Simplicity over Small Cap Value

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investingforbank
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Simplicity over Small Cap Value

Post by investingforbank »

Hey guys. I recently posted a portfolio that tilts to SCV. I am now rethinking if I am being too complicated and should just stick to total market and total international index funds. I am 18 years old. Should I go with the simplicity or tilt to small cap value? How much extra would I reasonably earn if I did the 25% tilt to SCV? Thanks
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ruralavalon
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Re: Simplicity over Small Cap Value

Post by ruralavalon »

investingforbank wrote: Wed Apr 07, 2021 1:51 pm Hey guys. I recently posted a portfolio that tilts to SCV. I am now rethinking if I am being too complicated and should just stick to total market and total international index funds. I am 18 years old. Should I go with the simplicity or tilt to small cap value? How much extra would I reasonably earn if I did the 25% tilt to SCV? Thanks
Use a small-cap value tilt only if you are convinced you can stick with it for the long-term through all market conditions.

Otherwise keep it simple using a total stock market index fund. At age 18 this might be best.

Wiki article "Value tilting - stock", link. "The concept of portfolio value tilting is intended for advanced investors. Tilting is not recommended for new investors, as it intentionally deviates from investing in the total market- a Bogleheads' approach to managing your portfolio."
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started
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anon_investor
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Re: Simplicity over Small Cap Value

Post by anon_investor »

investingforbank wrote: Wed Apr 07, 2021 1:51 pm Hey guys. I recently posted a portfolio that tilts to SCV. I am now rethinking if I am being too complicated and should just stick to total market and total international index funds. I am 18 years old. Should I go with the simplicity or tilt to small cap value? How much extra would I reasonably earn if I did the 25% tilt to SCV? Thanks
I would vote for simplicity.
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jason2459
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Re: Simplicity over Small Cap Value

Post by jason2459 »

MKT is a good place to start with and be in. It could be all you need especially starting so young. I'm not against SCV being held too but if you're already questioning it then I can see behavioral issues down the road especially when we have years of negative returns and high volatility in the SCV factor.

More importantly right now is how much you can save.
"In the short run, the stock market is a voting machine; in the long run, it is a weighing machine" ~Benjamin Graham
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eye.surgeon
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Re: Simplicity over Small Cap Value

Post by eye.surgeon »

Simplicity.
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retired@50
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Re: Simplicity over Small Cap Value

Post by retired@50 »

How much extra?

Nobody knows. It could work out worse.

Regards,
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Doctor Rhythm
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Re: Simplicity over Small Cap Value

Post by Doctor Rhythm »

investingforbank wrote: Wed Apr 07, 2021 1:51 pm ...
How much extra (or less) would I reasonably earn (if I did the 25% tilt to SCV? Thanks
FIFY
Last edited by Doctor Rhythm on Wed Apr 07, 2021 6:45 pm, edited 1 time in total.
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ruralavalon
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Re: Simplicity over Small Cap Value

Post by ruralavalon »

When 18 and just starting the most important investing decision you can make is to establish a high rate of contributions, see this forum.discussion: link.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started
Metsfan91
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Re: Simplicity over Small Cap Value

Post by Metsfan91 »

Simplicity. Buy the market. Both US and Ex-US.
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Re: Simplicity over Small Cap Value

Post by MotoTrojan »

investingforbank wrote: Wed Apr 07, 2021 1:51 pm How much extra would I reasonably earn if I did the 25% tilt to SCV? Thanks
Great question. Most honest SCV holders would be thrilled to get a 2% long-term premium, so you are talking about a 0.5% increase to overall returns. 1% wouldn't be crazy though, so 0.25% there. Only you can decide if that is worth it, but starting at 18 I wouldn't scoff at a 0.25-0.5% CAGR boost (that is real money). Works both ways though if the premium is negative...

I personally have 60% of my portfolio in SCV type funds, with 2/3 of that in concentrated quality deep-value funds. I am hoping to see a 1-1.5% overall increase to long-term portfolio CAGR but will be happy with whatever I get, and actually sleep at night far better with these holdings than if I were in market-cap US.
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Re: Simplicity over Small Cap Value

Post by absolute zero »

Metsfan91 wrote: Wed Apr 07, 2021 6:51 pm Simplicity. Buy the market. Both US and Ex-US.
Where’s the poster with the sig line “if you have to ask whether a target date fund is right for you, the answer is yes.”

