- Numbers Games–Reflections on the Uses and Abuses of Big Data by John C. Bogle
- Partnering With Passive Fund Sponsors That Have Your Back / 綠角財經筆記: ETF發行公司的品質1—什麼是好的是指數化投資資產管理業者(The Quality of ETF Providers in US)
- Challenge to judgment by Paul A. Samuelson / 綠角財經筆記: Paul Samuelson”Challenge to Judgment”讀後感1---投資新時代的序幕
TD Ameritrade to Offer Largest Commission-Free ETF Program with Expanded 296 ETF Lineup
TD Ameritrade receives remuneration from certain ETFs (exchange-traded funds) that participate in the commission-free ETF program for shareholder, administrative and/or other services.
Partnering With Passive Fund Sponsors That Have Your Back
By Adam McCullough | 18 October 2017
Successful investing hinges on putting yourself in the best position to maximize favorable outcomes. Beyond selecting a fund that tracks a well-constructed index and charges a low fee, choosing a fund sponsor that aligns its interests with its fundholders’ increases the odds of a positive investor outcome. Our research found that purveyors of passive funds that align their incentives with those of their fundholders have generated better category-relative risk-adjusted performance on average than funds from firms that seem to prioritize their own interests over investors’. Investors in passively managed funds are best served by firms that offer inexpensive products that efficiently track their underlying indexes and have long-term investment merit.
TD Ameritrade 全數砍掉Vanguard 免手續費 ETF ,11月21日起,買、賣都要收手續費。
TD Ameritrade 根本就是玩陰的,都養你那麼多年了,現在當然要殺,表面增加免交易費 ETF的數量,從本來的 100 檔擴增到 296 檔,10月17日生效,換成一堆爛貨(AGFiQ QuantShares, First Trust Portfolios, iShares ETFs, J.P. Morgan Asset Management, PowerShares by Invesco, ProShares, State Street Global Advisors’ SPDR Business, WisdomTree Investments),是有個屁用。實則拔掉長期投資人最好用的Vanguard,司馬昭之心,路人皆知,無非就是想要開始大賺手續費。
晴天霹靂,哀鴻遍野,令人錯愕,如何解呢?
VXUS和 VEU則是投資美國以外的已開發與新興市場。 VXUS和VEU則同時投資已開發與新興市場。
這些ETF可以組成幾個不同的全球股市投資模式:
TD Ameritrade來信
We're happy to announce that we are expanding our commission-free exchange-traded funds (ETFs) trading program, nearly tripling the number of available funds to 296. Since you’re currently enrolled in the commission-free ETF trading program, we want to be sure you have all the details so you can determine how these changes can meet your investing needs.
Updates to Funds List
We will be replacing most of the ETFs currently on the commission-free ETF list with a broad new selection of ETFs from AGFiQ QuantShares, First Trust Portfolios, iShares ETFs, J.P. Morgan Asset Management, PowerShares by Invesco, ProShares, State Street Global Advisors’ SPDR Business, and WisdomTree Investments. These new ETF choices will be available in the ETF Market Center beginning October 17, 2017.
Industry Trade Settlement Date Change
On September 5, 2017, the financial industry will shorten the settlement cycle process for trades of
most securities (including equities, exchange-traded funds [ETFs], fixed-income products, unit
investments trusts [UITs], and other products comprising these types of securities) from three business days after the trade date (“T+3”) to two business days after the trade date (“T+2”). This will reduce a number of risks for the financial markets and for individual investors, including credit risk, market risk, and liquidity risk.
What does this mean for you? After the industry completes this change, you will receive payment faster after you sell a security, you will have the ability to trade a day earlier with funds from the sale of a security, and you’ll be required to provide funds to your broker more quickly after you buy a security.
TD Ameritrade receives remuneration from certain ETFs (exchange-traded funds) that participate in the commission-free ETF program for shareholder, administrative and/or other services.
