Rick Ferri looking to internationalize his portfolio

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tadamsmar
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Re: Rick Ferri looking to internationalize his portfolio

Post by tadamsmar » Fri Apr 24, 2015 8:53 pm

Rick Ferri wrote:I have not, but that doesn't mean anything in the big picture.

Rick Ferri


Planning to do it doesn't mean anything in the big picture.

I have been 50/50 domestic/international for years and your 70/30 has made more money, but this doesn't mean anything in the big picture.

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Re: Rick Ferri looking to internationalize his portfolio

Post by zotty » Sat Apr 25, 2015 2:11 am

Leif wrote:
Leif wrote:Although I don't know if Rick is using Value Averaging, it sounds like something similar. Perhaps he is less formal about it. But he intends to invest, over a period of time to increase his foreign allocation. If the foreign market drops he will increase his investments to take advantage. That is not market timing. That is smart investing.


Looks like I was wrong. He has not increased his international position based on his recent posts. I guess he is waiting for blood in the streets to invest. I wonder if Vanguard is also waiting to move their Target and LifeStrategy funds to 40% international?


\waiting for something to happen is a low odds scenario. I hope vanguard is not waiting for events.
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Re: Rick Ferri looking to internationalize his portfolio

Post by columbia » Sat Apr 25, 2015 6:38 am

VASGX:

Code: Select all

Allocation to underlying funds as of 03/31/2015

1   Vanguard Total Stock Market Index Fund Investor Shares   55.8%
2   Vanguard Total International Stock Index Fund Investor Shares   24.1%
3   Vanguard Total Bond Market II Index Fund Investor Shares†   16.1%
4   Vanguard Total International Bond Index Fund Investor Shares   4.0%
Total   —   100.0%


If they've migrated to 40% of equities, they're not advertising it.

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Re: Rick Ferri looking to internationalize his portfolio

Post by Call_Me_Op » Sat Apr 25, 2015 7:58 am

Market timing is adjusting your asset allocation based upon what you think will happen with the economy. That's exactly what Rick is doing. I am not criticizing, just sayin....
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Re: Rick Ferri looking to internationalize his portfolio

Post by Rick Ferri » Fri May 01, 2015 1:31 pm

The global equity market is 50% US and 50% international. I've been 30% international for 15 years and moving to 40% international for the next 15 years or more. Market timing you claim ? I don't call it that.

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Re: Rick Ferri looking to internationalize his portfolio

Post by zotty » Fri May 01, 2015 1:59 pm

Rick Ferri wrote:The global equity market is 50% US and 50% international. I've been 30% international for 15 years and moving to 40% international for the next 15 years or more. Market timing you claim ? I don't call it that.

Rick Ferri



I don't think anybody has any objection to that. People object to the final paragraph of your article, where you decide that your analysis wasn't compelling enough to actually do anything. instead, you said the shift in allocation would be timed with a predicted/upcoming crisis. I don't see how it can be called anything *but* a timing strategy, based on the final paragraph.
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Re: Rick Ferri looking to internationalize his portfolio

Post by curo » Sun May 03, 2015 7:32 am

When we are talking about "internationalize"----are we really focusing on Europe? And if we are focusing on Europe, would VGK be the right play?

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Re: Rick Ferri looking to internationalize his portfolio

Post by Rx 4 investing » Sun May 03, 2015 9:52 am

Based on CAPE10s, Europe and hence VGK would be worth considering. For some additional perspective, retirement expert Paul Merriman proposes what he calls the "ultimate buy and hold strategy" which is based more on "international-izing." He says "there are two major reasons that international stocks help diversify U.S. stocks...

(1) First, they trade and operate in different economic environments with different growth rates and monetary policies.
(2) Second, currency fluctuations affect their prices when translated into U.S. dollars."


For retirement accounts, he recommends having exposure to international large, international large value, international small, international small value and emerging markets.

http://paulmerriman.com/the-ultimate-bu ... tegy-2014/
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Re: Rick Ferri looking to internationalize his portfolio

Post by abuss368 » Tue Jun 09, 2015 4:27 pm

My understanding is Rick will not be investing in international or emerging market bonds. He will stay the course with U.S. bonds.

The only change is a planning strategy increase to international equities.

