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Feb 28, 2009 new - Simulated Passive Investor Experiences (SPIEs): 81 Years, 972 monthly periods, 22 monthly rolling periods analyzed for 20 Index Portfolios (365,520 monthly data points or SPIEs!), including the Great Depression. Another "Off the Charts" exclusive from IFA. What was the wildest 2 years of Index Portfolio 100 over the last 81 years? Over 961 12-month monthly rolling periods, the worst and best are right next to each other, 7/31 to 6/33. First it went down 72% in 12 months, then up 264% in the next 12 months. Total return = 3.52%. Yikes. See here.

Feb 28, 2009 new - Actively managed funds lose share to index rivals. Investors ditch market-beating attempts, settle for average returns."Actively managed mutual funds are parasites on the savings of this country. They are just a legalized haircut on investor wealth. Fund managers are totally useless to a longterm investor because even the best are only better than the overall market for limited periods of time."

Feb 27, 2009 new - The Credit Suisse Global Investment Returns Yearbook 2009 has some interesting data.

Feb 8, 2009 newThe IFA Challenge - IFA issues a challenge to all individual or professional investors. Submit monthly statements covering the period from Jan 1, 2000 (when IFA started) to Jan 31, 2009 and see if the risk and return of the portfolio you managed is more optimal than any IFA Index Portfolios. We have yet to see one.

Jan 26, 2009 - What the Pros said in Dec 2007: One says buy Lehman Brothers, Bear Stearns, and Merrill Lynch and another says buy financial giant American International Group. :-) ELAINE GARZARELLI, PRESIDENT, GARZARELLI CAPITAL - " Our models show the S&P 500 is undervalued by 25%." See what happened?

Jan 24, 2009 - Only ONE fund consistently beat the S&P500 over the last 10 years. But few investors owned it. But Index Portfolio 90 had a total return 65% more than the S&P 500 over the 10 yrs.

Jan 20, 2009 - Burton Malkiel tells you to just index on Wealthtrack video.

Jan 20, 2009 - What is Financial Advice?

Dec. 31, 2008 - Five Best Books on Asset Allocation - ITA Wealth Mgmt

Dec. 30, 2008 - Eugene Fama, Sr., Economist of the Day

Nov. 20, 2008 - Face Time with Five Nobel Laureates in Economics

Nov. 14, 2008 - Kenneth French speaks on tech ticker.

Dec. 2, 2008 new Charles Schwab Answers the Questions Investors are Asking.

Dec. 2, 2008 new See new Quote of the Week Video on

Be sure to subscribe to IFA's YouTube Channel to catch the latest educational videos.

Nov. 24, 2008 new

download to iPhones 2.2
- 38 IFA Podcasts (from iTunes)


Be sure to click on Subscribe button in the iTune to catch future Podcasts.

 

Nov. 22, 2008 new The IFA Investment Principles:
1. Capitalism works on average and over time. This statement might be explained by Hebner's estimate that more than 100,000 public companies over 80 years have earned an average annual profit about 10%/year. If companies or stockholders of those companies desired capital, they traded their stock certificates for cash from investors. Through this trade, stockholders gave up the stock's future return of about 10% per year (currently 9.26%). That return has been driven up over the last 80 years and 10 months by the average profits of those simulated and actual S&P 500 companies. This is known as the "cost of capital" and the cost of capital is paid to the investors.
2. Risk and return have a positive correlation.
3. Free markets match prices to current levels of uncertainty, so that buyers can earn a risk-appropriate return.
4. The greater the risk, the longer the time required to obtain the expected return. Investors should capture the average return of all stocks and the average return of a sufficient number of months.
5. Passively invest, diversify to the maximum, maintain a small and value tilt and keep turnover, costs and taxes to a minimum.
6. Risk exposure must be initially matched to the investor's risk capacity, then monitored and maintained through rebalancing.
7. Avoid capital gains and dividends and realize losses in taxable accounts.


Nov. 21, 2008 new Why Stick Around in a Tough Market - by David Booth

Nov. 20, 2008 new Face Time with Five Nobel Laureates in Economics

Nov. 19, 2008 new - When will the buyers be right again? About 10 Billions shares are bought and sold every day around the world. At each new price, buyers think it is a good time to buy and sellers disagree. Since prices are set at fair market value, there is a 50/50 chance that future prices will be higher or lower than the approximate 0.03%/day or 10%/year expected return for equities. Here are some interesting charts about past market declines (source: dshort.com) - Here are some more interesting charts showing recoveries since 1950. See ifacalc.com data here.

