Paul Merriman criticism?

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Grt2bOutdoors
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Re: Paul Merriman criticism?

Post by Grt2bOutdoors » Thu Oct 30, 2014 1:13 pm

I tend to agree with Merriman, I don't believe their forte is in asset allocation strategy or delivery. Their foray when the Lifestrategy funds were launched convinced me of that - imagine, using a market-timing fund (the 25% slice in the Asset Allocation fund run by Mellon where they were making terrible calls; being out of the market during a bull run :shock: only to pile in when it was in declining mode, :o then pulling out just as it was beginning to rise again :oops: ), this nonsense went on for quite a few years leading to under-performance vis a vie the indexes that "were" in the fund! They then tinkered with the Lifestrategy funds once again, to include the new ideas of International Bond indexes :oops: - stating that by including them we now have "more diversification". Investment management is serious business, especially when you are playing with "my money" as opposed to yours. If you want to run an experiment, do it on your own dime. The jury is still out on International Bonds, but I don't see pension funds clamoring to add more of it if they do hold it to begin with. IMO, and I'm not asset allocation strategist by any means, all you have is more complexity but there are many roads to Dublin. I'm more of the belief, if the wheel ain't broke, don't touch it. If I had to go with an asset allocation firm for the mass public, I'd go with T Rowe Price, even if their funds cost substantially more (but less than the major wirehouse shops who really bleed you), at least they stick to their knitting.
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FinanceGeek
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Re: Paul Merriman criticism?

Post by FinanceGeek » Thu Oct 30, 2014 1:53 pm

Call_Me_Op wrote:Yes, this is more work than a 3-fund portfolio - but that work amounts to perhaps 30 minutes total per year.
I follow something very close to Merrimans UBUH portfolio. I have found that the more finely grained S&D method gives me more opportunities for TLH than a 3 fund would.

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HomerJ
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Re: Paul Merriman criticism?

Post by HomerJ » Thu Oct 30, 2014 4:47 pm

larryswedroe wrote:If you don't base decisions on evidence what do you do? There is no other alternative that is logical
This is why the term "evidence-based" is nonsensical.

It sounds like marketing-speak to me. If someone told me, "MY system is better because it's evidence-based!", I would not be able to stop myself from laughing out loud.

I agree with Rick.

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nedsaid
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Re: Paul Merriman criticism?

Post by nedsaid » Fri Oct 31, 2014 7:10 am

HomerJ wrote:
larryswedroe wrote:If you don't base decisions on evidence what do you do? There is no other alternative that is logical
This is why the term "evidence-based" is nonsensical.

It sounds like marketing-speak to me. If someone told me, "MY system is better because it's evidence-based!", I would not be able to stop myself from laughing out loud.

I agree with Rick.
I agree with Rick Ferri to the extent that there is marketing hype out there and we should be aware of it. I also agree that the past is an imperfect predictor of the future but it is all we have.

If you aren't basing your investing decisions based on historical data and market history, then what are you basing your decisions on? Palm readers? Psychics? Tea leaves? Coin tosses? If we can't make investment decisions taking into consideration historical data and market history, then it is all bunk.
A fool and his money are good for business.

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Re: Paul Merriman criticism?

Post by LittleD » Fri Oct 31, 2014 7:34 am

nedsaid wrote:
HomerJ wrote:
larryswedroe wrote:If you don't base decisions on evidence what do you do? There is no other alternative that is logical
This is why the term "evidence-based" is nonsensical.

It sounds like marketing-speak to me. If someone told me, "MY system is better because it's evidence-based!", I would not be able to stop myself from laughing out loud.

I agree with Rick.
I agree with Rick Ferri to the extent that there is marketing hype out there and we should be aware of it. I also agree that the past is an imperfect predictor of the future but it is all we have.

If you aren't basing your investing decisions based on historical data and market history, then what are you basing your decisions on? Palm readers? Psychics? Tea leaves? Coin tosses? If we can't make investment decisions taking into consideration historical data and market history, then it is all bunk.
If you don't wish to tilt just stick to the 3-Fund Portfolio or the TREV-H UB&H portfolio and rebalance as needed.
If you wish to tilt to value in midcap & smallcap you can pick a fundamental index or equal weight index to meet
your needs. You don't have to get crazy or worry about the past, present or future. Just rebalance going forward,
hold enough bonds/cash to meet your risk tolerance level and go have fun at the park...

