night! Placed my limit orders set for opening so I'm good to go ...to the bar!

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Post by bertilak » Tue Aug 09, 2011 5:41 am

cosmic,

"Planning to go 100% long stocks today" sounds like an overly sudden move. Why not do it in baby steps?

Futures are again pointing downward this AM so your "blatant market timing" may be a misfire. But, even if futures were pointing up, it seems drastic to make "100%" moves in one big step.
May neither drought nor rain nor blizzard disturb the joy juice in your gizzard. -- Squire Omar Barker, the Cowboy Poet

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Boglenaut
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Post by Boglenaut » Tue Aug 09, 2011 5:42 am

Mekong Trader, I see you have a new icon...what's rhe significance of it?

Snowjob
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Post by Snowjob » Tue Aug 09, 2011 5:54 am

Bravo, Good luck!

I need someone to put a stop to all this selling nonsense. Hopefully there are tons of people out there like you who will prop this thing up.

I'm rooting for you!

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Post by livesoft » Tue Aug 09, 2011 6:01 am

Bummer. There are no signs of capitulation anywhere around here. We are in trouble.
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Matty G
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Re: Planning to go 100% long stocks today

Post by Matty G » Tue Aug 09, 2011 6:03 am

cosmic wrote:So, I am going to sell all my bonds and go 100% long stocks in the first hour when markets open, then hang on regardless.
What if stocks open up 5% or so? Will you still do this?

I don't think that's probable, but it's possible. :?:
Listen to Matty at your own risk. His posts are not investment advice, just the musings of some dude on an internet message board.

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Post by Rodc » Tue Aug 09, 2011 7:23 am

We are not even down 20%. This might be nothing compared to what comes over the next year or two or three. Who knows?

If I cared to bet on these things, and I don't, I think the odds are pretty good this is way too early for such a move.

No need to be in a hurry.
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.

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Post by Tom_T » Tue Aug 09, 2011 7:30 am

Rodc wrote:We are not even down 20%. This might be nothing compared to what comes over the next year or two or three. Who knows?

If I cared to bet on these things, and I don't, I think the odds are pretty good this is way too early for such a move.

No need to be in a hurry.
Agreed. I don't think it's a great idea to jump on the roller-coaster in mid-ride.

The Dow might drop another 3,000 points for all we know. I do believe that given the current economic conditions, it's probably not going to hit 14,000 any time soon. In other words, one shouldn't think 'I have to grab these bargain prices today'.

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Post by Sammy_M » Tue Aug 09, 2011 7:30 am

livesoft wrote:Bummer. There are no signs of capitulation anywhere around here. We are in trouble.
:lol:

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Post by richard » Tue Aug 09, 2011 7:38 am

The announcement from today's FOMC meeting is due 2:15 this afternoon. If the Fed does something unexpected, markets could move significantly.

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Post by richard » Tue Aug 09, 2011 7:40 am

bertilak wrote:Futures are again pointing downward this AM so your "blatant market timing" may be a misfire. But, even if futures were pointing up, it seems drastic to make "100%" moves in one big step.
Market timers tend to prefer low prices for buying. Futures pointing down is when they'd want to buy, not futures pointing up.

Perhaps I misunderstand your post

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Post by Tuxx » Tue Aug 09, 2011 7:40 am

Heard Ben "They are giving financial stocks away in cereal boxes" Stein interview and he is screaming bullish.

He was screaming bullish right before the start of the financial crisis. :shock:

I wonder why he climbed out from under his rock now?

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Post by bertilak » Tue Aug 09, 2011 7:51 am

richard wrote: Market timers tend to prefer low prices for buying. Futures pointing down is when they'd want to buy, not futures pointing up.

Perhaps I misunderstand your post
If a market timer wants low prices and futures are down, you'd think he would WAIT for those future lower prices. There is no bottom until things start going up again.
May neither drought nor rain nor blizzard disturb the joy juice in your gizzard. -- Squire Omar Barker, the Cowboy Poet

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Post by Tuxx » Tue Aug 09, 2011 7:53 am

Market timers short into future ramps on the "hope" the Fed is going to save us all by inflating our troubles away by blowing another bubble.