Nov. 18, 2008 new - Climbing the 12 Steps is not easy. See the new 48"x72" masterpiece painting by Lala Ragimov: "Journey to Tradeless Nirvana". This painting will be the centerpiece of the lobby in IFA's new 1st floor, 8,200 sq. ft. office.
Click to see the enlarged version. Copyright Index Funds Advisors 2008


Nov. 14, 2008 new - Kenneth French speaks on tech ticker.


Nov. 11, 2008 - How do mutual fund distributions work? How does IFA minimize them for new investors?

Nov. 10, 2008 - A Message from IFA President Mark T. Hebner: The Resilience of Capitalism - Updated for Oct. 30, 2008 Data.

Nov. 8, 2008- New Table provides updated data for October 2008. See bottom of this page.

Nov. 3, 2008 “What to do about the Financial Transparency Crisis”
An IFA Exclusive

Nobel Prize Winner and IFA Academic Consultant, Harry Markowitz outlines a solution for resolving the current financial crisis.
Click here to read the full article


Nov. 6, 2008
- Free Markets are Doing Their Job. Uncertainty is Higher. Prices are Lower. Expected Returns are About the Same.

 

 

Oct. 13, 2008
"It is very tempting to try to time the market. But neither individuals nor investment professionals can consistently time the market." - Keep Your Money in the Market, WSJ 10/13/08

Jack Bogle on the Financial Speculation


Oct 31, 2008What percentage of the time have 20 IFA Index Portfolios had gains or losses. See the data in Daily, Monthly, Quarterly, Annual, 5-yr or 10-yr periods. More Eye Candy in glorious IFA Technicolor.

Is It Different This Time?
If you compare the 1907 crisis that struck U.S. and European financial institutions with 2008’s economic emergencies, you will discover striking similarities. Each time capitalism was resilient. - The Panic of 1907, Lessons Learned From the Market's Perfect Storm - Abstract from getAbstract - buy from amazon - Also see Manias, Panics and Crashes.

Oct 26, 2008Advice IFA agrees with from Larry Swedroe: " What we do know is that trying to time the market is a loser's game. And most of the time investors simply get it wrong, selling AFTER market drops and only buying well after it recovers. That results in the dollar weighted returns they earn being well below the market's time weighted returns." - My Take on This Market, by Larry Swedroe - 10/26/08

Oct 26, 2008The Speculation Blues Video in High Quality on Click to play the new Speculation Blues Video

Oct 26, 2008 Financial Weapons of Mass Destruction - CBS News, 60 Minutes

Oct 22, 2008
Enrico thinks IFA.com is the best financial web site in the world! Thanks Enrico.

Oct 20, 2008 Improve Your 401k
for more information, see ifa401k.com

Oct 17, 2008 From Warren Buffett: "Equities will almost certainly outperform cash over the next decade, probably by a substantial degree. .. "A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful." ..."What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up. So if you wait for the robins, spring will be over." - Buy American, I Am. NYT.com

Oct 16, 2008
We are advising all clients to consider two important portfolio maintenance topics, tax loss harvesting and rebalancing.

New Updated Video: Oct 15, 2008 Should You Be Worried About Your Investments?

Click here to view the special report

Sept 08, 2008: Ask Warren...


Sept 08, 2008: Ask Mark about recession predictions.

Aug 2, 2008: Mutual Fund Performance, Nitzsche, Dirk, Cuthbertson, Keith and O'Sullivan, Niall, (2006): A Devastating Conclusion: Essentially No Skill, just Luck: "Sensible advice for most investors would be to hold low cost index funds..." Another study: Mutual Fund Performance and Manager Style - A Devastating Conclusion: Essentially No Skill, Just Luck. A new study from Fama & French: Mutual Fund Performance No persistence of Luck. Stock pickers might as well be throwing darts at the WSJ, click the monkey to watch the video clip from the Trillion Dollar Bet: "A Devastating Conclusion"


July 26, 2008 ( well... not really new)
Must Read by Charles Ellis: The Loser's Game, Circa 1975, 33 years ago, but about 95% of investors still don't get it. "...most institutional investment managers continue to believe, or at least say they believe, that they can and soon will again “outperform the market.” They won’t and they can’t." - Charles Ellis

July 8, 2008: August 13, 1979 Issue of BusinessWeek “The U.S. economy probably has to regard the death of equities as a near-permanent condition.”

