Learning For Building a Winning Portfolio 10 ppt

... high-octane Manhattan Fund. Unfortunately for Tsai, just at that point, he was struck with a fatal case of chimpanzee syndrome. The years 1966–1967 were mediocre for Manhattan and in 1968, the patient ... best-case scenario for active- ly managed mutual funds—turn your portfolio over once a year, and you might—just might—match the index. And that’s before taxes. In a taxable acc...

Ngày tải lên: 21/06/2014, 15:20

... 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 ... 1720, had parliament pass the Bubble Act. This legislation required all new companies to obtain parliamentary charters and forbade existing companies from operating Tops: A History of Manias 1...

Ngày tải lên: 21/06/2014, 15:20

... 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 ... 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...

Ngày tải lên: 21/06/2014, 15:20

... 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, the...

Ngày tải lên: 21/06/2014, 15:20

... 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 taxable accounts, ... returns elsewhere. What actually happens is that they generate more unnecessary capital gains and resultant taxes. For the taxable investor, indexing means never having to pay the tax an...

Ngày tải lên: 21/06/2014, 15:20

... 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 ... in Table 13-2—the Bridgeway Ultra-Small-Company Tax- Advantaged Fund—and the other small-company funds. The Bridgeway fund, which is aimed at taxable accounts, invests in much smaller compa...

Ngày tải lên: 21/06/2014, 15:20

... 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 theallocation will ... money at market bottoms than at market tops. You can think of value averaging as a combination of DCA and rebal- ancing. (Value averaging works just as well in reverse. If you are retire...

Ngày tải lên: 21/06/2014, 15:20

... companies arecalled “growth stocks,” and those ofbad companies arecalled“value stocks.” Let’s considerfor a moment, Wal-Martand Kmart. The 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 recently declaredbankruptcy due to marginal fi...

Ngày tải lên: 20/06/2014, 20:20

... gravitational equation from a falling apple and Darwin’s extrapolating the theory of evolution from observ- ing gardeners and farmers select for favorable plant characteristics are two spectacular ... should have a firm asset allocation pol- icy in place. What separates the professional from the amateur are two things: First, the knowledge that brutal bear markets are a fact of life a...

Ngày tải lên: 20/06/2014, 20:20

... 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 by 10% per year, in the ... 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...

Ngày tải lên: 21/06/2014, 02:20