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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Recent Posts

Another take on “A tale of two investors”

A few readers had some strong reactions* to my recent post on the benefits of making investment purchases at the beginning of the year, as opposed to waiting until year-end.…

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A tale of two investors

Here’s a pretty simple chart showing hypothetical investment results for two hypothetical investors. Each of them saved $2,500 a year for 25 years, using investment strategies that delivered identical 7% rates of return each year. After 25 years, one investor …

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17 Comments

A “decent decade” after all?

Commentators almost seem to have been competing to coin the catchiest—or most negative—label for the ten years from the end of 1999 to the end of 2009. It’s not surprising that some have called it the “Decade from Hell,” given …

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What have we learned?

Like everyone else, I’ve been reading (well, skimming) reams of year-end—and in some places, “decade-end”—economic summaries. There’s lots of talk about black swans, financial “Frankensteins,” lost decades, and fundamental changes in investor behavior.

Black swans are old news, and I’ve …

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How Paul Samuelson helped inspire index mutual funds

Paul A. Samuelson, who died December 13 at age 94, was rightly remembered as a brilliant educator, as author of the best-selling economics textbook ever, and as the second recipient of the Nobel Prize in Economic Sciences. Professor Samuelson, the …

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Going overseas without going overboard

The idea of holding a portion of your portfolio in non-U.S. stocks has been around for quite some time, but the ways in and reasons for which it’s put into practice have evolved.

At first, the addition of non-U.S. stocks …

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21 Comments

Why we advertise

It’s a question we hear from time to time on this blog, as well as through e-mails, letters, and phone calls: “Why does Vanguard advertise?”

It’s a fair question. And believe me, it’s a topic debated vigorously by Vanguard’s leadership …

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25 Comments

Considering conversion?

The issues aren’t quite the same as those one faces when considering the deepest aspects of personal faith and religious doctrine, but a “Roth conversion” can pose some difficult issues for investors nonetheless. And we’re going to hear much more …

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37 Comments

Stocks and time

Jeremy Siegel has a recent piece in the Financial Times that restates his view that stocks are the most appropriate investment for investors with a long horizon. I wonder how most of you look at this issue, especially after the …

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17 Comments

Cognitive skills and financial choices

How does your ability to make financial decisions change over time?

One research study suggests that, across the population, financial skill follows a hump-shaped pattern. In our youth, we start with low levels of financial knowledge. Over time, our ability …

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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.

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