• 12-Steps:
  • Chart Index
  • The 12-Step Introduction
  • The 12-Step Overview
  • About the Author
  • Preface
  • Short Book on Investing
  • IFA 12-Step Brochure [PDF]
  • Intro Print Version [PDF]
  • PowerPoint Presenation
  • PowerPoint [PDF]
  • Art Gallery
  • FAQ
  • IFA Store
  • Buy the Book
  • Backtested Disclosures
• Step 1
  

  Step 1: Active Investors

  • • Page: 
    • page 1
    • page 2
    • page 3

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  • 1.2.1 Active Investors
  • 1.2.2 Index Funds Investors
  • 1.2.3 Beating the Market
  • 1.2.4 Risk Measurements

  Problems

  • 1.3.1 Active Investors are Everywhere
  • 1.3.2 Active Investors are Gamblers
  • 1.3.3 Active Investors Lose
  • 1.3.4 The Poor Accounting of Active Investors
  • 1.3.5 Stock Market Prices are Random
  • 1.3.6 Stock Markets are Efficient
  • 1.3.7 When Risk Capacity is not Matched with Risk Exposure
  • 1.3.8 The High Cost of Turnover
  • 1.3.9 The Emotional Stress of Active Investing
  • 1.3.10 More than 1,500 Investors can be Wrong

  Solutions

  • 1.4.1 Active Investors Anonymous
  • 1.4.2 The Ulysses Pact
  • 1.4.3 The History of 12-Step Recovery Programs
  • 1.4.4 The Big Book of Investing
  • 1.4.5 Top Investors Agree
  • 1.4.6 Index Funds Investors Win
• Step 2
  

  Step 2: Nobel Laureates

  • • Page: 
    • page 1
    • page 2
    • page 3

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Fee Page
  • Backtested Disclosures

  Definitions

  • 2.2.1 Nobel Prize in Economic Sciences
  • 2.2.2 The University of Chicago, Center for Research in Security Prices, and the Stock Market Database

  Problems

  • 2.3.1 Investors Rely on Lady Luck
  • 2.3.2 Active Investors are Unaware of Academic Studies

  Solutions

  • Alfred Nobel
  • Blaise Pascal
  • Edmund Halley
  • Adam Smith
  • Louis Bachelier
  • Alfred Cowles
  • Harry Markowitz
  • James Tobin
  • Frank Modigliani
  • Merton Miller
  • William Sharpe
  • Paul Samuelson
  • Eugene Fama
  • Michael Jensen
  • Rex Sinquefield
  • Burton Malkiel
  • John Bogle
  • David Booth
  • Kenneth French
  • Who Do You Trust?
  • Market Forces: May They Be With You
• Step 3
  

  Step 3: Stock Pickers

  • • Page: 
    • page 1
    • page 2
    • page 3
    • page 4
    • page 5
    • page 6
    • page 7

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  • 3.2.1 Stock Pickers
  • 3.2.2 Adjusted Performance

  Problems

  • 3.3.1 Why Stock Pickers Fail
  • 3.3.2 The Stock Picker’s Graveyard
  • 3.3.3 Incubator Funds
  • 3.3.4 Studies and Observations that Show the Daunting Odds of Stock Picking
  • 3.3.5 Stock Pickers and Coin Flippers
  • 3.3.6 Stock Pickers are Focused on Short Term
  • 3.3.7 Stock Pickers are Style Drifters
  • 3.3.8 Stock Pickers are Looking for a Needle in a Haystack
  • 3.3.9 Stock Pickers Play a Zero Sum Game
  • 3.3.10 Stock Pickers in International Markets
  • 3.3.11 Stock Pickers in Small-Cap Markets
  • 3.3.12 Stock Pickers Pay More Taxes
  • 3.3.13 Stock Picking Gurus and Their Real Records
  • 3.3.14 Stock Pickers Don’t Want You to Know the Truth

  Solutions

• Step 4
  

  Step 4: Time Pickers

  • • Page: 
    • page 1
    • page 2
    • page 3

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  • 4.2.1 Random Walk Theory
  • 4.2.2 Efficient Market Hypothesis

