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We got an Altima around New Years. The ignition button doesn't bug me as much as the sound controls on the steering wheel which I still haven't figured out and the message telling the driver the tire pressure is low, but without telling you which on…
If I understood Ms. Kong's answer correctly, perhaps don't think of it as shorting, but hedging. They're trying to take currency risk out of the equation.
Here is a Tweedy Browne paper on hedging foreign equity holdings, this is a Vanguard video …
I believe the answer to the main question is for the expat to have a US address and a US bank account.
You'll know better than I would, but does that open up the individual to further tax issues?
Wikipedia on costs of Iraq, and a piece from the Center for Strategic and International Studies on the cost of Afghanistan.
I would imagine the cost of intervention in Libya was, relatively speaking, pretty small because we didn't put troops on the…
No argument over any of that. In fact, I think it's made worse as the wars were mostly funded through supplemental bills and didn't appear in any budget.
If you want to balance the U.S. budget, you have to start with the 800 pound gorillas: Medic…
We've spent a couple trillion in the last decade in the middle east and asia, in pursuit of trying to get people who hate us and want to kill us, to like us.
...
Instead we are sending money, we don't have, to all corners of the globe, including Eu…
You're not supposed to have conflicts of interest when you are in academia.
Believe me when I say, very, very, very few people would become academics if they weren't allowed to seek outside revenue from their research.
Artisan went kind of public March, 2013. It trades under APAM, Artisan Partners Asset Management.
My understanding is that the stock is set up in such a way that the fund management side is somewhat insulated. APAM is theoretically the "adviser" …
@rjb112 Here is a GMO "white paper" on quality. If you can't open it (I have a registration at GMO.com) try googling 'Profits for the Long Run: Affirming the Case for Quality' by Chuck Joyce and Kimball Mayer. They lean towards corporate profita…
FWIW, here the newest GMO 7 year forecast has U.S. Quality @ 2.3%, U.S. large cap @ -1.5%, and U.S. Small Cap @ -4.5% annual after inflation.
I'm also dubious of M*'s Vanguard figures because they only update by the quarter. IJS, which is update…
And did you study the US News lists you cited? Whoa, puzzling in another, seemingly inexplicable, direction. Bruce and D&C and Fido, plus whoever Tributary is, before MAPOX ! wtf? Craziness.
Tributary Balanced from Prof. David:
http://www.mutua…
@rjb112 Thanks.
Like I said, I'm skeptical of indexing in this space. If the small cap premium is actually just a liquidity premium, then what one should be looking for is actually microcaps, which I suspect actually do behave rather differently …
I do love theoretical argument, especially by academics, but hey, I have an idea instead:
Go to M* 10k growth and chart VFINX, GABEX, GABSX, and WEMMX for 5-6-7-8-9-10y, and then max to 1998.
Report what you see then and tell how it fits in with …
Not to flame another Cman/MJG war, but there is definitely another side to this story. Fama-French factors have come into some pretty compelling criticism lately, and it is no longer clear there is a SCV premium or historical outperformance.
First…
o...m...g --- Eaton Vance Floating Rate has AUM of 143B?
That's obscene! Why would they let that happen?
I think that might be a poorly written sentence by M*. I think they're trying to say the bank-loan category has $143B in it, not necessarily E…
@jlev Congrats on the engagement and thesis finishing. Both are long roads.
Assuming a longer rather than shorter time frame, maybe look at any of BERIX, GRSPX, or AOK. I was under the impresion BERIX had never lost money over any rolling 5 yr peri…
@Charles Thanks. I had to go away and think for a couple hours until I saw it. I think this is a productive and interesting thread though.
Do I remember correctly that there was a debate whether to include funds with less than a three/five year his…
@heezsafe As far as I'm aware the materials are the latest. The dividend paying requirement remains listed on their website as well. In the last annual letter Parnassus' head wrote about how well PRBLX had done last year, and how it wasn't just a do…
Nevertheless, it would be a mild surprise to me if all of you were not aware that Parnassus recently announced a change in the name of their fund from Equity Income to Core Equity. I do not think this change is insignificant, and it is not the first…
So, I am aware of three surface level problems with the Great Owl designation about which Charles has been more than forthcoming:
1) The ratings don't take into account style changes. PRBLX was Parnassus Balanced Fund, for instance, until 1998;
2)…
I don't know about their moat. Heard on the radio today that Uber also just got slapped with a stop and desist order and a small fine by the state of Virginia for violating state law regarding registration, insurance, and inspection of taxis.
Thou…
Like so much, this depends on what you want the fund to do. If you want current income, VDIGX and PRBLX aren't for you. If you want a long term hold focusing on quality dividend growth for capital appreciation, they're both very good. Not really fam…
Appreciate if you can explain the error here, and what it is that irks you.
It's perfectly clear that a bunch of people are going to outperform the stock market, some by a wide margin. In what I think is Bogle's quote above, the "they" refers to t…
But the miracle of indexing is the simplest miracle ever created. Think about it this way: There's a stock market out there that we all own together and it’s worth, say, $17 trillion today. So we draw that big circle. About 30 percent of it is owned…
As of April 22, 2014, the fund has assets totaling almost $20.14 billion invested in 289 different holdings. This fund is one of my all time favorites, if you interest get in now.
Regards,
Ted
If memory serves, Giroux runs at least another $10B+ in…
So with some guidance from y'all I've put together portfolios for my sister, myself and fiancee - what do I do now?
DCA, rebalance, read more, rinse, repeat. If you're funding tax-sheltered accounts at the beginning of the year, combine the first tw…
Mathematically speaking, gambling is any activity where the expected risk adjusted return is zero or negative and you hope you are lucky enough to get positive returns. Investing is any activity where the expected risk adjusted return is positive an…
So there are quite a variety of global value funds that do things in different ways. One recommendation I would have is to ask yourself what you want the fund to do and what you are comfortable with the fund owning. In particular you need to decide …
Another way to put it is that you know what it costs to get the S&P/Total Market performance.
You are paying Mick the Bookie for any outperformance beyond that, IF he or she achieves it. In this case 80bps of 500bps is 16%.
Of course, if Mick…
GRSPX or BERIX for all cap? Though they might be overly defensive.
Like MAPOX, and they will hold smaller fare, but are careful with their bond selection. VILLX is growthier, but they claim to be fundamentals driven. Prof. Snowball has pointed o…
I think this should be a come-to-Jesus moment for those who've taken the F-F model as the gospel truth. Fama and French admit that their original three-factor model was not motivated by theory. They chose value and size because they worked better th…
