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Thread: What is a "FV" and how does it work?

  1. #13

    Default Re: What is a "FV" and how does it work?

    Quote Originally Posted by eino
    Tally of them fudging the daily I-fund prices in 2006
    Hey eino, if you got that in a tabular form how about posting it....
    The Technician (escapades at times as Carnac)

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  3. #14

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    Default Re: What is a "FV" and how does it work?

    Oldschool provided this link in another thread:

    U.S. Securities and Exchange Commission

    Division of Investment Management:
    April 2001 Letter to the ICI Regarding (FAIR) Valuation Issues

    http://www.sec.gov/divisions/investm...tyle043001.htm

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  5. #15

    Default Re: What is a "FV" and how does it work?

    FYI- Here's some data to fill in for the more recent dates not posted by eino. I've got a spread sheet where I downloaded the MSCI EAFE data and did some calculations and came up with the FV numbers below. If the FV (or difference) in my calculations was less than 3 cents, I set it to $0.00 so there could be some errors there if they ever do a FV for less than $03.

    23-Jun-06 -$0.15
    26-Jun-06 $0.48
    27-Jun-06 $0.53
    28-Jun-06 -$0.55
    29-Jun-06 -$0.20
    30-Jun-06 -$0.43
    3-Jul-06 $0.41
    5-Jul-06 $0.00
    6-Jul-06 $0.00
    7-Jul-06 -$0.28
    10-Jul-06 -$0.13
    11-Jul-06 $0.06
    12-Jul-06 $0.00
    13-Jul-06 $0.00
    14-Jul-06 $0.00
    17-Jul-06 $0.46
    18-Jul-06 -$0.17
    19-Jul-06 $0.00
    20-Jul-06 $0.05
    21-Jul-06 -$0.16
    24-Jul-06 $0.00
    25-Jul-06 $0.26
    26-Jul-06 $0.09
    27-Jul-06 -$0.36
    28-Jul-06 -$0.17
    31-Jul-06 $0.40
    1-Aug-06 -$0.38
    2-Aug-06 $0.43
    3-Aug-06 -$0.50
    4-Aug-06 $0.27
    7-Aug-06 $0.11
    8-Aug-06 -$0.23
    9-Aug-06 $0.00
    10-Aug-06 $0.17
    11-Aug-06 $0.15
    14-Aug-06 -$0.08
    15-Aug-06 -$0.17
    16-Aug-06 -$0.12
    17-Aug-06 $0.10
    18-Aug-06 -$0.08
    21-Aug-06 -$0.05
    22-Aug-06 $0.05
    23-Aug-06 -$0.05
    24-Aug-06 $0.14
    25-Aug-06 $0.00
    28-Aug-06 -$0.07
    29-Aug-06 $0.00
    30-Aug-06 $0.07
    31-Aug-06 $0.18
    1-Sep-06 -$0.26
    5-Sep-06 $0.00
    6-Sep-06 $0.00
    7-Sep-06 $0.00
    8-Sep-06 $0.00
    11-Sep-06 -$0.11
    12-Sep-06 $0.10
    13-Sep-06 $0.00
    Good trading comes from experience, and experience comes from bad trading! - anonymous

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  7. #16

    Default Re: What is a "FV" and how does it work?

    Remember, many of these are corrections to an FV, and not an FV themselves.

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  9. #17

    Default Re: What is a "FV" and how does it work?

    Quote Originally Posted by Wheels View Post
    Remember, many of these are corrections to an FV, and not an FV themselves.
    Yes, please note the plus signs and minus signs on the amounts. They are significant for obvious reasons. What they give, they take away and vice versa.
    Good trading comes from experience, and experience comes from bad trading! - anonymous

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  11. #18

    Default Re: What is a "FV" and how does it work?

    Forget my input here. It is wrong.

    Quote Originally Posted by ayla View Post
    FYI- Here's some data to fill in for the more recent dates not posted by eino. I've got a spread sheet where I downloaded the MSCI EAFE data and did some calculations and came up with the FV numbers below.
    Well, for anyone who has looked at my post of FV values very closely, (and is scratching their head) you will find that my data is bad. Somehow the dates I've downloaded from the MSCI EAFE site are not matching up with the dates for the calendar on the TSP site. Back to the drawing board, oh well.
    Good trading comes from experience, and experience comes from bad trading! - anonymous


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  13. #19

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    Default Re: What is a "FV" and how does it work?

    We only had 2 FVís in September; which is down from the normal 20% to about 10% of the time.

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  15. #20

    Default Re: What is a "FV" and how does it work?

    Quote Originally Posted by Gilligan View Post

    How does that relate to the FV?

    Say, one night the Nikkei and FTSE are down. The US markets gain 3% on some great news. You run to your computer and go 100% I-Fund and you know that you are fixing to make a bundle. Now Barclays is getting tons of orders to buy I-Fund shares but the foreign markets that trade those shares are closed. So Barclays has to predict what they can buy the EAFE shares for when the markets open up. Since the foreign markets generally follow the US markets, Barclays imposes a 3% FV.
    It's starting to make sense, and can understand why a lot here are calculating what the FV would be on a certian day after trading.