Good Luck with your investments.

avalpert
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Re: Paul Merriman criticism?

Post by avalpert » Fri Oct 31, 2014 8:35 am

HomerJ wrote:
larryswedroe wrote:If you don't base decisions on evidence what do you do? There is no other alternative that is logical
This is why the term "evidence-based" is nonsensical.
Yes this - it is nonsesical, as was an early comment in this thread contrasting 'evidence-based decisions' to 'opinions' as if they aren't all opinions and all opinions aren't based on evidence.

It is a non-sensical term to use designed mostly to give the impression that there evidence is better evidence without having to do the work of actually defending that.

I guess that is fine for an article which is mostly veiled advertising for their services anyway but you would think they would have enough respect for the audience to drop the charade on a forum like this one.

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Re: Paul Merriman criticism?

Post by sschullo » Fri Oct 31, 2014 8:38 am

This graph compares the performance of Wellington, Merriman's UB&H, CalSTRS (my pension) and our portfolio in dollar amounts using TREVH/Simba's backtesting spreadsheet. Starting with $238,000 in 1994, I inserted all of our 403b contributions and calculated the dollar amount and the following graph is what I came up with.
The point is that had we used only Wellington for all of our retirement contributions from 1994-2011, we would have had about $400,000 more in our account. Merriman's UB&H came in second, we would have had about $300,000 more. Not complaining, just showing some data with real money how some of these funds performed, specifically how UB&H performs compared with Wellington. Of course, going forward we don't know a thing. Most of us know that this past data doesn't mean to now put all of your money in Wellington or UB&H!

The dark black line is our portfolio and what we had at the end of 2011. I will be updating this figures through 2014.
The reason why the performance does not show a decrease in 2008 is at that time we increased our portfolio from our real estate sale. (Our portfolio lost 11.8% in 2008, in 2000-2002 lost 70%).


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nedsaid
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Re: Paul Merriman criticism?

Post by nedsaid » Fri Oct 31, 2014 6:54 pm

My guess is that Wellington is value oriented and captured much of the value premium that the Merriman portfolio did. My next guess is that Wellington's bond portfolio outperformed the Merriman bond portfolio. Merriman sticks to Treasuries where Wellington branched out into corporates, mortgage backed securities and agency bonds. I don't own Wellington myself but it sounds like a terrific balanced fund. In general, balanced funds have tended to be good investments.

The Merriman portfolio is also a 60/40 portfolio but with a lot more slices. Merriman invests half of his equities Internationally where Wellington only does about 15%. There is also quite an emphasis on dividend paying stocks. Hmmm, those dividends again.

Will someone else weigh into why Wellington outperformed the Merriman Ultimate Buy and Hold Portfolio? This is very interesting how a stodgy old balanced fund beat out a slice and diced fancier version of the same thing.
A fool and his money are good for business.

scone
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Re: Paul Merriman criticism?

Post by scone » Fri Oct 31, 2014 7:10 pm

I'll bite. The time period covers the Tech Wreck and the Great Recession, so various slices of the UB&H were repeatedly taken out and shot. Whereas Wellington benefited from its "safe" image and great track record, attracting assets because it's easy to "grab" in your 401k. Set it and forget it, NTTAWWT. I would bet most retirement plan participants have never even heard of Paul Merriman, and they wouldn't even know the first thing about putting the UB&H together.
"My bond allocation is the amount of money that I cannot afford to lose." -- Taylor Larimore

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nedsaid
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Re: Paul Merriman criticism?

Post by nedsaid » Sat Nov 01, 2014 10:08 am

I had not heard about Paul Merriman either. Searching through my foggy memory banks, I am trying to remember how I came across his name. I think I must have linked to his website from an article. Anyhow, I went to a couple of his seminars in my area and was quite impressed. Based on what I learned, I made some changes to my portfolio.

It was interesting that the 60/40 portfolio, whether you went simple with Wellington or complex with Merriman, performed pretty doggoned well. Both beat the pants off of the California Teacher's Pension. So what was CalSTRS doing?

