Still a fan of small value?

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DesertInvestor
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Still a fan of small value?

Post by DesertInvestor »

My small value got demolished, esp DFA target value I. Are we still fans of this asset class? Its been a nightmare this year for me. Responsible for much of my loses. May reduce my asset allocation to 10%. 401k as been poor place to put it given volatility as I can't TLH.
Triple digit golfer
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Re: Still a fan of small value?

Post by Triple digit golfer »

Reducing your allocation now would be selling low. Either stick with the strategy or dump it completely, go to a total market portfolio and never look back.
Trader Joe
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Re: Still a fan of small value?

Post by Trader Joe »

DesertInvestor wrote: Fri Mar 13, 2020 6:19 pm My small value got demolished, esp DFA target value I. Are we still fans of this asset class? Its been a nightmare this year for me. Responsible for much of my loses. May reduce my asset allocation to 10%. 401k as been poor place to put it given volatility as I can't TLH.
No, I have never been a fan of small value.
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Re: Still a fan of small value?

Post by Triple digit golfer »

Trader Joe wrote: Fri Mar 13, 2020 6:51 pm
DesertInvestor wrote: Fri Mar 13, 2020 6:19 pm My small value got demolished, esp DFA target value I. Are we still fans of this asset class? Its been a nightmare this year for me. Responsible for much of my loses. May reduce my asset allocation to 10%. 401k as been poor place to put it given volatility as I can't TLH.
No, I have never been a fan of small value.
Ditto.
dharrythomas
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Re: Still a fan of small value?

Post by dharrythomas »

I’ve been a long term fan of value with a small tilt toward and a smaller tilt toward small. I’ve got no idea if I’m ahead or behind because of it, I do believe the value story even though Jack Bogle thought it was a story about cherry picking your dates and reversion to the mean. I notice that I’ve trailed in the recent bull and seem to be getting hammered in the bear.

Good luck.
corp_sharecropper
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Re: Still a fan of small value?

Post by corp_sharecropper »

DesertInvestor wrote: Fri Mar 13, 2020 6:19 pm My small value got demolished, esp DFA target value I. Are we still fans of this asset class? Its been a nightmare this year for me. Responsible for much of my loses. May reduce my asset allocation to 10%. 401k as been poor place to put it given volatility as I can't TLH.
I have never seen serious/informed advocacy for SCV that didn't have a loud, blaring, disclaimer that said something to the effect of "if you can't handle underperformance of the market for years, possibly even a decade or longer, you shouldn't bother tilting to SCV". It sounds like you're not willing to go through that, so either jump ship now and never look back or buckle up, hang on tight, and just make peace with the idea that you're going to ride this pony for long time.
MotoTrojan
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Re: Still a fan of small value?

Post by MotoTrojan »

Yes and buying as much as I can right now. Ex-US too.
Momus
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Re: Still a fan of small value?

Post by Momus »

Small Value got destroyed more so than S&P 500 in 08 bear market. It hasn't recovered since then and trailed S&P.
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Re: Still a fan of small value?

Post by abuss368 »

Invested in Vanguard Small Growth many years ago but only for a very short period. Now I simply prefer total market index funds.

Buy the haystack!
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Noobvestor
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Re: Still a fan of small value?

Post by Noobvestor »

DesertInvestor wrote: Fri Mar 13, 2020 6:19 pm My small value got demolished, esp DFA target value I. Are we still fans of this asset class? Its been a nightmare this year for me. Responsible for much of my loses. May reduce my asset allocation to 10%. 401k as been poor place to put it given volatility as I can't TLH.
Selling low is generally a bad idea. I'm buying more right now, sticking to my plan. Recommend the same for you.

If your plan overall is stressing you out, spend some time working on it and thinking about it, then set a delay (e.g. 90 days) before doing stuff.
"In the absence of clarity, diversification is the only logical strategy" -= Larry Swedroe
MotoTrojan
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Re: Still a fan of small value?

Post by MotoTrojan »

Momus wrote: Fri Mar 13, 2020 7:06 pm Small Value got destroyed more so than S&P 500 in 08 bear market. It hasn't recovered since then and trailed S&P.
And it destroyed the S&P600 in the 2000 crash, so much so that even after 2008 and this recent downslide it beat the S&P500 by 4.2% CAGR.

https://www.portfoliovisualizer.com/bac ... ion2_2=100

Your point?
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Re: Still a fan of small value?

