Vanguard Total Stock Market VIPERs (VTI)
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- General Discussion on VTI
- 31 Country P/E and PEG Ratios [view article]
- Bailout Cost, per Taxpayer, by Income [view article]
- Yawning from the Market Sidelines, ETFs in Hand [view article]
- Simple Asset Allocation Yardstick [view article]
- A 360 View of Returns (July 2008) [view article]
- El-Erian's Recommended Allocation vs. Harvard, Yale [view article]
- Dollar Strength and Your Portfolio [view article]
- A Lazy ETF Portfolio Underweighting the U.S. [view article]
- A Low Cost, Fully Diversified All ETF Portfolio [view article]
- The Dollar Rally Ends [view article]
- Why Index Investing Isn't Passive Investing [view article]
- A Simple Momentum System for Beating the Market [view article]
loading ...Recent VTI Articles
- Currency ETFs Shine Through Bleak Market
- Friday Outlook: Investors Finally Giving Bad Data Its Due
- Bailout Cost, per Taxpayer, by Income
- Liquidity Review of U.S. Stock, Sector ETFs
- Yawning from the Market Sidelines, ETFs in Hand
- All World ETFs Offer Access to Global Growth Opportunities
- Vanguard's Total Stock Market Fund New Top Dog Thanks to ETF Share Class
- The 15 Basis Point Portfolio and Bobodex 10 Collide
- Simple Asset Allocation Yardstick
- Dollar Strength and Your Portfolio
- Full List of Articles »
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El-Erian's Recommended Allocation vs. Harvard, Yale [view article]
This is kind of amusing. That's pretty much my allocation strategy...right down to the ETFs. :)~X~ Reply
ETF Top 10 Lists: Fastest Growing, Largest By Net Assets, Top Providers [view article]
Usually, i rely on FRC in Boston for ETF research and data... ReplyEl-Erian's Recommended Allocation vs. Harvard, Yale [view article]
"I conclude the harvard portfolio to be defenitely the best, since they are best diversivied, i.e. they have the most asset classes."There is a difference between being the most diversified (number of asset classes) and best diversified. Also, there must be some sort of distinction in the hedge fund space to fully appreciate the allocations, it is too generic and broad a category. Same with private equity (venture, buyout, etc.) and where do timber and other private real asset classes fall? Reply
El-Erian's Recommended Allocation vs. Harvard, Yale [view article]
Rudi posted his comment as I was writing mine. It's interesting to note that there doesn't appear to be any domestic stocks in Rudi's although he closes with the caveat that "there are even more asset classes, that should be added to the portfolio". But then what and how much would be subtracted from the above?Reply
El-Erian's Recommended Allocation vs. Harvard, Yale [view article]
I agree with Desi - correlating ETFs with Mr. El Erian's asset allocation model translates his institutional thesis into individual investor tools. ReplyEl-Erian's Recommended Allocation vs. Harvard, Yale [view article]
I'd find it interesting to know, how these portfolios are being created. As I am involved into asset allocation a lot, I wonder why there is so little allocation into bonds. I think the difficulty is, what expected returns to assume, when optimizing the portfolio by the best sharpe ratio (or some other ratio). As you can see, all portfolios assume >10% commodities to be appropriate. I find results like that, when I imply the empirical returns of commodities for the last years. Minding the efficient market hypothesis, there is no reason to assume more than the inflation rate plus some increased demand due to worlds economic growth, as an expected return. This would be 3-4% in my opinion. This leads me to a portfolio with maximum 5% commodities.I conclude the harvard portfolio to be defenitely the best, since they are best diversivied, i.e. they have the most asset classes. High yield bonds and inflation-linked bonds should be included in every good portfolio.
In spite of that, the harvard portfolio could be easily outperformed (risk adjusted) by a portfolio like that:
-International Stocks (weighted by marketcap) 20% (ACWI)
-International inflation-linked-bonds 30% (TIP)
-High yield bonds 3% (HYG)
-Bonds with short avg. maturity 18% (SHY)
-International Bonds 12% (BWX)
-Commodities 5% (DBC)
-Real Estate 7% (VNQ)
-Private Equity 5% (PPE?)
Keep in mind, that private equity is correlated with stocks. So there is a lot of emphasis on stocks market in all mentioned portfolios.
The idea of having hedge funds is in my opinion misleading as well, since they are either doing some similar allocation, or they apply some strategy, which includes short selling (not sticking to efficient market hypothesis), what means, you are long and short in the same assets at the same time, just wasting fees.
By the way, there are even more asset classes, that should be added to the portfolio, but I wanted to show a portfolio, which doesnt't include more than the harvard one and is already more developed.
best regards
rudi Reply
El-Erian's Recommended Allocation vs. Harvard, Yale [view article]
Mr Mebane Faber...Thanks for linking the portfolio allocation to ETF's . This helps an individual investor to easily create his own portfolio. In an Interview with Barron's two weeks back, Mr EL Erian had recommended a similar allocation. Thanks again Reply
Investing Changes Under a New Tax Regime [view article]
the historical evidence doesn't support Xyrus or Nate C's viewpoint - as usual, political passion neutralizes otherwise normal or above-normal IQ levels ... www.nationalreview.com...For the facts, here is the first part of the article ...