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Re: Rick Ferri looking to internationalize his portfolio

Post by TimeRunner » Tue Jun 09, 2015 6:23 pm

The core 4 allocated 60% to US stock, 30% to international and 10% to REITs for the non-bonds portion. What's the recommended new split in light of internationalization? (e.g. 55/35/10, 50/40/10 or ?) Core 4 thread and wiki entry should be updated, yes?
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Re: Rick Ferri looking to internationalize his portfolio

Post by abuss368 » Tue Jun 09, 2015 8:06 pm

TimeRunner wrote:The core 4 allocated 60% to US stock, 30% to international and 10% to REITs for the non-bonds portion. What's the recommended new split in light of internationalization? (e.g. 55/35/10, 50/40/10 or ?) Core 4 thread and wiki entry should be updated, yes?


I agree and hopefully Rick will update the Core Four thread. One of the best threads.
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Re: Rick Ferri looking to internationalize his portfolio

Post by Rick Ferri » Thu Jun 11, 2015 10:42 am

The core 4 allocated 60% to US stock, 30% to international and 10% to REITs for the non-bonds portion. What's the recommended new split in light of internationalization? (e.g. 55/35/10, 50/40/10 or ?) Core 4 thread and wiki entry should be updated, yes?


The new equity allocation would be:

50% US stock
40% International
10% REITs

Rick Ferri
The views expressed by Rick Ferri are strictly his own as a private investor and author and do not reflect the views of any entity or other persons.

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Re: Rick Ferri looking to internationalize his portfolio

Post by iceport » Fri Jun 12, 2015 7:15 am

Rick Ferri wrote:
The core 4 allocated 60% to US stock, 30% to international and 10% to REITs for the non-bonds portion. What's the recommended new split in light of internationalization? (e.g. 55/35/10, 50/40/10 or ?) Core 4 thread and wiki entry should be updated, yes?


The new equity allocation would be:

50% US stock
40% International
10% REITs

Rick Ferri

Hi Rick,

Just out of curiosity, with the expense ratio of VNQI (Vanguard Global ex-U.S. Real Estate ETF) steadily dropping to the new low of 0.24%, combined with the far better valuation of VNQI (price/cash flow = 6.82) over VNQ (price/cash flow = 15.62), is now a reasonable time for you to consider diversifying the REIT allocation into global ex-US real estate?
"Discipline matters more than allocation.” ─William Bernstein

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Re: Rick Ferri looking to internationalize his portfolio

Post by RandomPointer » Fri Jun 12, 2015 9:09 am

What drives the return of international REIT? I understand about US REIT, I am not sure the knowledge that I have for US REIT can be applied to the international counterpart.

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Re: Rick Ferri looking to internationalize his portfolio

Post by watchnerd » Fri Jun 12, 2015 5:17 pm

walletless wrote:From his blog post: http://www.rickferri.com/blog/investmen ... ri+Blog%29

Rick Ferri will be looking to increase his international allocation for the 2nd half of the decade.


I'm 50% international, but his desire to wait for a emerging market sovereign default sounds just like market timing.
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Re: Rick Ferri looking to internationalize his portfolio

Post by watchnerd » Fri Jun 12, 2015 5:18 pm

zotty wrote:
Rick Ferri wrote:The global equity market is 50% US and 50% international. I've been 30% international for 15 years and moving to 40% international for the next 15 years or more. Market timing you claim ? I don't call it that.

Rick Ferri



I don't think anybody has any objection to that. People object to the final paragraph of your article, where you decide that your analysis wasn't compelling enough to actually do anything. instead, you said the shift in allocation would be timed with a predicted/upcoming crisis. I don't see how it can be called anything *but* a timing strategy, based on the final paragraph.


+1. Reads the same to me.
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Re: Rick Ferri looking to internationalize his portfolio

Post by tadamsmar » Sat Jun 13, 2015 8:43 am

In my opinion, the illogic of the blog is more impressive than the fact it's timing. Here that the last two sentences:

I believe the opportunities outside the US are at least as good as inside, and I’ll probably be adjusting my portfolio in the next year to reflect this belief.


If the opportunities are at least as good, then one should certainly act now to go to a neutral allocation, not probably in the future.

