Learning For Building a Winning Portfolio 9 pot
Learning For Building a Winning Portfolio_9 pot
... small growth) are not suitable for taxable accounts because of the high turnover necessary to maintain their characteristics. For example, a small-value fund may toss out a stock because it has ... so large growth and large market behave nearly identically. The same goes for small-cap stocks; the small-growth and small-mar- ket subsegments behave in nearly the same way. As you have...
Ngày tải lên: 21/06/2014, 15:20
Learning For Building a Winning Portfolio_1 doc
... implies a much high- erDRof 25 .9% . This isthesame as saying that thepresent value of a weekinParis in a decade has cheapened. Again,an increase in the DR meansthat thepresent value of a future itemhas ... futurec onsumption. That is, a dollar ofincome next year is worthless to us than a dollar today, and a dollarinthirty years, a great dealless than a dollar today. Thus, t...
Ngày tải lên: 21/06/2014, 15:20
Learning For Building a Winning Portfolio_2 ppt
... at a fairly young age, ran Oakmark 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 ... high-octane Manhattan Fund. Unfortunately for Tsai, just at that point, he was struck with a fatal case of chimpanzee syndrome. The years 196 6– 196 7 were mediocre for Manhattan an...
Ngày tải lên: 21/06/2014, 15:20
Learning For Building a Winning Portfolio_3 docx
... which are generally able to avoid capital gains. In 199 9, Vanguard created its Tax-Managed Small- Cap Index Fund, which minimizes both capital gains and dividend dis- tributions. But there is a much ... years has penal- ized its taxable shareholders by distributing about 10% of its value each year as capital gains. Fortunately, there are now “tax-efficient” index funds designed for taxab...
Ngày tải lên: 21/06/2014, 15:20
Learning For Building a Winning Portfolio_5 pptx
... the railroads made overland travel cheap, safe, rapid, and relatively comfortable. Even more importantly, the steam engine was undoubtedly the most dramatic, romantic, and artistically appeal- ing ... were floated with the vast amounts of capital now available. There was even a fashionable new technology involved: the laws of probability. Fermat and Pascal had recently invented this branch...
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Learning For Building a Winning Portfolio_10 ppt
... ofi nterest rates and taxes. Let’s assume, for example, that you aresubject to the 36% marginalfederalrate and live in a state with a5 %marginalrate. In your taxable account, you can purchase the Vanguard ... 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 Val...
Ngày tải lên: 21/06/2014, 15:20
Learning For Building a Winning Portfolio_11 doc
... Law, 97 98 , 102, 215 Durant, William Crapo, 148 Duration of returns, and retirement planning, 237–2 39 EAFE (Morgan Stanley Capital Index Europe, Australia, and Far East), 33, 1 09, 117–1 19 Earnings expectations ... rise dramatically. If you are value averaging into both taxableand sheltered accounts, as In-Between Ida would haveto do, it is likelythat after atimethe taxableand sheltered...
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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...
Ngày tải lên: 20/06/2014, 20:20
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...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_13 potx
... L., Hubbard, Carl M., and Walz, Daniel T., “Retirement Savings: Choosing a Withdrawal Rate That Is Sustainable.” American Association of Individual Investors Journal, February 199 8. Chapter 13 Gibson, ... rise dramatically. If you are value averaging into both taxableand sheltered accounts, as In-Between Ida would haveto do, it is likelythat after atimethe taxableand shelteredhalves of the...
Ngày tải lên: 20/06/2014, 20:20