Mel's Unloved Mid-Caps Finally Getting Some Respect

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dcabler
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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by dcabler » Thu Oct 31, 2019 7:29 am

Culbretd wrote:
Thu Oct 31, 2019 4:33 am
Love Mels Unloved Midcaps. I have 50% of my U.S. equities in mid caps and the other 50% in the S&P 500. I use the S&P 400 and the CRSP mid cap index in my wifes TIAA 401(a) account. I’ve been very pleased with the performance of midcaps.

I see they still don’t get the respect they deserve though but that’s ok. Still gonna hold them. Researching Mel’s threads over the years I was surprised to see that Mel has had several good calls over the past couple of decades; not just touting mid caps but other asset classes.

Certainly glad yo are a poster here on Bogleheads.org Mel. Some of us pay close attention when we see your post.
+1 Some time after 2008 when I really started looking at asset allocation, I stumbled across bogleheads, but I didn't stumble across Mel's posts at first. I did, however, find the Simba spreadsheet and after months of playing around with it and any other data I could get my hands on, came to much the same conclusion about midcaps and ended up building my portfolio around them. Was delighted when I finally did read about Mel's unloved midcaps! From what I can tell, they still seem to be somewhat unloved (and unhated) with seemingly fewer posts about them than the never ending debates here on the forum over small cap value. :beer

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by Kevin M » Thu Oct 31, 2019 4:46 pm

Once again, especially for newer investors, Vanguard mid-cap fund has about the same return and risk as Vanguard small-cap fund, so be careful about loading up on mid-cap unless you really want the risk of small-cap. Mid-cap is not a blend of small-cap and large-cap, but much more of a small-cap fund.

Most of the outperformance of mid-cap over small-cap (Vanguard funds) was due to a few months in 2000. Here are VG small-cap (portfolio 1) and mid-cap for Nov 2000 through Sep 2019:

Image

Return about the same, and max drawdown about the same.

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by StrangePenguin » Thu Oct 31, 2019 4:51 pm

snailderby wrote:
Thu Oct 31, 2019 7:14 am
Has anyone seen SPDR's recent marketing touting midcaps? https://us.spdrs.com/en/investment-idea ... aris_sep19.
I remember seeing ads for MDY on the elevator video ads in the building I used to work in. I worked there until a little over a year ago. So the ads have been around for a while.

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by columbia » Thu Oct 31, 2019 5:03 pm

I was unaware of the Vanguard Russell 1000 ETF:
https://investor.vanguard.com/etf/profile/vone

That holds some appeal to me, as I’m not interested in small caps.

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by rascott » Fri Nov 01, 2019 8:26 am

columbia wrote:
Thu Oct 31, 2019 5:03 pm
I was unaware of the Vanguard Russell 1000 ETF:
https://investor.vanguard.com/etf/profile/vone

That holds some appeal to me, as I’m not interested in small caps.

Not a fan of the Russell indexes. Why not buy IJH or IVOO (SP400) if you want mid-caps with some level of quality filter? And then buy SP500 on its own.

IJH is my choice, half the cost of the Vanguard offering.

VONE is going to give you more or less the same return as VTI.... but for like 4x the ER. Don't see it's use. If you only want a portfolio that's large+mid than VOO+IJH would be the cheaper way to obtain it.
Last edited by rascott on Fri Nov 01, 2019 8:39 am, edited 1 time in total.

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by firebirdparts » Fri Nov 01, 2019 8:38 am

Have any of you midcap lovers formed an opinion of the down jones US completion stock index? I can get FSMAX in my 401k. They reformulate our options and I lost what I was holding. For a mid-cap lover this seems like an okay way to go.
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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by rascott » Fri Nov 01, 2019 8:44 am

firebirdparts wrote:
Fri Nov 01, 2019 8:38 am
Have any of you midcap lovers formed an opinion of the down jones US completion stock index? I can get FSMAX in my 401k. They reformulate our options and I lost what I was holding. For a mid-cap lover this seems like an okay way to go.
Yes... I've held a form of this index for 15 years. It's a very good option. This is what the "S" fund in the TSP system is based upon. I've held it via VXF.

Has beat the SP500 since 2004, when I started with it.