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Re: Rick Ferri looking to internationalize his portfolio

Post by watchnerd » Sat Jun 13, 2015 8:54 am

tadamsmar wrote:In my opinion, the illogic of the blog is more impressive than the fact it's timing. Here that the last two sentences:

I believe the opportunities outside the US are at least as good as inside, and I’ll probably be adjusting my portfolio in the next year to reflect this belief.


If the opportunities are at least as good, then one should certainly act now to go to a neutral allocation, not probably in the future.


Agreed (which is also why I already hold the 50/50 neutral allocation).
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Re: Rick Ferri looking to internationalize his portfolio

Post by Rick Ferri » Sun Jun 14, 2015 9:54 am

zotty wrote:
Rick Ferri wrote:The global equity market is 50% US and 50% international. I've been 30% international for 15 years and moving to 40% international for the next 15 years or more. Market timing you claim ? I don't call it that.

Rick Ferri



I don't think anybody has any objection to that. People object to the final paragraph of your article, where you decide that your analysis wasn't compelling enough to actually do anything. instead, you said the shift in allocation would be timed with a predicted/upcoming crisis. I don't see how it can be called anything *but* a timing strategy, based on the final paragraph.


I wrote several times in the conversation that I'm making this move whether there's a correction in international stocks or not. It doesn't matter. Vanguard's change in international index selection plus taxes considerations in client accounts does have bearing on the timing of this shift. That being said, my decision when to pull the trigger based on my unique circumstances should have no bearing on when you do it if you believe this shift should be done.

Rick Ferri
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Re: Rick Ferri looking to internationalize his portfolio

Post by abuss368 » Tue Jun 16, 2015 10:29 am

We moved to a 60% U.S. and 40% International a while ago and have stayed the course.
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Re: Rick Ferri looking to internationalize his portfolio

Post by TimeRunner » Tue Jun 16, 2015 10:51 am

Rick Ferri wrote:The new equity allocation would be:

50% US stock
40% International
10% REITs

Rick Ferri


I meant to thank you for responding to my question. Thank You (from a Core 4 aficionado). :beer
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Re: Rick Ferri looking to internationalize his portfolio

Post by Imbros » Tue Jun 16, 2015 11:13 am

columbia wrote:VASGX:

Code: Select all

Allocation to underlying funds as of 03/31/2015

1   Vanguard Total Stock Market Index Fund Investor Shares   55.8%
2   Vanguard Total International Stock Index Fund Investor Shares   24.1%
3   Vanguard Total Bond Market II Index Fund Investor Shares†   16.1%
4   Vanguard Total International Bond Index Fund Investor Shares   4.0%
Total   —   100.0%


If they've migrated to 40% of equities, they're not advertising it.


As of 05/31, both International stock and International bond allocations have been increased by 0.5%.
Maybe the migration will take several months or even years.
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Re: Rick Ferri looking to internationalize his portfolio

Post by JoMoney » Tue Jun 16, 2015 2:53 pm

Imbros wrote:...As of 05/31, both International stock and International bond allocations have been increased by 0.5%.
Maybe the migration will take several months or even years.

Vanguard wrote: https://institutional.vanguard.com/VGAp ... fo022615QA
The transition to the new allocations will begin in the second quarter of 2015 and is expected to be completed by the end of the year.
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Re: Rick Ferri looking to internationalize his portfolio

Post by abuss368 » Wed Jun 17, 2015 9:59 am

TimeRunner wrote:
Rick Ferri wrote:The new equity allocation would be:

50% US stock
40% International
10% REITs

Rick Ferri


I meant to thank you for responding to my question. Thank You (from a Core 4 aficionado). :beer


Hi TimeRunner,

How long have you invested in the Core Four and what are your thoughts on this portfolio? Rick has an excellent thread on this portfolio with a lot of useful information.

Best.
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Re: Rick Ferri looking to internationalize his portfolio

Post by abuss368 » Wed Jun 17, 2015 10:01 am

JoMoney wrote:
Imbros wrote:...As of 05/31, both International stock and International bond allocations have been increased by 0.5%.
Maybe the migration will take several months or even years.

Vanguard wrote: https://institutional.vanguard.com/VGAp ... fo022615QA
The transition to the new allocations will begin in the second quarter of 2015 and is expected to be completed by the end of the year.