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Post by Tom_T » Tue Aug 09, 2011 7:56 am

richard wrote:The announcement from today's FOMC meeting is due 2:15 this afternoon. If the Fed does something unexpected, markets could move significantly.
What is left for them to do? They can't cut interest rates. People need to understand that the Fed can't fix the economy. Another stimulus? Yeah, let's keep piling onto that deficit.

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Post by Tuxx » Tue Aug 09, 2011 8:02 am

I have had 3 co workers ask me this morning if this would be a good time to go 100% S&P 500 fund today in our 401K plan.

Image

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Post by richard » Tue Aug 09, 2011 8:18 am

Tom_T wrote:
richard wrote:The announcement from today's FOMC meeting is due 2:15 this afternoon. If the Fed does something unexpected, markets could move significantly.
What is left for them to do? They can't cut interest rates. People need to understand that the Fed can't fix the economy. Another stimulus? Yeah, let's keep piling onto that deficit.
QE3, inflation targeting, nominal GDP targeting are the three alternatives I hear the most. What deficit are you talking about - the Fed can't issue bonds?

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Post by Tuxx » Tue Aug 09, 2011 8:23 am

The Treasury can't issue dollars. It is all created by the Fed.

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Post by WatchinU » Tue Aug 09, 2011 8:33 am

some talking heads are predicting the market could drop more. i'd be careful about going long until we see the beginning of a bounce

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Post by Tuxx » Tue Aug 09, 2011 8:40 am

The anchors are all smiles on bubble visions. Cramer says he feels vindicated. I have seen a bivy of bottom callers rolled out since I tuned in.

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Post by Grt2bOutdoors » Tue Aug 09, 2011 8:44 am

WatchinU wrote:some talking heads are predicting the market could drop more. i'd be careful about going long until we see the beginning of a bounce
Careful, it just might be a dead cat you will be seeing. :wink:

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Post by Tuxx » Tue Aug 09, 2011 8:49 am

Garden variety gap and crap.

Did not see that coming.

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Post by richard » Tue Aug 09, 2011 8:52 am

In general, upturns either continue or they don't. I'd only buy now if the upturn is going to continue. If it's not going to continue, wait. (with apologies to Will Rogers)

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Re: Planning to go 100% long stocks today

Post by whiskers » Tue Aug 09, 2011 8:53 am

Matty G wrote: What if stocks open up 5% or so? Will you still do this?:?:
And they did open 5% up but are pulling back.

I am young, so I can accept the risk. Here's my 0.02 - invest conservatively. There is a crazy amount of volatility and panic out there right now. This morning I devised a plan to DCA a little more funds into equities over the next couple weeks. However, we're in very rough waters right now and the general populace is grasping at every straw on the surface - job reports, fed reports, etc., all these are big market movers IMO. Actually, looking at this year's performance, in hindsight, the public doesn't have much confidence in the market given how it moved in response to Middle East/European news.

DCA when the waters are calmer and just hold (with some rebalancing here and there).

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Re: Planning to go 100% long stocks today

Post by richard » Tue Aug 09, 2011 9:11 am

whiskers wrote:I am young, so I can accept the risk. Here's my 0.02 - invest conservatively. There is a crazy amount of volatility and panic out there right now. This morning I devised a plan to DCA a little more funds into equities over the next couple weeks. However, we're in very rough waters right now and the general populace is grasping at every straw on the surface - job reports, fed reports, etc., all these are big market movers IMO. Actually, looking at this year's performance, in hindsight, the public doesn't have much confidence in the market given how it moved in response to Middle East/European news.

DCA when the waters are calmer and just hold (with some rebalancing here and there).
You really should consider the standard advice around here. Come up with an investment plan and then mechanically implement it. Buy when it says buy, sell when it says sell, hold otherwise. If you must watch investment news, don't let what you see influence your actions.