Same concept here. If you can’t decide whether to tilt to small value without asking the forum, the best choice for you is probably simple market cap weighted investing.
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Re: Simplicity over Small Cap Value

Post by Triple digit golfer »

Simplicity. And don't mistake that for "inferior."
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Re: Simplicity over Small Cap Value

Post by 000 »

Simplicity. VTWAX in non-taxable and VTSAX/VTIAX at world weights in taxable (to get foreign tax credit).
corp_sharecropper
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Re: Simplicity over Small Cap Value

Post by corp_sharecropper »

I struggle with understanding what's so "complex" about a few extra tilts or slice 'n dices of low cost funds for such a capable bunch as found here on Bogleheads. Or what's so "hard" about something so "complex" as 5-10 funds vs 3 funds. I mean this place is full of PhDs, MDs, lawyers, professors, entrepreneurs, and various high level professionals that it just doesn't make sense to me that they can perform their day jobs but rebalancing >3 funds using a spreadsheet is.. just... too.. much. I get it for those that just want the smallest possible number, I don't get it for those that want more but just can't because it's somehow overwhelming. I'd appreciate some incite into this psychology, I'm being genuine, not trying to stir things up.
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Re: Simplicity over Small Cap Value

Post by Doctor Rhythm »

corp_sharecropper wrote: Wed Apr 07, 2021 8:18 pm I struggle with understanding what's so "complex" about a few extra tilts or slice 'n dices of low cost funds for such a capable bunch as found here on Bogleheads. Or what's so "hard" about something so "complex" as 5-10 funds vs 3 funds. I mean this place is full of PhDs, MDs, lawyers, professors, entrepreneurs, and various high level professionals that it just doesn't make sense to me that they can perform their day jobs but rebalancing >3 funds using a spreadsheet is.. just... too.. much. I get it for those that just want the smallest possible number, I don't get it for those that want more but just can't because it's somehow overwhelming. I'd appreciate some incite into this psychology, I'm being genuine, not trying to stir things up.
The OP posed the dichotomy as simplicity versus tilt, and most of the replies argued against the tilt, and hence, for simplicity. While simplicity is one reason to avoid the tilt, I think the bigger ones are reduced diversification, higher volatility, and lack of expectation (at least among market weighters) of better returns. So, it’s not the extra SCV fund that’s the concern, but whether an 18-year-old has the intellectual conviction and emotional discipline to stick with a tilt when it underperforms the market by a substantial margin for many years.
Last edited by Doctor Rhythm on Wed Apr 07, 2021 8:31 pm, edited 1 time in total.
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Re: Simplicity over Small Cap Value

Post by Triple digit golfer »

corp_sharecropper wrote: Wed Apr 07, 2021 8:18 pm I struggle with understanding what's so "complex" about a few extra tilts or slice 'n dices of low cost funds for such a capable bunch as found here on Bogleheads. Or what's so "hard" about something so "complex" as 5-10 funds vs 3 funds. I mean this place is full of PhDs, MDs, lawyers, professors, entrepreneurs, and various high level professionals that it just doesn't make sense to me that they can perform their day jobs but rebalancing >3 funds using a spreadsheet is.. just... too.. much. I get it for those that just want the smallest possible number, I don't get it for those that want more but just can't because it's somehow overwhelming. I'd appreciate some incite into this psychology, I'm being genuine, not trying to stir things up.
For me it's more about not having to make investment decisions or second guess myself. I also know that I do not know more than the market, so I can't justify any tilts. I have no good reason to overweight any particular size, style, or sector of stocks. I know that if I tilted and underperformed, I'd have regret. So I don't do it.
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Re: Simplicity over Small Cap Value

Post by timboktoo »

When I began investing, I was obsessed with back-testing to find the perfect portfolio. I thought about my asset allocation often and changed it frequently.

Eventually, I stopped asking myself what the best portfolio was. Instead, I asked myself what portfolio I'd be most likely to be able to Stay The Course with. I decided on a simple three fund portfolio. I'm glad I did. I barely think about it anymore.