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by firebirdparts » Fri Nov 01, 2019 9:06 am

I noticed in the other thread that Tomcat holds "Completion index" without the SP500.
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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by an_asker » Fri Nov 01, 2019 9:13 am

After clicking on Mel's OP link and going to an arbitrary page, I realized that the thread is pretty old.

That said, a couple of days ago, I was updating my investments spreadsheet and noticed that for the year ending 09/30/2019, extended market has been outperformed by S&P500. Doesn't that essentially mean that mid-caps lagged for that time frame (assuming I didn't commit any mistakes in my fund comparisons)?

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by dcabler » Fri Nov 01, 2019 9:44 am

firebirdparts wrote:
Fri Nov 01, 2019 8:38 am
Have any of you midcap lovers formed an opinion of the down jones US completion stock index? I can get FSMAX in my 401k. They reformulate our options and I lost what I was holding. For a mid-cap lover this seems like an okay way to go.
Yes, I hold a completion index fund in a deferred compensation account I have. Not because I want to but because it was the only way for me to get the midcap exposure I wanted. It's a very small fraction of my total holdings. Prefer IJH for MCB and IJJ for MCV which is what I hold elsewhere.

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by dcabler » Fri Nov 01, 2019 10:31 am

an_asker wrote:
Fri Nov 01, 2019 9:13 am
After clicking on Mel's OP link and going to an arbitrary page, I realized that the thread is pretty old.

That said, a couple of days ago, I was updating my investments spreadsheet and noticed that for the year ending 09/30/2019, extended market has been outperformed by S&P500. Doesn't that essentially mean that mid-caps lagged for that time frame (assuming I didn't commit any mistakes in my fund comparisons)?
I haven't looked, but it wouldn't surprise me a bit. Large caps have been on a roll for a few years now....

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by snailderby » Fri Nov 01, 2019 12:21 pm

an_asker wrote:
Fri Nov 01, 2019 9:13 am
After clicking on Mel's OP link and going to an arbitrary page, I realized that the thread is pretty old.

That said, a couple of days ago, I was updating my investments spreadsheet and noticed that for the year ending 09/30/2019, extended market has been outperformed by S&P500. Doesn't that essentially mean that mid-caps lagged for that time frame (assuming I didn't commit any mistakes in my fund comparisons)?
1. You're correct that the S&P 400 has lagged the S&P 500 in 2019.
2. An extended market fund like VXF will have a lot of overlap with the S&P 400 and S&P 600 indexes, but it will also hold large, midsize, and small companies that aren't part of the S&P 500, 400, or 600 indexes. For example, Tesla is a large company, but it's not part of the S&P 500. (To be included in the S&P 500, 400, or 600 indexes, "[t]he sum of the [company's] most recent four consecutive quarters’ [GAAP] earnings (net income excluding discontinued operations) should be positive as should the most recent quarter.") Tesla is part of VXF though. Approximately 10% of VXF consists of large companies that didn't make the cut for the S&P 500.
Last edited by snailderby on Fri Nov 01, 2019 12:30 pm, edited 1 time in total.

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by an_asker » Fri Nov 01, 2019 12:30 pm

snailderby wrote:
Fri Nov 01, 2019 12:21 pm
an_asker wrote:
Fri Nov 01, 2019 9:13 am
After clicking on Mel's OP link and going to an arbitrary page, I realized that the thread is pretty old.

That said, a couple of days ago, I was updating my investments spreadsheet and noticed that for the year ending 09/30/2019, extended market has been outperformed by S&P500. Doesn't that essentially mean that mid-caps lagged for that time frame (assuming I didn't commit any mistakes in my fund comparisons)?
1. You're correct that the S&P 400 has lagged the S&P 500 in 2019.
2. An extended market fund like VXF is not a perfect proxy for the S&P 400 and S&P 600 indexes (although it will have a lot of overlap with those indexes) because an extended market will also hold large, midsize, and small companies that aren't part of the S&P 500, 400, or 600 indexes. For example, Tesla is a large company -- large enough to be part of the S&P 500. But Tesla hasn't posted positive earnings for four consecutive quarters. So it's not part of the S&P 500. See https://us.spindices.com/documents/meth ... ndices.pdf. But it is part of VXF. In fact, approximately 10% of VXF consists of large companies that didn't make the cut for the S&P 500.
I didn't mean to imply that the extended index is a proxy for midcaps. My thinking was that extended = large + mid + small (correct?), so if it is lagging the S&P500, it means that either the mids or the smalls or both must be lagging the large.

