building a winning service strategy
The Four Pillars of Investing: Lessons for Building a Winning Portfolio_2 ppt
... postwar reconstruction may provide a much less biased estimate of non-U.S investment returns The Morgan Stanley Capital International Europe, Australasia, and Far East (EAFE) Index is a highly accurate ... a moment, Wal-Mart and Kmart The former is financially healthy and universally admired, with legendary management, a steadily growing stream of earnings, and a huge pile of cash on hand for emergencies ... to measure short-term risk by calculating something statisticians call a “standard deviation” (SD) This can be thought about as the degree of “scatter” of a series of values about the average...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_3 potx
... important of all, he regarded this state of affairs as normal, certain, and permanent, except in the direction of further improvement, and any deviation from it as aberrant, scandalous, and avoidable ... versus Growth Abroad, 1975–96 Country Japan Britain France Germany Italy Netherlands Belgium Switzerland Sweden Australia Hong Kong Singapore Average Value Stocks Growth Stocks Value Advantage 14.55% ... future consumption That is, a dollar of income next year is worth less to us than a dollar today, and a dollar in thirty years, a great deal less than a dollar today Thus, the value of future income...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_4 pdf
... once a year, and you might—just might—match the index And that’s before taxes In a taxable account, this strategy would eat you alive with short-term capital gains, which are penalized at your ... Washington by Major General MacArthur and a young aide named Eisenhower, and membership in the American Communist Party has reached an all-time high Even economists have lost faith in the capitalist system ... time that the average college-educated person could get through an academic finance article without falling asleep Vast improvements in statistical and computational sophistication in financial research...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_5 docx
... have picked it up already.” The market behaves exactly the same way Let’s say that XYZ company is selling at a price of 40 and a clever analyst realizes that it is actually worth 50 His company ... exerting a superhuman effort against transactional expense to maintain a razor thin margin of victory The Really Bad News It’s bad enough that mutual-fund manager performance does not persist and that ... in Chicago This remarkable organization, with the availability of the electronic computer, The Market Is Smarter Than You Are 89 made possible the storage and analysis of a mass and quality of...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_6 pot
... Morgan Stanley’s EAFE (Europe, Australasia, and Far East) Index As of year-end 2000, there is a 32-year track record of accurate foreign returns For the period, this index shows an 11.89% annualized ... medical practice My reply was that these advances—gene therapy, DNA-based diagnostic testing, the flow of new surgical and angiography tools—had brought only marginal improvements on a day-to-day ... fabric, in ways that can hardly be Tops: A History of Manias 131 imagined today Within a brief period, the speed of transportation increased tenfold, and communications became almost instantaneous...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_7 doc
... financial chaos of Paris arrived a most extraordinary Scotsman: John Law After escaping the hangman for killing a man in a 1694 duel, he studied the banking system in Amsterdam and eventually made ... poor quality of the roads and public safety made travel a dangerous, slow, and extremely uncomfortable endeavor At a stroke, the railroads made overland travel cheap, safe, rapid, and relatively ... 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 of mathematics,...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_8 ppt
... gravitational equation from a falling apple and Darwin’s extrapolating the theory of evolution from observing gardeners and farmers select for favorable plant characteristics are two spectacular ... Table 7-1, I’ve picked six asset classes—U.S large and small stocks, as well as U.K., continental European, Japanese, and Pacific Rim stocks—and analyzed their performance at five-year intervals ... firm asset allocation policy in place What separates the professional from the amateur are two things: First, the knowledge that brutal bear markets are a fact of life and that there is no way...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_9 pdf
... & Life in Financial Planning magazine, a trade publication for investment advisors: Now an annuity that keeps paying, and paying and paying and paying and paying and paying The advertisement ... recommendations? Do you think that he carefully analyzes the market, stock by stock, looking over each company’s fundamental financial data, industry trends, and marketing data? Hardly The average ... far in the book, you know far more about the capital markets than the average broker I have yet to meet any brokers who are aware that small-growth stocks have low returns, or who are familiar...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_10 doc
... with an economic impact as large as that of financial journalism Just as many automobile purchasers will buy on the basis of a favorable review in Car and Driver, a glowing money manager story can ... financial journalism heap are a select number of writers who are so popular and craft prose so well that they can get away with a regular output of unvarnished reality As we’ve already seen, Jane ... 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 mutual fund, since...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_12 doc
... Vanguard Total Stock Market Index Vanguard Tax-Managed Small Cap Vanguard Tax-Managed International Vanguard REIT (VA) Treasury Ladder Vanguard Short-Term Corporate Bond Vanguard Limited-Term Tax-Exempt ... their VA uneconomical.) Here’s what his stock allocation looks like: • • • • 40% 20% 25% 15% Vanguard Vanguard Vanguard Vanguard Total Stock Market Tax-Managed Small-Cap Tax-Managed International ... Tax-Exempt State Funds: Vanguard California Intermediate-Term Tax-Exempt Vanguard California Long-Term Tax-Exempt Vanguard Florida Long-Term Tax-Exempt Vanguard Massachusetts Tax-Exempt Vanguard...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_13 potx
... of money at market bottoms than at market tops You can think of value averaging as a combination of DCA and rebalancing (Value averaging works just as well in reverse If you are retired and in ... using a value averaging approach Value averaging is a superb method of building up an equity position over time.This technique combines dollar cost averaging and rebalancing Asset allocation ... mirror image of value averaging—you are rebalancing with withdrawals Rebalance your sheltered accounts once every few years Do not actively rebalance your taxable accounts except with mandatory...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_14 docx
... Corporate 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 ... per year The same is true, to a lesser extent, for markets in the Asian “tigers” (Korea, Singapore, Malaysia, Indonesia, Taiwan, and Thailand), which since 1988 have all had lower returns than those ... bore you with the mass of mutual fund statistics and academic studies on the inadequacies of active management that has accumulated since 2002 I cannot, alas, resist relating the sad story of Bill...