- Tim
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Re: Simplicity over Small Cap Value

Post by Triple digit golfer »

timboktoo wrote: Wed Apr 07, 2021 8:31 pmEventually, I stopped asking myself what the best portfolio was. Instead, I asked myself what portfolio I'd be most likely to be able to Stay The Course with. I decided on a simple three fund portfolio. I'm glad I did. I barely think about it anymore.
Bingo!
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Re: Simplicity over Small Cap Value

Post by corp_sharecropper »

Triple digit golfer wrote: Wed Apr 07, 2021 8:30 pm
corp_sharecropper wrote: Wed Apr 07, 2021 8:18 pm I struggle with understanding what's so "complex" about a few extra tilts or slice 'n dices of low cost funds for such a capable bunch as found here on Bogleheads. Or what's so "hard" about something so "complex" as 5-10 funds vs 3 funds. I mean this place is full of PhDs, MDs, lawyers, professors, entrepreneurs, and various high level professionals that it just doesn't make sense to me that they can perform their day jobs but rebalancing >3 funds using a spreadsheet is.. just... too.. much. I get it for those that just want the smallest possible number, I don't get it for those that want more but just can't because it's somehow overwhelming. I'd appreciate some incite into this psychology, I'm being genuine, not trying to stir things up.
For me it's more about not having to make investment decisions or second guess myself. I also know that I do not know more than the market, so I can't justify any tilts. I have no good reason to overweight any particular size, style, or sector of stocks. I know that if I tilted and underperformed, I'd have regret. So I don't do it.
That is a perfect explanation and reason. Totally logical. Sometimes it sounds like people are against >3 funds for merely "complexity's" sake, but what you wrote makes perfect sense to me
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Re: Simplicity over Small Cap Value

Post by KlangFool »

investingforbank wrote: Wed Apr 07, 2021 1:51 pm Hey guys. I recently posted a portfolio that tilts to SCV. I am now rethinking if I am being too complicated and should just stick to total market and total international index funds. I am 18 years old. Should I go with the simplicity or tilt to small cap value? How much extra would I reasonably earn if I did the 25% tilt to SCV? Thanks
investingforbank,

That is too complicated. You should start with one all-in-one fund: Target Date Retirement Fund and/or Vanguard Life Strategy Fund.

My kids started with Vanguard Life Strategy Growth Fund. They do not have to do anything except adding money to the fund.

If you cannot explain why you should have 2 or 3 funds and what do you gain by doing that, you should only have one fund.

Ditto, if you cannot explain what do you gain by SCV, you should tilt to SCV.

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arcticpineapplecorp.
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Re: Simplicity over Small Cap Value

Post by arcticpineapplecorp. »

same advice as I gave in your last two posts

here:
viewtopic.php?f=1&t=345351&p=5928703#p5928703

and here:
viewtopic.php?p=5927563#p5927563
It's "Stay" the course, not Stray the Course. Buy and Hold works. You should really try it sometime. Get a plan: www.bogleheads.org/wiki/Investment_policy_statement
PowderDay9
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Re: Simplicity over Small Cap Value

Post by PowderDay9 »

Another vote for simplicity.
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investingforbank
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Re: Simplicity over Small Cap Value

Post by investingforbank »

Thank you all for your responses. Sorry that I have been spamming the forum with what seems to be the same thing. I will go with TSM index funds for simplicity and to avoid behavioral mistakes. I feel like I have fast tracked Rick Ferri's 4 stages over the last few months:

Stage 1: Darkness (know nothing about nothing)
Stage 2: Index enlightenment (discovered that you're better off not trying to beat the market)
Stage 3: Overcomplicate everything (trying to beat the market WITH index funds).
State 4: Simplicity - own the total market and move on with life.
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Re: Simplicity over Small Cap Value

Post by retired@50 »

investingforbank wrote: Wed Apr 07, 2021 10:02 pm Thank you all for your responses. Sorry that I have been spamming the forum with what seems to be the same thing. I will go with TSM index funds for simplicity and to avoid behavioral mistakes. I feel like I have fast tracked Rick Ferri's 4 stages over the last few months:

Stage 1: Darkness (know nothing about nothing)
Stage 2: Index enlightenment (discovered that you're better off not trying to beat the market)
Stage 3: Overcomplicate everything (trying to beat the market WITH index funds).
State 4: Simplicity - own the total market and move on with life.
Stage 4 is nirvana. :happy

Regards,
Last edited by retired@50 on Thu Apr 08, 2021 10:03 am, edited 1 time in total.
This is one person's opinion. Nothing more.
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Re: Simplicity over Small Cap Value

