RTP, NC Chapter Meeting 11:00 AM Sat December 2, 2017

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Steve Thorpe
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Location: Durham, NC

RTP, NC Chapter Meeting 11:00 AM Sat December 2, 2017

Post by Steve Thorpe » Mon Oct 23, 2017 1:28 pm

Hello RTP Boglehead® friends,

Meeting 28 of the Research Triangle Park Bogleheads® has been scheduled for 11:00 AM Saturday December 2, 2017 at Durham's Satisfaction Restaurant where interested 'heads can order pizza and beers to enjoy during our meeting. Our last few meetings were at the same venue and they worked out excellently, so we're having a repeat.

See below for directions and please let me know if you expect to join us so I can plan accordingly. Hope to see you there!

Location:
Satisfaction Restaurant's private meeting room
Brightleaf Square
905 W Main St #37
Durham, NC 27701
(919) 682-7397
(See the Satisfaction web page for a map)

Just FYI, after most of the previous meetings I posted a short summary... in case these are of interest, please check towards the end of these topics:
Also FYI I set up a Master Thread for RTP, North Carolina Bogleheads Chapter forum topic that you may wish to subscribe to... I'll try to remember to post a reminder of future RTP Bogleheads meetings to that topic.

Finally for those local 'heads not already on the list, I set up a Yahoo "rtpbogleheads" email list for our local chapter. Please consider joining the list to help our chapter communications (see below for joining details). From the group's description:
Welcome to the yahoo group of the Research Triangle Park, North Carolina Area Bogleheads Chapter. The Bogleheads are an investing and personal finance interest group inspired by the example of Jack Bogle, the founder of the Vanguard mutual fund company.

This list is primarily to foster easy communications among our local chapter members, in particular regarding reminders and logistics on upcoming meetings which we hope to hold approximately quarterly. All are encouraged to continue use the national forum (bogleheads.org) for most postings.

Please stick to the spirit of the national chapter's forum policies and etiquette: basically, keep to investing topics and stay away from politics. Further details on posting etiquette can be found here: http://www.bogleheads.org/forum/viewtopic.php?t=405

Initially this list will be configured to allow through all member postings in an un-moderated fashion, though adjustments may be made later as deemed appropriate by the list manager.

If you're interested to know of other local Boglehead chapters, please see the Google Map maintained by Mel Lindauer at http://www.lostsprings.com/diehards/chapters/

Thank you!

Steve Thorpe
RTP Area Bogleheads Chapter Organizer
rtpbogleheads Yahoo Group Addresses are:

Code: Select all

Subscribe:          rtpbogleheads-subscribe@yahoogroups.com
Post message:       rtpbogleheads@yahoogroups.com
Unsubscribe:        rtpbogleheads-unsubscribe@yahoogroups.com
List owner:         rtpbogleheads-owner@yahoogroups.com
Group home page:    http://groups.yahoo.com/group/rtpbogleheads
Please feel free to PM me if you have questions about yahoo group logistics.

Best wishes.
Steve Thorpe

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Steve Thorpe
Posts: 203
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Location: Durham, NC

Re: RTP, NC Chapter Meeting 11:00 AM Sat December 2, 2017

Post by Steve Thorpe » Thu Nov 30, 2017 3:03 pm

Hi RTP-area Bogleheads,

Just a reminder about this Saturday's meeting, 11 AM at Satisfaction Restaurant in Durham, NC. Hope to see you there!
Steve Thorpe

Irish Moss
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Re: RTP, NC Chapter Meeting 11:00 AM Sat December 2, 2017

Post by Irish Moss » Fri Dec 01, 2017 5:48 pm

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Last edited by Irish Moss on Sat Feb 03, 2018 2:29 pm, edited 1 time in total.

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Steve Thorpe
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Location: Durham, NC

Re: RTP, NC Chapter Meeting 11:00 AM Sat December 2, 2017

Post by Steve Thorpe » Sun Dec 03, 2017 10:05 am

Hello RTP Boglehead friends,

My sincere apologies about yesterday's traffic and parking problems. For future meetings I will try my best to research whether events like that Christmas parade might interfere, and either schedule it at a different time/place or at the very least give a heads-up if it is too late to reschedule. As for yesterday, until just a few minutes prior to 11 AM I had no idea there was a Christmas parade scheduled for the exact same time as our meeting, and needless to say that made logistics difficult. To everyone who was impacted, esp. to Colleen, Bruce, Mary, and anyone else who couldn't find their way in - my apologies.