Another factor with Merriman's Ultimate Buy and Hold portfolio is that there are pretty volatile asset classes in there: REITs, Emerging Markets, Small-Cap Value, Micro-Cap, etc. The slight recent underperformance compared to Wellington probably relates to timing. I noticed the recent divergence and it has been due to recent success of large-cap stocks compared to small-cap stocks.
This is not surprising. Merriman is pretty heavily weighted to small-caps.
A fool and his money are good for business.

abogler
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Re: Paul Merriman criticism?

Post by abogler » Tue Jun 12, 2018 5:55 pm

Hi,

Please pardon a noon question. Has anyone figured out how to implement International Small Cap via Schwab or Vanguard? Also, how do folks allocated to US LC, US SC, Intl LC, Intl SC? I am sorry for the stupid question. If the question is inappropriate please let me know that too!

JimInIllinois
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Re: Paul Merriman criticism?

Post by JimInIllinois » Tue Jun 12, 2018 11:58 pm

abogler wrote:
Tue Jun 12, 2018 5:55 pm
Please pardon a noon question. Has anyone figured out how to implement International Small Cap via Schwab or Vanguard? Also, how do folks allocated to US LC, US SC, Intl LC, Intl SC? I am sorry for the stupid question. If the question is inappropriate please let me know that too!
At https://paulmerriman.com/vanguard/ Paul Merriman recommends Vanguard FTSE All-World ex-US Small Cap Index Fund (VFSVX) as well as funds for other asset classes. Note that VFSVX is also available as an ETF at half the expense ratio of Investor Shares.

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CyclingDuo
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Re: Paul Merriman criticism?

Post by CyclingDuo » Wed Jun 13, 2018 5:25 am

abogler wrote:
Tue Jun 12, 2018 5:55 pm
Hi,

Please pardon a noon question. Has anyone figured out how to implement International Small Cap via Schwab or Vanguard? Also, how do folks allocated to US LC, US SC, Intl LC, Intl SC? I am sorry for the stupid question. If the question is inappropriate please let me know that too!
The entire Ultimate Buy & Hold Portfolio that Merriman recommends is right here for the Schwab version:

https://paulmerriman.com/schwab-tax-def ... ortfolios/

Here's the Vanguard version:

https://paulmerriman.com/vanguard/

And here is the "Best in Class" version if you were going to use ETF's:

https://paulmerriman.com/best-in-class- ... ortfolios/

abogler
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Re: Paul Merriman criticism?

Post by abogler » Wed Jun 13, 2018 2:48 pm

JimInIllinois wrote:
Tue Jun 12, 2018 11:58 pm
At https://paulmerriman.com/vanguard/ Paul Merriman recommends Vanguard FTSE All-World ex-US Small Cap Index Fund (VFSVX) as well as funds for other asset classes.
Thank you JimInIllinois! One thing that throws me off in the sample portfolios: not sure why there are duplicates in the portfolio: for example: both below cover US Small Cap. Or they overlap but attack small cap from different angles. Also, he seems to recommend 4 fund portfolio, but in this case there are 10/11 ETFs. What gives? Again sorry for a noob question.

Vanguard S&P Small–Cap 600 Index -- VIOO -- 11.2%

SPDR® S&P 600 Small Cap Value -- SLYV -- 11.3%

Thank you in advance!
CyclingDuo wrote:
Wed Jun 13, 2018 5:25 am
The entire Ultimate Buy & Hold Portfolio that Merriman recommends is right here for the Schwab version:

https://paulmerriman.com/schwab-tax-def ... ortfolios/

Here's the Vanguard version:

https://paulmerriman.com/vanguard/

And here is the "Best in Class" version if you were going to use ETF's:

https://paulmerriman.com/best-in-class- ... ortfolios/
Thank you CyclingDuo! Would you be able to share any information on my content above?

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Re: Paul Merriman criticism?

Post by CyclingDuo » Wed Jun 13, 2018 4:22 pm

abogler wrote:
Wed Jun 13, 2018 2:48 pm
JimInIllinois wrote:
Tue Jun 12, 2018 11:58 pm
At https://paulmerriman.com/vanguard/ Paul Merriman recommends Vanguard FTSE All-World ex-US Small Cap Index Fund (VFSVX) as well as funds for other asset classes.
Thank you JimInIllinois! One thing that throws me off in the sample portfolios: not sure why there are duplicates in the portfolio: for example: both below cover US Small Cap. Or they overlap but attack small cap from different angles. Also, he seems to recommend 4 fund portfolio, but in this case there are 10/11 ETFs. What gives? Again sorry for a noob question.

