[Permanent Portfolio]Congrats craigr and medium tex:

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[Permanent Portfolio]Congrats craigr and medium tex:

Post by Barry Barnitz »

Hi all:

Congratulations are in order to forum members craigr and medium tex, who have been contacted by a publisher to write a book updating Harry Browne's Permanent Portfolio. The announcement appears in this January 3 announcement on the the PP forum: Important News: A New Permanent Portfolio Book Is On The Way!.
craigr wrote: I am happy to announce that Medium Tex and I were contacted many months back to write a book updating the Permanent Portfolio strategy. While the strategy itself is simple and timeless, many new investment vehicles to make the portfolio more accessible have opened up over the years since Harry Browne's passing. Additionally, many changes in US laws have made some of the advice (such as geographic diversification) more difficult for investors.

Medium Tex and I thought that an update would be a good idea and accepted the challenge. The book will be coming out around the end of the Q1 of this year in both print and electronic form. The manuscript of the book is well under way and we are announcing this book to not only let you know that it is coming, but also to let you give us input on topics you'd like to see specifically covered in the book. The book will address the following topics in detail:

Foreword

Introduction

Chapter – Our Stories

Chapter – 16 Golden Rules of Financial Safety

Chapter – Permanent Portfolio Performance

Chapter – How To Make Money In Investing

Chapter – Investing Based on Economic Conditions

Chapter – Stocks

Chapter – Bonds

Chapter – Cash

Chapter – Gold

Chapter – Implementing the Permanent Portfolio

Chapter – Rebalancing

Chapter – Tax Deferred Accounts and Tax Management

Chapter – Geographic and Institutional Diversification

Chapter - The Permanent Portfolio Fund

Chapter – Appendix and Resources

The book will contain not just updates to Harry Browne's ideas onto today's markets. But it will also have detailed and complete reviews of less orthodox but important topics such as geographic diversification techniques for today and more. While we feel that Harry Browne's previous books stand on their own in detail and clarity. We believe this book will carry on his tradition of sharing information to protect investors in any markets, no matter what the future brings.

Please feel free to offer comments on what you'd like to see covered to make this book something that will help you. I will keep you updated on the publication date and where you can order a copy when it is available. We are excited about this book and hope you will be, too.

Thanks!

Re-Posted on the Blog:

http://crawlingroad.com/blog/2012/01/03 ... n-the-way/
Last edited by Barry Barnitz on Sun Jan 15, 2012 2:46 am, edited 1 time in total.
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Re: Congrats craigr and medium tex:

Post by empb »

CR and MT: While I don't employ the PP, I've found your discussions very informative.

Congratulations on the book. Well deserved.
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Re: Congrats craigr and medium tex:

Post by Call_Me_Op »

That's exciting! I look forward to an in-depth discussion of the sue of ETF's for the gold portion.
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Re: Congrats craigr and medium tex:

Post by beardsworth »

I'll be interested in reading the book when it appears. But I'd be very surprised if the attractive book jacket lists the authors as "craigr" and "Medium Tex"--so, since they're about to "go public," would it be possible now to know their real names?
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Re: Congrats craigr and medium tex:

Post by nisiprius »

Congratulations! I bet it will be a good book. I am pretty darn cool to this investing philosophy, but I expect that if you are going to do it at all, this book will tell how to do it the right and Bogleheadish way.
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Re: Congrats craigr and medium tex:

Post by craigr »

MarcMyWord wrote:I'll be interested in reading the book when it appears. But I'd be very surprised if the attractive book jacket lists the authors as "craigr" and "Medium Tex"--so, since they're about to "go public," would it be possible now to know their real names?
Oh my name isn't a secret, it's Craig Rowland.

