2019 Bogleheads Conference Notes

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
Post Reply
User avatar
Topic Author
LadyGeek
Site Admin
Posts: 57756
Joined: Sat Dec 20, 2008 5:34 pm
Location: Philadelphia
Contact:

2019 Bogleheads Conference Notes

Post by LadyGeek » Fri Oct 18, 2019 4:19 pm

Use this thread to discuss the 2019 conference in Philadelphia.

I have received Gus Sauter's slides. They are now in the wiki. See: Bogleheads® 18 - Philadelphia

I will add the presentations to the wiki as they are received.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

User avatar
dodecahedron
Posts: 4811
Joined: Tue Nov 12, 2013 12:28 pm

Re: 2019 Bogleheads Conference Notes

Post by dodecahedron » Sat Oct 19, 2019 2:35 pm

First of all, a hearty thank you to the wonderful team of volunteers who did all the organizational advance work to make this excellent event come together once again, an informative, inspiring, and uplifting gathering of kindred spirits.

This was my third BH conference, but of course, my first without the legendary Jack Bogle´s presence in the world. His memory and spirit were very much present however. Many wonderful memories shared by those who knew him and worked with him and two of his daughters as well. I appreciated the copy of his last book, Stay the Course: the story of Vanguard and the Index Revolution, given to all attendees. I founding it riveting reading during my train trip back home to Upstate NY. (Especially awesome reading it as twilight took over the Hudson River valley.) Highly recommend the book!

I was delighted to hear about the terrific team of new board officers and new board members who will soon be taking over the John C Bogle Center for Financial Literacy in the future--what a great lineup. Congrats to newly announced board President Rick Ferri, board VP Bill Bernstein, and board members Christine Benz, Jonathan Clements, Gail Cox, Laura Dogu, and Allen Roth.

I enjoyed reconnecting with old BH friends and making new ones!

User avatar
Bylo Selhi
Posts: 1115
Joined: Mon Feb 19, 2007 10:40 pm
Location: www.bylo.org in the Great White North
Contact:

Re: 2019 Bogleheads Conference Notes

Post by Bylo Selhi » Sat Oct 19, 2019 3:09 pm

dodecahedron wrote:
Sat Oct 19, 2019 2:35 pm
First of all, a hearty thank you to the wonderful team of volunteers who did all the organizational advance work to make this excellent event come together once again, an informative, inspiring, and uplifting gathering of kindred spirits.

This was my third BH conference, but of course, my first without the legendary Jack Bogle´s presence in the world. His memory and spirit were very much present however. Many wonderful memories shared by those who knew him and worked with him and two of his daughters as well. I appreciated the copy of his last book, Stay the Course: the story of Vanguard and the Index Revolution, given to all attendees. I founding it riveting reading during my train trip back home to Upstate NY. (Especially awesome reading it as twilight took over the Hudson River valley.) Highly recommend the book!

I was delighted to hear about the terrific team of new board officers and new board members who will soon be taking over the John C Bogle Center for Financial Literacy in the future--what a great lineup. Congrats to newly announced board President Rick Ferri, board VP Bill Bernstein, and board members Christine Benz, Jonathan Clements, Gail Cox, Laura Dogu, and Allen Roth.

I enjoyed reconnecting with old BH friends and making new ones!
+1

I can't say it any better. The drive home, especially around the Finger Lakes area in NY state, was spectacular with the trees displaying their full fall colors.

User avatar
Topic Author
LadyGeek
Site Admin
Posts: 57756
Joined: Sat Dec 20, 2008 5:34 pm
Location: Philadelphia
Contact:

Re: 2019 Bogleheads Conference Notes

Post by LadyGeek » Sat Oct 19, 2019 4:27 pm

Same here. I had a wonderful time meeting old friends and making new ones. I've lost count, but this might have been my 10th conference.