Vanguard S&P Small–Cap 600 Index -- VIOO -- 11.2%

SPDR® S&P 600 Small Cap Value -- SLYV -- 11.3%

Thank you in advance!
CyclingDuo wrote:
Wed Jun 13, 2018 5:25 am
The entire Ultimate Buy & Hold Portfolio that Merriman recommends is right here for the Schwab version:

https://paulmerriman.com/schwab-tax-def ... ortfolios/

Here's the Vanguard version:

https://paulmerriman.com/vanguard/

And here is the "Best in Class" version if you were going to use ETF's:

https://paulmerriman.com/best-in-class- ... ortfolios/
Thank you CyclingDuo! Would you be able to share any information on my content above?
The two funds you list above - one is a small cap fund, and the other is a small cap value fund. Merriman, in his original premise of the Ultimate Buy and Hold had quite a few funds to cover all of the factors domestically, internationally, and emerging markets. When you move into ETF's and go back and forth between Vanguard, Fidelity, Schwab, TD Ameritrade...

http://paulmerriman.com/etfs/

...you get into holding a portfolio for the Ultimate Buy & Hold that is 11, 12, 13, 14, 15 funds depending on whether or not you choose a version designed for taxable or tax deferred portfolio's, etc... .

Read what Paul has to say about it all here and in other articles on his site:

https://paulmerriman.com/the-ultimate-b ... tegy-2018/

I can describe this portfolio briefly: The “ultimate” portfolio starts with the S&P 500 index SPX, then adds small and equal portions of nine other carefully selected U.S. and international asset classes, each one being an excellent long-term vehicle for diversifying.

When it’s properly done, the result is a low-cost portfolio with massive diversification that will take advantage of market opportunities wherever they are, and at about the same risk as that of the S&P 500.

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Re: Paul Merriman criticism?

Post by Jags4186 » Wed Jun 13, 2018 4:47 pm

abogler wrote:
Wed Jun 13, 2018 2:48 pm
JimInIllinois wrote:
Tue Jun 12, 2018 11:58 pm
At https://paulmerriman.com/vanguard/ Paul Merriman recommends Vanguard FTSE All-World ex-US Small Cap Index Fund (VFSVX) as well as funds for other asset classes.
Thank you JimInIllinois! One thing that throws me off in the sample portfolios: not sure why there are duplicates in the portfolio: for example: both below cover US Small Cap. Or they overlap but attack small cap from different angles. Also, he seems to recommend 4 fund portfolio, but in this case there are 10/11 ETFs. What gives? Again sorry for a noob question.

Vanguard S&P Small–Cap 600 Index -- VIOO -- 11.2%

SPDR® S&P 600 Small Cap Value -- SLYV -- 11.3%

Thank you in advance!
CyclingDuo wrote:
Wed Jun 13, 2018 5:25 am
The entire Ultimate Buy & Hold Portfolio that Merriman recommends is right here for the Schwab version:

https://paulmerriman.com/schwab-tax-def ... ortfolios/

Here's the Vanguard version:

https://paulmerriman.com/vanguard/

And here is the "Best in Class" version if you were going to use ETF's:

https://paulmerriman.com/best-in-class- ... ortfolios/
Thank you CyclingDuo! Would you be able to share any information on my content above?
Merriman is a big believer in value stocks. Although VIOO is a blend small cap fund, SLYV is a value small cap fund. By combining a value fund with a blend fund (growth & value) you theoretically get 75% value, 25% growth. Now obviously these funds aren’t completely pure. SLYV isn’t 100% value and VIOO isn’t exactly 50% value 50% growth, but you get the idea.

abogler
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Re: Paul Merriman criticism?

Post by abogler » Wed Jun 13, 2018 6:30 pm

Thank you CyclingDemo and Jags4186 for your patience and answering my questions!!
Jags4186 wrote:
Wed Jun 13, 2018 4:47 pm
Merriman is a big believer in value stocks. Although VIOO is a blend small cap fund, SLYV is a value small cap fund. By combining a value fund with a blend fund (growth & value) you theoretically get 75% value, 25% growth. Now obviously these funds aren’t completely pure. SLYV isn’t 100% value and VIOO isn’t exactly 50% value 50% growth, but you get the idea.
Okay, I think I understand this better now (hopefully). And if I am understanding the general gist correctly, his ultimate buy and hold portfolios are like portfolio 8 here: https://paulmerriman.com/wp-content/upl ... Update.pdf with some growth sprinkled in?