My background in brief:

I am a software entrepreneur and sold my previous company to Cisco Systems, Inc. in 2002. I was also an early stage employee with successful acquisitions in 1998 of WheelGroup Corporation to Cisco Systems and early stage consultant to TippingPoint Technologies which sold in 2004 to 3Com Corporation. My background at these companies was in computer and network security and I hold several patents in the area and have done other interesting research in the field. I currently volunteer for a local technology incubator as a start-up coach and help turn ideas into businesses. I have experience in executive management, venture capital fund raising, public speaking, marketing, sales, engineering management and development.

I use the ideas of the Permanent Portfolio to maintain, protect and grow my life savings and provide living expenses as I work on different projects. Today I split my time on investing/money management and working with new start-ups/angel investing.

Thanks for the link, Barry. I'll post to the forum when the book is released. As always, I appreciate the responses and dialogue from the posters in this forum and hope they enjoy what we have to say.

Users that want to track when the book is released (should be around end of March?) can just subscribe to this thread or to my blog here:

http://crawlingroad.com/blog/2012/01/03 ... n-the-way/
Last edited by craigr on Sat Jan 07, 2012 1:12 pm, edited 2 times in total.
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Re: Congrats craigr and medium tex:

Post by gabylon »

MarcMyWord wrote:I'll be interested in reading the book when it appears. But I'd be very surprised if the attractive book jacket lists the authors as "craigr" and "Medium Tex"--so, since they're about to "go public," would it be possible now to know their real names?
They could always choose to use a pen name.

A pen name can even change the number of writers. They could be Mr. Stock, Mr. Cash, Mr. Bond and Mr. Gold. :D

Congrats on the book!
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Re: Congrats craigr and medium tex:

Post by nisiprius »

craigr wrote:
MarcMyWord wrote:I'll be interested in reading the book when it appears. But I'd be very surprised if the attractive book jacket lists the authors as "craigr" and "Medium Tex"--so, since they're about to "go public," would it be possible now to know their real names?
Oh my name isn't a secret, it's Craig Rowland.
I suspected "crawling road" was an anagram! The Internet Anagram Server shows some other interesting possibilities, including "Grown Radical," "Clawing Ardor," "Onward, Garlic!" and "A Caring World."
Last edited by nisiprius on Sat Jan 07, 2012 1:18 pm, edited 1 time in total.
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Re: Congrats craigr and medium tex:

Post by craigr »

nisiprius wrote:
craigr wrote:
MarcMyWord wrote:I'll be interested in reading the book when it appears. But I'd be very surprised if the attractive book jacket lists the authors as "craigr" and "Medium Tex"--so, since they're about to "go public," would it be possible now to know their real names?
Oh my name isn't a secret, it's Craig Rowland.
I suspected "crawling road" was an anagram!
Yes. I'm not that original and needed a domain.
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Re: Congrats craigr and medium tex:

Post by Mitchell777 »

I am constantly amazed at the accomplishments of Bogleheads posters, including quite a few authors. There is no where else I can go to get such great and varied advise and insights, and it's free!
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Re: Congrats craigr and medium tex:

Post by rr2 »

Congrats.

I have been following the pp4 discussions and looking forward to the book when released. I hope that it has discussion on implementing it within the constraints of typical 401k/403b retirement plans.
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Re: Congrats craigr and medium tex:

Post by craigr »

rr2 wrote:Congrats.

I have been following the pp4 discussions and looking forward to the book when released. I hope that it has discussion on implementing it within the constraints of typical 401k/403b retirement plans.
That will definitely be covered. Tax efficiency is a very important part of portfolio construction. Lowering portfolio operation costs (taxes, expense ratios, few transactions, etc.) is easy money to investors.
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Re: Congrats craigr and medium tex:

Post by james22 »

Congrats.

Any chance the chapter on stocks will discuss F/F and consider SV/ISV as an option? Reference the Larry Portfolio?
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Re: Congrats craigr and medium tex:

Post by staythecourse »

I can say I contacted craigr a year plus ago to ask some questions about the PP through his then new website crawlingroad.com and he was very attentive and responsive to my queries via email. I appreciate that. If you like the PP or not craigr and his cohorts give very sensible advice. No surprise they are Harry Browne followers.

