Quote & Headlines
5d 1m 3m 1y 5y 10y
To learn more about Seeking Alpha PRO, click here.
There are no Transcripts on IJS.
IJS vs. ETF Alternatives
The iShares S&P SmallCap 600 Value Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of U.S. small-cap value stocks, as represented by the S&P SmallCap 600/Citigroup Value Index.
See more details on sponsor's website
See more details on sponsor's website
Country: United States
- In Your Portfolio: US Growth and Value ETFs, Core Building Blocks: A Guide to ETFs That Divide the U.S. Stock Market by Market Cap
- Asset Class Performance: Growth vs. Value
Sunday, Sep 299:13 PMFocusing on value beats worrying about macro
Sunday, Sep 299:13 PM| 5 Comments
- Particularly apt reading tonight as stocks head south on worry about a partial U.S. government shutdown, The Brooklyn Investor makes the case for trying to ignore whatever the latest macro-boogeyman happens to be, and instead focus on buying and holding reasonably valued stocks. Paraphrasing Seth Klarman: "You just have to figure out what a business can earn in five or ten years on a normalized basis and see what it's worth; if you can buy it for lower than that, then it doesn't matter what the headlines say."
- The Shiller cyclically adjusted P/E ratio does raise TBI's eyebrow as it shows the market to be 47% overvalued, but it was similarly so in 1966. While the averages did nothing over the next 16 years, the "Superinvestors of Graham and Doddsville" (Walter Schloss, Tweedy Brown, Sequoia Fund) racked up ridiculous returns (this, of course, may be of little comfort to index investors).
- Buffett's classic "Superinvestors" article from 1984.
- Can the market go down? A lot? No doubt, says TBI, but the odds against being able to exploit a bear market are far too long - better to spend time looking for stocks trading at 1.1x book that should be selling for 1.5x book.
- Index value ETFs: SPYV, IVE, RPV, VOOV, FTA, SPYV, IVE, RPV, VOOV, FTA, IWN, VTWV, UVT, SJH, IWW, MDYV, IJJ, RFV, IVOV, SLYV, IJS, RZV, VIOV.
Monday, Sep 26:29 PMValue investing gold: Burry's 2000/2001 journal
Monday, Sep 26:29 PM| Comment!
- What George Soros' The Alchemy of Finance was to global macro investors, Michael Burry's journal of trades in 2000/2001 may be to value fans. "My strategy isn't very complex. I try to buy shares of unpopular companies when they look like road kill, and sell them when they've been polished up a bit ... I care little about the level of the general market and put few restrictions on potential investments."
- Plucked out of message-board obscurity and staked by Joel Greenblatt, Burry posted returns at his Scion Capital hedge fund of 8.2% in 2000 (partial year), 44.7% in 2001, and 13.1% in 2002, as the S&P lost 7.5%, 11.9%, and 22.1% during the same periods. When the S&P bounced 28.7% in 2003, Scion gained 50.7%.
- This journal shows Burry willing to venture into just about any industry or situation as long as he sees value there. One place he definitely didn't spot value was in the previously-favored big cap tech names as their stock prices imploded. "Now that the bubble is pricked, tech stocks will face scrutiny they never faced before. It is a good time to start picking prices based on a solid understanding of the fundamentals ... greater bargains are sure to come."
- Burry went on make an even bigger fortune for himself and his investors by shorting MBS from 2005 on (though his investors, including Greenblatt, never forgave him for straying from stockpicking).
- Value ETFs: SPYV, IVE, RPV, VOOV, FTA, IWD, VONV, UVG, SJF, IWN, VTWV, UVT, SJH, IWW, MDYV, IJJ, RFV, IVOV, SLYV, IJS, RZV, VIOV.
Tuesday, Jul 93:11 PMState Street (STT) is competing aggressively on price with the launch of its Russell 2000 ETF (TWOK) - the fund will have an expense ratio of 0.12% vs. iShares' (BLK) IWM with expenses of 0.24%, and Vanguard's VTWO at 0.21%. In addition, SSgA is relaunching 3 existing ETFs after refitting them to Russell indexes. The SPDR Russell 3000 ETF (THRK) replaces the SPDR Dow Jones Total Market ETF (TMW), with expense ratio halved to 0.10%. The SPDR Russell 1000 ETF (ONEK) replaces the SPDR Dow Jones Large Cap ETF (ELR), with expense ratio halved to 0.10%. The SPDR Russell Small Cap Completeness ETF (RSCO) replaces the SPDR Dow Jones Mid Cap ETF (EMM) with expense ratio falling to 0.10% from 0.25%. |Tuesday, Jul 93:11 PM| Comment!