Post by abuss368 »

No doubt it will have it's day in the sun again. All asset classes do. But then they revert to the mean.
John C. Bogle: “Simplicity is the master key to financial success."
MotoTrojan
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Re: Still a fan of small value?

Post by MotoTrojan »

abuss368 wrote: Fri Mar 13, 2020 7:51 pm No doubt it will have it's day in the sun again. All asset classes do. But then they revert to the mean.
Do you believe the total US market has a higher risk-adjusted return that small-value? If not, then you believe SCV has a higher expected return. Sure it won't outperform by several % year after year, but even 1% CAGR improvement over an investing lifetime is a huge win.
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Re: Still a fan of small value?

Post by abuss368 »

MotoTrojan wrote: Fri Mar 13, 2020 7:54 pm
abuss368 wrote: Fri Mar 13, 2020 7:51 pm No doubt it will have it's day in the sun again. All asset classes do. But then they revert to the mean.
Do you believe the total US market has a higher risk-adjusted return that small-value? If not, then you believe SCV has a higher expected return. Sure it won't outperform by several % year after year, but even 1% CAGR improvement over an investing lifetime is a huge win.
No doubt. Key is it has to last for a long period of time!
John C. Bogle: “Simplicity is the master key to financial success."
tibbitts
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Re: Still a fan of small value?

Post by tibbitts »

DesertInvestor wrote: Fri Mar 13, 2020 6:19 pm My small value got demolished, esp DFA target value I. Are we still fans of this asset class? Its been a nightmare this year for me. Responsible for much of my loses. May reduce my asset allocation to 10%. 401k as been poor place to put it given volatility as I can't TLH.
You signed up for SV knowing it might underperform for short periods, including your lifetime, so you have to stick with it if you want to have any hopes of seeing benefits. You could swap it out for taxable if you prefer, but if the losses don't show up going forward, you'll probably find it less tax efficient than many other funds.
averagedude
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Re: Still a fan of small value?

Post by averagedude »

I have a small tilt to small cap value. It is not a large tilt like Paul Merriman would suggest. I am married to it and I am going to stick with it for richer or poorer. I believe that your investment strategy should be like a marriage, It should be something or someone that is reasonable, and somebody that you can stick with through thick and thin.
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Re: Still a fan of small value?

Post by BlueMoonXD »

I've personally never understood the fixation with with SCV. I find that it is often not consistently defined, and to the extent that it is, it feels to me like a fairly arbitrary investing decision, but to each their own.

Folks can tilt towards whatever they'd like -- green energy, tech, companies with blue logos, etc. If you have some investing hypothesis that leads you to believe that a certain market sector will overperform, then it makes sense to overweight it a bit. I have never quite understood the rational for why SCV will overperform the market, and to me part of the Bogleheads philosophy is to try and minimize these types of savvy (or not-so-savvy) judgements attempting to outsmart a simple diversified strategy.

If you have a true investing philosophy that leads you to tilt SCV, then you should continue doing it. If not, you should never have done it in the first place, so I would get out now.
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Re: Still a fan of small value?

Post by MotoTrojan »

tibbitts wrote: Fri Mar 13, 2020 7:56 pm You could swap it out for taxable if you prefer, but if the losses don't show up going forward, you'll probably find it less tax efficient than many other funds.
S&P600 value index, a favorite of many bogleheads, has been one of the more tax-efficient ETFs out there for quite some time.
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Re: Still a fan of small value?

Post by MotoTrojan »

Momus wrote: Fri Mar 13, 2020 7:06 pm Small Value got destroyed more so than S&P 500 in 08 bear market. It hasn't recovered since then and trailed S&P.
Also on top of my above comparison from the tech crash to now, S&P600 value actually rebounded quite well from the 2008 bear, surpassing the S&P500 quite early in the rebound and building a comfortable lead until very recently.

https://www.portfoliovisualizer.com/bac ... ion2_2=100
averagedude
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Re: Still a fan of small value?

Post by averagedude »

MotoTrojan wrote: Fri Mar 13, 2020 8:33 pm
Momus wrote: Fri Mar 13, 2020 7:06 pm Small Value got destroyed more so than S&P 500 in 08 bear market. It hasn't recovered since then and trailed S&P.
Also on top of my above comparison from the tech crash to now, S&P600 value actually rebounded quite well from the 2008 bear, surpassing the S&P500 quite early in the rebound and building a comfortable lead until very recently.

https://www.portfoliovisualizer.com/bac ... ion2_2=100
Right now, if I had to bet on an etf, this S&P 600 value fund is where I put my money on for a 20 year time horizon. It will most certainly underperform the best, but I do believe it will outperform the 500 index. Full disclosure, this is only a guess because nobody really knows what will happen in the future.
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Re: Still a fan of small value?

