COcheesehead
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
It’s easy to find out, just attempt an exchange and see what happens.
Why I like certain alternative investments
- Thread starter Semi-Retyrd
- Start date
junkanoo
Full time employment: Posting here.
To do an I-Class exchange, you would need the full minimum required. So, that's $5M minimum to do a I-Class to I-Class exchange if that's the current minimum.
Anitya
Recycles dryer sheets
@junkanoo,
At Schwab, exchange keeps you out of the market for a day. They buy the into order when the out of the order settles. So, if your intention is same day exchange at Schwab, place separate sell and buy orders. Schwab is liberal about allowing you to use unsettled funds, just place separate sell and buy orders (and skip the exchange feature in their trade ticket).
At Schwab, exchange keeps you out of the market for a day. They buy the into order when the out of the order settles. So, if your intention is same day exchange at Schwab, place separate sell and buy orders. Schwab is liberal about allowing you to use unsettled funds, just place separate sell and buy orders (and skip the exchange feature in their trade ticket).
COcheesehead
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
But you wouldn’t have unsettled funds when placing the buy because you haven’t sold yet. If in a taxable with margin, it would go through. If in a deferred, you’d have to have cash or unsettled funds. Not a zero cash balance.
Let's discuss exchanges.
Fidelity + Schwab don't do exchanges on the same day for other families.
Fidelity allows exchanges within the same family; Schwab doesn't, and that's the only advantage of trading at Fidelity. I can't remember the last time I made an exchange within the same family.
From here Schwab is much better, which is why I transferred almost all my money to Schwab.
* I-share which I own many times
Schwab has more I share funds. Sometimes Fidelity has none. Think PIMIX.
* If I want to buy an I share.
-- If I buy $20-50 at Schwab, they don't charge me $49.95, but they do at Fidelity every time. This is why I plan in advance buying I share for free.
-- If you buy directly a big amount both charge you $49.95 each time.
Selling is always free,
* If I want to add shares to the above.
-- Schwab allows you to create "automatic investing" TODAY until midnight to buy shares tomorrow for $10. This very important to a trader like me. A buy sign comes up during trading or at closing. If I want to buy an I share at Fidelity directly, it's $49.95.
-- Fidelity only lets you set their auto investing 2 days from today. I just lost 2 days of trading.
* If I want to exchange on the same day, because one day means thousands of dollars per year.
-- If I have $1 million invested in HOSIX and want to exchange for 0.5 million in EGRIX.
---- At Schwab, I just do it online in one minute. At Fidelity you can enter the sell but can't enter the buy because you don't have cash. You must call a rep at Fidelity to enter it.
-- If I have $1 million invested in HOSIX and want to exchange everything for EGRIX.
---- At Schwab, I sell all my shares. It's on me to decide how much to buy, if it's a bond fund like HOSIX, I buy at 99%. If it's a stock fund, I look at the market and know I can buy at 95-98%.
-----At Fidelity you can enter the sell but can't enter the buy because you don't have cash. You must call a rep at Fidelity to enter it. Fidelity reps many times tell you you can't; I always ask for a superviser. The max they allow you to buy is 90%. It's Fidelity's own rule, and I have discussed this for years. The process can take you 20-30 minutes if the first rep refuses. This annoys me so much.
----Suppose I see a great trade during trading hours. I bought several thousand dollars of PDI at the right time. Maybe QQQ plunged several days in a row and started to rebound.
I don't have any margin in any account (taxable, Roth, Tira).
--- At Schwab. My account is invested entirely in HOSIX at $1 million. I just enter a trade to buy QQQ at 10 AM for $500K. Several minutes later, I sell HOSIX for the same amount. Both settle after one day. No problem, no margin, and no reps involved.
--- At Fidelity, you can't do it. You must have cash
That means I can be fully invested, making much more than MM and waiting on the sidelines.
I believe in being invested at 99+% at all times, unless the risk is very high per my model.
Based on the way I invent: only mutual funds and being fully invested. I would give up thousands compared to Schwab.
There are more. Schwab is more flexible, giving you free I share trades and cash rewards based on other companies; Fidelity doesn't. I have used E*Trade cash rewards, and Schwab matched them.
A couple of times, I transferred several hundred thousand dollars to both Schwab and Fidelity.
When I asked Schwab to place a trade and waive the $49.95 transaction fee, they did it every time.
At Fidelity, however, they refused every request, no matter how high I escalated it within the organization.
Based on my experience, Schwab was far more flexible and accommodating when it came to trading and transaction fees.
Fidelity + Schwab don't do exchanges on the same day for other families.
