Seeking Alpha

Jonathan Liss

 
View as an RSS Feed
View SA Editor Jonathan Liss' Comments BY TICKER:
Latest  |  Highest rated
  • Apple (AAPL) nearly doubles the geographic reach of its iTunes store by extending it to another 56 countries, including Russia, India, South Africa and Turkey. The expansion takes the number of countries in which iTunes is available to 119. Prices will vary considerably: a song will cost 15 rubles ($0.48) in Russia but just seven rupees ($0.12) in India. [View news story]
    Voting at the U.N. should be limited to countries with an iTunes store
    Dec 4, 2012. 06:58 AM | 3 Likes Like |Link to Comment
  • Modern Portfolio Theory 2.0 - The Most Diversified Portfolio [View article]
    Spot on Mark, I was thinking the same exact thing about the chosen benchmark (IVV). Anyone contemplating this strategy clearly owns a lot more than just IVV so the benchmark is silly. Another issue I have is that this portfolio isn't tax-managed. In a non tax-deferred account the key is after-tax returns. I'd be concerned about racking up a big tax bill with monthly trading and no consideration to tax consequences.

    What I found interesting in this piece is the notion of remeasuring correlations between asset classes on a regular basis. I'd like to see this notion explored more in future pieces. Nice effort on the whole Paul - I'm looking forward to future thought-provoking pieces.
    Nov 29, 2012. 02:10 PM | Likes Like |Link to Comment
  • Rising Uncertainty Sees Investors Withdraw $10B From ETFs With U.S. Equity Exposure In October [View article]
    I am surprised there isn't a single muni bond fund on the top 20 inflows list. My conclusion would be that most income investors (institutional and retail) aren't taking the fiscal cliff particularly seriously at this late stage and believe a resolution is almost guaranteed.
    Nov 12, 2012. 06:58 AM | 1 Like Like |Link to Comment
  • The complete list of Schwab ETF fee reductions is here. Both the U.S. Broad Market (SCHB) and the U.S. Large-Cap (SCHX) ETFs - with fees reduced to 0.04% from 0.06% - are now the cheapest in the industry. Bond funds get a cut, too, including the Aggregate Bond ETF (SCHZ) to 0.05% from 0.10%. (previous[View news story]
    Hard to see how this could be bad for investors - we win every time the big issuers engage in pricing wars with each other.
    Sep 23, 2012. 03:55 AM | Likes Like |Link to Comment
  • Time To Think About Minimizing Interest Rate Risk In Your Portfolio [View article]
    Hi Alan,

    Very informative piece. What are your thoughts on both Emerging Market sovereign debt and muni bonds in a rising rate environment? How about corporate debt?
    Sep 13, 2012. 09:45 AM | Likes Like |Link to Comment
  • This Well Known ETF Is Beating The Market [View article]
    While the P/E on the QQQ is slightly above that of the SPX, the current earnings growth is nearly double. And the historical average P/E of the Nasdaq 100 is closer to 18 than 15. So to my mind, QQQ is a better way to allocate right now than SPY.

    Disclosure: Long QQQ
    Sep 12, 2012. 07:39 AM | Likes Like |Link to Comment
  • Revamping Your Bond Portfolio With A Simple Momentum Strategy [View article]
    While your sentiments make sense, the problem with avoiding T-bonds entirely is that you could end up in a repeat of 2008 where T-bonds are the only safe asset class and high yield bonds get crushed during a massive sell-off, as occurred in H2 2008 and highlighted here by the author. I find it's best to stay asset class agnostic in momentum strategies and bonds are no exception. When the secular bear market in Treasuries begins, this strategy will have you soundly in high yield corporates.

    Ploutos, I'd be curious to see how this strategy works with a fund like LQD for those investors that are too risk averse for non-investment grade corporates.

    Thanks for a great piece!
    Aug 31, 2012. 01:30 PM | 2 Likes Like |Link to Comment
  • Poor Man's Program Trading: One Year Later [View article]
    That makes a lot of sense. Thanks!
    Aug 6, 2012. 09:04 PM | Likes Like |Link to Comment
  • Poor Man's Program Trading: One Year Later [View article]
    What were trading costs here? How about taxes owed on short-term gains? Without those two items, it's impossible to measure your true returns vs. a buy and hold strategy here.
    Aug 6, 2012. 01:26 PM | 1 Like Like |Link to Comment
  • The Easiest Way To Capture Upside In China And South Korea [View article]
    That's what makes the ETF route such a compelling way to play these 2 countries
    Jun 28, 2012. 05:38 AM | 2 Likes Like |Link to Comment
  • Do Lower Risk Stocks Outperform? [View article]
    Ploutos,

    Fascinating stuff, as usual. How do these findings interact (if at all) with the small-value performance premium in your view?

    In terms of Beta, what this may suggest is that beta has been largely misconstrued in its ability to explain long-term returns, not that beta (in a reversal of what has previously been assumed by CAPM) can now be used to gain a performance premium in the reverse (as you point out, "Second, the author's backtested results that show that actual realized returns from lower volatility stocks can not necessarily be inferred to portend higher future expected returns for this strategy.") Perhaps Beta is not the clear-cut risk factor it was once imagined to be and so investors don't receive a premium for holding it at increased levels.
    May 17, 2012. 09:04 AM | Likes Like |Link to Comment
  • Will The Nasdaq-100 Water Down Its Apple Juice? [View article]
    I think the rebalance makes perfect sense. People wanting more Apple exposure should buy... AAPL. People buying an index usually want broad, diversified exposure. Having one stock equal 20% is the opposite of that.
    Apr 25, 2012. 10:47 AM | Likes Like |Link to Comment
  • Is The Apple Bubble Popping? [View article]
    "Although I agree that Amazon's P/E ratio is a bit much and that the company is not undervalued, I do not think it is overvalued either."

    AMZN's forward PE is 74, yet you feel it's not 'overvalued'.

    Apple's forward PE is 10.95, yet you feel it's in a bubble.

    The forward PE of the Nasdaq 100 is currently 12.2.

    Please explain the discrepancy in your logic here?

    FYI, I am neither long or short Apple so I have no skin in this game. I am just trying to understand such seemingly contradictory statements from the perspective of pure logic.
    Apr 24, 2012. 03:16 PM | 6 Likes Like |Link to Comment
  • There's A Place For Bond ETFs With A Defined Maturity [View article]
    Yep, big fan of the BulletShares too - I own BSCH and BSJF for the exact reasons you mention. Thanks for this excellent, timely article!
    Mar 24, 2012. 04:05 PM | 1 Like Like |Link to Comment
  • Are Pharmaceuticals Set For A Run? [View article]
    Can you please send a screencap to contact-editorial @ seekingalpha.com . The charts/graphs look fine on my end here. Also, please include which browser you're using as well as OS. Thanks!
    Mar 13, 2012. 06:57 PM | Likes Like |Link to Comment
COMMENTS STATS
472 Comments
435 Likes