- 綠角財經筆記: 共同基金的騙局(Investor’s Dilemma)讀後感1---優先替自己賺錢的基金業者
投資有兩個面向。一是,你如何從市場中獲取報酬。二是,你如何與金融業者瓜分報酬。能不能賺錢恐怕還要看市場風向,但可以確定的是,你一定可以幫業者 賺錢。他們局都設好了啊。 所以,不論對於指數化投資人或是主動型基金投資者,挑選一個真心替 投資人著想,願意避開利益衝突的基金業者,是這兩種不同投資理念執 行時的共通之處。 - 綠角財經筆記: ETF發行公司的品質2—探求原因,而非注重表象(The Quality of ETF Providers in US)
一家收取低廉費用、跟投資人分享經濟規模效益、指數追蹤能力良好、 很有克制的發行新標的的業者,會是我們投資路上的好夥伴。 - 綠角財經筆記: ETF發行公司的品質1—什麼是好的是指數化投資資產管理業者(The Quality of ETF Providers in US)
很多關於ETF與指數化投資的討論,都是針對標的本身,譬如ETF的資產總值、流動性、追蹤怎樣的指數。但發行這些標的的資產管理公司,才是源頭。資產管理公司本身的品質,也會影響指數化投資的成果。 - 綠角財經筆記: 資產管理公司的營收成長(Earnings Growth of Asset Management Companies)
大多資產管理公司,就像一般以營利為目的的公司一樣,要追求營收成長。資產管理公司的營收成長有兩個主要動力來源,一是管理資產的增長,一是投入的市場的增長。推出高費用的基金,對資產管理公司是一條賺錢的捷徑,但卻也是傷害投資人報酬的不二法門。 - 綠角財經筆記: 美國股市ETF(VTI)與美股基金績效比較(Comparison of VTI and US Equity Mutual Funds in Taiwan,2017年更新)
請注意,VTI是第一名的成績。十年績效第一名。認為指數很容易就可以擊敗的人,不管他已經投資了多久的時間,恐怕都是一隻還沒長大的投資菜鳥。事實就是,指數很難打敗。 - 綠角財經筆記: ETF照妖鏡(ETF as Truth Mirror)
投資世界有很多反直覺,反生活經驗的事情。十幾支基金的落後,代表十幾位專業經理人,研究十年的成果,輸給不做研究,追蹤全美國股市指數的VTI。這是專業人士的成績喔。ETF的第二個特點,股票交易特性。這代表投資人買賣ETF,就像買賣股票一樣是彼此換手交易。 你賣出價值100萬的ETF,就代表有其他投資人接手。ETF不會因此需要賣出價值100萬的證券。 你買進價值100萬的ETF,就表示有其他投資人賣出。ETF不會因此需要買進價值100萬的證券。
By Adam McCullough | 18 October 2017
Successful investing hinges on putting yourself in the best position to maximize favorable outcomes. Beyond selecting a fund that tracks a well-constructed index and charges a low fee, choosing a fund sponsor that aligns its interests with its fundholders’ increases the odds of a positive investor outcome. Our research found that purveyors of passive funds that align their incentives with those of their fundholders have generated better category-relative risk-adjusted performance on average than funds from firms that seem to prioritize their own interests over investors’. Investors in passively managed funds are best served by firms that offer inexpensive products that efficiently track their underlying indexes and have long-term investment merit.
TD Ameritrade 全數砍掉Vanguard 免手續費 ETF ,11月21日起,買、賣都要收手續費。
- Firstrade $2.95美金/每筆
- TD Ameritrade $6.95美金/每筆
- 嘉信 $4.95美金/每筆
TD Ameritrade 根本就是玩陰的,都養你那麼多年了,現在當然要殺,表面增加免交易費 ETF的數量,從本來的 100 檔擴增到 296 檔,10月17日生效,換成一堆爛貨(AGFiQ QuantShares, First Trust Portfolios, iShares ETFs, J.P. Morgan Asset Management, PowerShares by Invesco, ProShares, State Street Global Advisors’ SPDR Business, WisdomTree Investments),是有個屁用。實則拔掉長期投資人最好用的Vanguard,司馬昭之心,路人皆知,無非就是想要開始大賺手續費。
晴天霹靂,哀鴻遍野,令人錯愕,如何解呢?
