From the PP, withdrawing is straightforward: the cash reserve is built in. The subject of withdrawals from the PP has been discussed several times in this forum, notably in a thread that is unfortunately in the "Other Discussions" section: http://gyroscopicinvesting.com/forum/other-discuss...

Thanks MG. I considered VT but its composition is not unlike what I have at the moment. From Vanguard's site, VT composition is (my figures in parentheses):   9.40% Emerging Markets (12%)   22.10% Europe (24%)   14.20% Pacific (26%)   0.20% Middle East (0%)   54.10% North America (38%) So again not ...

I am a Euro investor and am converting some existing holdings to a PP. At present I hold the following Euro stock ETFs, all traded in Paris, in the following percentages of the stock component of the portfolio: CEU: MSCI Europe 24% SP5: S&P 500 12% TPXH: Japan hedged in Euros 26% UST: Nasdaq 26%...

Some Euro figures:

IMEU Euro shares +8.3%
IBGL Euro 15-30y bonds +26.6%
GBS Gold +1.5%
IBGS Euro 1-3y bonds +1.8%

Average = 9.6%, very close to USA figure.

Frugal My mistake. I have corrected my earlier post where I had mistakenly used my "since inception" figure instead of my 2013 figure. My PP lost about 3% in 2013, thanks to gold's losing over 25%. Your figure of +5% over two years is right, giving a CAGR of less than 2.5% over the two yea...

ILoveMoney Thanks for the reply. I agree with you about currency swings - I have been caught in the past with a sterling drop against the Euro. To answer your question: for a US stocks fund like an SP500 fund, I would not bother hedging as it would be only part of my equity section, and I can just a...

Frugal My Euro PP (IMEU, IBGL, PHGP, IBGS) is up 8.4% this calendar year.  Did well in the last few weeks: it was a lot less (5.5% for this year) last month. [Revision 24.11.14: It was down about 3% in 2013. That fits with your figure of 5% over two years.] Year-to-date figures from Boursorama.com: ...

Frugal
For Euro REITs, there is also EEP and C8R.
Tarentola

I am sure there are others here better qualified to reply but here goes. Commodities, particularly precious metals, are considered a store of absolute value. For example, if the dollar fell relative to the euro, the price of silver in dollars would rise. The price of silver in euros would not change...

Silver and other commodities are formally priced in dollars but are largely currency-independent. For US bonds, there will of course be currency risk, and as a Euro investor I would invest only a small percentage of my bond allocation in them.

Frugal If you compare the performances of VDMIX and VEIEX over the last 10 years (on Yahoo for example) you will see that there is some correlation, but  VEIEX has done a lot better (+150% to -5%) and is more volatile. I do not see what benefit VDMIX would add, and I would replace it by another asse...

Thanks for the replies and sorry for the lateness of this reply, due to travelling. There is a 2009 study “Strategic Asset Allocation: Determining the Optimal Portfolio with Ten Asset Classes”? (Electronic copy available at: http://ssrn.com/abstract=1368689).  The authors attempt to evaluate which a...

Craig In the context of the Variable Portfolio discussion http://gyroscopicinvesting.com/forum/http://77.104.139.218/~gyroscop/phpBB3/viewtopic.php?t=3 : apart from the four PP assets, what would you say are the major investable classes in the market that are worth considering?  I can think of REIT,...

Thanks for the replies. Jake – Of course you might want to speculate in gold if you though it was about to shoot up. I was thinking a bit longer-term: a strategy for people who were not content with exposure to only the PP assets but wanted exposure to the rest of the market as well, as opposed to “...

The Permanent Portfolio holder is convinced that the PP assets will on aggregate increase in value in the long term. Why include any of the same assets in a VP, only to buy and sell them in the shorter term? To avoid duplication, the VP should be complementary to the PP, ie do something that the PP ...

Selection of ETFs for a PP in Europe is complicated by the fact that there are several exchanges, including London, Milan, the super-exchange Euronext (including Paris, Amsterdam, Brussels and Lisbon) and Deutsche Borse in Frankfurt. Some German ETFs are available only in Frankfurt for example, so a...

I am a Euro investor and here is my PP: IMEU iShares MSCI Europe Fund X25E Db X Trackers Ii Iboxx Euro Sovereigns Euro Zone 25+ Tr Inde PHAU ETFS Physical Gold Fund C3M CASAM ETF EMTS 3M These and other Euro PP choices are discussed in the thread http://gyroscopicinvesting.com/forum/http://77.104.13...

For a discussion of relevant European bond ETFs, see
http://gyroscopicinvesting.com/forum/in ... ic=1348.15

Another idea is the money market ETF Amundi ETF EuroMTS Cash 3 Months; +  0.85% in the last 12 months. Code C3M. It seems to be the best performer of the Euro MM ETFs, but of course if there is a better one I would be delighted to hear about it.

I think I will use iShares Barclays Capital Euro Treasury Bond 0-1 (IEGE) as my cash proxy in the Euro HB PP. It pays dividends every 6 months. The last two were 0.4046 and 0.4419 €, so a total of 0.84 € per year. As the price of the ETF is about 100E, this makes 0.84%. The iShares site, however, gi...

kw Thanks for the info on the bond funds. I must admit I don't understand them very well, mainly because I was reluctant to spend more time researching them. In the end I went for Db X Trackers Ii Iboxx Euro Sovereigns Euro Zone 25+ (DE:DBXG, same as X25E), as it meets the HB PP criteria best. My fi...

Indices, thanks for your reply. I see why you recommend the shorter term bonds. These ETFs contain mostly German and French bonds, with some Italian and smaller countries.

I am a Eurozone resident in the process of setting up a Euro HB PP (http://gyroscopicinvesting.com/forum/http://77.104.139.218/~gyroscop/phpBB3/viewtopic.php?t=8). I am looking for the best way of investing the cash component. So far, apart from cash on deposit, the best way I have found is to use t...

kw, thanks for the checklists. Of the available bond funds: <<EU: X25E (deutsche bank 25+, all countries, interest compounded), X509(Commerzbank 25+, all countries), IBGL      (Ishares  15+, all countries), EXX6(Ishares 10.5+, Germany)>> the order of three-year performance from ADVFN is EXX6 X25E X5...

kw, sorry, my mistake about the duration. I confused it with another bond ETF (GXJ), and have corrected my statement in the post. On the subject of Europeans investing in a PP in dollars: the exchange rate risk effectively rules it out, at least for me. Over the last five years alone, the Euro has f...