Post by dru808 »

Nope 👎, not against it, I just refuse to tilt to it.
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MotoTrojan
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Re: Still a fan of small value?

Post by MotoTrojan »

averagedude wrote: Fri Mar 13, 2020 8:41 pm
MotoTrojan wrote: Fri Mar 13, 2020 8:33 pm
Momus wrote: Fri Mar 13, 2020 7:06 pm Small Value got destroyed more so than S&P 500 in 08 bear market. It hasn't recovered since then and trailed S&P.
Also on top of my above comparison from the tech crash to now, S&P600 value actually rebounded quite well from the 2008 bear, surpassing the S&P500 quite early in the rebound and building a comfortable lead until very recently.

https://www.portfoliovisualizer.com/bac ... ion2_2=100
Right now, if I had to bet on an etf, this S&P 600 value fund is where I put my money on for a 20 year time horizon. It will most certainly underperform the best, but I do believe it will outperform the 500 index. Full disclosure, this is only a guess because nobody really knows what will happen in the future.
I hope you're right! I am tilted 50% small-value (30% ex-US, 20% US).
UpperNwGuy
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Re: Still a fan of small value?

Post by UpperNwGuy »

Lot of people seeking to beat the overall market around here....

Why else would anyone want to overweight small value?
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Re: Still a fan of small value?

Post by Jebediah »

Small Value is behind TSM for the trailing 15 year period and down 40% in this correction already.

Therefore, I am going all in on SCV and will hold it until it wins or I die, whichever comes first.

Buy low, sell high.
Elysium
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Re: Still a fan of small value?

Post by Elysium »

Small Value is in an unprecedented slump against S&P 500 Index since the inception of first available passive SCV fund in 1993, the DFA SCV fund (DFSVX).

Since inception in 1993 there has been only two prolonged periods of underperformance for DFSVX against S&P 500 Index. The first came from 1995-99 during the famous tech bull run. After the tech crash in 2000, SCV outperformed substantially, with positive returns while LC went negative initially, then outperforming in the recovery by a large margin.

The second instance is the period beginning 2017 to present. This 4 year period is even more pronounced than the previous 5 year period where only last 2 years of 98-99 when tech bull was in it's absolute peak did SCV underperform by a large margin, other 3 years the difference were close. This current period starting 2017 however is showing SCV underperform by a big margin for all 4 years.

See the charts below with highlights for both periods (DFSVX - Portfolio 1, VFINX - Portfolio 2):

Image


Long story short, after the tech crash and the subsequent SCV outperformance combined with back tested data from Fama-French data series, made everyone believe SCV will outperform S&P 500 by a large margin because of the existence of a value premium. After all riskier stocks should outperform safer bonds and hence higher risk SCV stocks should outperform less risky large cap growth stocks dominating S&P 500 Index.

But one small problem remained unexplained, how come Small Growth stocks that are also riskier did not outperform Large Growth stocks that are less riskier? after all risky assets should reward you with more, correct? but FF data showed Small Growth did not outperform, and the professors did not explain this well, instead leaving it as something like lottery effect of people chasing SCG stocks in hope of finding the next Microsoft or Google.

But.. there could be more to it. In fact, if SCG could underperform or not give a premium for the extra risk, then it is very much possible SCV could underperform and not give a premium for taking higher risk. You could call it some other effect later on in hindsight and dismiss it off. The professors could very much likely do so after all. They are not ideologically bound to this, their retirement is not dependent on this, and most of all they are not going to be fired from their jobs for not getting this right. They look at data and theorize, that's what professors do, it is a theory, it's you choice to bet your money after it.

I don't know the answer, my crystal ball is hazy. All I can say is look at the data, but don't fool yourself by ignoring SCG and dismissing it off with a hand wave. If SCG could not give you excess returns for higher risk, it could very well be possible SCV could do same, or they have just switched places for the next 80 years.
Last edited by Elysium on Fri Mar 13, 2020 9:02 pm, edited 1 time in total.
MotoTrojan
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Re: Still a fan of small value?

Post by MotoTrojan »

UpperNwGuy wrote: Fri Mar 13, 2020 8:49 pm Lot of people seeking to beat the overall market around here....

Why else would anyone want to overweight small value?
You have a problem with that? Do you believe the market has a higher risk-adjusted return than small-value?