- 換券商?留下?離開?
- 降低投資頻率
- 將標的數減少
- 為什麼推薦開複委託帳戶?(附永豐、富邦開戶資訊)
- 綠角財經筆記: 美國券商TD Ameritrade更改免費交易ETF名單(TD Ameritrade Modifies its Commission-Free ETFs Program)
TD想要過去單純定期買進並持有這些標的的投資人,貢獻更多的手續費。券商其實不太喜歡投資人單純買進並持有ETF。利用ETF來多多”交易”,對於券商才是有利的投資方式。(但對投資人有利嗎?)
過去,假如採用以下的投資組合,股市:VTI+VGK+VPL+VWO 債券:IEI+BWX
這樣六支ETF的投資組合,原先在TD只有VPL要交手續費。
TD這樣變更之後,變成六支ETF全都要交手續費。 - 綠角財經筆記: 三種低手續費全球股市ETF投資組合(Three Low-Cost ETF Portfolios)
假如用一個低手續費券商,譬如Firstrade來進行投資的話。每次交易手續費是2.95美金。VWO在Firstrade可以免手續費。所以一次買進這四支Vanguard ETF的手續費共是2.95*3=8.85美金。 過去TD Ameritrade有提供Vanguard ETF免費交易時,VTI、VGK、VPL和VWO這四支ETF,除了VPL之外,都可以免費買賣。在2017三月降價之前,TD每次交易的手續費是9.99美金。所以以前透過TD投資這四個標的的手續費是9.99美金。 所以對於想要使用Vanguard高品質ETF的投資朋友來說,TD取消Vanguard ETF免費交易的影響,可能沒有想像中嚴重。 - 不用手續費的基金其實最貴
比起手續費,年費用率才是真正得斤斤計較的部分,尤其基金公司並未伸手向投資者要這筆錢,直接就從本金內扣掉,投資者根本不會有警覺,所以才需要更加警惕才行。所幸投資者只要多費點心思,每檔基金的費用率都可以查得到,當然也並非費用率愈低的基金就愈好,但是同一檔基金不同類股,費用率當然愈低愈好。下一次買基金時,記得先看總費用率是多少喔。 - 綠角財經筆記: 道富資產管理推出SPDR Portfolio ETFs
道富資產管理公司推出Portfolio ETF跟美國券商TD Ameritrade更改免費交易ETF名單的時間點,相當巧合。 這就讓人不禁會想,道富資產管理除了降低內扣費用之外,也可能在行銷通路方面”用了點心”。與TD談合作,將SPDR Portfolio ETF納入免費交易名單,同時排除最大對手,Vanguard的ETF,將其全部踢出免費交易名單。 不過就如同之前分析文章討論到的,ETF內扣費用低,當然是好事。但不是內扣費用較低,這支ETF就會自動成為比較好的標的。道富的ETF還有追蹤效能,流動性不如Vanguard的問題。 - 綠角財經筆記: ETF挑選的基本原則(Basic Principles for Choosing ETFs)
重點是先選出好的ETF,然後看那個管道可以用最低的成本(手續費)買到,我們就透過這個管道去投資。重點是,選好的ETF。優良的ETF在內扣費用,追蹤誤差,買賣價差方面省下的成本,往往勝過較差的ETF。較差的ETF就算免手續費,在加計其它投資成本後,未必划算。好的ETF,過去可以完全免手續費,那當然很好。現在就算變成要多花一點手續費買進,只要ETF本身優良特性仍然存在,它仍是首選。 - 綠角財經筆記: TD Ameritrade 2017新版免費交易ETF分析(Analysis of New TD Ameritrade Commission-Free ETFs)
美國以外已開發市場的VEA......VEU和VXUS,是投資美國以外的全球市場,同時包括已開發與新興市場。假如買進時多花個幾塊錢的手續費,買未來十年,未來二十年,更好的指數追蹤能力,應是個划算的選擇。較低的流動性代表較大的買賣價差。省了手續費,但承擔更高的買賣價差成本,這樣真叫省錢嗎?重點是,看整體。ETF買進的手續費,內扣費用,其實都只是總成本的一部分而已。比較好的ETF會有更低的總成本。 - 綠角財經筆記: 債券的殖利率 (Yield)
- 綠角財經筆記: 基金的殖利率(Fund Yield)
- 基金的配息成份。基金的配息 (Distribution)是由資本利得(Capital gain)與利息股利收入 (Income)兩部份組成的。在計算基金的殖利率(Fund Yield)時,只計入基金的Income部份收益,也就是只納入基金因持有債券所獲得的利息與持有股票所獲得的股利。Fund yield是不計資本利得的。 Fund yield它代表過去一年基金績效中有多少成份來自於Income。譬如某基金過去一年報酬率是8%,Yield是2%,那麼就是約有四分之一的績 效來自Income。對於我們國際投資者的意義在於稅負考量。譬如兩支性質相同的基金,過去一年的報酬都是8%,其中甲基金有4%的 Yield,而乙基金有2%的Yield。在這種狀況下,因為Income收益會被課30%的稅,持有乙基金,實際能拿到的報酬會較高。另外,它是一個回顧過去的數字。它對未來有些許預測性但不準確。因為未來,基金持有的股票和債券會發出的股息利息不一定相同。基金也 有可能改變配息頻率。不過這個數字還是可以參考,讓投資人知道假如未來狀況沒有差太多,在這支基金能拿到的Income收益成份有多少。 Fund yield對於已經進入提領期,要使用基金配息來支付生活支出的投 資人,也是一個重要的數字。
