By now, it’s no secret that the costs charged by investment funds are critically important. In fact, when choosing among funds in the same category, they’re the single most important differentiator. In the words of Morningstar, the investment research firm, “If there's anything in the whole world of [...]
Extreme portfolio makeover
At least once a week, I run across the sort of portfolio I like to call a “broker’s special.” While each is different, they typically include some mix of the following: A handful of mutual funds with names like "New Economy" or “New Discovery” or "New Perspectives". Some commodity funds. [...]
The bet
In his company's 2006 annual report, Warren Buffett devoted several paragraphs to a scathing criticism of the hedge fund industry. Their fees, Buffett wrote, were so exorbitant and so stacked against investors that they amounted to a “grotesque arrangement.” For that reason, Buffett frequently [...]
Tried and true
Just before Thanksgiving, something odd happened on Wall Street. Three of the major brokerage firms issued remarkably similar reports declaring the death of the “60/40” approach to investing. What does this mean exactly, and how should you think about it? By way of background, 60/40 refers to a [...]
The paradox of personal finance
“The investor’s chief problem—even his worst enemy—is likely himself.” So wrote Benjamin Graham, the father of modern investment analysis. With these words, written in 1949, Graham acknowledged the reality that investors are human. Though he had written an 800-page book on techniques to analyze [...]
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