    Let me build a word problem and see if I'm close. I'll use this past Friday as an example (08/24/2007).

    Nikkei was down slightly at close.
    FTSE were basically flat.
    US Market had a bit of positive bounce.

    So the I fund should get a +FV (minus a possible 3% to zero value, or I guess could be said no FV) on Mondays close, +/- any FTSE gain/loss.

    My hedge is, the FTSE will rally somewhat on Monday, a decent payday.

    My other hedge is (using market forcast data of course) the US Market bounce will fall back harder than an anchor onto a pillow filled with Chinese chicken feathers Tuesday after the FTSE closes. Think they call that the dead cat bounce here

    STOP

    I do an IFT to be out of the I fund Monday night. I get to take the FV (+ or -) with me to the other fund. Lets use G as an example. The G doesn't pay it's penny until Tuesday close, and COB the IFT picks up the penny.

    STOP

    Anywhere close?
    Last edited by tsptalk; 08-25-2007 at 10:59 PM. Reason: changed term "market" to "FTSE"

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  17. #21

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    Default Re: What is a "FV" and how does it work?

    Quote Originally Posted by Rustynutt View Post
    Quote Originally Posted by Gilligan View Post

    How does that relate to the FV?

    Say, one night the Nikkei and FTSE are down. The US markets gain 3% on some great news. You run to your computer and go 100% I-Fund and you know that you are fixing to make a bundle. Now Barclays is getting tons of orders to buy I-Fund shares but the foreign markets that trade those shares are closed. So Barclays has to predict what they can buy the EAFE shares for when the markets open up. Since the foreign markets generally follow the US markets, Barclays imposes a 3% FV.
    It's starting to make sense, and can understand why a lot here are calculating what the FV would be on a certian day after trading.

    Let me build a word problem and see if I'm close. I'll use this past Friday as an example (08/24/2007).

    Nikkei was down slightly at close.
    FTSE were basically flat.
    US Market had a bit of positive bounce.

    So the I fund should get a +FV (minus a possible 3% to zero value, or I guess could be said no FV) on Mondays close, +/- any FTSE gain/loss.

    My hedge is, the FTSE will rally somewhat on Monday, a decent payday.

    My other hedge is (using market forcast data of course) the US Market bounce will fall back harder than an anchor onto a pillow filled with Chinese chicken feathers Tuesday after the FTSE closes. Think they call that the dead cat bounce here
    :
    It has been assumed that Barclays calculates the FV from the EAF from about noon to market close. EAF moved from 77.5 to 78.3 during that time frame for a change of 0.8, or just over 1%, thatís close to the .21cents that 350Z calculated.

    Now Monday we should have a Fair Value Correction (FVC) of minus 21 cents, but the overseas markets should rally enough to take care of that. Now if the USM tanks in the afternoon and we close 1% or more in the red, we could see a ĖFV on top of the FVC.
    I do an IFT to be out of the I fund Monday night. I get to take the FV (+ or -) with me to the other fund. Lets use G as an example. The G doesn't pay it's penny until Tuesday close, and COB the IFT picks up the penny.
    Thats correct, but IMO the penny will pay on Monday.
    STOP

    Anywhere close?
    Close enough,
    I hope that I havenít dazed and confused you any more.
    Gilligan

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  19. #22

    Default Re: What is a "FV" and how does it work?

    So assuming nothing occurs in the USM on Monday, and the FTSE didnít do anything either, the I fund could be down the 21 cents even with gains neutral. All hypothetically of course.

    I caught my penny mistake on the G fund shortly after posting this while visiting the TSP site. It's about a day over due from the looks of past payouts. Iím trying understand this, without thinking of the implications however J

    mY KEYBOARD JUST WENT ASCII ON ME!

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  21. #23

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    Default Re: What is a "FV" and how does it work?

    Quote Originally Posted by Rustynutt View Post
    I caught my penny mistake on the G fund shortly after posting this while visiting the TSP site. It's about a day over due from the looks of past payouts. Iím trying understand this, without thinking of the implications however J
    mY KEYBOARD JUST WENT ASCII ON ME!
    I've stopped worrying about the G-penny payday. A $100,000 (hypothetical)TSP account balance, 100% invested in the G fund, would hold 8278.1457 shares at $12.08/share and earn a grand total of $82.78 on the next penny payday. For me, moving to G is only for avoiding losses in the other funds. Unfortunately, I never seem to do it at the right time.

    mY KEYBOARD JUST WENT ASCII ON ME!
    Sorry about that keyboard!
    ~ Take nothing but pictures ~ Leave nothing but footprints

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  23. #24

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    Default Re: What is a "FV" and how does it work?

    Quote Originally Posted by Rustynutt View Post
    So assuming nothing occurs in the USM on Monday, and the FTSE didnít do anything either, the I fund could be down the 21 cents even with gains neutral. All hypothetically of course.
    Thats correct. If the OSM and currency markets are flat then the I fund would lose 21 cents.

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