- 綠角財經筆記: 拿起你的望遠鏡---債券投資收益評估(How to Estimate Bond Returns)
債券本身的利息,以債券當初買入時的殖利率來代表。再來就是因為利率改變,而有可能獲得的資本利得。最後是,利息 再投資獲得的收益。債券收益= 利息 + 資本利得 + 再投資收益 - 綠角財經筆記: 美國註冊基金的兩種配息率表示法(Distribution Yield and SEC Yield)
- 配息率本身是個不穩定的數值。投資人常看 到某基金配息率高,然後買進,以為未來的配息會與過去一樣高。很抱歉,這和看基金過去績效做為買進準則一樣,頗不可靠。就和過去績效 一樣,過去配息高低也不保證未來配息高低。配息率本身就是一個會變動的數值。 另外,有的投資人過度看重配息,而忽略了配息與資本增減值加總而得的總回報率才是重點。就算某支基金發出了高配息,但卻本金虧蝕,這樣整體來說很可能還是虧損的。 配息率是應該要看,但不是唯一該看的數字。
- Vanguard Short-Term Corporate Bond ETF (VCSH)
- 綠角財經筆記: 不要花錢買配息(Don’t Buy Dividends)
在購入基金的時間點上,應注意避開基金配息前夕......有的基金是每季配息,有的是年末配息。在購入美國註冊基金時,詳查其配息時程是必要步驟。 - 綠角財經筆記: ETF的三個重要日子—Ex-Dividend Date, Record Date, and Payable Date
Ex-Dividend Date,除息日。在這一天,ETF的價格將減去 該次配息的金額。從Ex-Dividend Date這個營業日開始(包括這天),新持有該ETF的投 資人將不具有得到這次配息的權利。也就是說,你要參與這次配息,至少你要在Ex-Dividend Date的前一天,還持有該ETF。假如你在Exdividend Date才買進,那麼就無法參與這次配息。假如你原本持有, 但想賣出ETF仍參與配息,你要在Ex-dividend Date這天或之後,才 賣出該ETF。
- Vanguard Total Stock Market ETF VTI
- Vanguard FTSE Europe ETF VGK
- Vanguard FTSE Pacific ETF VPL
- Vanguard FTSE Emerging Markets ETF VWO
- 綠角財經筆記: Vanguard Total World Stock ETF分析介紹(VT,2017年版)
- 綠角財經筆記: TD Ameritrade 2017新版免費交易ETF分析(Analysis of New TD Ameritrade Commission-Free ETFs)
美國以外已開發市場的VEA......VEU和VXUS,是投資美國以外的全球市場,同時包括已開發與新興市場。假如買進時多花個幾塊錢的手續費,買未來十年,未來二十年,更好的指數追蹤能力,應是個划算的選擇。較低的流動性代表較大的買賣價差。省了手續費,但承擔更高的買賣價差成本,這樣真叫省錢嗎?重點是,看整體。ETF買進的手續費,內扣費用,其實都只是總成本的一部分而已。比較好的ETF會有更低的總成本。
VXUS和 VEU則是投資美國以外的已開發與新興市場。 VXUS和VEU則同時投資已開發與新興市場。
這些ETF可以組成幾個不同的全球股市投資模式:
- VTI+VXUS
- VTI+VEU
- VTI+VEA+VWO
TD Ameritrade來信
We're happy to announce that we are expanding our commission-free exchange-traded funds (ETFs) trading program, nearly tripling the number of available funds to 296. Since you’re currently enrolled in the commission-free ETF trading program, we want to be sure you have all the details so you can determine how these changes can meet your investing needs.
Updates to Funds List