Look forward to reading the book.

Good luck.
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Re: Congrats craigr and medium tex:

Post by craigr »

james22 wrote:Congrats.

Any chance the chapter on stocks will discuss F/F and consider SV/ISV as an option? Reference the Larry Portfolio?
Honestly I'm not big on slice and dice. I like big simple broadly based index funds. They are cheaper to run and own (especially for taxable investors). The tilting thing can often lag the broader market for extended periods and this is just one more obstacle to cause an investor to bail on their asset allocation. Also I don't believe that diversification is really achieved by splitting up core assets like stocks into smaller blocks. I think it is more important to have the core major asset classes worked out first (stocks, bonds, cash and gold). The splitting of stocks, etc. is just not as useful to an investor in terms of added diversification. This is why, I feel, so many people were surprised in 2008 when all their asset classes went to 1.0 correlation when they thought they were actually diversified. They were looking too much at optimizing for performance and not safety.

I wrote out my thoughts about this thinking of "major" vs. "minor" asset classes here that you may like:

http://crawlingroad.com/blog/2009/12/20 ... -approach/

I am a completely passive investor in the Boglehead sense of the word. But my views on some topics are different and, hopefully, will give readers additional ideas they may want to consider in their own investments. My experience working in start-ups (almost my whole career) also gives me a unique perspective on investing as well. I am very careful about taking risks where needed and absolutely avoiding them where they won't add to the bottom line.
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Re: Congrats craigr and medium tex:

Post by Mel Lindauer »

Congrats, guys! Isn't it amazing that with all the aspiring authors in the world, trying desparately to get a publisher to consider their manuscript, the publishers actually approached you? That's exactly what happend to us; the publisher called out of the blue, asking us to write The Bogleheads' Guide to Investing. I thought it might be a hoax; fortunately it wasn't.

Best of luck with your book!

PS - Impressive background, Craig.
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Re: Congrats craigr and medium tex:

Post by Noobvestor »

This is fantastic news. I don't use the PP but I refer people to your site continuously who seem like good candidates for the PP or are interested in the PRPFX fund (which I try hard to discourage folks from using unless they fully understand what it is they are getting a more-expensive and less-pure spin on the PP). Really excited for the book - I'll be buying copies for myself and others - and thanks again for creating a great resource in terms of your site and for your contributions on this forum. :sharebeer
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Re: Congrats craigr and medium tex:

Post by craigr »

Thanks all. I feel very fortunate to have this opportunity and to be able to participate on this forum. I've learned a lot here and enjoy the dialogue.
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Re: Congrats craigr and medium tex:

Post by james22 »

craigr wrote:Honestly I'm not big on slice and dice.
Fair enough, though I hope you'd mention the option given the three-factor model's acceptance. Without the tilt I think the portfolio simply too conservative.

Again, good luck to you.
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Re: Congrats craigr and medium tex:

Post by craigr »

james22 wrote:Without the tilt I think the portfolio simply too conservative.
9.5% CAGR Since the early 1970s! Just about identical to a 100% stock portfolio with 1/4th the volatility. Last year posted +11% gains. Has never had a 5-10 year stretch of negative real returns. Worst losing year was 1981 around -5% (-12% real).

I did an analysis in the past where I rolled in typical small value fund costs, tax loads, etc. onto the historical returns. What I found is basically once you factor in the higher costs of those strategies (especially for taxable investors plus the typically higher fund fees), there was virtually no gain over the simpler broad based index fund. In a higher tax environment I would even predict that the slice and dice strategy will underperform the broad based index. Basically the investor is taking on the risk, but Uncle Sam gets the reward. You can read my thoughts about that here:

http://crawlingroad.com/blog/2010/12/01 ... ty-matter/

Also here (more specifically addresses your concern):

http://crawlingroad.com/blog/2009/06/14 ... cktesting/

But I understand your point. I do mention small caps, but only in the sense that the reward may not be so consistent. However if someone wants to tilt small cap I don't have any issues as long as they know the risks involved in the context of tracking error.
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Re: Congrats craigr and medium tex:

