Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
Fund companies define quality inconsistently using different measures.
Obviously, this can be problematic.
Larry Swedroe references a paper which differentiates between academic
and industry definitions for quality investing.
https://www.etf.com/…
You're correct that these quality funds are not inexpensive.
The funds' P/E and P/B data is below.
I didn't search for P/S or P/CF data.
Valuation Metrics - 12/31/2024
FQAL - 27.93 P/E; 6.65 P/B
QUAL - 29.31 P/E; 8.90 P/B
SPHQ - 29.68 P/E; 17.14 …
The mentioned funds are more expensive than many large-cap index funds weighted by market capitalization.
But they're not overly expensive.
FQAL - 0.16%
QUAL - 0.15%
SPHQ - 0.15%
JQUA - 0.12%
The Other Side of Value:The Gross Profitability Premium
Robert Novy-Marx
June, 2012
Abstract
Profitability, measured by gross profits-to-assets, has roughly the same power
as book-to-market predicting the cross-section of average returns. Profitable
…
The Economic Policy Uncertainty Index is at its highest level since 1985 outside of the COVID-19 pandemic.
U.S. Monthly EPU Index
FRED (select max timeframe, modify frequency to monthly)
The market can go down anytime regardless of inflows.
Furthermore, market corrections (defined as 10% - 20% losses) can occur for seemingly no reason at all.
The Week in Charts (02/25/25)
The most important charts and themes in markets and investing, including:
00:00 Intro
00:20 Free Wealth Path Analysis
00:51 Topics
01:36 The Cruelest Tax
04:45 Rising Credit Card Delinquencies
07:43 Buffett Raising Mo…
Dodge & Cox formed a new DODBX committee in 2022 with an increased focus on risk management.
https://www.mutualfundobserver.com/discuss/discussion/comment/158241/#Comment_158241
I have a 401(k), Roth IRA, Rollover IRA, H.S.A., and two taxable accounts.
My entire portfolio includes 10 mutual funds/ETFs, 1 individual stock, and 5-Year TIPS purchased at auction.
No account has more than two funds (excluding money market funds)…
I'm currently reading the second edition of The Four Pillars of Investing by William Bernstein published in 2023.
I read the first edition of the book many years ago.
In a brief section where "The Vanguard Effect" is mentioned, Mr. Bernstein writes:…
"'This appears to be part of a broader, premediated campaign by President Trump and Secretary Hegseth to purge talented officers for politically charged reasons, which would undermine the professionalism of our military and send a chilling message t…
Fidelity investors can enable Money Transfer Lockdown online with a few mouse clicks.
Per the referenced post on Bogleheads.org, Schwab investors must write a letter which
is valid for only 6 months. Furthermore, the lockdown restriction must be rea…
Barry Ritholtz is co-founder, chairman, and chief investment officer of Ritholtz Wealth Management (RWM).
Josh Brown is CEO of the firm. Ben Carlson from RWM also writes noteworthy articles as well.
https://awealthofcommonsense.com/
"I for one appreciate that while Trump maintains a firm grip on the Off-Topic board with 80-90% of new posts related in some way to his actions, decrees, pronouncements, tweets, insults and his general absurdity and disrespect for our most sacred in…
Coincidentally, PBS News Hour aired a segment this evening regarding a lawsuit filed against DOGE.
The Arizona Attorney General discusses multiple issues raised by 14 attorneys general.
PBS Video
Trump covets absolute power and wants to excise our system of checks and balances
enshrined in the Constitution. Congress has abdicated its constitutional responsibilities thus far.
At this juncture, we can only hope the judicial branch is capable o…
"There is no question State and Gov are too big. Don't fight it, instead, join forces to cut as many as we can."
"Sure, any time you fire a huge %, you will make a mistake. So what? You fired 20% and later you find you made a mistake; you hire 2% …
I've maintained exposure to international equities for many years.
MIEIX (CIT clone) is my core foreign fund which I've owned for years
while ARDBX is an auxiliary fund owned for under a year.
International equity funds have underperformed domestic …
"There are a number of users who constantly post off-topic discussions, and these ideas often have little to do with the purpose of this site. Even the off-topic forum should primarily focus on subjects related to investing, like shopping or travel,…
I believe information presented in the blogs and videos is materially the same¹.
The video often seem to be available several days prior to the corresponding blog.
Charlie Bilello does not maintain a regular publishing schedule.
The Week in Charts …
The Week in Charts (02/17/25)
The most important charts and themes in markets and investing, including:
00:00 Intro
00:54 Topics
01:44 Eggflation Is Back
07:19 Fed on Hold
10:30 Another Record High for Earnings
14:28 Everything Is Up
17:21 Why Home…
@Shostakovich
The application should be readily accessible online.
Requiring senior management approval (which could take several weeks)
to send an application form would be a huge disincentive for me.
This entire process seems ridiculous.
J.P. Morgan estimates the U.S. Dollar is near multi-decade highs (adjusted for inflation differentials).
U.S. stocks have outperformed international stocks for an unusually lengthy period.
Domestic vs. international stock performance tends to be cyc…
"I try to distinguish between customer unfriendly brokerages (for which Vanguard seems to qualify)
and customer unfriendly fund families."
Vanguard funds are "investor-friendly" but their brokerage leaves a lot to be desired.
New Vanguard CEO Salim…
It seems many Americans are not yearning to eliminate government programs.
From Heather Cox Richardson's Letters from an American (02/15/2025):
"When asked, Americans say they don’t actually want to get rid of government programs. A late January po…
"More than 95% of "news" from the 24/7 media is useless and redundant."
More than 95% of posts from certain individuals are useless and redundant.
Perhaps these inane posts could be readily disregarded if only they were not ubiquitous.
"So the best way to explain the sudden closure of the Consumer Financial Protection Bureau,
as I see it, is as part of an effort to make predatory finance great again."
This isn't surprising when we have a money-grubbing grifter par excellence in t…
Small investors may have access to Collective Investment Trusts (CITs) via their 401(k) plans.
https://www.morningstar.com/personal-finance/dont-know-about-cits-you-probably-should
If an E.T.F. was closed, Authorized Participants (APs) would be unable to effectively
support E.T.F. creation/redemption mechanisms to maintain NAV/Price stability.
On August 24, 2015, exchange traded products (ETPs) experienced a real life st…
Trump is obviously a petty individual who seeks retribution for any perceived slights.
I'm also perplexed how many so-called Christians can support this vile human being.
yes in 2024, i meant baird strategic, there is no baird select.
other than the high(ish) fees, i was not comfortable with their stake in charter school bonds.
maybe that becomes a homerum with no DOE.
[snip]
BSNIX has a 0.30% expense ratio with a …
@a2z
Have you considered Baird Strategic Municipal Bond Fund?
I'm not sure how the fund's targeted duration would align with your preferred 1 yr. - 8 yr. period.
"It targets an average maturity in the short to
intermediate-term range, investing …