Allan Roth has supplied his presentation. It's now in the wiki: Bogleheads® 18 - Philadelphia

For the tech crowd:

During Thursday's visit to Vanguard, I expressed a very strong opinion that Vanguard needs to add email as second factor login authentication (2FA). Currently, only a single choice is offered - phone (text or voice). They need to add email as another choice. The developer team I spoke with may not be responsible for login authentication, but they took notes and will pass it along to the appropriate people.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

Silence Dogood
Posts: 1155
Joined: Tue Feb 01, 2011 9:22 pm

Re: 2019 Bogleheads Conference Notes

Post by Silence Dogood » Sun Oct 20, 2019 11:51 am

Thank you, LadyGeek.

Do you know where I can find the answers to the questions asked here?

Silence Dogood
Posts: 1155
Joined: Tue Feb 01, 2011 9:22 pm

Re: 2019 Bogleheads Conference Notes

Post by Silence Dogood » Sun Oct 20, 2019 12:06 pm

LadyGeek wrote:
Sat Oct 19, 2019 4:27 pm
During Thursday's visit to Vanguard, I expressed a very strong opinion that Vanguard needs to add email as second factor login authentication (2FA). Currently, only a single choice is offered - phone (text or voice). They need to add email as another choice. The developer team I spoke with may not be responsible for login authentication, but they took notes and will pass it along to the appropriate people.
Hopefully they fix the various issues with their implementation of 2FA:

- Not allowing email as 2FA method.
- Not allowing any software based 2FA (Authy, Google Authenticator, et al.).
- Allowing SMS as fallback method to hardware based 2FA (rendering the Yubikey useless).

User avatar
Topic Author
LadyGeek
Site Admin
Posts: 57756
Joined: Sat Dec 20, 2008 5:34 pm
Location: Philadelphia
Contact:

Re: 2019 Bogleheads Conference Notes

Post by LadyGeek » Sun Oct 20, 2019 12:59 pm

Silence Dogood wrote:
Sun Oct 20, 2019 11:51 am
Thank you, LadyGeek.

Do you know where I can find the answers to the questions asked here?
Those questions were asked during the discussion panels. No notes were taken, but Rich Guerra (aka VELO724X) has the entire conference (including this session) in video. Allow some time for him to process. He usually posts a forum thread when they're ready.

I don't know his time frame, so I can't say how long this will take.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

User avatar
Mel Lindauer
Moderator
Posts: 29928
Joined: Mon Feb 19, 2007 8:49 pm
Location: Daytona Beach Shores, Florida
Contact:

Re: 2019 Bogleheads Conference Notes

Post by Mel Lindauer » Mon Oct 28, 2019 11:41 pm

dodecahedron wrote:
Sat Oct 19, 2019 2:35 pm
First of all, a hearty thank you to the wonderful team of volunteers who did all the organizational advance work to make this excellent event come together once again, an informative, inspiring, and uplifting gathering of kindred spirits.

This was my third BH conference, but of course, my first without the legendary Jack Bogle´s presence in the world. His memory and spirit were very much present however. Many wonderful memories shared by those who knew him and worked with him and two of his daughters as well. I appreciated the copy of his last book, Stay the Course: the story of Vanguard and the Index Revolution, given to all attendees. I founding it riveting reading during my train trip back home to Upstate NY. (Especially awesome reading it as twilight took over the Hudson River valley.) Highly recommend the book!

I was delighted to hear about the terrific team of new board officers and new board members who will soon be taking over the John C Bogle Center for Financial Literacy in the future--what a great lineup. Congrats to newly announced board President Rick Ferri, board VP Bill Bernstein, and board members Christine Benz, Jonathan Clements, Gail Cox, Laura Dogu, and Allen Roth.