  Problems

  • 4.3.1 Pickers are Fooled by Randomness
  • 4.3.2 Academic Studies Prove that Time Picking doesn’t Work
  • 4.3.3 Time Picking Gurus
  • 4.3.4 Gains and Losses are Impossible to Identify in Advance
  • 4.3.5 Time Pickers Pay More Taxes

  Solutions
• Step 5
  

  Step 5: Manager Pickers

  • • Page: 
    • page 1
    • page 2
    • page 3

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  Problems

  • 5.3.1 Past Performance is No Guarantee of Future Results
  • 5.3.2 Persistence in Track Records
  • 5.3.3 Sources of Information Used by Manager Pickers
  • Is a Highly Rated Fund a Good Thing?
  • The Forbes Mutual Fund Honor Roll
  • Mutual Fund Advertisements
  • 5.3.4 Markets Make Managers
  • 5.3.5 Irrelevant Benchmarks

  Solutions
• Step 6
  

  Step 6: Style Drifters

  • • Page: 
    • page 1
    • page 2

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  • 6.2.1 Investment Style
  • 6.2.2 Style Drift

  Problems

  • 6.3.1 Style Drift Alters Risk Exposure
  • 6.3.2 Style Drifters
  • 6.3.3 Style Drift and the Fama/French Risk Factors

  Solutions
• Step 7
  

  Step 7: Silent Partners

  • • Page: 
    • page 1
    • page 2
    • page 3

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  Problems

  • 7.3.1 Active Investors are Unaware of All the Costs
  • 7.3.2 Taxes
  • 7.3.3 Inflation

  Solutions

  • 7.4.1 Index Funds and Tax-Managed Index Funds
  • 7.4.2 Reduce Taxes and Turnover Costs with Index Funds
• Step 8
  

  Step 8: Riskese

  • • Page: 
    • page 1
    • page 2
    • page 3
    • page 4
    • page 5

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  • 8.2.1 Standard Deviation
  • 8.2.2 Probability Distributions and Histograms
  • 8.2.3 Mean Reversion
  • 8.2.4 Expected Return
  • 8.2.5 Rolling Period Returns
  • 8.2.6 Risk
  • 8.2.7 The Dimensions of Stock Return
  • Market Risk Factor
  • Size Risk Factor
  • Value Risk Factor
  • Term Risk Factor
  • Default Risk Factor
  • 8.2.8 Implications of the Fama/French Three-Factor Model
  • 8.2.9 Time Diversification of Risk

  Problems

  • 8.3.1 Active Investors don’t Understand Risk and Return
  • 8.3.2 Investors Like Comfort and Dislike Uncertainty
  • 8.3.3 Stock Pickers Dilute the Two Important Risk Factors
  • 8.3.4 The Myth of the Ideal Investment

  Solutions
• Step 9
  

  Step 9: History

  • • Page: 
    • page 1
    • page 2
    • page 3

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  • 9.2.1 Historical Databases and Studies
  • 9.2.2 Time Series Construction

  Problems

  Solutions

  • 9.4.1 Long-term History Characterizes Risk and Return
  • 9.4.1a Probability of Portfolio Recovery
  • 9.4.2 Cross Correlation among Indexes
  • A Comparative History of Several Indexes
    using Rolling Periods
  • A Comparative History of Market Cap Deciles
  • The Returns Matrix
• Step 10
  

  Step 10: Risk Capacity

  • • Page: 
    • page 1
    • page 2
    • page 3

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  • Dimension One: Time Horizon and Liquidity Needs
  • Dimension Two: Attitude Toward Risk
  • Dimension Three: Net Worth
  • Dimension Four: Income and Savings Rate
  • Dimension Five: Investment Knowledge

  Problems

  • 10.3.1 Investors do not Properly Assess Risk Capacity
  • 10.3.2 Risk Capacity Changes over Time

  Solutions

  • 10.4.1 The Risk Capacity Survey
  • 10.4.2 The Ten Dimensions of Risk
  • 10.4.3 The Color of Risk Spectrum
  • 10.4.4 Twenty Risk Capacities
  • 10.4.5 Capacity Adjusted Risk
• Step 11
  