Is It Different This Time? - Weston J. Wellington, Vice President, Dimensional Fund Advisors - Play Video (expand window to full screen) - Audio (iPod and MP3)

Oct 10, 2008 Talk to Chuck Schwab. "During times of uncertainty, some investors make the mistake of trying to time the market by simply stepping out. History suggests that asset allocation, diversification and periodic rebalancing are the tools that investors should use to weather market downturns."

Oct 9, 2008 Concerned About the Markets? Read "The Four Pillars of Investing" by William Bernstein, Chapter 6, titled Market Bottoms: The Agony and the Opportunity. It’s only 10 pages and it is worth the read. In his section titled How to Handle the Panic Bernstein says, "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 to avoid their effects; and second, that when times get tough, the former stays the course; the latter abandons the blueprints, or, more often than not, has no blueprints at all."

Oct 8, 2008 “Some investments do have higher expected returns than others. Which ones? Well, by and large they’re the ones that will do the worst in bad times.” - William F. Sharpe Nobel Laureate in Economics, 1990, Stanford Professor of Economics, as quoted in Money Magazine’s July, 2007 issue

Oct 3, 2008A Classic from 1998 (nothing has changed): MARKET TIMING: A PERILOUS PLOY -- "Why do timers seem so inept? The stock market makes dramatic moves in relatively short periods, and those who miss them effectively miss a lot of the gains."

Oct 3, 2008
"The only people who get hurt on a roller coaster are the ones who try to get off while it’s rolling!" Submitted by Daren.

Oct 1, 2008 Eugene Fama Wins the First Onassis Prize in Finance, could the Nobel be next?

Sept 29, 2008 Your Brain is Programmed to Invest Badly - by Jonathan Chevreau

Sept 29 2008 Kissing Cousins: Wall Street Collapse and Media Hype - by Dan Solin

Scary Headlines: Links are What Happened over the Next Ten Years.

In its September 28, 1998 issue, Fortune's cover screamed: "The Crash of '98. Can the U.S. Economy Hold up?" A fundamental change in the world's economic condition. Fortune and An "unprecedented" worldwide "economic convulsion" -- Newsweek reported on that view in September, 1998

The triple whammy of "inflation, recession and a frantic bear market" was reported by Life magazine on the cover of its June 5, 1970 issue. The worst economic conditions since the Depression. Time made that observation in June, 1970.

Investor "shock felt round the world" was breathlessly reported by Time in November, 1987

Sept 25, 2008 We are pleased to announce that financial economist and 1990 Nobel Laureate Harry Markowitz has joined the IFA Advisory Board. Dr. Markowitz is also the recipient of the 1989 John von Neumann Theory Prize. He is best known as the father of Modern Portfolio Theory. We are pleased to have this finance legend join IFA's team.

Sept 24, 2008
Bear Markets are a Necessary Evil.

Sept 23, 2008 Don't fall into the emotional trap of selling low and buying high. Every day has the same expected return for a broadly diversified portfolio of index funds. That expected return is about 0.04% with that pesky standard deviation of 0.85%. Out of 481 10-year periods in such a portfolio, they all had a positive return. Hang in there, capitalism still works.

Sept 17, 2008 Learning to Love this Bear Market

Sept 15, 2008 - With respect to the recent turmoil in financial securities markets, please find the following information relating to IFA asset protection. (See this letter)

Dimensional Fund Advisors Investor Protection

Schwab's Asset Protection , Financial Strength and Financial Condition.

Fidelity Institutional Customer Asset Protection Overview

National Financial Services Independent Auditors' Report

Customer Asset Protection Co. Ratings Report from Standard & Poor's

TD Ameritrade Financial Statement

TD Ameritrade Financial Strength

 


Sept 15, 2008
:
From Wikipedia: "The notion of creative destruction is found in the writings of Mikhail Bakunin, Friedrich Nietzsche and in Werner Sombart's Krieg und Kapitalismus (War and Capitalism) (1913), where he wrote: "again out of destruction a new spirit of creativity arises". The economist Joseph Schumpeter popularized and used the term to describe the process of transformation that accompanies radical innovation. In Schumpeter's vision of capitalism, innovative entry by entrepreneurs was the force that sustained long-term economic growth, even as it destroyed the value of established companies that enjoyed some degree of monopoly power."