Post by 3CT_Paddler »

Craigr, do you have more info on the analysis Browne performed back in the 1970's to come up with his portfolio? I was wondering if an in depth review of his analysis was available. Thanks!
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Re: Congrats craigr and medium tex:

Post by hazlitt777 »

Congratulations Craig Rowland and Medium Tex. I look forward to purchasing and reading your book. Hopefully a pure Harry Browne Permanent Portfolio will eventually be born out of this.
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Re: Congrats craigr and medium tex:

Post by stratton »

Congrats CraigR and Medium Tex.

I look forward to the book and will purchase it even though I'm not a Harry Browne proponent. The long thread on the PP was very stimulating and I learned a lot.

Paul
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Re: Congrats craigr and medium tex:

Post by craigr »

Thanks again for the interest. I have created an announcement list for the book for those that want to be notified when it is available for order. Thanks again. We are really excited about this project!

Permanent Portfolio Book Announcement List
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Re: Congrats craigr and medium tex:

Post by gabylon »

Craig, will the book explain why the PP works? I don’t mean qualitatively, but quantitatively. What is the basis going forward for claiming that the components that zig will do it in the amount necessary to overcompensate for those that zag?
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Re: Congrats craigr and medium tex:

Post by craigr »

gabylon wrote:Craig, will the book explain why the PP works? I don’t mean qualitatively, but quantitatively. What is the basis going forward for claiming that the components that zig will do it in the amount necessary to overcompensate for those that zag?
We are going to cover the background of the allocation strategy to build a case for the assets and why it has worked and why it will likely continue working going forward. Trying to explain how taking very volatile assets that are not safe on their own (stocks or long bonds or gold) and combining them makes them safe is always a challenge. There are many good examples in the past I can draw on to illustrate that even a supposedly very bad correction in one asset is offset by another to produce a profit overall. We always stress that only total portfolio value matters and to not look at assets in isolation in terms of this portfolio.
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Re: Congrats craigr and medium tex:

Post by newbie001 »

Congrats to you both! Although I don't use the PP, I have much respect for it and have learned a great deal from reading the massive PP thread to which both of you made contributions. Hopefully the book will educate investors about their options.
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Re: Congrats craigr and medium tex:

Post by ddb »

Congrats to the authors!

Has the Permanent Portfolio ever been discussed at this forum? It seems like a topic that wouldn't generate much activity here.

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Re: Congrats craigr and medium tex:

Post by craigr »

ddb wrote:Congrats to the authors!

Has the Permanent Portfolio ever been discussed at this forum? It seems like a topic that wouldn't generate much activity here.

- DDB
:)

I don't think it's gotten enough discussion time. Someone should start a thread about it.
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Re: Congrats craigr and medium tex:

Post by Barry Barnitz »

ddb wrote:Congrats to the authors!

Has the Permanent Portfolio ever been discussed at this forum? It seems like a topic that wouldn't generate much activity here.

- DDB
The topic is widely discussed:

Here are the main conversations:
regards,
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Re: Congrats craigr and medium tex:

Post by ddb »

Barry Barnitz wrote:
ddb wrote:Congrats to the authors!

Has the Permanent Portfolio ever been discussed at this forum? It seems like a topic that wouldn't generate much activity here.

- DDB
The topic is widely discussed:

Here are the main conversations:
regards,
I forgot to turn the sarcasm font on :)
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Re: Congrats craigr and medium tex:

Post by MediumTex »

MarcMyWord wrote:I'll be interested in reading the book when it appears. But I'd be very surprised if the attractive book jacket lists the authors as "craigr" and "Medium Tex"--so, since they're about to "go public," would it be possible now to know their real names?
I will be going by my real name on the book, but the MediumTex persona is one I have become so fond of I don't know if I can easily put it down.

