Lessons for Building a Winning Portfolio 9 docx
The Four Pillars of Investing: Lessons for Building a Winning Portfolio_5 docx
... 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...
The Four Pillars of Investing: Lessons for Building a Winning Portfolio_14 docx
... 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...
Lessons for Building a Winning Portfolio_7 docx
... 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’...
Lessons for Building a Winning Portfolio_9 docx
... 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...
The Four Pillars of Investing: Lessons for Building a Winning Portfolio_2 ppt
... 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....
The Four Pillars of Investing: Lessons for Building a Winning Portfolio_3 potx
... decidethat a weekinParis
nowis worth ten weeksadecade fromnow,that implies
a much high-
erDRof 25 .9% . This isthesame as saying that thepresent value of a
weekinParis in a decade has cheapened. Again,an ... the case of companies that are buying back
their shares. A company that has grown its earnings by 5% per year
and annually buys back 5% of its outstanding shares will appreciate...
The Four Pillars of Investing: Lessons for Building a Winning Portfolio_4 pdf
... tracksthep
erformance of Oakmark Fund
relativetothe S&P 500 (that is, howmuchbetter orworse it did rela-
tivetothe S&P) and the second row tracksthe fund’s assets:
199 2 199 3 199 4 199 5 199 6 199 7 199 8
Return
ϩ/Ϫ ... Fund. Mr.
Sanborn was an undisputed superstar manager. From its inception in
199 1 to year-end 199 8, Oakmark’s annualized return was 24 .91 % ver-
sus 19. 56% for...
The Four Pillars of Investing: Lessons for Building a Winning Portfolio_6 pot
... requirements are immaterial. For example, if you havesaved
a largeamount forretirementand do not plan to leavealarge estate for
114 The Four Pillars of Investing
Table 4-1. 190 1–2000, 100-Year Annualized ... based
international fund opened its doors almost five decades ago, it wasn’t
until the early 198 0s that these vehicles became widely available. In
199 0, the Vanguard Group made...
The Four Pillars of Investing: Lessons for Building a Winning Portfolio_7 doc
... 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...
The Four Pillars of Investing: Lessons for Building a Winning Portfolio_8 ppt
... Classes
Rank (1 to 6) in
Time PeriodBest Asset Class Next Five-Year Period
197 0– 197 4 Japan 4
197 5– 197 9 U.S. Small 1
198 0– 198 4 U.S. Small 6
198 5– 198 9 Japan 6
199 0– 199 4 Pacific Rim 5
199 5– 199 9 ... performer from 198 5 to 198 9 was again Japanese stocks, but from
199 0 to 199 4 it ranked last. In that period, the best performer was
Pacific Rim stocks, which ranked next...