Here are a few highlights from our meeting:


Around 10-12 Bogleheads made it through the parade to Satisfaction's private dining room, including at least three first-timers who are always welcome. As usual we had an engaging conversation covering a wide range of topics. Here are a few highlights:


Ed described his factor-based research related to small vs. large cap, value vs. growth, and historical performance data from Fama/French, Vanguard and DFA.


Henry and Ed were our local chapter's delegates to the national Bogleheads meeting back in October and they described mingling with such well-known folks like Jack Bogle (founder of Vanguard), Christine Benz from Morningstar, Jonathan Clements (former WSJ columnist and prolific author), William Bernstein (chemist, neurologist, investment advisor, author...), Allan Roth (CPA, advisor and author), Mike Piper (CPA, author), Wade Pfau (professor, retirement researcher, author). Henry reported that they're all approachable and friendly and Ed reports they are all extremely smart plus funny to boot.


Henry briefly described a number of takeaways from the national meeting (you will recognize many of these as common Boglehead themes!):

* If you've won the game, stop playing (don't get greedy!)

* Pascal's Wager. Its not just the probabilities that are important, but also remember to consider the consequences if an unlikely possibility actually happens.

* If you're saving enough, it's OK not to have a budget.

* Bill Bernstein's assertion that if you have saved a large amount (e.g. 30x annual expenses), the excess isn't really "yours" since you'll never spend it anyway. You're really investing that excess for your heirs.

* Tax Managed Strategies are best started when you're younger. When you reach age 70.5 and RMDs start, that is not the time to first start thinking about optimizing your lifetime taxes!

* Jack Bogle on his "100-age in bonds rule-of-thumb": He says this is a reasonable starting place if you include your expected social security income as part of your fixed-income (bond) allocation.

* Gus Sauter is a fan of behavioral economics. We're not rational creatures!

* There is no free lunch. (risk and return are indeed related!)

* You can always explain the data AFTER the fact (data mining)


Ed recommends Goerge Orwell's 1946 essay on "Politics and the English Language" that criticizes the "ugly and inaccurate" written English of his time and examines the connection between political orthodoxies and the debasement of language. (See https://en.wikipedia.org/wiki/Politics_ ... h_Language for more info)


We had a discussion regarding year-end tax planning opportunities in light of the tax overhaul that will very possibly take place sometime soon. Until something is actually signed into law we actually can't say for sure. However, if something is signed into law before the end of 2017 it might not take effect until at least January 1, 2018. Therefore, if we get the actual details with a little time remaining in 2017 there might be some steps certain taxpayers can take in 2017 to benefit there overall after-tax circumstances. With that in mind (and with the caveat that I'm not a tax expert!) I described a few changes that /might/ happen although it is still TBD:

* Specific share lot tax ID method may be going away

* Marginal tax rates probably will go down

* Standard deduction will probably approximately double

* Alimony payments may no longer deductible to the payer, or considered income to the payee. (for future divorcees)

* Medical expense deduction could go away

We discussed potential ways to improve our net after-tax bottom line depending on whether these changes do take place. But the bottom line here is let's watch carefully in the next few weeks to see what actually happens.



Ed shared some findings from behavioral economics research, e.g.:

* Spending money on experiences rather than stuff is often preferable in the long run.

* Take your time when you're thinking of buying something. The anticipation of buying can be more rewarding than actually pulling the trigger on the purchase.


Plus we had a bunch more Q&A on various other topics. I thoroughly enjoyed it and look forward to our next get-together!

Thanks,

Steve
Steve Thorpe

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dandan14
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Re: RTP, NC Chapter Meeting 11:00 AM Sat December 2, 2017

Post by dandan14 » Sun Dec 03, 2017 2:32 pm

While the 1200 mile round trip commute makes it tough for me to make the meetings, I still enjoy reading these summaries!
I'm really impressed that you guys have kept this going!

dagsnc
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Re: RTP, NC Chapter Meeting 11:00 AM Sat December 2, 2017

Post by dagsnc » Thu Jan 18, 2018 9:59 pm

Hi, I am new to the forum and would like to join your group. Having trouble with the signup via yahoo. Would anyone help,please? I live in Chapel Hill, new to investing in many ways, though I’ve been a saver for years...thanks

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Steve Thorpe
Posts: 203
Joined: Mon Oct 15, 2007 1:26 pm
Location: Durham, NC

Re: RTP, NC Chapter Meeting 11:00 AM Sat December 2, 2017

Post by Steve Thorpe » Fri Jan 19, 2018 11:00 am

Hi dagsnc,
I'll send an invitation to you from the yahoo group in a few minutes. If you don't receive it or strike out accepting the invitation, please let me know. Thanks!
Steve Thorpe

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