The real me is probably a bit less daring than MediumTex and possibly slightly less muscular.

Thanks for all of the nice feedback on the book project. I hope that we can do justice to Harry Browne's ideas. Based upon the huge PP threads here and the work we have done at the PP forum, there is clearly a lot more to say about the Permanent Portfolio than Browne captured in his writings.
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Re: Congrats craigr and medium tex:

Post by Reubin »

Craig and MT, thanks for "staying the course"!
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Re: Congrats craigr and medium tex:

Post by sschullo »

ddb wrote:Congrats to the authors!

Has the Permanent Portfolio ever been discussed at this forum? It seems like a topic that wouldn't generate much activity here.

- DDB
Very funny!
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Re: Congrats craigr and medium tex:

Post by hazlitt777 »

Craigr and medium tex,

One thing I hope you address are the various ways and instruments available or not available for one to follow the HB permanent portfolio. One thing I would really like to see is a mutual fund that would provide the 30 year treasury bond/cash/total stock market allocation...that would fit perfectly for a person that has the last 25% in gold bullion coins. And the second thing I would like to see is a mutual fund that contains all four assets, for those who do not want to take personal possession of the gold, without the complications of including silver or foreign bonds.

Hopefully your book might create enough interest that would lead to the creation of two such funds.
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Re: Congrats craigr and medium tex:

Post by Bongleur »

You should add "Permanent Portfolio" the the Subject for easy future search hits.

Will you address various arguments that something in the nature of the markets has changed, therefore the PP will not work (or work so well) or have more risk going forward?
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Re: Congrats craigr and medium tex:

Post by MediumTex »

Bongleur wrote:You should add "Permanent Portfolio" the the Subject for easy future search hits.

Will you address various arguments that something in the nature of the markets has changed, therefore the PP will not work (or work so well) or have more risk going forward?
I think the truth is that the Permanent Portfolio hasn't so much had a great 10 year run as everything else has had a crappy 10 year run.

The Permanent Portfolio has had pretty steady returns for the last 40 years. I think what has drawn people to it in recent years has been the fact that the stock market unexpectedly stopped providing the 15%-20% annual returns that everyone was getting used to based upon the 1982-2000 bull market for stocks.

Some day this bear market for stocks will end, and when it does the Permanent Portfolio may lose some of its novelty as the stock market recaptures the public's imagination. I don't anticipate, however, that the Permanent Portfolio will stop working as it has for several decades now, providing safe and stable inflation-adjusted returns.

Talking about what might cause the PP to stop working in the future is a bit like talking about what might cause a compass to stop being a useful device for determining direction. The fact is that in the uncertain world we live in any objection I can think of to the PP would (for me) be an even larger objection to most other investment allocations.
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Re: Congrats craigr and medium tex:

Post by LH »

Congratulations Craigr

I look forward to reading your book : )

LH
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Re: Congrats craigr and medium tex:

Post by craigr »

MediumTex wrote:
Bongleur wrote:You should add "Permanent Portfolio" the the Subject for easy future search hits.

Will you address various arguments that something in the nature of the markets has changed, therefore the PP will not work (or work so well) or have more risk going forward?
I think the truth is that the Permanent Portfolio hasn't so much had a great 10 year run as everything else has had a crappy 10 year run.

The Permanent Portfolio has had pretty steady returns for the last 40 years. I think what has drawn people to it in recent years has been the fact that the stock market unexpectedly stopped providing the 15%-20% annual returns that everyone was getting used to based upon the 1982-2000 bull market for stocks.
Yep. I think it's important for people to set what their real after-inflation bogey is and target that. It's a more useful metric for building a portfolio. Also it's important to diversify enough to protect against large losses. It's really hard to recover from a big loss both due to markets and investor psychology.

The economy is always in flux, but today it's really in unchartered territory. I am very comfortable holding a wide range of assets because I have no idea what is going to happen. Making a concentrated bet is always a big risk if it doesn't work out as expected.