Fidelity allows exchanges within the same family; Schwab doesn't, and that's the only advantage of trading at Fidelity. I can't remember the last time I made an exchange within the same family.
From here Schwab is much better, which is why I transferred almost all my money to Schwab.
* I-share which I own many times
Schwab has more I share funds. Sometimes Fidelity has none. Think PIMIX.
* If I want to buy an I share.
-- If I buy $20-50 at Schwab, they don't charge me $49.95, but they do at Fidelity every time. This is why I plan in advance buying I share for free.
-- If you buy directly a big amount both charge you $49.95 each time.
Selling is always free,
* If I want to add shares to the above.
-- Schwab allows you to create "automatic investing" TODAY until midnight to buy shares tomorrow for $10. This very important to a trader like me. A buy sign comes up during trading or at closing. If I want to buy an I share at Fidelity directly, it's $49.95.
-- Fidelity only lets you set their auto investing 2 days from today. I just lost 2 days of trading.
* If I want to exchange on the same day, because one day means thousands of dollars per year.
-- If I have $1 million invested in HOSIX and want to exchange for 0.5 million in EGRIX.
---- At Schwab, I just do it online in one minute. At Fidelity you can enter the sell but can't enter the buy because you don't have cash. You must call a rep at Fidelity to enter it.
-- If I have $1 million invested in HOSIX and want to exchange everything for EGRIX.
---- At Schwab, I sell all my shares. It's on me to decide how much to buy, if it's a bond fund like HOSIX, I buy at 99%. If it's a stock fund, I look at the market and know I can buy at 95-98%.
-----At Fidelity you can enter the sell but can't enter the buy because you don't have cash. You must call a rep at Fidelity to enter it. Fidelity reps many times tell you you can't; I always ask for a superviser. The max they allow you to buy is 90%. It's Fidelity's own rule, and I have discussed this for years. The process can take you 20-30 minutes if the first rep refuses. This annoys me so much.
----Suppose I see a great trade during trading hours. I bought several thousand dollars of PDI at the right time. Maybe QQQ plunged several days in a row and started to rebound.
I don't have any margin in any account (taxable, Roth, Tira).
--- At Schwab. My account is invested entirely in HOSIX at $1 million. I just enter a trade to buy QQQ at 10 AM for $500K. Several minutes later, I sell HOSIX for the same amount. Both settle after one day. No problem, no margin, and no reps involved.
--- At Fidelity, you can't do it. You must have cash
That means I can be fully invested, making much more than MM and waiting on the sidelines.
I believe in being invested at 99+% at all times, unless the risk is very high per my model.
Based on the way I invent: only mutual funds and being fully invested. I would give up thousands compared to Schwab.
There are more. Schwab is more flexible, giving you free I share trades and cash rewards based on other companies; Fidelity doesn't. I have used E*Trade cash rewards, and Schwab matched them.
A couple of times, I transferred several hundred thousand dollars to both Schwab and Fidelity.
When I asked Schwab to place a trade and waive the $49.95 transaction fee, they did it every time.
At Fidelity, however, they refused every request, no matter how high I escalated it within the organization.
Based on my experience, Schwab was far more flexible and accommodating when it came to trading and transaction fees.
Last edited:
TheWizard
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I only buy NTF funds.
That takes care of problem #1...
That takes care of problem #1...
The last two days provide a great example of what I've been discussing.
At Schwab. On Tuesday night, I set up an automatic investment of approximately $960,000 into EGRIX. The transaction fee was just $10. On the same day, I sold ARBIX. Both transactions settled the next day, on Wednesday evening. Both trades were done online, no reps were involved.
Over Thursday and Friday, EGRIX gained about 0.56%, while ARBIX gained only about 0.16%. That difference of roughly 0.40% on a $960,000 position amounted to approximately $3,840 in additional gains in just two days.
At Fidelity. You sell ARBIX on Wednesday and wait until Thursday to buy EGRIX because you can't buy it online. If you select exchange, the system will only execute it after one day. In that scenario, you miss ARBIX's gain on Thursday, and you buy EGRIX after it has already moved higher. In this example, EGRIX advanced about four cents, or roughly 0.32%, before the purchase. Combined with the missed gain in ARBIX, being out of the market for a day cost roughly 0.40%, or about $3,840.
At Schwab I was invested all the time; at Fidelity I was out one day. Do that several times a year, and the difference becomes meaningful. I am extremely persistent about never being out of the market. Small execution differences may seem insignificant, but on large balances they can add up to real money over time.