Tuxx
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Post by Tuxx » Tue Aug 09, 2011 9:27 am

Hmm. The spin is QE3 or QE type program is in the works at 2:15.

However, there is a disconnect. Treasury bonds yields are starting to head up. If a new easy money plan was in the works then yields would be falling.

Should be a interest last 90 minutes. :D

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Morgthorak
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Re: Planning to go 100% long stocks today

Post by Morgthorak » Tue Aug 09, 2011 9:30 am

richard wrote: You really should consider the standard advice around here. Come up with an investment plan and then mechanically implement it. Buy when it says buy, sell when it says sell, hold otherwise. If you must watch investment news, don't let what you see influence your actions.
Sometimes the burned hand teaches best... :wink:

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Post by zotty » Tue Aug 09, 2011 9:31 am

livesoft wrote:Bummer. There are no signs of capitulation anywhere around here. We are in trouble.
Funny. I had the same feeling this morning listening to the morning shows.

Here is my general advice right now:

If you *need* to do something, do it SMALL. not big. If you *need* to buy, buy small amounts compared to your portfolio size. If you *need* to sell, sell small amounts. Big moves are future big regrets.

My 2 cents

cosmic
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Post by cosmic » Tue Aug 09, 2011 9:39 am

bertilak wrote:cosmic,

"Planning to go 100% long stocks today" sounds like an overly sudden move. Why not do it in baby steps?

Futures are again pointing downward this AM so your "blatant market timing" may be a misfire. But, even if futures were pointing up, it seems drastic to make "100%" moves in one big step.
Well, I don't see the advantage of baby steps, it's false comfort - by not buying more stocks, you are likely to miss the subsequent gains in future, and your 'baby steps' will add exposure at higher prices and thus higher risk, lower returns.

However, in hindsight 100% long stocks is too aggressive, Ben Graham recommended 75% stocks 25% bonds as a maximum aggression level. So, I chickened out and only went 75% stocks this morning.

75/25 portfolio is reasonable I think?

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Morgthorak
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Post by Morgthorak » Tue Aug 09, 2011 9:54 am

zotty wrote:
livesoft wrote:Bummer. There are no signs of capitulation anywhere around here. We are in trouble.
Funny. I had the same feeling this morning listening to the morning shows.

Here is my general advice right now:

If you *need* to do something, do it SMALL. not big. If you *need* to buy, buy small amounts compared to your portfolio size. If you *need* to sell, sell small amounts. Big moves are future big regrets.

My 2 cents
I did a small bit of rebalancing and that's it. You are quite right to proceed carefully and slowly. Large moves may be regretted later if we head back down to the March 09 lows. So using rebalancing bands/plans can help avoid that rather than doing some huge move.

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Post by Morgthorak » Tue Aug 09, 2011 9:55 am

cosmic wrote:
bertilak wrote:cosmic,

"Planning to go 100% long stocks today" sounds like an overly sudden move. Why not do it in baby steps?

Futures are again pointing downward this AM so your "blatant market timing" may be a misfire. But, even if futures were pointing up, it seems drastic to make "100%" moves in one big step.
Well, I don't see the advantage of baby steps, it's false comfort - by not buying more stocks, you are likely to miss the subsequent gains in future, and your 'baby steps' will add exposure at higher prices and thus higher risk, lower returns.

However, in hindsight 100% long stocks is too aggressive, Ben Graham recommended 75% stocks 25% bonds as a maximum aggression level. So, I chickened out and only went 75% stocks this morning.

75/25 portfolio is reasonable I think?
The point is to stay within your rebalancing plans/bands. You can continue to buy stocks but do it slowly and stay within your bands. Giant moves could be regretted later if the market continues to drop over time. Large buys now could be regretted if we end up back at the March 09 lows...or lower...