Sept 12, 2008:
from WSJ
Lehman's Fate

"And Lehman took more risks than most. Like Bear, it was leveraged at more than 30 to 1, which made for bigger profits in the mania of 2005-2006 but also greater losses when the music stopped. Lehman also went all in with mortgage products, even getting deeper into Alt-A loan bets as late as this year. Its CEO, Richard Fuld, appears to have managed the crisis with less skill and dispatch than has, for example, John Thain at Merrill."

Aug 19, 2008:
“It's like waking up in a world where 91 million Americans drive Ford Pintos while wearing flammable pajamas. Why, in gleeful defiance of the data, do more people keep buying [actively managed] mutual funds every year?
Read Dan and Chip Heath’s article: Made to Stick: The Myth of Mutual Funds

Aug 2, 2008:
Mutual Fund Performance, Nitzsche, Dirk, Cuthbertson, Keith and O'Sullivan, Niall, (2006): A Devastating Conclusion: Essentially No Skill, just Luck: "Sensible advice for most investors would be to hold low cost index funds..." Another study: Mutual Fund Performance and Manager Style - A Devastating Conclusion: Essentially No Skill, Just Luck. A new study from Fama & French: Mutual Fund Performance No persistence of Luck. Stock pickers might as well be throwing darts at the WSJ, click the monkey to watch the video clip from the Trillion Dollar Bet: "A Devastating Conclusion"

© 2007 Index Funds Advisors, Inc.
"A Devastating Conclusion"
See Enlarged Monkey Painting.

Aug. 2, 2008:
Lessons from Bill Miller: Don't concentrate, don't style drift, and nobody can beat a risk adjusted market over long periods. Invest right, sit tight. - More on Miller.

July 30, 2008
Do You Understand Standard Deviation?

To Learn More, Click Here to Read Step 8: Riskese

July 30, 2008
If you don't understand TAX LOSS HARVESTING, read this.

July 26, 2008 ( well... not really new)
Must Read by Charles Ellis: The Loser's Game, Circa 1975, 33 years ago, but about 95% of investors still don't get it. "...most institutional investment managers continue to believe, or at least say they believe, that they can and soon will again “outperform the market.” They won’t and they can’t." - Charles Ellis

July 26, 2008:
Are stock prices accurate? If they are, there is no reason to trade, unless you need the money.
Definition of Fair Market Value: The price that a given property or asset would fetch in the marketplace, subject to the following conditions:
1. Prospective buyers and sellers are reasonably knowledgeable about the asset; they are behaving in their own best interests and are free of undue pressure to trade. 2. A reasonable time period is given for the transaction to be completed. Given these conditions, an asset's fair market value should represent an accurate valuation or assessment of its worth. Source: investopedia.com

July 14, 2008:

The Prescient Are Few
-- 99.4% of Managers deemed to be UNSKILLED in stock picking. Mark Hulbert, NY Times article, “The Prescient Are Few”, 7/13/08 (see the full academic study)

July 13, 2008:
Think you can time this market? Think again. Read the wisdom of Professor Malkiel: Read page 118-138. It might help you.

July 21, 2008:
This is IFA's YTD estimate of commissions and bid ask spreads paid by buyers and sellers to brokerage firms, NYSE traders and other silent partners as the result of the trading on just the NYSE and NASDAQ. That's about $645 Million per day or about 5 cents/share for buyers and sellers! Now you may appreciate why we hear constant "BREAKING NEWS" on the daily infomercials for the trading industry that lures us into trading. Please resist the urge! Don't be a bettor, be an investor. Invest right and sit tight.

"Don't just do something, sit there!

Click to see NYT article Click to see data and chart

July 8, 2008:
August 13, 1979 Issue of BusinessWeek “Dow Jones Industrial Average: 875.25. The U.S. economy probably has to regard the death of equities as a near-permanent condition.”
See the chart Time Picking Gurus See the article. See the chart

June 25, 2008
What do academics say about the relationship between economic conditions and expected investment returns? - 1) Expected returns on bonds and stocks are higher when economic conditions are weak and lower when economic conditions are strong. - Fama and French, "Business Conditions and Expected Returns on Stocks and Bonds," (November 1989), Journal of Financial Economics

 NEW DATA

4/29/08:
Wal-Mart sued over lack of index funds and lower cost institutional funds in their $9.5 Billion 401(k) plan.
1.4 million employees are mad and are not going to take it any more! They want index funds and they want them now! You should too.

4/11/08:
Investment Manager Performance Before and After a Hiring and Firing Decision - Surprise! The Fired Beat the Hired

THE DEATH OF ACTIVE MANAGEMENT
- The Selection and Termination of Investment Managers By Plan Sponsors - Or, "Luck Does Not Persist" From page 30, "To summarize our results, plan sponsors hire investment managers after superior performance but post-hiring excess returns are zero."