Suppose you want to use Auto Invest at Fidelity. On Tues night, you can do it at Fidelity, but only 2 days later, for Thursday or maybe Friday. You just lost 1 day for sure, maybe 2 days.
Suppose you tell yourself, I want to do it on Wed regardless, at Fidelity. You sell HOSIX, let's make it a round number, $1 m. The system wouldn't let you buy. You call a representative to place the buy order. Even if approved, Fidelity often limits the purchase to about 90% of the proceeds. The rep must enter the trade for $900K. That's a Fidelity policy, not a SEC requirement.
Things have gotten worse many times for me at Fidelity. The representative wanted to charge an additional $50 assisted-trade fee. Now, I'm almost screaming. I only called because the system wouldn't let me place the trade myself. So now you want to charge me the regular $49.95 + $50? I don't think so.
Then I ask for a supervisor to waive the rep fee, leaving me with only the $49.95 transaction charge. The whole process is frustrating and time-consuming. I gave up after several years and transferred all my money to Schwab.
BTW, for about 5 years, Schwab assigned me a number to a team that has put in my trades for I shares and waived all fees. I don't need it anymore because paying $10 is so low.
And why do I use I share?
* I pay only $10 to get in. I can sell any time without the ST fees of $49.95. Great for a trader like me.
* I shares are about 0.24-5% cheaper. On one million, it's worth another $2400-2500. On 3 million, it's $7200-7500
Bottom line, my calculations show an easy $10K-20K difference, and it's more friendly, quick, and flexible. It could be more.
At Schwab. On Tuesday night, I set up an automatic investment of approximately $960,000 into EGRIX. The transaction fee was just $10. On the same day, I sold ARBIX. Both transactions settled the next day, on Wednesday evening. Both trades were done online, no reps were involved.
Over Thursday and Friday, EGRIX gained about 0.56%, while ARBIX gained only about 0.16%. That difference of roughly 0.40% on a $960,000 position amounted to approximately $3,840 in additional gains in just two days.
At Fidelity. You sell ARBIX on Wednesday and wait until Thursday to buy EGRIX because you can't buy it online. If you select exchange, the system will only execute it after one day. In that scenario, you miss ARBIX's gain on Thursday, and you buy EGRIX after it has already moved higher. In this example, EGRIX advanced about four cents, or roughly 0.32%, before the purchase. Combined with the missed gain in ARBIX, being out of the market for a day cost roughly 0.40%, or about $3,840.
At Schwab I was invested all the time; at Fidelity I was out one day. Do that several times a year, and the difference becomes meaningful. I am extremely persistent about never being out of the market. Small execution differences may seem insignificant, but on large balances they can add up to real money over time.
Suppose you want to use Auto Invest at Fidelity. On Tues night, you can do it at Fidelity, but only 2 days later, for Thursday or maybe Friday. You just lost 1 day for sure, maybe 2 days.
Suppose you tell yourself, I want to do it on Wed regardless, at Fidelity. You sell HOSIX, let's make it a round number, $1 m. The system wouldn't let you buy. You call a representative to place the buy order. Even if approved, Fidelity often limits the purchase to about 90% of the proceeds. The rep must enter the trade for $900K. That's a Fidelity policy, not a SEC requirement.
Things have gotten worse many times for me at Fidelity. The representative wanted to charge an additional $50 assisted-trade fee. Now, I'm almost screaming. I only called because the system wouldn't let me place the trade myself. So now you want to charge me the regular $49.95 + $50? I don't think so.
Then I ask for a supervisor to waive the rep fee, leaving me with only the $49.95 transaction charge. The whole process is frustrating and time-consuming. I gave up after several years and transferred all my money to Schwab.
BTW, for about 5 years, Schwab assigned me a number to a team that has put in my trades for I shares and waived all fees. I don't need it anymore because paying $10 is so low.
And why do I use I share?
* I pay only $10 to get in. I can sell any time without the ST fees of $49.95. Great for a trader like me.
* I shares are about 0.24-5% cheaper. On one million, it's worth another $2400-2500. On 3 million, it's $7200-7500
Bottom line, my calculations show an easy $10K-20K difference, and it's more friendly, quick, and flexible. It could be more.
Last edited:
Texas Proud
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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- May 16, 2005
- Messages
- 20,285
Just throwing some context to the above...
It can work in the opposite direction... what is both lost money those days? You would be out that $3,840 because they trade the same day...
Now you say you are invested so it does not matter, but Schwab does not pay much on idle cash.. you have to spend time 'investing' that money to get a good return...
