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VTI

Vanguard Total Stock Market ETF

5/20/2013, 5:17 AM ET

Quote & Headlines Market Currents StockTalk

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Saturday, May 18, 9:15 AM Leon Cooperman and partner Steve Einhorn keep it simple: Stocks (VTI) are cheap relative to interest rates and inflation. The guy who bought T-bills (SHY) has migrated to T-bonds (TLT), the guy who bought T-bonds has moved to investment grade corporates (LQD), the guy who bought IG is now in high-yield (HYG, JNK), and so on (glasses clink in the FOMC board room). Their largest position is Sprint Nextel (S) - as fans of Masayoshi Son and long-time owners of DISH, the duo like seeing two industry titans both wanting the same asset. New Citigroup (C) management should be able to double ROE over the next 2-3 years, and Transocean (RIG) sells for a significant discount to asset value. 4 Comments [Quick Ideas]
Tuesday, May 14, 8:59 AM GMO's 7-year asset allocation model for U.S. stocks (VTI) is now predicting negative returns, says James Montier, presenting at the London Value Conference, and telling the audience GMO is now 50% in cash. Liking Europe (VGK, EZU, FEZ) a year ago, the big run has GMO less excited now. The best value could be emerging markets (EEM, DEM, VWO), but China's property bubble has GMO allocating less to EM than its models suggest. 14 Comments [Global & FX]
Tuesday, May 14, 7:21 AM An early look at the BAML May fund manager survey shows hedge fund equity exposure (VTI) at the highest in 7 years, +45%. Commodity exposure (DBC) is a negative 29%. Cash is at 4.3%. Sectors: It's a record-low exposure to energy (XLE) at -17%. Japan (EWJ, DXJ) at +31% is the highest in 7 years. 1 Comment
Thursday, May 2, 7:35 AM The number of bond funds owning stocks rose to 352 in Q1, according to Morningstar, up from 312 in Q4 and the highest level in nearly 2 decades. "We believe that traditional fixed income (AGG, BND) is at a historic level of being overvalued," says Forward Management, explaining to investors why it's moved from about zero of their funds in stocks to about 50% over the last year. 5 Comments
Wednesday, April 24, 7:36 AM Stocks get an upgrade to Overweight over the next 3 months at Goldman, which says returns should be supported by a rebound in global growth. "(The) risks in the U.S. and Europe are now lower and the time that markets have to bridge towards the stronger growth outlook in H2 is shorter." Comment!
Friday, April 19, 10:45 AM It's the dreaded "impossible trinity." Commodities, stocks, and bonds are all giving conflicting signals on the global economy, says BAML's David Woo, and their resolution could be a source of a "major realignment" of prices. Commodities (DBC) signal slow down, stocks (VTI) price in strong consumer spending, and bonds have completely lost it - government paper (TLT) says run for the hills, while credit spreads (LQD, HYG, JNK) say things are rosy. 11 Comments
Monday, April 15, 5:28 PM Vanguard adjusts fees on 3 ETFs, including the Total Stock Market ETF (VTI), where strong inflows allows the expense ratio to fall to 0.05% vs. 0.21% at TMW and 0.20% at IYY. VBR is cut to 0.20% vs. competitors SLYV and IWN at 0.25%. VOE is hiked to 0.12%, but remains below IJJ, IWS and MDYV which charge 0.25% each. Comment!
Thursday, April 4, 11:31 AM We're running out of stock. Corporate share buyback authorizations of $208B in Q1 are the strongest (as a % of capitalization) since Birinyi Associates began tracking the data in 1985. As a percent of capitalization, HD, UPS, AXP, and TXN - with authorizations of 13-18% of the float - lead the way. Next after AMEX in the recently green-lighted banks is BAC which plans to repurchase 3.8% of its shares. 7 Comments
Monday, March 25, 3:21 PM The SPIVA scorecard - matching active managers vs. index funds - once again shows how much the odds are stacked against going active. But one area where managers won is international small-caps (SCZ, VSS, DLS), with just 15% of them lapped by the index last year (10% over the last 3). In such an illiquid, poorly understood corner of the market, smart managers can indeed add alpha. 7 Comments
Thursday, March 21, 8:14 AM Vanguard Total Stock Market ETF (VTI) announces quarterly distribution of $0.364. 30-day SEC yield of 2.03% (as of 03/20/2013). For shareholders of record Mar. 26. Payable Mar. 28. Ex-div date Mar. 22. Comment! [Dividends]
Wednesday, March 20, 10:43 AM In another blow to active fund management, CalPERS is mulling a move to an all-passive portfolio. The $255B AUM fund already has about half of its money in such, and is now questioning whether the effort (and fees) associated with finding outperforming managers is worth it. 8 Comments [U.S. Economy, Financials]
Sunday, March 10, 6:15 AM In the two decades through December, the average return of all investors in U.S. stock mutual funds was an annualized 4.25% vs 8.2% for the S&P 500. That translates into a difference of $25,467 for an investment of $10,000. "The dismal truth is that over the long run, the average person is a woeful investor," writes the NYT's Jeff Sommer. 42 Comments [Quick Ideas]
Saturday, March 9, 9:00 AM Institutions are "still leery of stocks ... after 13 years of having their hearts broken," says Howard Marks (OAK). "You can see that in their low stock allocations compared with the period of 2000 and before." He expects stocks will need a couple more good years before "the love affair will really be rekindled." What's Oaktree excited about now? Commercial real estate in secondary markets - raw land, finishing projects, distressed properties. 17 Comments
Thursday, March 7, 10:47 AM The NAAIM Survey of Manager Sentiment rises to 90.15 for the week ended yesterday. A level over 80 is generally considered overly bullish - 88.1 at the end of the year was called "shockingly bullish" by one sentiment watcher. It subsequently rose to 104.25 by the end of January before February's choppiness brought the number down. 2 Comments
Tuesday, March 5, 10:28 AM "Cash in the developed world is a terrible asset," writes Bridgewater in its (300-page) year-end investor note. "We would be short cash of all the major currencies," in continues - hedge fund shorthand for borrowing to buy risky assets. Previous: Ray Dalio and his co-CIO have made no secret of their bullishness this year. 1 Comment
Saturday, March 2, 8:43 AM Along with the bull market are wealth managers continuing to ratchet up their exposure to equites at the expense of bonds and cash, according to Penta's latest survey which shows recommended stock allocations rising to 48% from 45% a year ago. Also of interest are the swings in foreign stock holdings - in favor in 2011, out in 2012, and popular again this year. Comment!

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