On the other hand, I haven't done a lot of research into the actual stocks that get into these indexes ... and performance comparison. It just happened that I noticed it this once as I had just done my updating! :sharebeer

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by snailderby » Fri Nov 01, 2019 12:32 pm

an_asker wrote:
Fri Nov 01, 2019 12:30 pm
I didn't mean to imply that the extended index is a proxy for midcaps. My thinking was that extended = large + mid + small (correct?), so if it is lagging the S&P500, it means that either the mids or the smalls or both must be lagging the large.

On the other hand, I haven't done a lot of research into the actual stocks that get into these indexes ... and performance comparison. It just happened that I noticed it this once as I had just done my updating! :sharebeer
I'm sorry. I didn't mean to imply that you were implying that an extended market fund is an exact proxy for midcaps. :beer

An extended market fund holds stocks of various sizes that are not included in the S&P 500. I think this graphic from the wiki sums it up nicely: https://www.bogleheads.org/wiki/File:Extended_index.png.

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by TomCat96 » Fri Nov 01, 2019 2:48 pm

firebirdparts wrote:
Fri Nov 01, 2019 9:06 am
I noticed in the other thread that Tomcat holds "Completion index" without the SP500.
Indeed I do.

And as per the issue of whether or not the completion index is a proxy for midcaps, no I don't believe it is. You're getting a lot of other exposure to small caps in there, and yes as mentioned a few large caps as well.

To poster who asked me exactly how much midcap exposure I have, I'm honestly not sure. I relied on the bogleheads wiki to imply that the extended market was about 75%.

The truth is however, for my investing position, exactly how much midcap exposure I have is irrelevant, and I am content leaving it as such. I say "exactly" how much is irrelevant because it's always changing. Let me qualify:

By investing in the completion index, what I'm doing is overweighing the aggregate of the small and midcaps in proportion to their market cap weight.
I think the small cap value people have a point, I think the midcap people have a point. Exactly how much to allocate to each is not something I want to get into, so I let the market do it for me.

Whether I'm holding 60% midcap and 40% smallcap one day or 75% midcap and 25% small cap the next is not something I concern myself with. (It also lets me avoid the exact number cutoffs as to what constitutes a midcap) At some level, you have to let the market do its work.

For my purposes, I am content to say that I am overweight Midcaps, and by some measures perhaps even grossly overweight.

There was another benefit as well. Markets are never purely efficiently, there are always degrees of inefficiency because we live in a world of finite limitations. To that extent, if I was going to grossly overweight mid and small caps, I wanted a fund with high visibility and exposure.

The completion index is such a fund. In the TSP, it is the S fund, which can be purchased directly, and or is used as a component of the Lifecycle funds. In VXF, or VEXAX if you prefer, it is used as the fund to complete the total market. If you buy VTI/VTSAX, you're buying what I own.
If you buy a vanguard lifecycle fund, you're buying what I own. If you buy Vanguard world, you're buying what I own.

If a state actor decides to buy up US securities, they'll likely buy up what I own.

In a perfect world, inclusion in an index wouldn't matter. But I'm practical enough to realize it might. Overall then my midcap exposure is essentially 55-75% of my portfolio, fluctuating day by day in accordance with market weight, allowing me to take advantage of whatever phenomena exists. Past performance is no guarantee of future success, but I'm willing to roll the dice.

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by TomCat96 » Fri Nov 01, 2019 2:56 pm

snailderby wrote:
Fri Nov 01, 2019 12:21 pm
an_asker wrote:
Fri Nov 01, 2019 9:13 am
After clicking on Mel's OP link and going to an arbitrary page, I realized that the thread is pretty old.