Post by placeholder »

I have been tilted to small and value since I formulated my portfolio in 2007 and I don't find it to be complicated at all.
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Re: Simplicity over Small Cap Value

Post by drumboy256 »

Stage 5: Owning the best of the total market by buying the SP500 + SCV and simply going on living your life 8-)
Promise is one thing. Fulfilling that promise is quite another. - Sir Alex Ferguson
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Re: Simplicity over Small Cap Value

Post by Jags4186 »

Can someone explain how adding a SCV tilt is any more complex than the 3-fund portfolio when there are Lifecycle and TRD funds? Tilting to SCV has it’s pros and cons, but complexity isn’t one of them.
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Re: Simplicity over Small Cap Value

Post by neurosphere »

absolute zero wrote: Wed Apr 07, 2021 6:56 pm
Metsfan91 wrote: Wed Apr 07, 2021 6:51 pm Simplicity. Buy the market. Both US and Ex-US.
Where’s the poster with the sig line “if you have to ask whether a target date fund is right for you, the answer is yes.”

Same concept here. If you can’t decide whether to tilt to small value without asking the forum, the best choice for you is probably simple market cap weighted investing.
:D :D

See the sig. :wink:
If you have to ask "Is a Target Date fund right for me?", the answer is "Yes".
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Re: Simplicity over Small Cap Value

Post by UpperNwGuy »

Stage 6: Finally giving up on SCV because it underperforms for years on end.
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Re: Simplicity over Small Cap Value

Post by ruralavalon »

corp_sharecropper wrote: Wed Apr 07, 2021 8:18 pm I struggle with understanding what's so "complex" about a few extra tilts or slice 'n dices of low cost funds for such a capable bunch as found here on Bogleheads. Or what's so "hard" about something so "complex" as 5-10 funds vs 3 funds. I mean this place is full of PhDs, MDs, lawyers, professors, entrepreneurs, and various high level professionals that it just doesn't make sense to me that they can perform their day jobs but rebalancing >3 funds using a spreadsheet is.. just... too.. much. I get it for those that just want the smallest possible number, I don't get it for those that want more but just can't because it's somehow overwhelming. I'd appreciate some incite into this psychology, I'm being genuine, not trying to stir things up.
Managing a portfolio with 5-10 funds is not hard, it's just not necessary. It fails the "why bother?" test.

We use 4 funds, with a small-cap value tilt in U.S. stocks, and may one day simplify to just one balanced fund.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started
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Re: Simplicity over Small Cap Value

Post by manlymatt83 »

UpperNwGuy wrote: Thu Apr 08, 2021 8:07 am Stage 6: Finally giving up on SCV because it underperforms for years on end.
Except it doesn't, right? When zoomed out enough.
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Re: Simplicity over Small Cap Value

Post by Outer Marker »

As a reformed long term SCV tilter, my vote is keep it simple. Over more than two decades, I never saw a “premium”. It may not appear in my lifetime.

Remember, a bet in favor of small value is a bet against all of the largest and most successful companies in America.
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Re: Simplicity over Small Cap Value

Post by stimulacra »

I did SCV (and MC) tilt for years. I finally switched to Total US Stocks for all things domestic in 2020.

I still have a substantial EM tilt for international but am letting it ride a bit longer.

Having overlapping holdings is a bit of a headache when it comes time to rebalance.

I'm simplifying as I get older and am having to juggle multiple tax advantaged accounts for myself and others.
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permport
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Re: Simplicity over Small Cap Value

Post by permport »

Put on a tilt and just forget about it. It can be made almost as simple as a pure market weighted implementation with the addition of just one extra fund. Not exactly a lot of extra complexity.
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Re: Simplicity over Small Cap Value

Post by jason2459 »

permport wrote: Thu Apr 08, 2021 2:05 pm Put on a tilt and just forget about it. It can be made almost as simple as a pure market weighted implementation with the addition of just one extra fund. Not exactly a lot of extra complexity.
As stated above. IMO, complexity is not the issue. Behavioral issues are.
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Re: Simplicity over Small Cap Value

Post by watchnerd »

I don't have faith that SCV will outperform in a timeframe that suits my needs.