Beating the market on a risk-adjusted basis is a huge success. Just beating it is simply proof that markets are efficient.
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Re: Still a fan of small value?

Post by MotoTrojan »

Elysium wrote: Fri Mar 13, 2020 8:55 pm

I don't know the answer, my crystal ball is hazy. All I can say is look at the data, but don't fool yourself by ignoring SCG and dismissing it off with a hand wave. If SCG could not give you excess returns for higher risk, it could very well be possible SCV could do same, or they have just switched places for the next 80 years.
I personally find the argument for fundamental indexing to be an easily explained reason for why small-value would outperform large or small-growth, but it is not a well accepted academic justification.

The argument says that market-capitalization weighted indices have roughly equal numbers of over & under weighted companies, and will thus by definition overweight overvalued companies and underweight undervalued ones, relative to their "clairvoyant value". Of course nobody knows the future or what stocks will be valued at, but I don't know how you can argue that this isn't true unless you believe all stocks are perfectly valued (not just efficiently valued to the best of our ability). I personally believe in the noisy market hypothesis, which would lend to the overweighting overvalued phenomenon in market-cap indexes. This doesn't mean all large/growth companies are overvalued and vise versa, but just that by definition the ones that are overvalued will have larger market caps and thus be overweight.

If you weight your stocks using something not tied to price (dividend, earnings, book value, equal weight) then you remove this drag. Alternatively a small-value fund will also naturally hold less of the larger overvalued companies, and more of the smaller undervalued companies. Will all of them be winners? No. But if you can avoid the above mentioned drag you can still get a premium.
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Re: Still a fan of small value?

Post by jpmorganfunds »

MotoTrojan wrote: Fri Mar 13, 2020 7:01 pm Yes and buying as much as I can right now. Ex-US too.
I'm loading up on China small caps.
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Re: Still a fan of small value?

Post by tetractys »

SV is fine with me; I like the way it helps my overall portfolio. I often rebalance by selling something higher and buying something else lower. And in itself it's actually had not so bad returns in my accounts for the last 12 years because of rebalancing. Last year we had a bunch of mild volatility, and my annualized return of VSIAX in my Roth IRA was 24.19%. That's a little better than the 22.76% of just letting it sit.

I will say though that in my taxable account, where I don't rebalance, it does seem like a drag. So the plan there is that the premiums will eventually appear.

My belief is that long term, SV eliminates the small growth drag. -- Tet
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Huge fan

Post by Socrates »

Huge fan IJS 1 yr returns over 24%....10 year...over 12%

:D
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JoMoney
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Re: Still a fan of small value?

Post by JoMoney »

Since June 1992 (Fama French paper outlining the factor model published)
Russell 1000 : 9.4% CAGR
Russell 2000 Value : 9.1% CAGR

The Telltale Chart
"To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham
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Re: Still a fan of small value?

Post by Robert T »

.
The older I get the easier it is becoming to stay the course.

Jan 1995 - Feb 2020: Annualized return / max drawdown

8.79% / -59.1% = 50:50 DFA US Small Value:DFA Intl Small Value
7.42% / -53.5% = 50:50 Vanguard TSM:DFA Large Cap Intl (to use fund with returns back to 1995)
https://www.portfoliovisualizer.com/bac ... tion4_2=50

Rolling annualized returns - worst 15-year return period


7.0% = 50:50 DFA US Small Value:DFA Intl Small Value
3.8% = 50:50 Vanguard TSM:DFA Large Cap Intl
From the rolling returns tab in the link https://www.portfoliovisualizer.com/bac ... tion4_2=50

Yes small value has been harder hit in this downturn, but this should not be surprising (Market risk + size risk + value risk = higher risk than just market risk).

Obviously no guarantees. Each to their own decisions.

Robert
.
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Noobvestor
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Re: Still a fan of small value?

Post by Noobvestor »

Robert T wrote: Sat Mar 14, 2020 1:45 am .
The older I get the easier it is becoming to stay the course.

Jan 1995 - Feb 2020: Annualized return / max drawdown

8.79% / -59.1% = 50:50 DFA US Small Value:DFA Intl Small Value
7.42% / -53.5% = 50:50 Vanguard TSM:DFA Large Cap Intl (to use fund with returns back to 1995)
https://www.portfoliovisualizer.com/bac ... tion4_2=50

Rolling annualized returns - worst 15-year return period


7.0% = 50:50 DFA US Small Value:DFA Intl Small Value
3.8% = 50:50 Vanguard TSM:DFA Large Cap Intl
From the rolling returns tab in the link https://www.portfoliovisualizer.com/bac ... tion4_2=50

Yes small value has been harder hit in this downturn, but this should not be surprising (Market risk + size risk + value risk = higher risk than just market risk).