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Post by Tom_T » Tue Aug 09, 2011 9:59 am

bertilak wrote:Well, I don't see the advantage of baby steps, it's false comfort - by not buying more stocks, you are likely to miss the subsequent gains in future, and your 'baby steps' will add exposure at higher prices and thus higher risk, lower returns.
And what if the market trends downward? One could say that the "false comfort" is in your belief that there are gains to be had by buying today. For all we know, today is the Dow high for the next five years. Pushing your chips to the middle of the table (or removing them) is just a bet that today is the right day to do it.

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Post by bertilak » Tue Aug 09, 2011 10:04 am

Findelglorin wrote:The point is to stay within your rebalancing plans/bands. You can continue to buy stocks but do it slowly and stay within your bands. Giant moves could be regretted later if the market continues to drop over time. Large buys now could be regretted if we end up back at the March 09 lows...or lower...
Tom_T wrote:Pushing your chips to the middle of the table (or removing them) is just a bet that today is the right day to do it.
Some words of wisdom:

Beware the dead cat bounce.
Never try to catch a falling knife.
May neither drought nor rain nor blizzard disturb the joy juice in your gizzard. -- Squire Omar Barker, the Cowboy Poet

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Post by Leesbro63 » Tue Aug 09, 2011 10:05 am

Tom_T wrote: The Dow might drop another 3,000 points for all we know. I do believe that given the current economic conditions, it's probably not going to hit 14,000 any time soon. In other words, one shouldn't think 'I have to grab these bargain prices today'.
Ok, so the question is: when DO you grab bargain (or not) prices?

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Post by Lollytiger » Tue Aug 09, 2011 10:08 am

Tuxx wrote:I have had 3 co workers ask me this morning if this would be a good time to go 100% S&P 500 fund today in our 401K plan.
But if the stock market falls instead of rising, then that means there is a bigger group of sheep which are busy selling, no? So if you buy stocks, you are a sheep because everyone else is doing it too, but if you sell stocks, you are also a sheep because everyone else is doing it too.

Herd behavior also has more to do with one's immediate group than the overall population. So everyone on this forum who holds and neither buys or sells is also a sheep, because they are conforming to Boglehead behavior.

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Re: Planning to go 100% long stocks today

Post by tflannery65 » Tue Aug 09, 2011 10:25 am

cosmic wrote:I admit this is blatant market timing, but blue chip stocks look to be attractively value on a price to earnings and dividend yield basis, relative to Treasury and AAA bond yields (or cash). So, I am going to sell all my bonds and go 100% long stocks in the first hour when markets open, then hang on regardless.

Of course, I may be totally off on the timing and markets could fall another 10, 20 or 30%, like in 2008. In which case I will simply sit and reinvest my dividends until the next bull market brings prices back up to something approximating reasonable value.

I am willing to accept the risk, in pursuit of what look to be attractive relative returns. Anyone planing to do the same?
This is of little value unless you tell us your age and how much you have invested.

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Post by hidesert » Tue Aug 09, 2011 11:26 am

My Fidelity Bond fund (FSITX) was sharply up in August so when my Fidelity Stock fund (FUSEX) dropped it seemed like a logical time to rebalance. The amount moved between funds amounted to about 3% of my nest egg so it's not going to be a life-changing event but I feel good about it anyway.

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Post by Rodc » Tue Aug 09, 2011 11:30 am

Well, I don't see the advantage of baby steps, it's false comfort -
It limits the damage from being stupid and impulsive (the two tend to go together).
We live a world with knowledge of the future markets has less than one significant figure. And people will still and always demand answers to three significant digits.

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Post by djw » Tue Aug 09, 2011 11:42 am

Wow, just when I begin to hope that people have learned some useful lessons over the past few years, the OP comes along and dashes those hopes into the dust... Let me apologize in advance for the rant I'm about to launch... for some reason this particular thread has set me off...

Didn't the real estate crash teach you that putting 100% of your savings into a house purchase is a really bad idea? Recall that the people who scraped together every nickle they could find to buy a house that was usually much more than they needed ended up losing 100% of their money when their new McMansion dove underwater?