That said, a couple of days ago, I was updating my investments spreadsheet and noticed that for the year ending 09/30/2019, extended market has been outperformed by S&P500. Doesn't that essentially mean that mid-caps lagged for that time frame (assuming I didn't commit any mistakes in my fund comparisons)?
1. You're correct that the S&P 400 has lagged the S&P 500 in 2019.
2. An extended market fund like VXF will have a lot of overlap with the S&P 400 and S&P 600 indexes, but it will also hold large, midsize, and small companies that aren't part of the S&P 500, 400, or 600 indexes. For example, Tesla is a large company, but it's not part of the S&P 500. (To be included in the S&P 500, 400, or 600 indexes, "[t]he sum of the [company's] most recent four consecutive quarters’ [GAAP] earnings (net income excluding discontinued operations) should be positive as should the most recent quarter.") Tesla is part of VXF though. Approximately 10% of VXF consists of large companies that didn't make the cut for the S&P 500.
Fun fact about VXF.

In 2018, the ending assets of VXF was approximately 58 billion. In 2018 the fund also made 65 million from lending operations. :shock: : :sharebeer
By comparison, the SP 500 only made 3.5 million in lending operations. I guess the market for shorts is more profitable in small/mid caps.

https://personal.vanguard.com/pub/Pdf/s ... 2210142850
page B-44-45

I don't know why I find it so amusing that a passive index fund made a 1.12% return on its net asset holdings by lending operations alone!

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by Kevin M » Fri Nov 01, 2019 3:06 pm

an_asker wrote:
Fri Nov 01, 2019 9:13 am
After clicking on Mel's OP link and going to an arbitrary page, I realized that the thread is pretty old.

That said, a couple of days ago, I was updating my investments spreadsheet and noticed that for the year ending 09/30/2019, extended market has been outperformed by S&P500. Doesn't that essentially mean that mid-caps lagged for that time frame (assuming I didn't commit any mistakes in my fund comparisons)?
I've already shown that Vanguard mid-cap (Portfolio 1) and small-cap (Portfolio 2) have very similar performance and risk, especially if you exclude the anomalous months in 2000. Let's add in Vanguard Extended Market Index fund (Portfolio 3) to compare.

Image

Source

Hmm. Extended Market has underperformed mid/small-cap significantly.

Now, let's look at Vanguard mid-cap (Portfolio 1, could have used small-cap), extended market (Portfolio 2), and S&P 500 index fund (Portfolio 3):

Image

Source

Looks like Extended Market has a bit more large-cap weighting than small-cap or mid-cap, which caused some underperformance for extended market over the selected time period.

Kevin
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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by rascott » Fri Nov 01, 2019 3:13 pm

snailderby wrote:
Fri Nov 01, 2019 12:32 pm
an_asker wrote:
Fri Nov 01, 2019 12:30 pm
I didn't mean to imply that the extended index is a proxy for midcaps. My thinking was that extended = large + mid + small (correct?), so if it is lagging the S&P500, it means that either the mids or the smalls or both must be lagging the large.

On the other hand, I haven't done a lot of research into the actual stocks that get into these indexes ... and performance comparison. It just happened that I noticed it this once as I had just done my updating! :sharebeer
I'm sorry. I didn't mean to imply that you were implying that an extended market fund is an exact proxy for midcaps. :beer

An extended market fund holds stocks of various sizes that are not included in the S&P 500. I think this graphic from the wiki sums it up nicely: https://www.bogleheads.org/wiki/File:Extended_index.png.

My 401k (Fidelity) has the completion index as a choice.... and they label it in the mid-cap category.

I agree that it isn't a pure mid-cap choice like a SP400 fund.... but it's pretty darn close.... just like VTI is pretty darn close to a large cap SP500 fund.

Since inception (2002) the return of IJH and VXF are within 10 basis points. You can more or less lay their total return charts right on top of each other. Such is the nature of cap weighted indexes.
Last edited by rascott on Fri Nov 01, 2019 3:16 pm, edited 1 time in total.

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by MotoTrojan » Fri Nov 01, 2019 3:16 pm

Kevin M wrote:
Fri Nov 01, 2019 3:06 pm
an_asker wrote:
Fri Nov 01, 2019 9:13 am
After clicking on Mel's OP link and going to an arbitrary page, I realized that the thread is pretty old.