We will be replacing most of the ETFs currently on the commission-free ETF list with a broad new selection of ETFs from AGFiQ QuantShares, First Trust Portfolios, iShares ETFs, J.P. Morgan Asset Management, PowerShares by Invesco, ProShares, State Street Global Advisors’ SPDR Business, and WisdomTree Investments. These new ETF choices will be available in the ETF Market Center beginning October 17, 2017.
- Current ETFs will remain on the commission-free list through November 20, 2017. Beginning November 21, 2017, they will trade at our standard low commission rates.
- The new list will provide access to low-cost ETFs in the same asset classes that the current ETFs provide, along with several new asset classes. If you choose to replace any current position on the commission-free list with an ETF from the new list by November 20, 2017, you will not be charged commissions for either trade.
- New 30-Day Margin Rule: All new ETFs on the commission-free list cannot be used as collateral for a margin loan, nor can they be included in margin equity for 30 days after purchase.
- Lower Short-Term Trading Fee: We'll be lowering our short-term trading fee from $19.99 to $13.90. This will only apply to ETFs held less than 30 days. This new fee will go into effect on November 21, 2017.
Industry Trade Settlement Date Change
On September 5, 2017, the financial industry will shorten the settlement cycle process for trades of
most securities (including equities, exchange-traded funds [ETFs], fixed-income products, unit
investments trusts [UITs], and other products comprising these types of securities) from three business days after the trade date (“T+3”) to two business days after the trade date (“T+2”). This will reduce a number of risks for the financial markets and for individual investors, including credit risk, market risk, and liquidity risk.
What does this mean for you? After the industry completes this change, you will receive payment faster after you sell a security, you will have the ability to trade a day earlier with funds from the sale of a security, and you’ll be required to provide funds to your broker more quickly after you buy a security.
在美國券商價格戰之後,幾家常見券商的單次交易收費是:
Firstrade 2.95, Charles Schwab 4.95, TD 6.95
Firstrade 2.95, Charles Schwab 4.95, TD 6.95
覺得TD在這個費用競爭中有點進退失據