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  • Protected Principal Retirement Strategy: It's That Time Of Year - Reallocation [View article]
    Thanks for the thought provoking article. You explain your focus on mid-range investors. Directionally, how would you revise your allocations for higher wealth investors with a tolorance for moderate risk?
    Dec 5, 2012. 05:29 PM | Likes Like |Link to Comment
  • Economics 101: Little Return Without Risk [View article]
    Thanks for the thought provoking article. But, why limit the advice to U.S. large cap stocks? Arn't European large cap stocks even more under-grazed? Even though Euro difficulties are far from resolved, it seems reasonable to assume that the larger economies and companies will find a way to muddle through, whether there's a Euro zone break up or not.

    Given that there are many large and sound European companies offering ADRs on the NYSE, do you think it's appropriate for U.S. investors to begin allocating a small percent of assets to this category?
    Dec 5, 2012. 03:10 PM | 3 Likes Like |Link to Comment
  • John B. Sanfilippo & Son: Nuts For A Bargain [View article]
    Without a dividend or liquidity I guess the reason to invest would be the greater fool theory. This looks like a good company but a poor investment.
    Oct 27, 2012. 04:30 PM | Likes Like |Link to Comment
  • Speculators And Hit-And-Runs: An Indonesia Investing Reality Check [View article]
    Thanks, your article made me feel better about my IIT shares. I hope all those young, freewheeling Indonesians are ready to upgrade their Blackberrys for iPhone 5's. That should give IIT a boost!

    Maybe the casual attitudes about laws and credit are typical for immature, rapidly growing societies. We could think of the American wild west as a kind of adolesence, maybe similar to today's Indonesia.
    Oct 23, 2012. 07:49 PM | 1 Like Like |Link to Comment
  • An Unjustified Reaction To VF Corp.'s Earnings Is A Gift [View article]
    Clayton, maybe the market feels that with a P/E ratio of 18.79 after today's further 2.38% drop in share price the stock has farther to drop than to rise. No doubt the brands are prominent, but isn't this business vulnerable to further shifts away from mall retailing in favor of on-line sales where price competition makes it hard to maintain historical margins?
    Oct 23, 2012. 06:36 PM | Likes Like |Link to Comment
  • 5 Years Until Retirement? What Is Your Plan? [View article]
    Bob, thanks for including your market capitalization criteria,

    "One of the hurdles I use in my own portfolio is a Market Capitalization size of a minimum of $5 billion, and for some types of holdings $15 billion."

    I see articles on SA that talk about micro-cap companies as if they are appropriate for retirement portfolios. They are not! Especially for people who need to live off of investment returns. We need more articles that address the differences between investing and speculating.
    Oct 22, 2012. 05:52 PM | 1 Like Like |Link to Comment
  • EBITDA: Often Criticized, But Still Useful [View article]
    It's interesting how Yahoo Finance continues to be the gold standard for non-subscription on line stock information. Especially considering how they've lost their way in so many other areas (search, etc.). I also find Yahoo Finance to be the best way to get a quick and usually correct snapshot of a stock. Maybe Yahoo should spin off their finance section and merge with SA.
    Oct 20, 2012. 10:17 AM | Likes Like |Link to Comment
  • Analyzing Companies Is A Complex Affair: Don't Use EBITDA [View article]
    Fair point, but it depends on whether one is acquiring the whole company or just buying a few shares. The share investor is buying the capital structure along with a portion of the business. With a share investment in a highly leveraged business one gets more volatility and more risk. With a share investment in a debt free business one gets debt capacity to fund new business opportunities if they should emerge.

    Everything else being equal, I'll take the debt free business please.
    Oct 20, 2012. 03:35 AM | 1 Like Like |Link to Comment
  • Beyond Borders: Currency Considerations For Investing [View article]
    Russ, thanks for a great overview and thanks for mentioning the diversification opportunity associated with foreign currency exposure. Private U.S. investors may be far more exposed now to the risks of holding only U.S. denominated investments than in the past. Consider how one's standard of living can be impacted today if the US$ depreciates against foreign currencies. Foreign vacations become more expensive, as do cars and electronic "essentials", even much of what we eat and drink. Much better to allocate a portion of assets (about 30% for me) to a range of foreign currencies. And by the way, broadening a portfolio in this way makes the whole exercise of investing more interesting to boot!
    Oct 20, 2012. 03:35 AM | Likes Like |Link to Comment
  • 25 Years Later: Lessons From The Crash Of '87 [View article]
    Richjoy, thanks for that real life, honest perspective. My wife exerted similar pressure on me during the 2008 downturn, which I just barely withstood. Amazingly we are still married.

    Those experiences say to me that a 25% drop in the market can be much worse than just 25% for a private investor who is forced to sell at the worst time. All the more reason to have a prudent asset allocation that dampens the impact of a worst case scenario.
    Oct 20, 2012. 03:35 AM | 1 Like Like |Link to Comment
  • One Financial Advisor's View On Asset Allocation And Rebalancing [View article]
    Thanks for an insightful article. Two questions:
    1) Do you think a GMI.R or GMI.E asset allocation is appropriate for a retired person living in the U.S.? Doesn't the GMI allocation involve substantial Fx risks that may be inconsistent with the investor's US$ living expense needs?
    2) How often do you recommend rebalancing? Is there an optimal rebalancing frequency?
    Oct 12, 2012. 02:07 AM | Likes Like |Link to Comment
  • A Bond Allocation For Your Dividend Growth Portfolio [View article]
    Thanks for the excellent article and very sound advice. Regarding TEGBX, does it hold bonds denominated in both US$ and foreign currencies? How do you feel about foreign currency denominated bonds? For a U.S. investor do you see Fx exposure as useful diversification or undesirearable risk?
    Oct 12, 2012. 01:05 AM | Likes Like |Link to Comment
  • 3 Simple Puzzles Bullish Investors Must Solve [View article]
    Can’t the simultaneous move up by long term treasuries, gold and silver be explained by a movement to safe havens?
    Sep 24, 2012. 07:14 PM | Likes Like |Link to Comment