I enjoyed reconnecting with old BH friends and making new ones!
You missed two of the new board members, bylo (Mike Nolan, Jack's last assistant and Ben Holland).
Best Regards - Mel | | Semper Fi

User avatar
Bylo Selhi
Posts: 1115
Joined: Mon Feb 19, 2007 10:40 pm
Location: www.bylo.org in the Great White North
Contact:

Re: 2019 Bogleheads Conference Notes

Post by Bylo Selhi » Tue Oct 29, 2019 3:17 pm

Mel Lindauer wrote:
Mon Oct 28, 2019 11:41 pm
You missed two of the new board members, bylo (Mike Nolan, Jack's last assistant and Ben Holland).
I think you meant @dodecahedron ;)

We only had a chance to chat briefly so let me thank you now for your yeoman's work in making the Bogleheads conference another success. All the best in your "retirement."

User avatar
galawdawg
Posts: 271
Joined: Thu Dec 14, 2017 12:59 pm
Location: Georgia

Re: 2019 Bogleheads Conference Notes

Post by galawdawg » Wed Oct 30, 2019 9:33 am

Unfortunately a scheduling conflict prevented our attendance this year. Did anything interesting come from the Vanguard visit in addition to the discussion of 2FA as noted above by LadyGeek?

User avatar
Topic Author
LadyGeek
Site Admin
Posts: 57756
Joined: Sat Dec 20, 2008 5:34 pm
Location: Philadelphia
Contact:

Re: 2019 Bogleheads Conference Notes

Post by LadyGeek » Wed Oct 30, 2019 1:17 pm

They fielded a question relating to Collateralized Commodity Futures, then allowed an unplanned follow-up "clarification" from the audience that these are futures contracts - not physical assets.

I may not be explaining this correctly. If any of the attendees can provide additional info, feel free.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

User avatar
Rick Ferri
Posts: 8935
Joined: Mon Feb 26, 2007 11:40 am
Location: Georgetown, TX. Twitter: @Rick_Ferri
Contact:

Re: 2019 Bogleheads Conference Notes

Post by Rick Ferri » Wed Oct 30, 2019 6:38 pm

A question was asked about investing in commodities and included a comment that Jack Bogle did not like commodities.

The presenter from Vanguard responded that the proposed Vanguard commodities fund will not be invested in physical commodities, it will be invested in commodity futures.

That answer was not taken well by those of us who know what Jack meant and know the difference between commodities and commodity futures. In other words, the response was unsatisfactory.

Rick
The Education of an Index Investor: born in darkness, finds indexing enlightenment, overcomplicates everything, embraces simplicity.

User avatar
Topic Author
LadyGeek
Site Admin
Posts: 57756
Joined: Sat Dec 20, 2008 5:34 pm
Location: Philadelphia
Contact:

Re: 2019 Bogleheads Conference Notes

Post by LadyGeek » Fri Nov 01, 2019 7:52 am

Anyone interested in the impacts of ESG (Environmental, Social and Governance) funds for a specific cause should watch the fireside chat with Bill Bernstein and Bill McNabb (former Vanguard CEO).

Bill McNabb provided one of the best explanations I've heard on the topic - pro and con. Very insightful, to the point, and clear.

(Don't discuss the topic here, I'm just mentioning the discussion.)
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

User avatar
abuss368
Posts: 16018
Joined: Mon Aug 03, 2009 2:33 pm
Location: Where the water is warm, the drinks are cold, and I don't know the names of the players!

Re: 2019 Bogleheads Conference Notes

Post by abuss368 » Fri Nov 01, 2019 8:18 am

Rick Ferri wrote:
Wed Oct 30, 2019 6:38 pm
A question was asked about investing in commodities and included a comment that Jack Bogle did not like commodities.

The presenter from Vanguard responded that the proposed Vanguard commodities fund will not be invested in physical commodities, it will be invested in commodity futures.

That answer was not taken well by those of us who know what Jack meant and know the difference between commodities and commodity futures. In other words, the response was unsatisfactory.

Rick
Thanks Rick. I would think most Bogleheads may not have a need in their portfolio for such a fund correct?
John C. Bogle - Two Fund Portfolio: Total Stock & Total Bond. "Simplicity is the master key to financial success."

