Investing

Opinions on market trends and investing strategies.

Mistakes? I’ve made a few

Prior to joining Vanguard in 1986, I was a saver. All of my money, modest in amount, was in bank savings and checking accounts.

Naturally, after coming aboard HMS Vanguard, I learned more about financial markets, asset classes, … Read more

Recent Posts

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 … Read more

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 … Read more

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 … Read more

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 … Read more

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, … Read more

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 … Read more

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 … Read more

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.… Read more

Taking another “random walk”

I recently had the chance to reread A Random Walk Down Wall Street by Burton Malkiel as part of a work-related book club.

Having read the book in a business school class very early in my career, I promptly ignored … Read more

The gold rush of 2010

We’ve been hearing a lot about gold over the last few months, related to concerns about inflation, the creditworthiness of various governments, and fallout from the financial crisis—all against the backdrop of what is the most significant increase in inflation-adjusted … Read more

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Visit vanguard.com or contact your broker to obtain a Vanguard ETF or fund prospectus which contains investment objectives, risks, charges, expenses, and other information; read and consider carefully before investing.

Vanguard ETF Shares are not redeemable with the issuing Fund other than in Creation Unit aggregations. Instead, investors must buy or sell Vanguard ETF Shares in the secondary market with the assistance of a stockbroker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.

Investments in bond funds are subject to interest rate, credit, and inflation risk.

Diversification does not ensure a profit or protect against a loss in a declining market.

Foreign investing involves additional risks including currency fluctuations and political uncertainty.

Stocks of companies in emerging markets are generally more risky than stocks of companies in developed countries.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in such a fund.

All investing is subject to risk, including possible loss of principal.

Vanguard Marketing Corporation, Distributor

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