I just checked... earlier it was swapped as Fidelity paid a higher interest rate, but now if you put your money into SWVXX you get 3.47 vs Fidelity at 3.29... just for fun I looked at Vanguard and it is 3.56
It can work in the opposite direction... what is both lost money those days? You would be out that $3,840 because they trade the same day...
Now you say you are invested so it does not matter, but Schwab does not pay much on idle cash.. you have to spend time 'investing' that money to get a good return...
I just checked... earlier it was swapped as Fidelity paid a higher interest rate, but now if you put your money into SWVXX you get 3.47 vs Fidelity at 3.29... just for fun I looked at Vanguard and it is 3.56
pb4uski
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Why would someone ask such a ______ question?
While I have bought QMHNX (I'm up .8% in two months to be transparent) , you should consider why you are on the thread. No-one here is telling you to buy anything. You should search out your own investment salvation in fear and trembling, as the Apostle Paul writes; we are all free agents here and no-one is plugging anything, unlike CNBC, for profit.
Further, to impugn motives of people posting stifles the whole point of the thread. But perhaps I misread your post or misunderstand.
I listen to about 5% of the thread and probably act on about .1% of the thread.
Anyhoo, how bout those Astros? (or Cape Verdes or Aussie Soceroos? I've been watching waaay too much soccer recently.)
COcheesehead
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
My CLSE vs QLENX race is close.
CLSE up .42%
QLENX up .65%
Both bought in the last month
All my other AQRs doing as expected. Yesterday in particular was very good.
QMHNX up 1.24%, 15.24% YTD
QRPNX up 1.06%, 18.26% YTD
QNZNX up .70%, 15.35% YTD
CLSE up .42%
QLENX up .65%
Both bought in the last month
All my other AQRs doing as expected. Yesterday in particular was very good.
QMHNX up 1.24%, 15.24% YTD
QRPNX up 1.06%, 18.26% YTD
QNZNX up .70%, 15.35% YTD
I thought you sold all of your QLENX?
COcheesehead
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I did. About 6 months ago. It had flatlined. Then they announced closing it. People on every board I participate on were selling it. I thought those are great contrarian signs so I bought back in and you can see the results.
My switch from ARBIX to EGRIX last Wed was a timely one. See the difference in just 3 trading days.
The art of the switch.
View attachment 64344
Usually, I don't trade that often.
The dollar is gaining over other currencies. In the last several days, ARBIX has been a bit better.
Making 1+% with EGRIX in one week is amazingly fast.
YTD=In less than 6 months, I already made 7.42% using only bond OEFs.
Risk is up. Safety is always first; flexibility is a must.
My other and biggest fund I have used for months is kept in the vault.
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YTD chart shows that QRPNX has the best performance + risk-adjusted returns.
Second is QNZNX. For 3 years QNZNX+QLENX are the best.
QMHNX has the worse SD. LT isn't good either. Sell.
The one-month chart shows that QLENX woke up + lowest SD. You can buy.
QRPNX is still in the lead; keep holding
QNZNX still a hold because of LT + YTD.
QMHNX has the highest SD, peak to trough, about 4.5%. Sell
I love betting on these horses. The chances of winning are much higher than real horses.
Attachments
COcheesehead
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I hold QMHNX because on down days it does best. It’s a brake for a falling elevator.
Except for today!! I was hoping with NAS and SPX down >1%, QMHNX would be up….but all the AQR faves, which I hold positions in, were down 1-1.5%.
COcheesehead
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Of course as soon as I sing their praises, they perform poorly - for a day.
RetiredHappy
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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- 6,201
We are still up 10.5% YTD after seeing I think the 2nd worst down day this year.
QMHNX now down 2.3% today. Yikes. I admit to poor purchase timing…..will continue to hold, but these buggers (QDSNX, QLENX, QMHNX, QRPNX, QNZNX) were all down today, too. They sure know how to erase a high-single digit gain in about a week! Lol
You folks ain’t seen nothing. My test All Weather/Risk Parity portfolio I referenced a month ago has been destroyed. Mainly due to CTA managed futures. I literally bought May 19 on the absolute peak. Down 19%. Clearly they bet completely on oil.
Lessons learned - Streaky/trending investments need to be managed carefully and entry point matters. Will see what happens. DBMF has performed much better in the same time frame. So have the AQR’s.
Also bought GLD at a peak in the test allocation.
TFLO has held up!
I might go to the “what did you trade today” thread and whine about my other loss since Icarus flew too close to the sun on a cash secured put….or three…..
COcheesehead
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I am not whining. I added on the dip. I don’t like to see down days just like anyone else, but looking at the bigger picture my AQR funds, except one, are still beating the market.
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