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  • Restrain Your Expectations: An Analysis Of Unconstrained Strategies
    Editors' Pick • Wed, Mar. 11 3 Comments

    Summary

    • Flexible asset allocation mutual funds attract investors looking to boost results.
    • Five evaluation tests help analyze performance.
    • The results: Go-anywhere funds offer more opportunities but no excess returns.
  • Seven Do's And Don'ts Of ETF Trading
    Editors' Pick • Wed, Mar. 4 29 Comments

    Summary

    • Investors need different skills when trading ETFs.
    • Unlike mutual funds, with ETFs the cost of trading is usually borne by the investor.
    • Price control and patience are essential.
  • Active Indexing: Being 'Passive-Aggressive' With ETFs
    Editors' Pick • Wed, Feb. 25 8 Comments

    Summary

    • The wide use of ETFs doesn't necessarily mean a commitment to indexing.
    • Some investors use ETFs to try to outperform the market.
    • Vanguard shares the research and explains the risks.
  • Quantifying the impact of chasing fund performance
    Oct. 24, 2014 3 Comments

    Summary

    • Performance is tempting for investors.
    • Historical simulation in which lower-performing funds were sold shows the superiority of buy-and-hold strategies.
    • An important truth: Past performance is no guarantee of future results.
  • Liquid Alternatives: A better mousetrap?
    Oct. 23, 2014 1 Comment

    Summary

    • Interest in these funds has increased dramatically.
    • But short-term benefits could be undercut by high costs and inconsistent strategies.
    • Investors should look to fundamentals, and not novelty or complexity.
  • Has indexing gotten too big?
    Oct. 22, 2014 5 Comments

    Summary

    • Index funds/ETFs still constitute a minority of invested assets overall.
    • Active investors still determine market prices.
    • If indexing became the dominant strategy, there would still be incentive to take risks.
  • A Better Safe Haven Than Gold
    Jun. 11, 2014 EDV, BND, BSV 12 Comments

    Summary

    • Gold, much like other commodities, is a volatile asset with significant trade-offs.
    • Treasuries have been a more consistent performer versus gold during periods of economic uncertainty.
    • A diversified strategy of stocks and bonds versus reactive shifts in the portfolio is a better defense for long-term investors.
  • 2013: The Year That Wasn't (And Was) For Active Management
    Jun. 10, 2014 Comment!

    Summary

    • Despite market conditions in 2013 that seemed friendly to active funds, fewer than anticipated outperformed their benchmarks, according to research from Vanguard's Investment Strategy Group.
    • A tendency to chase performance, combined with a wide dispersion of fund returns, diminished clients' chances for beating indexes.
    • Investors who choose active funds should consider those with low costs.
  • Smart Beta: Not Beta, But A Bet
    Jun. 9, 2014 VIG, VYM, VTV 10 Comments
  • The Great Temptation Of The Great Rotation
    Nov. 6, 2013 BIV, BLV, BND 3 Comments
  • Premiums, Discounts, And Volatility
    Nov. 5, 2013 VXUS, BNDX Comment!
  • Rising Rates Shine A Dull Light On Active Bond Funds
    Nov. 4, 2013 BND, BSV, BLV 3 Comments