That said, a couple of days ago, I was updating my investments spreadsheet and noticed that for the year ending 09/30/2019, extended market has been outperformed by S&P500. Doesn't that essentially mean that mid-caps lagged for that time frame (assuming I didn't commit any mistakes in my fund comparisons)?
I've already shown that Vanguard mid-cap (Portfolio 1) and small-cap (Portfolio 2) have very similar performance and risk, especially if you exclude the anomalous months in 2000. Let's add in Vanguard Extended Market Index fund (Portfolio 3) to compare.

Image

Source

Hmm. Extended Market has underperformed mid/small-cap significantly.

Now, let's look at Vanguard mid-cap (Portfolio 1, could have used small-cap), extended market (Portfolio 2), and S&P 500 index fund (Portfolio 3):

Image

Source

Looks like Extended Market has a bit more large-cap weighting than small-cap or mid-cap, which caused some underperformance for extended market over the selected time period.

Kevin
Makes sense. I believe Vanguard's large-cap fund (VV is the ETF) holds about 750 companies, so extended market likely has the 250 not included in the S&P500, on top of the small & mid stocks.

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by Mel Lindauer » Fri Nov 01, 2019 8:21 pm

Culbretd wrote:
Thu Oct 31, 2019 4:33 am
Love Mels Unloved Midcaps. I have 50% of my U.S. equities in mid caps and the other 50% in the S&P 500. I use the S&P 400 and the CRSP mid cap index in my wifes TIAA 401(a) account. I’ve been very pleased with the performance of midcaps.

I see they still don’t get the respect they deserve though but that’s ok. Still gonna hold them. Researching Mel’s threads over the years I was surprised to see that Mel has had several good calls over the past couple of decades; not just touting mid caps but other asset classes.

Certainly glad yo are a poster here on Bogleheads.org Mel. Some of us pay close attention when we see your post.
Thanks for the kind words. Hopefully you loaded up the truck with I Bonds back when I was recommending them when they had a fixed rate more than 15 times what they're paying today.

Back then you could buy $30k worth per SS# with a credit card. And they're free from state and local taxes plus tax-deferred for up to 30 years to boot.

Ahh, those were the days!
Best Regards - Mel | | Semper Fi

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by Miriam2 » Fri Nov 01, 2019 9:50 pm

Culbretd wrote:
Thu Oct 31, 2019 4:33 am
. . . Researching Mel’s threads over the years I was surprised to see that Mel has had several good calls over the past couple of decades; not just touting mid caps but other asset classes.

Certainly glad you are a poster here on Bogleheads.org Mel. Some of us pay close attention when we see your post.
Mel Lindauer wrote:Thanks for the kind words. Hopefully you loaded up the truck with I Bonds back when I was recommending them when they had a fixed rate more than 15 times what they're paying today.
So Mel, with your fabulous track record, what's your best call for the future now? :D

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by Culbretd » Sat Nov 02, 2019 4:51 am

Miriam2 wrote:
Fri Nov 01, 2019 9:50 pm
Culbretd wrote:
Thu Oct 31, 2019 4:33 am
. . . Researching Mel’s threads over the years I was surprised to see that Mel has had several good calls over the past couple of decades; not just touting mid caps but other asset classes.

Certainly glad you are a poster here on Bogleheads.org Mel. Some of us pay close attention when we see your post.
Mel Lindauer wrote:Thanks for the kind words. Hopefully you loaded up the truck with I Bonds back when I was recommending them when they had a fixed rate more than 15 times what they're paying today.
So Mel, with your fabulous track record, what's your best call for the future now? :D
Not Mel, but I imagine he woud say “Stay the course. Rebalance and kee chugging along.” All you can do. No one is saying he has a crystal ball but he is someone who is well respect one these forums.

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by oldzey » Sat Nov 02, 2019 11:45 am

an_asker wrote:
Fri Nov 01, 2019 9:13 am
After clicking on Mel's OP link and going to an arbitrary page, I realized that the thread is pretty old. [/snip]
oldzey wrote:
Wed Oct 30, 2019 11:10 pm
Mel Lindauer wrote:
Sun Apr 20, 2014 9:43 am
Looks like the investing world is finally realizing what I started saying back in 1999 about mid-caps. Because of my ongoing posts promoting mid-caps, they became known as "Mel's Unloved Mid-Caps".