Personally I'd love for the the stock market to start returning those big gains again and assets like gold to go back to sleep. That will mean the economy is doing well and people feel secure about their futures. But since I don't know when that will happen I just hold all four assets and rebalance. It's been working fine for a very long number of years and a wide range of good and bad markets.
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Re: Congrats craigr and medium tex:

Post by snowman9000 »

hazlitt777 wrote:Craigr and medium tex,

One thing I hope you address are the various ways and instruments available or not available for one to follow the HB permanent portfolio. One thing I would really like to see is a mutual fund that would provide the 30 year treasury bond/cash/total stock market allocation...that would fit perfectly for a person that has the last 25% in gold bullion coins. And the second thing I would like to see is a mutual fund that contains all four assets, for those who do not want to take personal possession of the gold, without the complications of including silver or foreign bonds.

Hopefully your book might create enough interest that would lead to the creation of two such funds.
There are legal complications affecting a 4 x 25 fund. Even The Permanent Portfolio Fund has a provision saying that if things get crazy, you could possibly have to take a distribution in kind (actual gold). That doesn't seem to bother anyone but it is definitely unusual.

All that said, I'd love it if there was a 4 x 25 fund.
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Re: Congrats craigr and medium tex:

Post by hazlitt777 »

snowman9000 wrote:
hazlitt777 wrote:Craigr and medium tex,

One thing I hope you address are the various ways and instruments available or not available for one to follow the HB permanent portfolio. One thing I would really like to see is a mutual fund that would provide the 30 year treasury bond/cash/total stock market allocation...that would fit perfectly for a person that has the last 25% in gold bullion coins. And the second thing I would like to see is a mutual fund that contains all four assets, for those who do not want to take personal possession of the gold, without the complications of including silver or foreign bonds.

Hopefully your book might create enough interest that would lead to the creation of two such funds.
There are legal complications affecting a 4 x 25 fund. Even The Permanent Portfolio Fund has a provision saying that if things get crazy, you could possibly have to take a distribution in kind (actual gold). That doesn't seem to bother anyone but it is definitely unusual.

All that said, I'd love it if there was a 4 x 25 fund.

Or even a 3 x 25 fund, leaving the last quarter for physical gold ownership. Such a fund should have a lot less legal complications. Maybe if the book goes over well, Vanguard would be willing to create such a fund? I'm really looking forward to how the book is received by the investing public.
hazlitt777
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Re: [Permanent Portfolio]Congrats craigr and medium tex:

Post by hazlitt777 »

Well it looks like we can preorder the book. Here is the link:

http://www.wiley.com/WileyCDA/WileyTitl ... 88254.html
mickens16
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Re: [Permanent Portfolio]Congrats craigr and medium tex:

Post by mickens16 »

hazlitt777 wrote:Well it looks like we can preorder the book. Here is the link:

http://www.wiley.com/WileyCDA/WileyTitl ... 88254.html
Lot cheaper here.

http://www.amazon.com/The-Permanent-Por ... 220&sr=1-1
staythecourse
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Re: [Permanent Portfolio]Congrats craigr and medium tex:

Post by staythecourse »

I congratulate craigr and others for reviving the work of Mr. Browne. For those who read this new book I hope you don't focus on the PP as I think that is the 2nd most important aspect of Mr. Browne's work. As Taylor has said numerous times "There is more then one road to Dublin". There are many approaches to investing that will make one succesful and they don't always count on stocks/ bonds/ cash/ gold.

The most important contribution of Mr. Browne is his financial rules he espoused in his Fail Safe Investing Book. Things like expecting your job to make one rich and not from investments, never leverage, put as few as people between you and your money, etc... This advice was timeless and am glad it is coming back again!!

