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J.D. Steinhilber

 
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  • November's Correction Not the Start of Intermediate-Term Decline [View article]
    The Last Boomer may have not noticed that Exhibit 2 and the paragraph just above it address the dollar.
    Dec 7 08:21 AM | Likes Like |Link to Comment
  • Replacing Barclays iShares Bond ETFs With Vanguard's New Bond ETFs [View article]
    David,

    Short term rates would have to move up nearly a point before the break-even analysis on this turns negative on the Vanguard fund, which has only a half year's additional duration. I don't think short-term rates are going to move up that much and may very well start coming down in the second half of the year, which would add an additional element of return potentially to the slightly longer-duration Vanguard fund.

    J.D.
    Apr 17 03:16 PM | 1 Like Like |Link to Comment
  • Replacing Barclays iShares Bond ETFs With Vanguard's New Bond ETFs [View article]
    David,

    I think yield to maturity is a bit fuzzier inside a bond fund as opposed to an individual bond that an investor plans to actually hold to maturity, so I also look at the monthly distribution and determine what that implies on a current cash on cash yield basis. For SHY, this figure is approximately 4.45% (surprisingly low) and for BSV (using VBIRX, the underlying Vanguard fund, as a proxy) the yield is 4.75%, so yes, I do think the extra half-year of duration risk is worth it.

    J.D.
    Apr 17 11:35 AM | 1 Like Like |Link to Comment
  • Interview: Luciano Siracusano, Director of Research for ETF Firm WisdomTree Asset Management [View article]
    Luciano,

    I have two questions:

    Given your firm's focus on dividends, I would think you would be interested in income oriented equity securities such as REITs, energy MLPs, and RIC BDCs such as Allied Capital and the like. Is there a reason why you would not consider launching products in these areas. Do you have any thoughts on why the ETF marketplace has not created any products using energy MLPs, which along with REITs, have been one of the top performing asset classes over the past ten years?

    How does your dividend oriented philosophy account for the fact that corporations have increasingly used stock buybacks rather than dividend payments as a means of returning capital to shareholders. Doesn't the huge volume of share repurchase activity tend to distort the dividend yield measure of valuation?

    Thanks,

    J.D. Steinhilber
    AgileInvesting.com
    Dec 14 06:41 PM | Likes Like |Link to Comment
  • Asset Class Historical Yield Comparison [View article]
    STM,

    The calculations for U.S., Intl and Emerging are simply the reciprocal of the P/E ratios of those indexes, using last 12-months trailing earnings. For REITs, the figure is the current dividend yield (total cash distribution) for the NAREIT All REIT Index. It includes the entire distribution (dividend income as well as return of capital).

    J.D.
    Mar 17 03:11 PM | Likes Like |Link to Comment
  • Look For Large Caps to Outperform (ETFs: JKD, JKE, JKF, PWB, PWV, VV) [View article]
    Paul,

    You can get fundamental data on the domestic S&P indexes at Barra.com. Here is the link: www.barra.com/Research...

    The P/E on the Russell 2000 is even higher because the R2k includes a number of companies with negative earnings, which drives the P/E ratio into the 30s. It is published in the Wall Street Journal and Barrons.

    J.D.
    Nov 21 09:07 AM | Likes Like |Link to Comment
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