  Step 11: Risk Exposure

  • • Page: 
    • page 1
    • page 2
    • page 3
    • page 4
    • page 5
    • page 6

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  • 11.2.1 Modern Portfolio Theory
  • 11.2.2 Diversification
  • 11.2.3 Global Diversification
  • 11.2.4 Portfolio Rebalancing
  • 11.2.5 Whole Portfolios
  • 11.2.6 The Prudent Investor Act
  • Five Principles of Prudence

  Problems

  • 11.3.1 How Much Risk is There?
  • 11.3.2 Where is the Data?
  • 11.3.3 Investors Want to Avoid Risk
  • 11.3.4 Risk is Good in Proper Doses
  • 11.3.5 Portfolios Get Out of Balance
  • 11.3.6 Selecting Index Funds

  Solutions

  • 11.4.2 Index Mutual Funds Earn more Return and Eliminate more Risk
  • 11.4.3 The Most Efficient Funds on the Market
  • Small Cap Strategy
  • U.S. Small-Cap Strategy
  • U.S. Micro-Cap Strategy
  • Value Strategies
  • U.S. Small-Cap Value Strategy
  • U.S. Large-Cap Value Strategy
  • Real Estate Securities Strategy
  • U.S. Large Company Strategy
  • Developed International Markets
  • Emerging Markets
  • Fixed Income
  • 11.4.4 Are Commodities Worth the Risk?
  • 11.4.5 Matching People with Portfolios
• Step 12
  

  Step 12: Invest and Relax

  • • Page: 
    • page 1
    • page 2
    • page 3

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Fees
  • Backtested Disclosures

  Definitions

  • 12.2.1 Registered Investment Advisers
  • 12.2.2 Dimensional Fund Advisors
  • 12.2.3 Rebalancing Portfolios
  • 12.2.4 Rebalancing Formula
  • 12.2.5 Tax Loss Harvesting
  • 12.2.5a Mutual Fund Distributions
  • 12.2.5b Cash Withdrawal Considerations
  • 12.2.6 Financial Advice
  • Estate Planning
  • Insurance
  • Accounting and Tax Advice
  • Investment Advisors
  • Life Planning
  • The Glide Path of Life and Your IFA Index Portfolio
  • Retirement Planner

  Problems

  • 12.3.1 Active Investors Procrastinate
  • 12.3.2 Active Investors "Go It Alone"
  • 12.3.3 The Media Wants Investors to Worry
  • Asset Allocation
  • Minimization of Investment Costs
  • Minimization of Taxes
  • Reliable Investment Performance
  • A Simple and Understandable Investment Strategy
  • An Easier Way to Track Investment Performance
  • Increased Leverage and Compounding
    of Investment Wealth
  • Invest like Institutional Investors

  Solutions

IFA.tv

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• 12-Steps:
  • Chart Index
  • The 12-Step Introduction
  • The 12-Step Overview
  • About the Author
  • Preface
  • Short Book on Investing
  • IFA 12-Step Brochure [PDF]
  • Intro Print Version [PDF]
  • PowerPoint Presenation
  • PowerPoint [PDF]
  • Art Gallery
  • FAQ
  • IFA Store
  • Buy the Book
  • Backtested Disclosures
• Step 1
  

  Step 1: Active Investors

  • • Page: 
    • page 1
    • page 2
    • page 3

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  • 1.2.1 Active Investors
  • 1.2.2 Index Funds Investors
  • 1.2.3 Beating the Market
  • 1.2.4 Risk Measurements

  Problems

  • 1.3.1 Active Investors are Everywhere
  • 1.3.2 Active Investors are Gamblers
  • 1.3.3 Active Investors Lose
  • 1.3.4 The Poor Accounting of Active Investors
  • 1.3.5 Stock Market Prices are Random
  • 1.3.6 Stock Markets are Efficient
  • 1.3.7 When Risk Capacity is not Matched with Risk Exposure
  • 1.3.8 The High Cost of Turnover
  • 1.3.9 The Emotional Stress of Active Investing
  • 1.3.10 More than 1,500 Investors can be Wrong