It might....but because I don't have the faith to wait decades for that to happen, I'm behaviorally better off without it.
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Re: Simplicity over Small Cap Value

Post by caklim00 »

You are young so go for it, but be willing to hold/rebalance even if it's not performing like large cap. I would be kicking myself if I capitulated in 2020 like others on this forum did.
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Re: Simplicity over Small Cap Value

Post by corp_sharecropper »

Outer Marker wrote: Thu Apr 08, 2021 1:53 pm As a reformed long term SCV tilter, my vote is keep it simple. Over more than two decades, I never saw a “premium”. It may not appear in my lifetime.

Remember, a bet in favor of small value is a bet against all of the largest and most successful companies in America.
You didn't see a premium in the early 2000's?!

Image
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Re: Simplicity over Small Cap Value

Post by Nightowl99 »

I sold SCV several months ago when I realized it hadn't done as well as VTI and am now gradually simplifying my portfolio-- except for my assortment of bond funds and 5% in "other."

If you compare SCV (VBR) to small cap blend (VB) and Total Stock Market (VTI), Total Stock Market comes out ahead over time. I'm starting to think all those guys talking about the three fund portfolio may be onto something after all.

(Thank you, Taylor Larimore.)
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Re: Simplicity over Small Cap Value

Post by Taylor Larimore »

investingforbank wrote: Wed Apr 07, 2021 1:51 pm Hey guys. I recently posted a portfolio that tilts to SCV. I am now rethinking if I am being too complicated and should just stick to total market and total international index funds. I am 18 years old. Should I go with the simplicity or tilt to small cap value? How much extra would I reasonably earn if I did the 25% tilt to SCV? Thanks
investingforbank:

There is no guarantee that you will earn "extra" if you do a 25% "tilt" to Small Cap Value. In my opinion, you are likely to earn less.

Stick to simplicity and total market index funds recommended by experts:

viewtopic.php?f=10&t=156579

Best wishes
Taylor
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Re: Simplicity over Small Cap Value

Post by asif408 »

Outer Marker wrote: Thu Apr 08, 2021 1:53 pm As a reformed long term SCV tilter, my vote is keep it simple. Over more than two decades, I never saw a “premium”. It may not appear in my lifetime.

Remember, a bet in favor of small value is a bet against all of the largest and most successful companies in America.
Huh? Weren't all the current largest and most successful companies small at some point?
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Re: Simplicity over Small Cap Value

Post by e5116 »

At age 18, it doesn't matter. (Unless we're talking a big inheritance or something.) The amount you earn/contributions to stocks over the next decade will so far outstrip any potential difference in return to make it almost meaningless.....Focus on your spending and savings rates, and consistently invest as a habit. Once you've been doing that for several more years (depending on income/savings), you'll start to see some momentum and then asset allocation will play more of a factor. I tilt a bit to SCV. I don't find it overly "complicated." It probably won't make much of a difference in the long run though, but certainly is more impactful at my age having worked/saved for many years than yours.

(Not trying to be glib, just trying to convey to early accumulators that specific percentages of asset allocation and the desire to get it perfect is futile/silly given that income/savings has a MUCH larger impact. So, better to get started in the habit and not worry to much about having a perfect asset allocation).
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Re: Simplicity over Small Cap Value

Post by MotoTrojan »

drumboy256 wrote: Thu Apr 08, 2021 7:47 am Stage 5: Owning the best of the total market by buying the SP500 + SCV and simply going on living your life 8-)
Stage 6: Deciding you miss the simplicity of 1 fund and going all in an SCV.
manlymatt83
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Re: Simplicity over Small Cap Value

Post by manlymatt83 »

MotoTrojan wrote: Fri Apr 09, 2021 1:53 pm
drumboy256 wrote: Thu Apr 08, 2021 7:47 am Stage 5: Owning the best of the total market by buying the SP500 + SCV and simply going on living your life 8-)
Stage 6: Deciding you miss the simplicity of 1 fund and going all in an SCV.
:o
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Re: Simplicity over Small Cap Value

Post by neurosphere »

asif408 wrote: Fri Apr 09, 2021 1:31 pm
Outer Marker wrote: Thu Apr 08, 2021 1:53 pm As a reformed long term SCV tilter, my vote is keep it simple. Over more than two decades, I never saw a “premium”. It may not appear in my lifetime.

Remember, a bet in favor of small value is a bet against all of the largest and most successful companies in America.
Huh? Weren't all the current largest and most successful companies small at some point?
Yes, but...