Obviously no guarantees. Each to their own decisions.

Robert
.
Robert T, helping me stay the course for a decade and counting. Always good to see you! :sharebeer
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Nicolas Perrault
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Re: Still a fan of small value?

Post by Nicolas Perrault »

BlueMoonXD wrote: Fri Mar 13, 2020 8:18 pm I've personally never understood the fixation with with SCV. I find that it is often not consistently defined, and to the extent that it is, it feels to me like a fairly arbitrary investing decision, but to each their own.

Folks can tilt towards whatever they'd like -- green energy, tech, companies with blue logos, etc. If you have some investing hypothesis that leads you to believe that a certain market sector will overperform, then it makes sense to overweight it a bit. I have never quite understood the rational for why SCV will overperform the market, and to me part of the Bogleheads philosophy is to try and minimize these types of savvy (or not-so-savvy) judgements attempting to outsmart a simple diversified strategy.

If you have a true investing philosophy that leads you to tilt SCV, then you should continue doing it. If not, you should never have done it in the first place, so I would get out now.
To "beat the market" has two meanings. 1) To outperform the market in total returns (CAGR), 2) To outperform the market on a risk-adjusted basis (Sharpe ratio, etc.)

In my opinion, "beating the market" in the fair sense of the expression refers to (2).

I am not convinced that SCV is likely to do much (2) going forward, but I think it has good odds of doing (1). If you believe SCV is likely to do (1) but not (2), then SCV does not make sense if you hold bonds, but it can make sense if you are 100% equities and want more risk without directly using leverage.

I am tilted towards SCV but I am not trying to beat the market on a risk-adjusted basis.
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Re: Still a fan of small value?

Post by Nicolas Perrault »

JoMoney wrote: Fri Mar 13, 2020 11:37 pm Since June 1992 (Fama French paper outlining the factor model published)
Russell 1000 : 9.4% CAGR
Russell 2000 Value : 9.1% CAGR

The Telltale Chart
As I'm sure you know, the Russell indices are subject to front-running. Perhaps the smaller index (Russell 2000) is subject to more front-running than the larger one (Russell 1000). Here is another comparison starting in March 1993, close to your starting date:

DFSVX (DFA Small-cap Value): 10.17% CAGR
VFINX (Vanguard S&P 500): 9.32% CAGR

https://www.portfoliovisualizer.com/bac ... ion2_2=100
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Nicolas Perrault
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Re: Still a fan of small value?

Post by Nicolas Perrault »

Annualised over- or underperformance of 1) SCV vs TSM (in blue), and 2) TSM vs STT (in red), using data from the simba spreadsheet 1926-2019.

Image
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PoultryMan
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Re: Still a fan of small value?

Post by PoultryMan »

It seems to me like it is true diversification within the us market, somewhat like real estate. The whole point is that it does NOT perform in lock step with the larger market.

I like it and am trying to increase my holding.
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Re: Still a fan of small value?

Post by dcabler »

Short answer: yes. I'm sure not going to change my strategy mid stream because of the current crises. And goodness knows we've had umpteen small cap value threads on this forum to the point that everybody who's been around for a while knows that they can underperform, sometimes for long periods.
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Re: Still a fan of small value?

Post by Call_Me_Op »

DesertInvestor wrote: Fri Mar 13, 2020 6:19 pm My small value got demolished, esp DFA target value I. Are we still fans of this asset class? Its been a nightmare this year for me. Responsible for much of my loses. May reduce my asset allocation to 10%. 401k as been poor place to put it given volatility as I can't TLH.
This is why people who do not understand why they are holding small value - should not hold it. Did you really expect that a higher expected return would not be accompanied by greater risk? That's not how investing works.
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Re: Still a fan of small value?

Post by watchnerd »

I'm a fan of the fans of small value.

I admire their ability to stick to a tilt that can take decades to show excess return.
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Re: Still a fan of small value?

Post by Call_Me_Op »

watchnerd wrote: Sat Mar 14, 2020 10:30 am I'm a fan of the fans of small value.

I admire their ability to stick to a tilt that can take decades to show excess return.
Appreciate your recognition that prudent investing requires both knowledge and patience.
Best regards, -Op | | "In the middle of difficulty lies opportunity." Einstein
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Re: Still a fan of small value?