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Lessons for Building a Winning Portfolio_2 ppt
... important of all, he regarded this state of affairs as normal, certain, and permanent, except in the direction of further improvement, and any deviation from it as aberrant, scandalous, and avoidable ... versus Growth Abroad, 1975–96 Country Japan Britain France Germany Italy Netherlands Belgium Switzerland Sweden Australia Hong Kong Singapore Average Value Stocks Growth Stocks Value Advantage 14.55% ... future consumption That is, a dollar of income next year is worth less to us than a dollar today, and a dollar in thirty years, a great deal less than a dollar today Thus, the value of future income...
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Lessons for Building a Winning Portfolio_5 ppt
... Morgan Stanley’s EAFE (Europe, Australasia, and Far East) Index As of year-end 2000, there is a 32-year track record of accurate foreign returns For the period, this index shows an 11.89% annualized ... medical practice My reply was that these advances—gene therapy, DNA-based diagnostic testing, the flow of new surgical and angiography tools—had brought only marginal improvements on a day-to-day ... fabric, in ways that can hardly be Tops: A History of Manias 131 imagined today Within a brief period, the speed of transportation increased tenfold, and communications became almost instantaneous...
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Lessons for Building a Winning Portfolio_6 pptx
... financial chaos of Paris arrived a most extraordinary Scotsman: John Law After escaping the hangman for killing a man in a 1694 duel, he studied the banking system in Amsterdam and eventually made ... poor quality of the roads and public safety made travel a dangerous, slow, and extremely uncomfortable endeavor At a stroke, the railroads made overland travel cheap, safe, rapid, and relatively ... 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 of mathematics,...
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Lessons for Building a Winning Portfolio_7 potx
... gravitational equation from a falling apple and Darwin’s extrapolating the theory of evolution from observing gardeners and farmers select for favorable plant characteristics are two spectacular ... Table 7-1, I’ve picked six asset classes—U.S large and small stocks, as well as U.K., continental European, Japanese, and Pacific Rim stocks—and analyzed their performance at five-year intervals ... firm asset allocation policy in place What separates the professional from the amateur are two things: First, the knowledge that brutal bear markets are a fact of life and that there is no way...
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Lessons for Building a Winning Portfolio_9 doc
... with an economic impact as large as that of financial journalism Just as many automobile purchasers will buy on the basis of a favorable review in Car and Driver, a glowing money manager story can ... financial journalism heap are a select number of writers who are so popular and craft prose so well that they can get away with a regular output of unvarnished reality As we’ve already seen, Jane ... 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 mutual fund, since...
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Lessons for Building a Winning Portfolio_10 pot
... International Funds Fund 256 Vanguard European Stock Index Vanguard Emerging Markets Stock Index Vanguard Pacific Stock Index Vanguard Total International Vanguard Tax-Managed International Vanguard ... Table 13-2—the Bridgeway Ultra-Small-Company TaxAdvantaged Fund—and the other small-company funds The Bridgeway fund, which is aimed at taxable accounts, invests in much smaller companies than ... other small company funds—typically in Table 13-2 U.S Stock Index Funds Fund 251 Large-Cap Market: Vanguard 500 Index Vang Tax-Managed Growth & Income Vang Tax-Managed Cap App Fidelity Spartan 500...
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Lessons for Building a Winning Portfolio_12 pptx
... of money at market bottoms than at market tops You can think of value averaging as a combination of DCA and rebalancing (Value averaging works just as well in reverse If you are retired and in ... using a value averaging approach Value averaging is a superb method of building up an equity position over time.This technique combines dollar cost averaging and rebalancing Asset allocation ... mirror image of value averaging—you are rebalancing with withdrawals Rebalance your sheltered accounts once every few years Do not actively rebalance your taxable accounts except with mandatory...
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Lessons for Building a Winning Portfolio_1 pdf
... important of all, he regarded this state of affairs as normal, certain, and permanent, except in the direction of further improvement, and any deviation from it as aberrant, scandalous, and avoidable ... versus Growth Abroad, 1975–96 Country Japan Britain France Germany Italy Netherlands Belgium Switzerland Sweden Australia Hong Kong Singapore Average Value Stocks Growth Stocks Value Advantage 14.55% ... future consumption That is, a dollar of income next year is worth less to us than a dollar today, and a dollar in thirty years, a great deal less than a dollar today Thus, the value of future income...
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