  Solutions

  • 1.4.1 Active Investors Anonymous
  • 1.4.2 The Ulysses Pact
  • 1.4.3 The History of 12-Step Recovery Programs
  • 1.4.4 The Big Book of Investing
  • 1.4.5 Top Investors Agree
  • 1.4.6 Index Funds Investors Win
• Step 2
  

  Step 2: Nobel Laureates

  • • Page: 
    • page 1
    • page 2
    • page 3

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Fee Page
  • Backtested Disclosures

  Definitions

  • 2.2.1 Nobel Prize in Economic Sciences
  • 2.2.2 The University of Chicago, Center for Research in Security Prices, and the Stock Market Database

  Problems

  • 2.3.1 Investors Rely on Lady Luck
  • 2.3.2 Active Investors are Unaware of Academic Studies

  Solutions

  • Alfred Nobel
  • Blaise Pascal
  • Edmund Halley
  • Adam Smith
  • Louis Bachelier
  • Alfred Cowles
  • Harry Markowitz
  • James Tobin
  • Frank Modigliani
  • Merton Miller
  • William Sharpe
  • Paul Samuelson
  • Eugene Fama
  • Michael Jensen
  • Rex Sinquefield
  • Burton Malkiel
  • John Bogle
  • David Booth
  • Kenneth French
  • Who Do You Trust?
  • Market Forces: May They Be With You
• Step 3
  

  Step 3: Stock Pickers

  • • Page: 
    • page 1
    • page 2
    • page 3
    • page 4
    • page 5
    • page 6
    • page 7

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  • 3.2.1 Stock Pickers
  • 3.2.2 Adjusted Performance

  Problems

  • 3.3.1 Why Stock Pickers Fail
  • 3.3.2 The Stock Picker’s Graveyard
  • 3.3.3 Incubator Funds
  • 3.3.4 Studies and Observations that Show the Daunting Odds of Stock Picking
  • 3.3.5 Stock Pickers and Coin Flippers
  • 3.3.6 Stock Pickers are Focused on Short Term
  • 3.3.7 Stock Pickers are Style Drifters
  • 3.3.8 Stock Pickers are Looking for a Needle in a Haystack
  • 3.3.9 Stock Pickers Play a Zero Sum Game
  • 3.3.10 Stock Pickers in International Markets
  • 3.3.11 Stock Pickers in Small-Cap Markets
  • 3.3.12 Stock Pickers Pay More Taxes
  • 3.3.13 Stock Picking Gurus and Their Real Records
  • 3.3.14 Stock Pickers Don’t Want You to Know the Truth

  Solutions

• Step 4
  

  Step 4: Time Pickers

  • • Page: 
    • page 1
    • page 2
    • page 3

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  • 4.2.1 Random Walk Theory
  • 4.2.2 Efficient Market Hypothesis

  Problems

  • 4.3.1 Pickers are Fooled by Randomness
  • 4.3.2 Academic Studies Prove that Time Picking doesn’t Work
  • 4.3.3 Time Picking Gurus
  • 4.3.4 Gains and Losses are Impossible to Identify in Advance
  • 4.3.5 Time Pickers Pay More Taxes

  Solutions
• Step 5
  

  Step 5: Manager Pickers

  • • Page: 
    • page 1
    • page 2
    • page 3

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  Problems

  • 5.3.1 Past Performance is No Guarantee of Future Results
  • 5.3.2 Persistence in Track Records
  • 5.3.3 Sources of Information Used by Manager Pickers
  • Is a Highly Rated Fund a Good Thing?
  • The Forbes Mutual Fund Honor Roll
  • Mutual Fund Advertisements
  • 5.3.4 Markets Make Managers
  • 5.3.5 Irrelevant Benchmarks

  Solutions
• Step 6
  

  Step 6: Style Drifters

  • • Page: 
    • page 1
    • page 2

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  • 6.2.1 Investment Style
  • 6.2.2 Style Drift

  Problems

  • 6.3.1 Style Drift Alters Risk Exposure
  • 6.3.2 Style Drifters
  • 6.3.3 Style Drift and the Fama/French Risk Factors

  Solutions
• Step 7
  

  Step 7: Silent Partners

  • • Page: 
    • page 1
    • page 2
    • page 3

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  Problems

  • 7.3.1 Active Investors are Unaware of All the Costs
  • 7.3.2 Taxes
  • 7.3.3 Inflation