Don't you get that when we talk about asset allocation, that doesn't mean choosing which one asset class you should allocate ALL of your money into?

Ever heard of tulip mania? I hear the people who allocated 100% into tulips didn't do too well.

Remember the folks who worked at Enron, that wonderful Fortune 100 company, source of their salary, lifetime health benefits, and who invested 100% of their retirement money in Enron stock? Ditto the folks at Lehman Brothers? Or the friends of Madoff?

How about folks who put 100% of their money in a single, local bank, even if the total exceeded the FDIC limit? Or 100% into a money market fund which are totally uninsured? What could possibly go wrong there?

Before you start chastising me that investing in the S&P 500 isn't at all the same as investing in a single house, tulips, or Enron, I'll happily concede your point. My examples are a bit extreme but intended to remind the OP that one of the Boglehead principles which is too often forgotten is the importance of DIVERSIFICATION.

My wife's 403(b) is a small portion of our net worth, but it's split 50/50 between the two most diverse index mutual funds offered, which also have the lowest expense ratios of all the offerings: Total US and Total International xUS. It rebalances automatically every 3 months, or I can trigger a rebalance anytime I notice it's gotten too far out of whack.

She has a 403(b) from a previous job which is Total Fixed Income, and twice as large as her current 403(b). I'll admit that a few years ago I was thinking that I should really convert this into stocks... and in retrospect I'm sure glad that I never did!

If you look at our overall net worth, it's extremely diverse: our home equity, TIPS, corporate bonds, annuities, fixed income, and a small fraction of one share of stock from nearly every corporation traded on a major stock exchange anywhere in the world. Much as I love and respect Vanguard, my investment accounts are spread across four different custodians whose home offices are also geographically distributed. I even have two bank accounts, one based in the southeast and one in the northeast US. You can never be too careful or too diverse.

We're retired and our bond ladder is structured so that the individual bonds we own will reach maturity, one by one, on various dates over the next 10 years in such a way that we can live off the proceeds at a predictable 100% of their par value without our ever needing to worry about when to "sell" them and whether they'll be under par on that date...

After the experience of the past 5 or 10 years, you should have observed that "age in bonds" is not a quaint old rule of thumb that silly folks in the olden days used to follow because they didn't have computers and instant online trade execution to enable them to make a killing by being so much smarter than everyone else...

Again, I apologize for my rant which was admittedly an extreme overreaction to thinking about people who wake up one morning and decide on a whim to go all in on the S&P 500, or gold, or any other "investment"... that style of financial decision making will probably catch up with them sooner or later... Let's hope their 401(k) doesn't decide to offer Gold or Silver as an option, lest they go 100% into one of those...
Love many, trust few, and always paddle your own canoe

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Post by GregLee » Tue Aug 09, 2011 11:49 am

cosmic wrote: Well, I don't see the advantage of baby steps, ...
The advantage of baby steps is to keep something in reserve so that if the market continues down you can buy more at even better prices later. I'm doing baby steps. It's not guaranteed to succeed, since if the market turns right around and shoots back up, I will have lost my chance to buy at a low price (except for that first baby step).
Greg, retired 8/10.

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Post by wriggly » Tue Aug 09, 2011 12:05 pm

djw wrote: Don't you get that when we talk about asset allocation, that doesn't mean choosing which one asset class you should allocate ALL of your money into?
I read a comparison of active and passive styles once. Initially, I thought it was going to be a fair and rational evaluation of the two approaches. Then I read something along the lines:
poor memory of biased author wrote:Asset allocation is the most important thing in investment, but asset allocation can be difficult. Better to let a professional allocate assets for you, who can change the allocation to respond to market conditions.
:?

