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VTI

Vanguard Total Stock Market ETF

6/19/2013, 4:14 AM ET

Quote & Headlines Market Currents StockTalk

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Tuesday, June 11, 8:35 AM "It's amazing how quickly bubble behaviors from the last decade have come back," says TrimTabs CEO David Santschi, urging investors to "tread carefully." The market (VTI) is in a dangerous place, says John Hussman - "heavily bullish, overbought, overvalued," with the belief tail-risk has been eliminated. It's "virtually impossible" to know the correct multiple to put on stocks (it's currently 17.6) when real rates are negative, says Jason Trennert. 4 Comments
Monday, June 3, 6:22 AM 8 months after it initially announced it was changing the benchmark indexes on 22 key ETFs, 2 more Vanguard funds officially shift from MSCI to FTSE and CRSP indexes. The Vanguard Total Stock Market ETF (VTI) will now track the CRSP U.S. Total Market Index while the Vanguard Total International Stock ETF (VXUS) will now track the FTSE Global All Cap ex-U.S. Index. According to a recent statement, Vanguard expects that the licensing agreements with FTSE and CRSP will lead to lower costs over time for all funds involved in the benchmark changes. Comment!
Friday, May 31, 4:16 PM It looks like Treasury yields finally got high enough to trigger a big rotation out of stocks and into fixed-income. Something seemed to snap when the 10-year rose to 2.20% this afternoon - the resulting action saw money pour out of equities (SPY -1.4%) and into Treasurys (TLT -0.3%), with the 10-year yield falling back to close at 2.14%. 9 Comments
Friday, May 31, 11:23 AM "Mr. Market may be a manic-depressive, but he is also patient," says Britt Harris, CIO of Texas' $117B Teacher Retirement System. "He always waits to move until he has just about all of us on the train." The market cycle is getting ripe, says Harris, but he's not worried long-term. "Unlevered debt (AGG, BND) is virtually useless now as a long-term wealth management accumulator ... The probability that equity (VTI) will outperform bonds over the next 10-20 years is probably unusually high." A great read for allocation fans. 1 Comment
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]

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