Post by watchnerd »

Call_Me_Op wrote: Sat Mar 14, 2020 10:31 am
watchnerd wrote: Sat Mar 14, 2020 10:30 am I'm a fan of the fans of small value.

I admire their ability to stick to a tilt that can take decades to show excess return.
Appreciate your recognition that prudent investing requires both knowledge and patience.
I tilt to value in my own way via international and emerging markets.

Those, too, can take decades to show up.

We're both in the "anyone who didn't invest 100% in the S&P500 for the last decade is a loser" camp. :beer
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Re: Still a fan of small value?

Post by Call_Me_Op »

watchnerd wrote: Sat Mar 14, 2020 10:37 am
Call_Me_Op wrote: Sat Mar 14, 2020 10:31 am
watchnerd wrote: Sat Mar 14, 2020 10:30 am I'm a fan of the fans of small value.

I admire their ability to stick to a tilt that can take decades to show excess return.
Appreciate your recognition that prudent investing requires both knowledge and patience.
I tilt to value in my own way via international and emerging markets.

Those, too, can take decades to show up.

We're both in the "anyone who didn't invest 100% in the S&P500 for the last decade is a loser" camp. :beer
But (I think) we both know that a decade is too short a time frame over which to evaluate the success of a long-term investing strategy.
Best regards, -Op | | "In the middle of difficulty lies opportunity." Einstein
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watchnerd
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Re: Still a fan of small value?

Post by watchnerd »

Call_Me_Op wrote: Sat Mar 14, 2020 10:43 am
But (I think) we both know that a decade is too short a time frame over which to evaluate the success of a long-term investing strategy.
Shhhh....if you speak of such things, the mob will come.
60% Global Market Stocks (VT,FM) | 38% Global Market Bonds | 2% crypto & securitized gold || LMP TIPS/STRIPS || RSU + ESPP
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Re: Still a fan of small value?

Post by Call_Me_Op »

watchnerd wrote: Sat Mar 14, 2020 10:47 am
Call_Me_Op wrote: Sat Mar 14, 2020 10:43 am
But (I think) we both know that a decade is too short a time frame over which to evaluate the success of a long-term investing strategy.
Shhhh....if you speak of such things, the mob will come.
:wink:
Best regards, -Op | | "In the middle of difficulty lies opportunity." Einstein
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Kenkat
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Re: Still a fan of small value?

Post by Kenkat »

The fact that it’s sucked now for multiple years is why it has higher expected returns. It’s riskier than the total market and the risk has shown up.
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Re: Still a fan of small value?

Post by DesertInvestor »

I guess I’ll hold the course. I tilted 15% because of the above issues and I’ll just rebalance going forward or stay at 10%. Thanks! I have all holdings in DFA target value I right now in tax deferred. Was thinking of splitting between that and VIOV in taxable, but ran out of harvesting partners and that now became total market index.
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Re: Still a fan of small value?

Post by MotoTrojan »

DesertInvestor wrote: Sat Mar 14, 2020 5:46 pm I guess I’ll hold the course. I tilted 15% because of the above issues and I’ll just rebalance going forward or stay at 10%. Thanks! I have all holdings in DFA target value I right now in tax deferred. Was thinking of splitting between that and VIOV in taxable, but ran out of harvesting partners and that now became total market index.
AVUV is a good TLH partner for VIOV with even stronger tilts.
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Re: Still a fan of small value?

Post by Call_Me_Op »

DesertInvestor wrote: Sat Mar 14, 2020 5:46 pm I guess I’ll hold the course. I tilted 15% because of the above issues and I’ll just rebalance going forward or stay at 10%. Thanks! I have all holdings in DFA target value I right now in tax deferred. Was thinking of splitting between that and VIOV in taxable, but ran out of harvesting partners and that now became total market index.
Just realize there is no guarantee that SCV will outperform the board market over any time period.
Best regards, -Op | | "In the middle of difficulty lies opportunity." Einstein
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Re: Still a fan of small value?

Post by DesertInvestor »

MotoTrojan wrote: Sat Mar 14, 2020 5:49 pm
DesertInvestor wrote: Sat Mar 14, 2020 5:46 pm I guess I’ll hold the course. I tilted 15% because of the above issues and I’ll just rebalance going forward or stay at 10%. Thanks! I have all holdings in DFA target value I right now in tax deferred. Was thinking of splitting between that and VIOV in taxable, but ran out of harvesting partners and that now became total market index.
AVUV is a good TLH partner for VIOV with even stronger tilts.
And I assume more devastating loses as this continues if more valuey?
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