Monday, Jul 83:54 PMState Street (STT) looks to take on iShares' (BLK) dominant small cap ETF (IWM) with the Tuesday launch of the SPDR Russell 2000 ETF (TWOK). IWM currently has $23.3B in AUM and an expense ratio of 0.24%. This compares to other far smaller competitors like Schwab's SCHA at 0.08% and Vanguard's VB at 0.10%. Previous: Small cap stocks outpace the S&P 500. Other reasonably popular ETFs: IJS, IJR.
|Monday, Jul 83:54 PM| 4 Comments
Monday, Jul 89:44 AMIf small caps truly lead than it's good news for the broader market. The Russell 2000 (IWM) - which crossed over 1,000 for the first time ever on Friday - hit another all-time high in early trade today, +0.3% to 1,009. The index is outperforming the SPY by about 330 bps YTD, after widening its lead in the market bounce over the last 2 weeks. |Monday, Jul 89:44 AM| 2 Comments
Wednesday, Jun 268:42 AM
Thursday, Jun 2010:42 AMStocks continue to slide with the Dow (DIA -1.6%) at a session low and off 240 points just over an hour into the session. Among sectors, small caps (IWM -2.1%) are underperforming, as is energy (XLE -2.4%). WTI crude (USO -2.8%). In Europe, the Stoxx 50 is off 3.5%. Among emerging markets still open, Brazil is off 3%, but the Brazil ETFs (EWZ -4.7%), (BRF -6.4%) are faring even worse, their decline compounded by a 2% fall in the real (BZF). |Thursday, Jun 2010:42 AM| 3 Comments
Tuesday, Jun 410:51 AMBNP's "Love-Panic Index" signals a correction ahead as it crossed into "love" territory a few weeks back. Past experience says to brace for an average 12% decline in the S&P (SPY) over the next 6 months. The biggest drivers of the recent move into "love" have been State Street's Investor Confidence, the CFTC's COT report, falling short interest, rising Nasdaq to NYSE trading volume, and small caps (IWM) outperformance over large caps (IWB). |Tuesday, Jun 410:51 AM| 14 Comments
Monday, May 203:11 PMThe Russell 2000 (IWM) cracked 1,000 for the first time this morning, but the small cap sector is far from over-loved by the fund managers who invest in it, according to Credit Suisse's Lori Calvasina - they ended Q1 with cash holdings at a near 10-year high. Indexing (IJR, IWO, IWN XSLV are some others) beats most active management, but Calvasina screened for stocks owned by fewer than 50 small-cap funds with $500M-$1.5B market cap, and with favorable investment ratings. No surprise the answer is heavy on mREITs - MTGE, AMTG, PMT. Also coming up: OMX and WFR. |Monday, May 203:11 PM| Comment!
Thursday, May 93:24 PM"Our enthusiasm is clearly a notch below where we were at the beginning of the year," write Credit Suisse analysts, starting to see a bit of froth creep into small caps. At 16.4x earnings, the Russell 2000 (IWM) "has admittedly lost its valuation appeal." For now, they're buyers on dips, but should the index near the 1,000 level, valuation pressure will really start to be felt. |Thursday, May 93:24 PM| 3 Comments
Wednesday, May 12:23 PM"The canaries in the market coal mine are gasping for air," says CNBC's Melissa Lee, as mild declines in the Dow (DIA -0.5%) and Nasdaq (QQQ -0.2%) belie sharp drops in small caps (IWM -1.8%) and mid caps (MDY -1.1%). The S&P 500 has widened its lead over the Russell 2000 to about 200 basis points YTD. |Wednesday, May 12:23 PM| 1 Comment
Friday, Apr 269:26 AM
Monday, Apr 1512:38 PM
Sunday, Apr 148:25 AMThe reconstitution of the Russell indexes coming up in June, Credit Suisse aims to anticipate who's in and who's out. The rules-based approach of the Russell 2000 has allowed arbitragers to profit each summer by front-running the moves, making the Russell 2000 ETF (IWM) a poorer play for small cap fans than IJR . Expected among the top 25 adds are ARCP, SRPT, PBYI, ACAD, and WSTC. Among the top 25 deletes: CPST, FCEL, CHKE, OMER, and EML. |Sunday, Apr 148:25 AM| Comment!
Wednesday, Apr 38:00 AMSomething for the technicians to have a look at is this chart from ukarlewitz noting small-caps (IWM) have joined the industrials (XLI) and semiconductors (SMH) in slipping below their long-term uptrend line. Oversold in an uptrend tends to get bought, he says. It's a key time. |Wednesday, Apr 38:00 AM| 3 Comments
Monday, Apr 11:32 PMTechnicians spot a troubling divergence, with the Russell 2000 (IWM) falling 1.3% to start the new quarter while the DJIA (DIA) remains flat. Some believe small-caps lead - both on the way up as with the current bull run, and on the way down - and today's relative decline continues a pattern begun last week. |Monday, Apr 11:32 PM| 2 Comments