They may not have been considered small at the time of the IPO.

I'm curious if there's easy to digest data on the market cap at the time of the IPO of each current large cap stock, and where they would have fallen into a style box at the time of their IPO. I suspect that many of the larger/older companies have had so many mergers, acquisitions, etc, that it might get confusing though. E.g. is "ATT" really actually "ATT" or is it really SBC with a new name?
If you have to ask "Is a Target Date fund right for me?", the answer is "Yes".
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Re: Simplicity over Small Cap Value

Post by MotoTrojan »

neurosphere wrote: Fri Apr 09, 2021 1:54 pm
asif408 wrote: Fri Apr 09, 2021 1:31 pm
Outer Marker wrote: Thu Apr 08, 2021 1:53 pm As a reformed long term SCV tilter, my vote is keep it simple. Over more than two decades, I never saw a “premium”. It may not appear in my lifetime.

Remember, a bet in favor of small value is a bet against all of the largest and most successful companies in America.
Huh? Weren't all the current largest and most successful companies small at some point?
Yes, but...

They may not have been considered small at the time of the IPO.

I'm curious if there's easy to digest data on the market cap at the time of the IPO of each current large cap stock, and where they would have fallen into a style box at the time of their IPO. I suspect that many of the larger/older companies have had so many mergers, acquisitions, etc, that it might get confusing though. E.g. is "ATT" really actually "ATT" or is it really SBC with a new name?
I don't think you will glean much from that. SCV doesn't outperform because you hold small beat up companies and hold while they go on to become the next Apple, you sell them WELL before that happens. In theory (trading costs aside) the highest performing strategy would be a SCV one that trades daily and will dump stocks the moment they fall outside the screen. Now it is true that small and value benefit from migration, as companies move towards/to blend/mid, but the sooner you get rid of them (in theory) the better after that occurs.
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Re: Simplicity over Small Cap Value

Post by Brianmcg321 »

Your savings rate is going to have a much larger impact on your account value than whether you tilted to one sector or not. Also you have to be right on the tilt. You could in fact be wrong. :oops:

Just go 100% VTSAX and get your savings rate has high as possible.
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manlymatt83
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Joined: Tue Jan 30, 2018 8:23 am

Re: Simplicity over Small Cap Value

Post by manlymatt83 »

Brianmcg321 wrote: Fri Apr 09, 2021 2:32 pm Your savings rate is going to have a much larger impact on your account value than whether you tilted to one sector or not. Also you have to be right on the tilt. You could in fact be wrong. :oops:

Just go 100% VTSAX and get your savings rate has high as possible.
or 100% VTWAX.
Outer Marker
Posts: 1676
Joined: Sun Mar 08, 2009 8:01 am

Re: Simplicity over Small Cap Value

Post by Outer Marker »

asif408 wrote: Fri Apr 09, 2021 1:31 pm
Outer Marker wrote: Thu Apr 08, 2021 1:53 pm As a reformed long term SCV tilter, my vote is keep it simple. Over more than two decades, I never saw a “premium”. It may not appear in my lifetime.

Remember, a bet in favor of small value is a bet against all of the largest and most successful companies in America.
Huh? Weren't all the current largest and most successful companies small at some point?
I'm not saying don't own SCV. Just don't own it at more than market weight. I rode the Tesla ride up as part of TSM. A lot more small companies fail than make it that big.

We're not investing in prehistoric times. We all know who the S&P 500 are, and there aren't likely to be huge changes at the top of US industry. Sure, a few, like Sears, etc., but for the most part, the S&P companies are big, well capitalized and stable. SCV "premium" in tilting is not justified by the risk.

A further factor that has become increasingly apparent is that large companies enjoy unusual protection from the federal government in times of crisis. "Too big to fail" is a thing. SCV is left to founder in the wilderness, and many did not even manage to secure PPP funding that was available, but gobbled up by the larger and more experienced companies.
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Re: Simplicity over Small Cap Value

Post by placeholder »

Taylor Larimore wrote: Fri Apr 09, 2021 12:59 pm
There is no guarantee that you will earn "extra" if you do a 25% "tilt" to Small Cap Value. In my opinion, you are likely to earn less.
Based on what and if it's so likely why don't you recommend tilting AWAY from small value?
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