What I was aiming for was a pure value based (portfolio #8 = 25 US LCV, 25 US SCV, 20 Intl LCV, 20 Intl SCV and 10 Emerging Market) in the PDF above, which in an ideal world would require just 5 funds. And I couldn't find it on his https://paulmerriman.com/best-in-class- ... ortfolios/ for Vanguard, Schwab etc.

So with VIOO + SLYV combination I am getting 18.75% US SCV + 6.25% US SCG. With this setup, I am mostly value with some growth sprinkled in. So is his ultimate buy and hold portfolio a mix of portfolio 7 and 8 vs being purely portfolio 8 (which is completely value based)? I am not sure why mix growth and value, when purely value gives the best results based on the tables in the PDF?

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Taylor Larimore
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Re: Paul Merriman criticism?

Post by Taylor Larimore » Wed Jun 13, 2018 7:05 pm

I am not sure why mix growth and value, when purely value gives the best results based on the tables in the PDF?
abogler:

I will tell you why. Three primary reasons:

1. Past performance does not forecast future performance. Believe it.

2. Do you really want to ignore the largest and most successful companies in the United States?

3. Do you want to risk having all your assets in one losing category?

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

Jags4186
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Re: Paul Merriman criticism?

Post by Jags4186 » Wed Jun 13, 2018 7:14 pm

abogler wrote:
Wed Jun 13, 2018 6:30 pm
Thank you CyclingDemo and Jags4186 for your patience and answering my questions!!
Jags4186 wrote:
Wed Jun 13, 2018 4:47 pm
Merriman is a big believer in value stocks. Although VIOO is a blend small cap fund, SLYV is a value small cap fund. By combining a value fund with a blend fund (growth & value) you theoretically get 75% value, 25% growth. Now obviously these funds aren’t completely pure. SLYV isn’t 100% value and VIOO isn’t exactly 50% value 50% growth, but you get the idea.
Okay, I think I understand this better now (hopefully). And if I am understanding the general gist correctly, his ultimate buy and hold portfolios are like portfolio 8 here: https://paulmerriman.com/wp-content/upl ... Update.pdf with some growth sprinkled in?

What I was aiming for was a pure value based (portfolio #8 = 25 US LCV, 25 US SCV, 20 Intl LCV, 20 Intl SCV and 10 Emerging Market) in the PDF above, which in an ideal world would require just 5 funds. And I couldn't find it on his https://paulmerriman.com/best-in-class- ... ortfolios/ for Vanguard, Schwab etc.

So with VIOO + SLYV combination I am getting 18.75% US SCV + 6.25% US SCG. With this setup, I am mostly value with some growth sprinkled in. So is his ultimate buy and hold portfolio a mix of portfolio 7 and 8 vs being purely portfolio 8 (which is completely value based)? I am not sure why mix growth and value, when purely value gives the best results based on the tables in the PDF?
Taylor is correct. Value can and has underperformed growth over extended periods of time. However value has outperformed growth more than the other way around. Now everyone says past performance/future results—yes very true. But over 100 years value continues to perform. So you need to ask yourself if you believe the value premium will persist or if right now the reversion to the mean is going to happen.

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vineviz
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Re: Paul Merriman criticism?

Post by vineviz » Wed Jun 13, 2018 8:20 pm

abogler wrote:
Wed Jun 13, 2018 2:48 pm
Thank you JimInIllinois! One thing that throws me off in the sample portfolios: not sure why there are duplicates in the portfolio: for example: both below cover US Small Cap. Or they overlap but attack small cap from different angles. Also, he seems to recommend 4 fund portfolio, but in this case there are 10/11 ETFs. What gives? Again sorry for a noob question.


It’s a good question.

Many of the Merriman model portfolios are unnecessarily complex: they contain twice as many funds as are needed to achieve the same level of diversification.

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Re: Paul Merriman criticism?