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Post by john94549 » Tue Aug 09, 2011 12:12 pm

Poster "djw" sort of hit it out of the park. My wife always scoffed at my "age-in-bonds" fetish. Which is not to say I don't trade stocks. I do. It's kinda fun, actually. But I trade only in my "fun money" account, initially financed years ago with an unexpected windfall.

Retirement accounts, unlike "fun money" trading accounts, really should be conservative. After all, one day you'll need to start your SWR. Trust an old-fart retiree.
Last edited by john94549 on Tue Aug 09, 2011 12:25 pm, edited 1 time in total.

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Post by Leif » Tue Aug 09, 2011 12:20 pm

Tuxx wrote:Heard Ben "They are giving financial stocks away in cereal boxes" Stein interview and he is screaming bullish.

He was screaming bullish right before the start of the financial crisis. :shock:

I wonder why he climbed out from under his rock now?

He did a bunch of commercials so he has some money to invest

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Re: Planning to go 100% long stocks today

Post by SVariance1 » Tue Aug 09, 2011 12:35 pm

cosmic wrote:I admit this is blatant market timing, but blue chip stocks look to be attractively value on a price to earnings and dividend yield basis, relative to Treasury and AAA bond yields (or cash). So, I am going to sell all my bonds and go 100% long stocks in the first hour when markets open, then hang on regardless.

Of course, I may be totally off on the timing and markets could fall another 10, 20 or 30%, like in 2008. In which case I will simply sit and reinvest my dividends until the next bull market brings prices back up to something approximating reasonable value.

I am willing to accept the risk, in pursuit of what look to be attractive relative returns. Anyone planing to do the same?
No. I don't think valuations are attractive, although some people including you would disagree. A 15% decline after a 100% rally has not resulted in compelling valuations, IMO. Aside from the valuation issue, I think the risks today are higher than they have been in the past, even higher than they were during the last downturn. My biggest concern aside from valuation, is who will be the backstop if conditions deteriorate further. In the past, the Fed has injected liquidity into the system, which has been a big help. This time, the Fed's actions would have little effect, IMO.
Last edited by SVariance1 on Tue Aug 09, 2011 12:56 pm, edited 1 time in total.
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Exige
Posts: 307
Joined: Mon Apr 11, 2011 3:58 pm
Location: Littleton, CO

Post by Exige » Tue Aug 09, 2011 12:53 pm

I have been putting aside a little money that I had planned to put into my IRA this year at some point. And I started putting it in very slowly last night I think this is a smart option like most have said if you "NEED" to buy.
‘I found the road to wealth when I decided that a part of all I earned was mine to keep. And so will you.'

john94549
Posts: 4638
Joined: Tue Jul 26, 2011 8:50 pm

Post by john94549 » Tue Aug 09, 2011 1:17 pm

Today is an excellent example of why nobody can "time" Mr. Market. Equities might be a screaming buy, or not. Just wait 30 minutes. When Maria Bartiromo starts off by saying "stocks are well off their highs", you know you might be in a modest amount of doo-doo.

CDs be lookin' better and better, doncha think? Look at the bright side. If you're posting, you obviously have enough money to (a) afford a computer, and (b) pay for an internet connection. On second thought, you might be in a Starbucks, so (b) might not necessarily be correct. But at least you have the money for the coffee.
Last edited by john94549 on Tue Aug 09, 2011 1:28 pm, edited 1 time in total.

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SVariance1
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Joined: Mon Jun 20, 2011 11:27 am
Location: Philadelphia Area

Post by SVariance1 » Tue Aug 09, 2011 1:24 pm

john94549 wrote:Today is an excellent example of why nobody can "time" Mr. Market. Equities might be a screaming buy, or not. Just wait 30 minutes.

CDs be lookin' better and better, doncha think? Look at the bright side. If you're posting, you obviously have enough money to (a) afford a computer, and (b) pay for an internet connection. On second thought, you might be in a Starbucks, so (b) might not necessarily be correct. But at least you have the money for the coffee.
It was good while it lasted, the gains are gone. May be the Fed will say something nice and spark the market
Mike

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