Hi JoMoney,

Vanguard is clearly moving down the path of a more global portfolio and maximum diversification. In terms of bonds, TIPS are out, and Total Bond and Total International Bond are in.

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: Rick Ferri looking to internationalize his portfolio

Post by TimeRunner » Wed Jun 17, 2015 10:18 am

abuss368 wrote:
TimeRunner wrote:
Rick Ferri wrote:The new equity allocation would be:

50% US stock
40% International
10% REITs

Rick Ferri


I meant to thank you for responding to my question. Thank You (from a Core 4 aficionado). :beer


Hi TimeRunner,

How long have you invested in the Core Four and what are your thoughts on this portfolio? Rick has an excellent thread on this portfolio with a lot of useful information.

Best.

Briefly, since the start of 2014. However, as a fed, I use the G Fund in the TSP as the bond allocation (70/30 equities/bonds heading towards 60/40), and, as a Calif taxpayer, some CA Intermediate-Term Tax-Exempt Admiral as a cash cache. The rest is basically C/S and a little I fund in the TSP, and VG Total Stock Mkt, Total Intl Stock Market, and the VG REIT fund, with the REIT in the Roth IRA. 70/30 is a bit aggressive, but I have a decent pension coming and a hopefully long timeline. My thought is like many sage advisors I listen to here: Pick an allocation, pick an approach, and then do everything you can to not mess, tweak, tune, or touch it. Core 4 resonated with me, so that's what I'm using.
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Re: Rick Ferri looking to internationalize his portfolio

Post by LadyGeek » Sat Jun 20, 2015 3:29 pm

Rick Ferri wrote:
The core 4 allocated 60% to US stock, 30% to international and 10% to REITs for the non-bonds portion. What's the recommended new split in light of internationalization? (e.g. 55/35/10, 50/40/10 or ?) Core 4 thread and wiki entry should be updated, yes?


The new equity allocation would be:

50% US stock
40% International
10% REITs

Rick Ferri

Thanks to a suggestion by TimeRunner in Suggestions for the Wiki, the wiki has been updated to incorporate Rick Ferri's revised international asset allocation.

See: Lazy portfolios (Core four portfolios)

Also see: The Core Four
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Re: Rick Ferri looking to internationalize his portfolio

Post by abuss368 » Sun Jun 28, 2015 10:45 pm

Vanguard has started to increase international equity and bond allocations in the Target and LifeStrategy funds.
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Re: Rick Ferri looking to internationalize his portfolio

Post by Leif » Wed Jul 08, 2015 3:47 pm

I wonder if Rick is dipping his toes into the water yet?
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Re: Rick Ferri looking to internationalize his portfolio

Post by Rick Ferri » Wed Jul 08, 2015 3:54 pm

This half. The water is getting colder...and the colder the better. :happy

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Re: Rick Ferri looking to internationalize his portfolio

Post by abuss368 » Wed Jul 08, 2015 9:56 pm

Hi Rick,

Are you going to be consolidating any asset classes in your new portfolio such as small value, High Yield, TIPS, etc.?

Will you be adding anything new such as International REITs or International Bonds?

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: Rick Ferri looking to internationalize his portfolio

Post by Leif » Wed Jul 08, 2015 11:04 pm

Rick Ferri wrote:This half. The water is getting colder...and the colder the better. :happy

Rick


Like fresh melt from a glacier :wink:
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Re: Rick Ferri looking to internationalize his portfolio

Post by tadamsmar » Thu Jul 09, 2015 7:01 am

Rick used VTI (TSM EFT) vs VEU (Total World ex US ETF) to demonstrate that over weighting US had been a good idea before 1/1/2015.

Yesterday, VEU dipped below VTI in price for the first time since the first few days of 2015. Looks like that dip may last only a day. Of course, that's just a price comparison. Not sure how it works out if you include total returns including dividends.

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Re: Rick Ferri looking to internationalize his portfolio

Post by TIAX » Thu Jul 09, 2015 7:32 am

Rick Ferri wrote:This half. The water is getting colder...and the colder the better. :happy

Rick


Rick, please let us know what date you'll be purchasing more international so we can front-run you. :happy

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Re: Rick Ferri looking to internationalize his portfolio

Post by Rick Ferri » Thu Jul 09, 2015 10:23 am

TIAX wrote:
Rick Ferri wrote:This half. The water is getting colder...and the colder the better. :happy

Rick


Rick, please let us know what date you'll be purchasing more international so we can front-run you. :happy


Ha! Sure, but I don't think you'll earn any excess return by doing that given a $50 trillion global equity market.

