Investing

Opinions on market trends and investing strategies.

Two sides to every trade

Suppose, after reading a favorable article on a company, you go out and buy the stock at $10 per share. A year later, the stock price reaches $20, and you close out your position, doubling your money in a year—a …

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8 Comments

Recent Posts

Investor returns versus fund returns

There’s been a lot of back and forth about the differences between the posted performance of a mutual fund or exchange-traded fund (ETF) and the returns actually realized by investors taking into account cash flow.

Reading the discussion around this, …

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30 Comments

The roots of index investing

In our own quiet way, we’re celebrating 35 years of indexing at Vanguard this year. (Hey, you wouldn’t expect party hats and champagne at Vanguard!)

Indexing is an amazing success story—and not just at Vanguard. From a controversial, much-derided idea …

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5 Comments

A mood ring for the markets?

For as long as humans have been around, we’ve looked to patterns to help us understand the present and divine the future. Reading tea leaves and animal entrails are just two on a long list. Not surprisingly, using patterns to …

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3 Comments

On the origin of bubbles

I was traveling a few weeks ago to visit with institutional clients. For my travel reading, I downloaded Michael Lewis’s The Big Short. It’s a colorful look at some of the personalities during the great financial crisis of 2008–2009—in …

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15 Comments

More target date “bubbles”

In my February 4 post, I complained about what I perceived as mischaracterization of the performance of target date funds because of reporting that focused on the spectacularly poor results of a few small, unusual outlying target date funds …

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6 Comments

Price war? Not exactly

You may have noticed news coverage in recent weeks about reductions in expense ratios for some of Vanguard’s funds. Most recently, for example, we reported that expenses declined for several of our international index funds.

As one who long …

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7 Comments

Clearing the air on target date performance

Sigh … How many more times are we going to see articles like this, involving great wailing and gnashing of teeth over target date fund performance … in 2008?

Below you’ll see a summary of unvarnished data from Morningstar, …

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7 Comments

Are you an ambidextrous investor?

If you’ve heard of Pat Venditte—a minor league pitcher in the Yankees organization—you may know he has an extra tool in his arsenal. It’s not another pitch, but another arm.

He’s ambidextrous and changes his pitching arm depending on the …

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7 Comments

Emerging markets: Innocents abroad?

Mark Twain lost a couple of fortunes through bad investments, which probably explains the pungency of his comments about investing.

Such as: “There are two times in a man’s life when he should not speculate: when he can’t afford it …

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28 Comments

Musings of a cockeyed optimist

I can’t sing a lick, but a tune from the Rodgers and Hammerstein musical South Pacific came to mind as I was thinking about the pervasive pessimism in so much economic and market commentary.…

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10 Comments

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