IFA Institutional (ifa-i.com) for investments managed by committees, such as University Endowments.

3/9/08:
Study from Kenneth French



6/14/08:
The Powerful Case for Passive Investing, By Jack Naudi


3/9/08:
Stock Market Addiction is a Gambling Addiction
. See 20 Questions for Compulsive Gambling? Note Stockmarket check box at the bottom?
Click here to watch the video about a trader that finally went out of business.

Followup: After suffering a roughly 35% loss over two years, on October 1, 2007, Timothy closed his hedge fund.

3/8/08:
Market Timing and Stock Selection Does Not Beat Passive Investing.
Read it and see.

8/22/07:
Five Secrets of Successful Investing

A Musical Interpretation of The 12-Step Program for Active Investors by Paul Douglas Boyer: (MMM website)
Download 12_Steps_-_ALL
Many great quotes from Warren Buffett on Market Timing, Stock Picking and Index Funds: Click this link, type Ctrl-f, and search Buffett

Canadian Index Portfolios

1 The New IFA Canadian Joint Venture www.ifacanada.com
Coming: 1

The Big Table: July 2007 and 80 yrs of Indexfolios

IFA Risk and Return Calculator 80 Years (960 months) of 20 IFA Indexes and 20 Indexfolios 38,400 Monthly Returns - A Worldwide Exclusive

Not all indexes with similar names are similar: Small Value | Large Value Small Caps | Int'l Value | Emerging Markets | TM Int'l | TM Small Cap Compare Indexes  [more info]



 NEW CHARTS:

 NEW MISCELLANEOUS:

James Surowieki Lecture - His book: The Wisdom of Crowds -This is why free markets and indexing works.
Wealthcare Inputs



The Million-Dollar Waitress
A woman who has never bought a stock in her life has bested the financial pros in CNBC's stock-picking contest. Like a monkey throwing darts, she was the lucky winner. See video.
Primal Picks: "In the four years since Mr. Monk has chaired and inspired this contest, his stocks have posted annual returns of 37 percent, 36 percent, 3 percent and, in 2006, 36 percent, beating the major indexes every time. It's proof that you don't have to be an insider CEO, an insider hedge-fund manager or a loudmouth on CNBC to make money in the market."

News and Articles about IFA, DFA, and Index Funds:

4/23/08: Calming Words for New Investors from Money Magazine - If you are nervous, you must be new.

4/21/08: The Inefficient Market Argument for Passive Investing, Steven Thorley, Circa 9/99 - Not much has changed since this clearly stated argument for passive rebalancing from almost 9 years ago, when we started IFA.

4/9/2008: Indexing in India - They get it

"...investors have a good sense of what makes up risk, but a poor sense of how to connect that to expected returns." Behavioral Finance, Hersh Shefrin, CFA Institute, June 2007, page 7 - - Discussion in Step 4 - PDF: The Chart Shefrin left out: Predictive Power of Consecutive Returns of S&P 500 over 80 years - There isn't any.

1 The Role of Fixed Income - Fama, Jr.
Think your Municipal Bond Fund is safe? Read this: 59% of the Short Duration Fund's bonds, and 74% of the High Yield Fund's bonds, were now identified as defaulted.
1Kudos to a Classic! Why Malkiel’s “Random Walk ”is still stepping out.
1 Investor Education translates to Higher Returns with Advisors and DFA
1 Can a Passive Advisor Add Value?
1 Is Your Advisor on the Right Track?
1 WSJ Describes the Perils of Performance Chasing
1 Bogle's Latest! The Beauty of Common Sense - USAToday Review

1 IFA's President's Market Outlook Report for 2008, 2009, 2010 and beyond: Capitalism still looks good . Buy and hold it. Why buy and hold? Because the uncertainty of achieving your expected return reduces with time.
1- A New Way of Investing
1- Standard Deviation Simplified
1Another Case for Index Funds
1Beating the Market a Risky Business
1Eugene Fama Interview - 2006 , and Fama/French Interview 2007
1Value Premium in UK
arrow The Case for Passive
1 IFA modified SPIVA in USA
Active vs Passive - Sinquefield
a Straight Talk from Global Century- SNL-Youtube
a Is Stock Picking Declining Around the World: Who is indexing now and predictions as to who will index in the future?
a Just Index. circa 1989
a Index Funds are Path to a Winning Investment
a Morningstar Study: Short-term Buying and Selling Equals Lower Returns
a Index-fund enthusiasts say investors are falling victim to year-round hoax
aDFA vs Vanguard
aFama's Gospel