Rick
Last edited by Rick Ferri on Thu Jul 09, 2015 1:40 pm, edited 1 time in total.
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Re: Rick Ferri looking to internationalize his portfolio

Post by abuss368 » Thu Jul 09, 2015 12:25 pm

Rick Ferri wrote:
TIAX wrote:
Rick Ferri wrote:This half. The water is getting colder...and the colder the better. :happy

Rick


Rick, please let us know what date you'll be purchasing more international so we can front-run you. :happy


Ha! Sure, but I don't you'll earn any excess return by doing that given a $50 trillion global equity market.

Rick


Hi Rick,

I will! Gordon Gekko executes all my trades!

Best.
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Re: Rick Ferri looking to internationalize his portfolio

Post by Crushtheturtle » Fri Jul 10, 2015 11:46 am

Did you "internationalize?"

Grexit averted?

It looks like the train is leaving the station. 8-)

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Re: Rick Ferri looking to internationalize his portfolio

Post by Noobvestor » Fri Jul 10, 2015 8:00 pm

Rick Ferri wrote:I wrote several times in the conversation that I'm making this move whether there's a correction in international stocks or not. It doesn't matter. Vanguard's change in international index selection plus taxes considerations in client accounts does have bearing on the timing of this shift. That being said, my decision when to pull the trigger based on my unique circumstances should have no bearing on when you do it if you believe this shift should be done.


Does not compute for me. What personal unique circumstances are you talking about? If you're trying to do it around a drop in the market to save clients on taxes, then you're trying to time the market, no? You're just also conceding it might not work, right? And if you have convictions about the market dropping, why wouldn't you want people to follow your lead? You're already telling your clients to follow you lead, if I'm reading you correctly, so why not the rest of the Bogleheads? If this interpretation is wrong, please enlighten me.
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Re: Rick Ferri looking to internationalize his portfolio

Post by tainted-meat » Fri Jul 10, 2015 8:02 pm

Rick knows his stuff. If he sees better values overseas then one might take notice.

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Re: Rick Ferri looking to internationalize his portfolio

Post by ge1 » Fri Jul 10, 2015 8:34 pm

tainted-meat wrote:Rick knows his stuff. If he sees better values overseas then one might take notice.


[OT comment removed by admin LadyGeek]

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Re: Rick Ferri looking to internationalize his portfolio

Post by zotty » Fri Jul 10, 2015 9:17 pm

Rick is a valuable contributor to bogleheads with very interesting insights. There is no need for all that. I think it's fair to question the content of his work, but i don't see any value or usefulness in generalized digs at him, especially since he is patient with all of us particular folk, some of us fairly grumpy.
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Re: Rick Ferri looking to internationalize his portfolio

Post by InvestorNewb » Fri Jul 10, 2015 9:49 pm

International was on fire today (+ 2.76%). It goes to show the importance of not selling.
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Re: Rick Ferri looking to internationalize his portfolio

Post by LadyGeek » Fri Jul 10, 2015 9:53 pm

I removed an off-topic comment. As a reminder, see: Board rules

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ge1
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Re: Rick Ferri looking to internationalize his portfolio

Post by ge1 » Fri Jul 10, 2015 10:15 pm

Sorry LadyGeek but that was not an off-topic comment. Reading Rick's blog it is chrystal clear that he is market timing. It would be one thing to say that one wants to increase the international allocation to come closer to the US vs Global market cap or some other reason, however in his case the reason is a specific macroeconomic forecast - and he implies he did the same thing several years ago when he was overweight in US.

Now, there is nothing wrong in my book in making asset allocation decisions based on valuation considerations but at the same let's be clear that it's not exactly bogleheadish.

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Re: Rick Ferri looking to internationalize his portfolio

Post by abuss368 » Fri Jul 10, 2015 10:22 pm

tainted-meat wrote:Rick knows his stuff.


Bogleheads,

I have learned much from Rick Ferri and I always thank him for his time and contributions to the forum.