Better late than never!

http://abcnews.go.com/Business/print?id=23366403

Happy Easter!
Here's an archived link to the original post from 2014 quoted above: https://web.archive.org/web/20140418083 ... d=23366403
I resurrected this post because Mel's OP link was dead and I wanted to add the archived link. I should have made it more conspicuous (like this):

Here is an archived link to the original post from 2014: https://web.archive.org/web/20140418083 ... d=23366403
"The broker said the stock was 'poised to move.' Silly me, I thought he meant up." ― Randy Thurman

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by Mel Lindauer » Sat Nov 02, 2019 1:17 pm

Culbretd wrote:
Sat Nov 02, 2019 4:51 am
Miriam2 wrote:
Fri Nov 01, 2019 9:50 pm
Culbretd wrote:
Thu Oct 31, 2019 4:33 am
. . . Researching Mel’s threads over the years I was surprised to see that Mel has had several good calls over the past couple of decades; not just touting mid caps but other asset classes.

Certainly glad you are a poster here on Bogleheads.org Mel. Some of us pay close attention when we see your post.
Mel Lindauer wrote:Thanks for the kind words. Hopefully you loaded up the truck with I Bonds back when I was recommending them when they had a fixed rate more than 15 times what they're paying today.
So Mel, with your fabulous track record, what's your best call for the future now? :D
Not Mel, but I imagine he woud say “Stay the course. Rebalance and kee chugging along.” All you can do. No one is saying he has a crystal ball but he is someone who is well respect one these forums.
That's true. I make recommendations from time to time, but not predictions.

The single most important recommendation I make to young folks just starting out is to learn to live below your means. If you don't do that, you'll never have any funds to invest to help grow your wealth, regardless of how much you make.

And I also pass along recommendations of folks I know and respect, like my friend and mentor, Jack Bogle's "Stay the Course", and my friend, "Dr. Bill Bernstein's "When you've won the game, stop playing.".

Not sure who to attribute this one to, but I do like the reminder that bulls can make money, bears can make money, but hogs get slaughtered.

I am pleased with my early recommendations of Mel's Unloved Mid-Caps in 2000 and I Bonds when they were first offered and no one realized what a great investment they were.

Because I followed those two recommendations myself, I was able to retire early and say "Life is good.".

Best regards,

Mel
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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by LarryG » Sat Nov 02, 2019 2:25 pm

Years ago Mel told me about Midcaps and I bonds. I bought both and now wish I had bought more.
Once again the combination of Mel and Taylor was on the mark.
Best to both of them
LarryG

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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by Mel Lindauer » Sat Nov 02, 2019 4:27 pm

LarryG wrote:
Sat Nov 02, 2019 2:25 pm
Years ago Mel told me about Midcaps and I bonds. I bought both and now wish I had bought more.
Once again the combination of Mel and Taylor was on the mark.
Best to both of them
LarryG
Hi Larry:

Always nice to see your name on a post. Hope things are going well for you. Keep in touch.

Best regards,

Mel
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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by Dead Man Walking » Sun Nov 03, 2019 3:28 am

I’ve been a fan of Mel’s unloved mid caps since his original post. I recently purchased Vanguard Global Minimum Volatility Fund because of its mid cap tilt.

DMW

HEDGEFUNDIE
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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by HEDGEFUNDIE » Thu Nov 14, 2019 10:53 pm

How did we miss this?

https://youtu.be/Gun52gbWS_s

retired@50
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Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by retired@50 » Fri Nov 15, 2019 12:25 am

HEDGEFUNDIE wrote:
Thu Nov 14, 2019 10:53 pm
How did we miss this?

https://youtu.be/Gun52gbWS_s
Funny video, but I didn't need it... I've held a mid-cap index fund for nearly 20 years.

Regards,

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oldzey
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Location: Land of Lincoln

Re: Mel's Unloved Mid-Caps Finally Getting Some Respect

Post by oldzey » Fri Nov 15, 2019 12:37 am

HEDGEFUNDIE wrote:
Thu Nov 14, 2019 10:53 pm
How did we miss this?

https://youtu.be/Gun52gbWS_s
Great find, HEDGEFUNDIE! :thumbsup
"The broker said the stock was 'poised to move.' Silly me, I thought he meant up." ― Randy Thurman

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