User avatar
GerryL
Posts: 2499
Joined: Fri Sep 20, 2013 11:40 pm

Re: 2019 Bogleheads Conference Notes

Post by GerryL » Fri Nov 01, 2019 8:18 am

Any discussion about location of the 2020 conference?

User avatar
abuss368
Posts: 16018
Joined: Mon Aug 03, 2009 2:33 pm
Location: Where the water is warm, the drinks are cold, and I don't know the names of the players!

Re: 2019 Bogleheads Conference Notes

Post by abuss368 » Fri Nov 01, 2019 8:23 am

Is anyone aware if any updates on TIPS funds and holding a TIPS fund in a portfolio was discussed?

Were there any updates regarding International Bonds and a place in the portfolio?
John C. Bogle - Two Fund Portfolio: Total Stock & Total Bond. "Simplicity is the master key to financial success."

User avatar
Rick Ferri
Posts: 8935
Joined: Mon Feb 26, 2007 11:40 am
Location: Georgetown, TX. Twitter: @Rick_Ferri
Contact:

Re: 2019 Bogleheads Conference Notes

Post by Rick Ferri » Fri Nov 01, 2019 9:53 am

GerryL wrote:
Fri Nov 01, 2019 8:18 am
Any discussion about location of the 2020 conference?
Yes, but we are waiting for permission to post upcoming conference information using a "Bogle Center" name and avatar rather than using our individual names as in the past.

Rick Ferri
The Education of an Index Investor: born in darkness, finds indexing enlightenment, overcomplicates everything, embraces simplicity.

User avatar
Bylo Selhi
Posts: 1115
Joined: Mon Feb 19, 2007 10:40 pm
Location: www.bylo.org in the Great White North
Contact:

Re: 2019 Bogleheads Conference Notes

Post by Bylo Selhi » Fri Nov 01, 2019 12:11 pm

Rick Ferri wrote:
Fri Nov 01, 2019 9:53 am
GerryL wrote:
Fri Nov 01, 2019 8:18 am
Any discussion about location of the 2020 conference?
Yes, but we are waiting for permission to post upcoming conference information using a "Bogle Center" name and avatar rather than using our individual names as in the past.

Rick Ferri
Also I just got an email survey about 2019 Bogleheads. One of the questions asks where I'd like to see these conferences held in the future. (My vote would be Tahiti or Fiji...) But more realistically I'd like to see at least some meetings in Philly so we can continue to hold Vanguard's feet to the fire to stay the course over fundamental issues like mutual-mutual structure, low fees, etc.

FBN2014
Posts: 678
Joined: Sat Mar 08, 2014 3:07 pm

Re: 2019 Bogleheads Conference Notes

Post by FBN2014 » Fri Nov 01, 2019 12:21 pm

Are any other videos available from the 2019 conference?
"October is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May March, June, December, August and February." - M. Twain

garlandwhizzer
Posts: 2504
Joined: Fri Aug 06, 2010 3:42 pm

Re: 2019 Bogleheads Conference Notes

Post by garlandwhizzer » Fri Nov 01, 2019 12:57 pm

Wow!!!! What a distinguished group of wise and honest heavy hitters on the board of the John C Bogle Center for Financial Literacy. A fitting tribute to Saint Jack for so many of the truly great to offer their services. Insights from this group can be trusted.

Garland Whizzer

User avatar
Topic Author
LadyGeek
Site Admin
Posts: 57756
Joined: Sat Dec 20, 2008 5:34 pm
Location: Philadelphia
Contact:

Re: 2019 Bogleheads Conference Notes

Post by LadyGeek » Tue Nov 05, 2019 10:52 pm

LadyGeek wrote:
Wed Oct 30, 2019 1:17 pm
They fielded a question relating to Collateralized Commodity Futures, then allowed an unplanned follow-up "clarification" from the audience that these are futures contracts - not physical assets.