  Solutions

  • 7.4.1 Index Funds and Tax-Managed Index Funds
  • 7.4.2 Reduce Taxes and Turnover Costs with Index Funds
• Step 8
  

  Step 8: Riskese

  • • Page: 
    • page 1
    • page 2
    • page 3
    • page 4
    • page 5

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  • 8.2.1 Standard Deviation
  • 8.2.2 Probability Distributions and Histograms
  • 8.2.3 Mean Reversion
  • 8.2.4 Expected Return
  • 8.2.5 Rolling Period Returns
  • 8.2.6 Risk
  • 8.2.7 The Dimensions of Stock Return
  • Market Risk Factor
  • Size Risk Factor
  • Value Risk Factor
  • Term Risk Factor
  • Default Risk Factor
  • 8.2.8 Implications of the Fama/French Three-Factor Model
  • 8.2.9 Time Diversification of Risk

  Problems

  • 8.3.1 Active Investors don’t Understand Risk and Return
  • 8.3.2 Investors Like Comfort and Dislike Uncertainty
  • 8.3.3 Stock Pickers Dilute the Two Important Risk Factors
  • 8.3.4 The Myth of the Ideal Investment

  Solutions
• Step 9
  

  Step 9: History

  • • Page: 
    • page 1
    • page 2
    • page 3

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  • 9.2.1 Historical Databases and Studies
  • 9.2.2 Time Series Construction

  Problems

  Solutions

  • 9.4.1 Long-term History Characterizes Risk and Return
  • 9.4.1a Probability of Portfolio Recovery
  • 9.4.2 Cross Correlation among Indexes
  • A Comparative History of Several Indexes
    using Rolling Periods
  • A Comparative History of Market Cap Deciles
  • The Returns Matrix
• Step 10
  

  Step 10: Risk Capacity

  • • Page: 
    • page 1
    • page 2
    • page 3

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  • Dimension One: Time Horizon and Liquidity Needs
  • Dimension Two: Attitude Toward Risk
  • Dimension Three: Net Worth
  • Dimension Four: Income and Savings Rate
  • Dimension Five: Investment Knowledge

  Problems

  • 10.3.1 Investors do not Properly Assess Risk Capacity
  • 10.3.2 Risk Capacity Changes over Time

  Solutions

  • 10.4.1 The Risk Capacity Survey
  • 10.4.2 The Ten Dimensions of Risk
  • 10.4.3 The Color of Risk Spectrum
  • 10.4.4 Twenty Risk Capacities
  • 10.4.5 Capacity Adjusted Risk
• Step 11
  

  Step 11: Risk Exposure

  • • Page: 
    • page 1
    • page 2
    • page 3
    • page 4
    • page 5
    • page 6

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Backtested Disclosures

  Definitions

  • 11.2.1 Modern Portfolio Theory
  • 11.2.2 Diversification
  • 11.2.3 Global Diversification
  • 11.2.4 Portfolio Rebalancing
  • 11.2.5 Whole Portfolios
  • 11.2.6 The Prudent Investor Act
  • Five Principles of Prudence

  Problems

  • 11.3.1 How Much Risk is There?
  • 11.3.2 Where is the Data?
  • 11.3.3 Investors Want to Avoid Risk
  • 11.3.4 Risk is Good in Proper Doses
  • 11.3.5 Portfolios Get Out of Balance
  • 11.3.6 Selecting Index Funds

  Solutions

  • 11.4.2 Index Mutual Funds Earn more Return and Eliminate more Risk
  • 11.4.3 The Most Efficient Funds on the Market
  • Small Cap Strategy
  • U.S. Small-Cap Strategy
  • U.S. Micro-Cap Strategy
  • Value Strategies
  • U.S. Small-Cap Value Strategy
  • U.S. Large-Cap Value Strategy
  • Real Estate Securities Strategy
  • U.S. Large Company Strategy
  • Developed International Markets
  • Emerging Markets
  • Fixed Income
  • 11.4.4 Are Commodities Worth the Risk?
  • 11.4.5 Matching People with Portfolios
• Step 12
  

