Lessons for Building a Winning Portfolio 9 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...

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

... 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

... 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...

Ngày tải lên: 20/06/2014, 20:20

... 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...

Ngày tải lên: 20/06/2014, 20:20

... 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...

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

... 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...

Ngày tải lên: 20/06/2014, 20:20