I may not be explaining this correctly. If any of the attendees can provide additional info, feel free.
Rick Ferri wrote:
Wed Oct 30, 2019 6:38 pm
A question was asked about investing in commodities and included a comment that Jack Bogle did not like commodities.

The presenter from Vanguard responded that the proposed Vanguard commodities fund will not be invested in physical commodities, it will be invested in commodity futures.

That answer was not taken well by those of us who know what Jack meant and know the difference between commodities and commodity futures. In other words, the response was unsatisfactory.

Rick
Thanks to CULater who posted the Allan Roth article in this thread: Vanguard without Jack Bogle - Allan Roth

Allan Roth provides the context in his Financial Planning article: Vanguard without Jack Bogle - search the article for "One common Bogleheads’ concern is the proliferation of new funds."
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.

Racing Grandpa
Posts: 5
Joined: Fri Sep 28, 2018 5:35 am

Re: 2019 Bogleheads Conference Notes

Post by Racing Grandpa » Thu Nov 07, 2019 5:28 pm

Rick Ferri wrote:
Wed Oct 30, 2019 6:38 pm
A question was asked about investing in commodities and included a comment that Jack Bogle did not like commodities.

The presenter from Vanguard responded that the proposed Vanguard commodities fund will not be invested in physical commodities, it will be invested in commodity futures.

That answer was not taken well by those of us who know what Jack meant and know the difference between commodities and commodity futures. In other words, the response was unsatisfactory.

Rick


Thanks Rick.

I was looking at Morningstar's Lifetime Allocation Indexes and saw they were putting in 2.0 to 2.93% in commodities. So I went to Vanguard and found the new commodities fund. Based on your comments you have saved me some money. And I can spend my time on/if/which TIPS we should buy.
:sharebeer

Paul Hutt

Dinosaur Dad
Posts: 168
Joined: Wed Feb 22, 2017 6:05 pm
Location: Connecticut

Re: 2019 Bogleheads Conference Notes

Post by Dinosaur Dad » Sun Dec 01, 2019 11:22 pm

Any chance there will be videos posted from this year's conference?
"Take calculated risks - that is quite different from being rash." | General George S. Patton

User avatar
Mactheriverrat
Posts: 52
Joined: Sun Nov 24, 2019 1:41 pm
Location: Works on the Mississippi River on the barges. Live's in Little Rock, AR.

Re: 2019 Bogleheads Conference Notes

Post by Mactheriverrat » Mon Dec 02, 2019 2:13 am

@Rick Ferri

Thanks for your Service!
May Every Sunrise Bring You Hope. May Every Sunset Bring you Peace.

User avatar
Mel Lindauer
Moderator
Posts: 29928
Joined: Mon Feb 19, 2007 8:49 pm
Location: Daytona Beach Shores, Florida
Contact:

Re: 2019 Bogleheads Conference Notes

Post by Mel Lindauer » Mon Dec 02, 2019 8:59 am

Dinosaur Dad wrote:
Sun Dec 01, 2019 11:22 pm
Any chance there will be videos posted from this year's conference?
Yes, they will be announced here on the forum when they're ready.

(Our videographer has a busy day job as a heart surgeon that takes priority.)
Best Regards - Mel | | Semper Fi

Dinosaur Dad
Posts: 168
Joined: Wed Feb 22, 2017 6:05 pm
Location: Connecticut

Re: 2019 Bogleheads Conference Notes

Post by Dinosaur Dad » Mon Dec 02, 2019 10:10 am

Mel Lindauer wrote:
Mon Dec 02, 2019 8:59 am
Dinosaur Dad wrote:
Sun Dec 01, 2019 11:22 pm
Any chance there will be videos posted from this year's conference?
Yes, they will be announced here on the forum when they're ready.

(Our videographer has a busy day job as a heart surgeon that takes priority.)
Thank you, and many thanks to the videographer from the many Bogleheads who wish they could be at the conference in person.
"Take calculated risks - that is quite different from being rash." | General George S. Patton

Post Reply