Good luck.
"The stock market [fluctuation], therefore, is noise. A giant distraction from the business of investing.” | -Jack Bogle
Clive
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Re: Congrats craigr and medium tex:

Post by Clive »

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Last edited by Clive on Sun Oct 14, 2012 3:52 pm, edited 1 time in total.
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czeckers
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Re: [Permanent Portfolio]Congrats craigr and medium tex:

Post by czeckers »

I am intrigued by the strategy and look forward to reading your book. Congratulations!

-K
The Espresso portfolio: | | 20% US TSM, 20% Small Value, 10% US REIT, 10% Dev Int'l, 10% EM, 10% Commodities, 20% Inter-term US Treas | | "A journey of a thousand miles begins with a single step."
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Re: [Permanent Portfolio]Congrats craigr and medium tex:

Post by Bongleur »

I'm wondering if the % of gold ought to be inversely proportional to the amount of excess credit that exists at any given time. When the present credit bubble pops or is unwound, gold will be sold off to pay the debts. Along with stocks & bonds & real estate...
Seeking Iso-Elasticity. | Tax Loss Harvesting is an Asset Class. | A well-planned presentation creates a sense of urgency. If the prospect fails to act now, he will risk a loss of some sort.
hazlitt777
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Re: [Permanent Portfolio]Congrats craigr and medium tex:

Post by hazlitt777 »

Bongleur wrote:I'm wondering if the % of gold ought to be inversely proportional to the amount of excess credit that exists at any given time. When the present credit bubble pops or is unwound, gold will be sold off to pay the debts. Along with stocks & bonds & real estate...
That would mean we somehow could accurately measure this, along with the time when the psychological change in the market occurs causing the adjustment in valuations to take place. But as somebody once said, "the market can remain irrational longer than you and I can remain solvent."

Unless you are privy to special knowledge to which the market is not, I would just buy and rebalance.
hazlitt777
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Re: [Permanent Portfolio]Congrats craigr and medium tex:

Post by hazlitt777 »

mickens16 wrote:
hazlitt777 wrote:Well it looks like we can preorder the book. Here is the link:

http://www.wiley.com/WileyCDA/WileyTitl ... 88254.html
Lot cheaper here.

http://www.amazon.com/The-Permanent-Por ... 220&sr=1-1
Thanks! (I did think it was rather high priced at wiley dot com.)
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MediumTex
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Re: [Permanent Portfolio]Congrats craigr and medium tex:

Post by MediumTex »

staythecourse wrote:I congratulate craigr and others for reviving the work of Mr. Browne. For those who read this new book I hope you don't focus on the PP as I think that is the 2nd most important aspect of Mr. Browne's work. As Taylor has said numerous times "There is more then one road to Dublin". There are many approaches to investing that will make one succesful and they don't always count on stocks/ bonds/ cash/ gold.

The most important contribution of Mr. Browne is his financial rules he espoused in his Fail Safe Investing Book. Things like expecting your job to make one rich and not from investments, never leverage, put as few as people between you and your money, etc... This advice was timeless and am glad it is coming back again!!

Good luck.
My hope would be that someone can read our book and even if he decides that the PP isn't for him there will still be lots of valuable takeaways.

So much writing about investing overlooks the hugely important matter of the investor coming to terms with his own risk tolerance. An investment strategy can be terrific, but if it doesn't synch up with one's risk tolerance it can lead to nothing but frustration. I think that Harry Browne was able to point out in subtle ways that many of the investment strategies offered by the investment community are simply too risky for the average investor to be able to stick with over long periods. This is, to me, a valuable insight for an individual investor to gain, whether or not he decides to use the PP strategy, and I hope that our book is able to flesh out ideas like this more fully.

At a minimum, I hope that readers are able to take away from our book an enhanced sense of humility and skepticism about basically everything that Wall Street tells investors they should do. I have heard plenty of investors say that excessive pride and overconfidence did great damage to their portfolios, but I don't recall hearing any investor say that his returns were damaged by excessive humility or skepticism.
"Early in life I noticed that no event is ever correctly reported in a newspaper." | -George Orwell
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