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: Rick Ferri looking to internationalize his portfolio

Post by InvestorNewb » Fri Jul 10, 2015 10:32 pm

ge1 wrote:Sorry LadyGeek but that was not an off-topic comment. Reading Rick's blog it is chrystal clear that he is market timing. It would be one thing to say that one wants to increase the international allocation to come closer to the US vs Global market cap or some other reason, however in his case the reason is a specific macroeconomic forecast - and he implies he did the same thing several years ago when he was overweight in US.

Now, there is nothing wrong in my book in making asset allocation decisions based on valuation considerations but at the same let's be clear that it's not exactly bogleheadish.


I see where you are coming from, but could we not accuse Vanguard of market timing as well? Using the same logic, they have been guilty of market timing on multiple occasions. Their Target Retirement funds gradually moved from 20%->30%->40% international. And what about the inclusion of international bonds?

I personally see market timing as a sudden investing action with a shorter-term objective. i.e. an attempt to make a quick buck. My personal view of market timing does not see Vanguard's or Rick's changes in this regard. Both are based on long-term objectives in a globalized world.
My Portfolio: VTI [US], VXUS [Int'l], VNQ [REIT], VCN [Canada] (largest to smallest)

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Re: Rick Ferri looking to internationalize his portfolio

Post by Aish » Fri Jul 10, 2015 11:56 pm

InvestorNewb wrote:
ge1 wrote:Sorry LadyGeek but that was not an off-topic comment. Reading Rick's blog it is chrystal clear that he is market timing. It would be one thing to say that one wants to increase the international allocation to come closer to the US vs Global market cap or some other reason, however in his case the reason is a specific macroeconomic forecast - and he implies he did the same thing several years ago when he was overweight in US.

Now, there is nothing wrong in my book in making asset allocation decisions based on valuation considerations but at the same let's be clear that it's not exactly bogleheadish.


I see where you are coming from, but could we not accuse Vanguard of market timing as well? Using the same logic, they have been guilty of market timing on multiple occasions. Their Target Retirement funds gradually moved from 20%->30%->40% international. And what about the inclusion of international bonds?

I personally see market timing as a sudden investing action with a shorter-term objective. i.e. an attempt to make a quick buck. My personal view of market timing does not see Vanguard's or Rick's changes in this regard. Both are based on long-term objectives in a globalized world.


In a way, it's market timing I guess, but I think it's not because both of these changes seem to me that once they are made, there'll be a permanent increase towards international. Rick's is slightly more market timey because he's waiting for a default rather than going all in. I would not be surprised if over the course of several more years, Vanguard replaces Total Stock and Total International with only Total World.

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Re: Rick Ferri looking to internationalize his portfolio

Post by garlandwhizzer » Sat Jul 11, 2015 12:20 pm

In Rick's defense, he made a very prescient market call in 2009, suggesting that the worst was over in financial markets and that they were not going to implode. He predicted there would be a market rebound when many saw doom ahead. No one, however, who makes tactical market timing portfolio moves bats 1000 forever.

Vanguard seems to have made market timing moves as well by advocating increased international exposure recently. Cliff Asness, Bill Bernstein, and other experts have also recently advocated increased INTL exposure going forward. Market conditions and expected returns are not static. Sometimes staying the course takes on a less rigid definition in response to market changes and I see no problem with that. Bogle himself lightened up his equity exposure in 1999, due in part to financial circumstances at that time, but also I suspect because he saw the storm coming.

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Re: Rick Ferri looking to internationalize his portfolio

Post by boskier87 » Sat Jul 11, 2015 12:51 pm

Hey Rick, I also plan on moving to a 40% international allocation while adding some international small cap value at the same time. Do you still recommend Wisdom Tree Small Cap Dividends for int SCV, or would you recommend something else like Vanguard International Small Cap or iShares Enhanced International Small-Cap? Thanks,
Borden

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Re: Rick Ferri looking to internationalize his portfolio

Post by Rick Ferri » Sat Jul 11, 2015 12:59 pm

Being passive doesn't mean doing nothing. The world changes over time and your personal circumstances change as well. Being passive means making small adjustments as these changes become apparent. This is a very small shift in the big scheme of things.

Rick Ferri
The views expressed by Rick Ferri are strictly his own as a private investor and author and do not reflect the views of any entity or other persons.

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