Post by Taylor Larimore » Wed Jun 13, 2018 9:34 pm

Jags4186" wrote:Taylor is correct. Value can and has underperformed growth over extended periods of time. However value has outperformed growth more than the other way around. Now everyone says past performance/future results—yes very true. But over 100 years value continues to perform. So you need to ask yourself if you believe the value premium will persist or if right now the reversion to the mean is going to happen.
Jags4186:

Reversion to the mean has already happened. Five years ago Value was the rage and many bought value. But look at Value now. During the past five years a $10,000 investment in Vanguard Value Index is now worth $17,617. Not bad, but reversion to the mean has increased a $10,000 investment for investors in Vanguard Growth Index to $20,708.

Past performance does not forecast future performance.
Jack Bogle, "The beauty of owning the market is that you eliminate individual stock risk, you eliminate market sector risk, and you eliminate manager risk." -- "The odds of outpacing an all-market index fund are, well, terrible."
Underline mine.

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

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CyclingDuo
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Re: Paul Merriman criticism?

Post by CyclingDuo » Wed Jun 13, 2018 10:23 pm

vineviz wrote:
Wed Jun 13, 2018 8:20 pm
abogler wrote:
Wed Jun 13, 2018 2:48 pm
Thank you JimInIllinois! One thing that throws me off in the sample portfolios: not sure why there are duplicates in the portfolio: for example: both below cover US Small Cap. Or they overlap but attack small cap from different angles. Also, he seems to recommend 4 fund portfolio, but in this case there are 10/11 ETFs. What gives? Again sorry for a noob question.
It’s a good question.

Many of the Merriman model portfolios are unnecessarily complex: they contain twice as many funds as are needed to achieve the same level of diversification.
When looking at the lazy portfolios at this link: https://www.marketwatch.com/lazyportfolio - your point rings true when a lazy portfolio starts to have as many different funds that it starts looking like an individual stock portfolio with a basket of 10-12 stocks.

Both the Aronson Family Portfolio and the Ultimate Buy & Hold tracked at MarketWatch.com have 11 funds. Ignore some of the returns listed as the Asset Allocation is heavier in bonds in some of them than others, so it's not a fair comparison. The Three Fund Portfolio (2nd Grader's Starter) only has 10% in bonds for instance, so returns are higher than others. There are some other websites that track a 60/40 in various lazy portfolios so you can compare a more apples to apples returns in terms of asset allocation between equities/bonds.

More complexity...

Larry Swedroe's Big Rocks Portfolio gets complex as well with 11 funds.

https://obliviousinvestor.com/8-lazy-etf-portfolios/

Plenty of portfolios with a large list of funds within them (Rick Ferri's has 14, and the White Coat Investor's has 12):

https://www.whitecoatinvestor.com/150-p ... han-yours/

In spite of the complexity, the nice feature at M1 Finance that Paul Merriman partnered with for his Ultimate Buy & Hold Portfolio allows one to simply hit one button for a rebalance to at least remove the level of complexity for rebalancing a portfolio of 10-12+ different ETF's. No spreadsheet or calculator needed. Just click the button. :beer

Of course, one could easily set up the Three Fund Portfolio at M1 Finance in the same way. One click - and it's all rebalanced. We've got that feature at my spouse's VALIC account as it comes with a one button click to rebalance. All of that helps to remove at least the complexity of rebalancing - be it a three fund, or more portfolio.

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Re: Paul Merriman criticism?

Post by Jags4186 » Wed Jun 13, 2018 10:30 pm

Taylor Larimore wrote:
Wed Jun 13, 2018 9:34 pm
Jags4186:

Reversion to the mean has already happened. Five years ago Value was the rage and many bought value. But look at Value now. During the past five years a $10,000 investment in Vanguard Value Index is now worth $17,617. Not bad, but reversion to the mean has increased a $10,000 investment for investors in Vanguard Growth Index to $20,708.

Then by your argument we should all sell growth and buy value since value has underperformed the last 5 years? After all, growth is all the rage and many are buying growth...

In fact, we should all sell US stocks because after 30+ years of outperformance, it's about time international stocks had their day in the sun...

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Re: Paul Merriman criticism?

Post by abogler » Sun Jun 17, 2018 8:11 pm

Thank you Jags4186, Cycling Duo, vineviz, Taylor Larimore for such an insightful discussion. I sincerely appreciate it. I finally stuck to portfolio #7 here: https://paulmerriman.com/wp-content/upl ... Update.pdf vs going with value only portfolio #8 because I am not sure I have the appetite for higher ups and downs. Plus, not sure if I want to be only in value sector.

Thank you once again!

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