IFA's concern with iShares: "To generate more revenue, Barclays has worked in recent years to build up its actively managed funds like hedge funds. About 21% of BGI's assets are actively managed, some of in hedge funds. A recent report by Sanford C. Bernstein & Co. says BGI has been successful in subtly shifting to the higher fee, actively managed funds." WSJ 08/13/07

11 IFA's concern with Vanguard: Vanguard plans 50% active? Say it ain't so...
- Here is an actual proposal with active funds! Where is Jack? What have they done to his song, Ma?
The only pure passive play is DFA. DFA is the only fund company that adheres to a non-forecasting, efficient markets strategy for all of their funds.

The Selection and Termination of Investment Managers By Plan Sponsors - Or, "Luck Does Not Persist" From page 30, "To summarize our results, plan sponsors hire investment managers after superior
performance but post-hiring excess returns are zero."

Leave the Prattle Behind - Scott Burns - Then read this.

1 The Role of Fixed Income - Fama, Jr.

Sharpe William F. Sharpe was interview by Jason Zweig in the June 2007 issue of Money Magazine, p. 107 - Sharpe said, "Some investments do have higher expected returns than others. Which ones? Well, by and large they're the ones that will do the worst in bad times." and "What if your advisor talks only about returns, not risk? ...It's his job to take risk into account by telling you the range of possible outcomes you face. If he won't, go to a new planner, someone who will get real."
1Warren Buffett says, "Just Index!"
1 Hear the CNBC Buffett interview HERE.

1Kudos to a Classic! Why Malkiel’s “Random Walk” is still stepping out.

1Index Funds: The Cure for the Fund-Switching Blues (aka Speculation Blues)

1 Investor Education translates to Higher Returns with Advisors and DFA

1 Can a Passive Advisor Add Value?

1 Is Your Advisor on the Right Track?

1 WSJ Describes the Perils of Performance Chasing

1 Bogle's Latest! The Beauty of Common Sense - USAToday Review

1 Jason Zweig spoke to Chuck: " He said "Buy index funds. It might not seem like much action, but it's the smartest thing to do." - Interview of Charles Schwab, Money Magazine - p. 88, Jan 2007 Issue

1 "Wall Street's most optimistic strategist on US stocks, Ed Keon of Prudential Group in New York, just became one of the most pessimistic." Economist, Bloomberg News, "Strategist Turns More Bearish, Advises Clients to Cut Stocks," Los Angeles Times, February 7, 2006. [More Bad Predictions for 2006]

1 IFA's President's Market Outlook Report for 2007: Capitalism still works. Buy and hold it. Why buy and hold? Because the uncertainty of achieving your expected return reduces with time.

1- 2006: Another Shining Year for Capitalism
1- A New Way of Investing
1- Standard Deviation Simplified
1Another Case for Index Funds
1Beating the Market a Risky Business
1Luck Finally Runs Out for Bill Miller. Actually, he wasn't even lucky to begin with, see HERE. The more appropriate Large Value Index beat him for last 20 Years.
1Index Funds a Winning Strategy for 2007, "It may again be time to index."
1Eugene Fama Interview - 2006 , and Fama/French Interview 2007
1 Bogle on ETFs
1 Sinking Pensions Funds?: Expert says Index Funds would have made $767 Million more. video | article

1 Value Premium in UK - c. 1991
1 Disturbing Trends for Active
The Case for Passive - amexsux.com v
1Mr. Passive Investor
1IFA modified SPIVA in USA
1Investor Education translates to Higher Returns with DFA.
1Active vs Passive - Sinquefield
1Active vs Passive - Tim Bock
1 Your MS Broker - SNL-Youtube

All About Hedge Funds (Defined)

Read about Hedge Funds (another definition) and Private Equity:
1The Uncertainty of Returns
1The King is Getting Nervous Hedge Funds: Risk and Return
Hedge Funds: Superstars or Average Joes? - Not Good News!
1 Private Equity Returns of 746 funds over 17 years approximately equals S&P 500 Returns
1Like Hedge Funds? Read This First!
1Hedge Funds - from Ben Stein
1 2+20 = market returns at best
1 Hedge Clipping - The New Yorker
1How to Beat Hedge Funds


Click to see NYT article Click to see data and chart See the article. See the chart
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