Lessons for Building a Winning Portfolio 9 doc

... value each year as capital gains. Fortunately, there are now “tax-efficient” index funds designed for taxable accounts, which are generally able to avoid capital gains. In 199 9, Vanguard created ... data in the daily paper and your quarterly statements. As an example, I’ve listed the returns for 199 8, 199 9, and 2000 for some of the most commonly used stock asset classes: Asset Class...

Ngày tải lên: 20/06/2014, 20:20

... the roads and public safety made travel a danger- ous, slow, and extremely uncomfortable endeavor. At a stroke, the railroads made overland travel cheap, safe, rapid, and relatively comfortable. ... financial chaos of Paris arrived a most extraordinary Scotsman: John Law. After escaping the hangman for killing a man in a 1 694 duel, he studied the banking system in Amsterdam and e...

Ngày tải lên: 20/06/2014, 20:20

... economic impact as largeasthat of financialjournalism. Just as many automobilepur- chasers will buy on the basisof a favorable reviewinCar and Driver,aglowing money manager storycanmove vast amounts ... given to an industry forum in 199 7, in which he began by noting, This February, two portfolio managers, Suzanne Zak and Doug Platt, left IAI, a fund company based in Minneapolis. As Suz...

Ngày tải lên: 20/06/2014, 20:20

... withdraws his cash. Here’s a reason- able stock allocation for Sam: • 20% Vanguard 500 Index • 25% Vanguard Value Index • 5% Vanguard Small Cap Index •15% Vanguard Small Cap Value Index •10% Vanguard ... to accommodate a taxable emergency fund: •12% Vanguard 500 Index •15% Vanguard Value Index • 3% Vanguard Small-Cap Index 9% Vanguard Small-Cap Value Index • 6% Vanguard REIT Index •1.8...

Ngày tải lên: 20/06/2014, 20:20

... Fund, 261 Vanguard Small-Cap Index Fund, 99 Vanguard Tax-Managed Small-Cap Index Fund, 99 Vanguard Total International Fund, 255, 256 Vanguard Total Stock Market Fund, 104, 246 Vanguard Value Index ... Capital Index Europe, Australia, and Far East (EAFE), 31, 32, 1 09, 117–1 19, 2 89 Morningstar Inc. Principia Pro software, 98 , 152, 205 Morningstar Inc. Unpopular Funds Strategy, 2 09...

Ngày tải lên: 20/06/2014, 20:20

... the traditional mutual fund is referred to as “open-ended.”) There are advantages and disadvantages to ETFs, all relatively minor. The advantages are that they can be run more cheaply than an open-ended ... withdrawal rate would actually have depleted all the portfolios in about 15 years. This means that a “penalty” of about 1.5%–2% was extracted by “the luck of the draw.” In other words,...

Ngày tải lên: 21/06/2014, 02:20

... financial chaos of Paris arrived a most extraordinary Scotsman: John Law. After escaping the hangman for killing a man in a 1 694 duel, he studied the banking system in Amsterdam and even- tually ... uncomfortable endeavor. At a stroke, the railroads made overland travel cheap, safe, rapid, and relatively comfortable. Even more importantly, the steam engine was undoubtedly the most...

Ngày tải lên: 21/06/2014, 12:20

... million. At that point, the fund’s performance turned around, and it gradually began to accumulate assets again, finally reaching the $1 billion mark in 199 8. In that year, it beat the S&P 500 by ... financial and economic data to forecast market direction. If we have learned any- thing over the past 70 years from the likes of Cowles, Fama, Graham, and Harvey, it’s that this is a fool’...

Ngày tải lên: 21/06/2014, 12:20

... Sheltered International Vanguard Tax-Managed MSCI EAFE Open-end * 0.35% $10,000/NA 324 Taxable International Vanguard International NA Open-end none 0.64% $3,000/$1,000 91 0Sheltered Value Fidelity Spartan ... of a finan- cial advisor just to gain access to DFA? Probably not. Their tax-man- aged, foreign-small and foreign-value funds carry expenses which are 0.2% to 0.6% higher than Vangua...

Ngày tải lên: 21/06/2014, 12:20

... formeris finan- cially healthyand universallyadmired, withlegendary management, a steadily growing stream of earnings, and a hugepileof cash on hand for emergencies. The latterisasick puppy, having ... nomenclature. In common parlance, theshares ofgood companies arecalled “growth stocks,” and those ofbad companies arecalled“value stocks.” Let’s considerfor a moment, Wal-Martand Kmart....

Ngày tải lên: 20/06/2014, 20:20