June 27, 2005, 9:02 a.m.
The Rapidly Declining Deficit
How’s it happening? Look to the tax-rate cuts of 2003.
By Michael T. Darda
According to the Treasury department, the U.S. government took in a single-day record $61 billion in tax receipts on June 15. This surpassed the previous single-day high of $56 billion set on December 15, 2000. The recent surge in tax revenues is not just a one-day event. Fiscal year to date, total government receipts are up 15.5 percent, the fastest rate of increase on a comparable FYTD basis since 1981. The difference between the growth rate of tax revenues and the growth rate of government spending has widened to 8.4-percentage points, the largest since late 2000 when the budget was in surplus.
Not surprisingly, the recent tidal wave of tax receipts has ignited a furious debate about whether or not the Bush tax cuts are responsible for stimulating economic activity enough to actually boost overall tax-revenue collections. Classical economists refer to this as the Laffer curve, or the revenue-reflow, effect. In simple terms, if a tax cut stimulates the underlying activity being taxed, a revenue reflow will result. The reflow can offset or even surpass the volume of revenues that would have been collected under the higher tax rate and smaller tax base. Pro-growth tax-rate reductions on labor and capital in the 1920s, 1960s, 1980s, and then again in 1997 and 2003 all exhibited revenue-reflow effects, although some were stronger than others.
Despite the avalanche of historical evidence, some economists and policymakers question the validity of incentive-based revenue reflows and assert instead that the recent surge in tax-receipt growth has been caused by an increasing fraction of the workforce being ensnarled by the alternative minimum tax (AMT). They also argue that annual comparisons were made extremely easy due to the huge drop in revenues due to the 2000-02 stock market implosion and the 2001 recession that accompanied it. While there is some truth to these claims, they overlook several key facts. ... Reply
Investing Changes Under a New Tax Regime [view article]
yes-as you say the sheeple are marching to slaughter but keeping their eyes on yesterdays sport scores. at least they kow whats important. ReplyInvesting Changes Under a New Tax Regime [view article]
I agree with Xyrus. Ron Paul is the only candidate that would have balanced the budget. The rest are just crooks and liars that tell the sheeple what they want to hear. ReplyInvesting Changes Under a New Tax Regime [view article]
It doesn't really matter who gets elected, taxes HAVE TO raise. You can probably count on the raises being investment related at the very least.Or rather, either taxes have to raise or government spending needs to be DRASTICALLY reduced. Which do you think is more likely to happen?
On one side we have McCain, who really has all of the financial know-how of an amoeba. I wouldn't trust that guy to balance his own checkbook, let alone approve national budgets. He rattles on and on about earmarks and pork. That's less than 1% of government spending. The cash suckers are the military and social programs. Well he certainly wants to keep military spending high, and there's no way he's going to get a social cut through a democratic congress (not to mention he'd be eaten alive by the media for cutting social programs in a down market). Regardless, he can want to cut taxes all he wants. It's not going to change the fact that our government is flat broke, and we're crossing the $10 trillion dollar mark in debt.
In the other corner we have Barack "The Messiah" Obama. He certainly is a charismatic character, but charisma doesn't balance budgets. Universal Healthcare? How? Where is the money going to come from? In a couple more decades we won't even be able to handle our current social programs. Raise taxes? That's going to require quite a raise, as we can't even cover what we are currently spending. We could cut military spending (like get out of Iraq); that would get us closer to a balanced budget, but we'd still need tax raises to cover the bill.
In truth, I don't envy the position either would have after the disaster of the last 8 years or so. The most likely candidate that would have had the brass ones to do what is necessary for balancing the budget was Ron Paul. Now, it's 6 one way half-dozen the other. No matter who gets elected you can count on more taxes on the rich and more taxes on investments. By that time the poor won't really have any money to tax, since it will be all spent on food and gas. Best case, count on the rates before Bush made his idiotic decision to cut taxes while increasing spending further burying us in the whole with our future sugar daddy China.
~X~ Reply
ocks
Calendar Year Country Fund Returns: 1997-2007+ [view article]
The Swiss ETF - EWL seems to always an average performer.Others like EWG,EWD are probably better bets. ReplyBuffett's Advice to the Berkshire Faithful: Buy Index Funds [view article]
Index funds also very tax-efficient!Broadly based, low cost Vanguard index funds and ETFs (exchange traded funds, cost even less if held long term) are also very tax efficient. Vanguard research published last year shows that over 10 year periods its broadly based stock funds perform in upper quarter of like mutual funds and in upper 1/5 of similar funds after payment of Federal Income taxes.
The secret is wide diversification (giving up making a killing for the peace of mind of not getting killed) and LOWERING ALL INVESTMENT COSTS. See more hints on website. Good luck to all. Reply
ETF Fund Flows (Week Ending 5/9/08) [view article]
Sure looks like forces gathering for a downturn. ReplyEverything You Wanted To Know About This Week's Market (But Were Afraid To Look At Too Closely) [view article]
Well rounded commentary. Wish you could publish this weekly .. ;) Reply