  Step 12: Invest and Relax

  • • Page: 
    • page 1
    • page 2
    • page 3

  • Introduction
  • Quotes
  • Summary
  • Review Questions
  • Fees
  • Backtested Disclosures

  Definitions

  • 12.2.1 Registered Investment Advisers
  • 12.2.2 Dimensional Fund Advisors
  • 12.2.3 Rebalancing Portfolios
  • 12.2.4 Rebalancing Formula
  • 12.2.5 Tax Loss Harvesting
  • 12.2.5a Mutual Fund Distributions
  • 12.2.5b Cash Withdrawal Considerations
  • 12.2.6 Financial Advice
  • Estate Planning
  • Insurance
  • Accounting and Tax Advice
  • Investment Advisors
  • Life Planning
  • The Glide Path of Life and Your IFA Index Portfolio
  • Retirement Planner

  Problems

  • 12.3.1 Active Investors Procrastinate
  • 12.3.2 Active Investors "Go It Alone"
  • 12.3.3 The Media Wants Investors to Worry
  • Asset Allocation
  • Minimization of Investment Costs
  • Minimization of Taxes
  • Reliable Investment Performance
  • A Simple and Understandable Investment Strategy
  • An Easier Way to Track Investment Performance
  • Increased Leverage and Compounding
    of Investment Wealth
  • Invest like Institutional Investors

  Solutions

Index Funds Advisors, Inc. All rights reserved. Backtested Performance Info   This site is for the use of clients and potential clients of Index Funds Advisors, Inc. and the IFA Network Members. It is not to be used by any other investment advisor or investment professional as an information/marketing materials source, asset allocator, risk capacity or risk tolerance assessment, or for any other purpose. If your financial advisor is using this site without a license from Index Funds Advisors, Inc., they are violating our copyright and their ethics are highly in question. The right to download, store and/or output any material on this internet site, or the Index Funds: The 12-Step Program for Active Investors eBook, is granted for viewing use only and this grant only applies to clients and potential clients of Index Funds Advisors, Inc. and the IFA Network Members. Reproduction or editing by any means, mechanical or electronic, in whole or in part, without the express written permission of Index Funds Advisors, Inc. is strictly prohibited and subject to prosecution under U.S. and International copyright and trademark laws. DISCLAIMER: THERE ARE NO WARRANTIES, EXPRESSED OR IMPLIED, AS TO ACCURACY, COMPLETENESS, OR RESULTS OBTAINED FROM ANY INFORMATION POSTED ON THIS OR ANY LINKED INTERNET SITE. At certain places on this Index Funds Advisors Internet site, live 'links' to other Internet addresses can be accessed. Such external Internet addresses contain information created, published, maintained, or otherwise posted by institutions or organizations independent of Index Funds Advisors. Index Funds Advisors does not endorse, approve, certify, or control these external Internet addresses and does not guarantee or assume responsibility for the accuracy, completeness, efficacy, timeliness, or correct sequencing of information located at such addresses. Use of any information obtained from such addresses is voluntary, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference therein to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by Index Funds Advisors.Your use of this site is acknowledgment that you have read and understood the full disclaimer. Past performance does not guarantee future results. WARNING: Past performance does not guarantee future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Investing in any mutual fund, index or actively managed, does not guarantee that an investor will make money, avoid losing capital, or indicate that the investment is risk-free. Actively managed funds sometimes outperform index funds. You just don't know in advance which actively managed fund will outperform the appropriate index. Just because a mutual fund is an index mutual fund, it does not guarantee a performance superior to an actively managed mutual fund. There are no absolute guarantees in investing. When reviewing any backtested performance information on this internet site, please read the Disclosure for Backtested Performance Information (click here to read the Disclosure for Backtested Performance Information.) For a copy of the Index Funds Advisors, Inc. Privacy Policy, click here.     Index Funds Advisors, Inc. — 19200 Von Karman Ave., Suite 150  —  Irvine, CA 92612   Call Toll Free: 888-643-3133 — Local Phone: 949-502-0050  —  Fax: 949-502-0048 — Email: info @ ifa . com For several other offices and representative locations, see About Us.