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Featured Article

Celebrate Financial Independence - Invest & Relax

99
by Mark Hebner
Thursday, July 2, 2015

In the next few days most of us will be thinking more about barbeques and bottle rockets than about freedom and independence. Cheers to those who fully partake in the uniquely American holiday. It’s with a grateful heart that I suggest we take a moment to think about ...Read More

Archive

  • 1338

    JP Morgan: A Case Study in What is Not a Fiduciary!

    246
    by Tom Allen and Mark Hebner — Wednesday, July 1, 2015

    The investment advisory industry has grown tremendously in the last 10 years. We are no longer in the simple world of retiring with a pension and not having to worry about making it across the proverbial ...Read More

  • 1337

    What Greece Means for Investors

    558
    by Mark Hebner — Tuesday, June 30, 2015

    Like a slow-motion glacier melting into a rushing river, it would appear that the markets have been swept into a period of heightened global uncertainty driven by a long-looming Greek debt crisis. If ...Read More

  • 1335

    Come On Hartford, You Know Better!

    455
    by Tom Allen and Mark Hebner — Tuesday, June 23, 2015

    We recently came across the Second Quarter 2015 White Paper from Hartford Funds, which attempted to address the recent investor trend of shifting more and more money to passive investment strategies. But their ...Read More

  • 1329

    You vs. Uncle Sam: Taxes & Mutual Fund Performance

    831
    by Tom Allen and Mark Hebner — Tuesday, June 9, 2015

    “It's not brains or brawn that matter in taxable investing; it's efficiency. Taxable investing is a loser's game. Those who lose the least - to taxes and fees - stand to win the most when the game's all ...Read More

  • 1328

    Give Your Graduate One More Piece of Advice

    1,105
    by Mark Hebner — Thursday, June 4, 2015

    The soccer games and ballet lessons are behind you, but as a parent, you may always feel the need to give advice to your children. At the same time, once they walk across that stage with degree in hand, ...Read More

  • 1324

    Gravel Road Investing

    1,006
    by Jim Parker — Wednesday, May 27, 2015

    Owners of all-purpose motor vehicles often appreciate their cars most when they leave smooth city freeways for rough gravel country roads. In investment, highly diversified portfolios can provide similar ...Read More

  • 1322

    How Mutual Funds Can Be Advocates For Their Investors

    720
    by Tom Allen and Mark Hebner — Friday, May 22, 2015

    There has been a growing focus in the area of corporate governance given the numerous and very significant financial events that have happened over the last 15 years like the collapse of Enron, Worldcom, and ...Read More

  • 1319

    Tax-Wise Investing - You & Your Investments

    924
    by Mark Hebner — Monday, May 18, 2015

    While “tax season” may imply that there is an optimal time to think about your income taxes, the best way to minimize your annual “pay-triotic duty” is to engage in year-round tax-wise ...Read More

  • 1318

    Beware of Index Funds - What Is It This Time?

    1,212
    by Tom Allen and Mark Hebner — Friday, May 15, 2015

    There was a recent article published by Wintergreen Advisors that made two main claims against the use of index funds for investors. The first dealt with having overly concentrated portfolios, while the other ...Read More

  • 1317

    Dear Recovering Financial Advisors

    988
    by Mark Hebner — Wednesday, May 13, 2015

    I recently received an email from a long-time stockbroker who now works as a traditional financial advisor on the east coast. He very candidly described his long-time commitment to the active money game as ...Read More

  • 1316

    Chasing Our Tails Through Past Performance

    969
    by Tom Allen and Mark Hebner — Tuesday, May 12, 2015

    For those who have been investing for some time, you should be very familiar with the following statement: “past performance is no guarantee of future results.” This SEC mandated disclaimer when ...Read More

  • 1315
    Dan Wheeler

    Hedge Funds

    920
    by Dan Wheeler — Monday, May 11, 2015

    One of the supposed benefits of investing in a Hedge Fund, is the opportunity to make money in both up and down markets.  This goal is appealing to two types of investors.  First, those who do not ...Read More

  • 1313

    James Bond. 'Gambler Extraordinaire?'

    814
    by Christopher Dennistoun — Thursday, May 7, 2015

    "The scent and sweat of a casino are nauseating at three o'clock in the morning...." So begins one of the most celebrated sentences in English popular literature, the opening lines in Casino Royale. Gambling ...Read More

  • 1310

    The Misbehavior of Investors

    1,337
    by Tom Allen and Mark Hebner — Wednesday, April 29, 2015

    “The investor’s chief problem—and even his worst enemy—is likely to be himself.” – Benjamin Graham There was initial hesitation in choosing to use Mr. Graham's age-old ...Read More

  • 1309

    Committing Financial Suicide

    1,776
    by Tom Allen — Friday, April 24, 2015

    The way I like to think of day trading is that it’s probably the most effective weapon ever to commit financial suicide,…It’s an absolutely lethal way for the typical person to invest ...Read More

  • 1307

    Cast in Iron

    1,380
    by Jim Parker — Monday, April 20, 2015

    The media occasionally locks in on a particular “hot” sector. In the late 1990s, it was technology. In the mid-2000s, it was mining. Writing headlines about fashionable sectors is one thing. ...Read More

  • 1306

    The First Quarter of 2015 in Review

    1,129
    by Tom Allen and Mark Hebner — Thursday, April 16, 2015

    2015 has been a hallmark year for diversification so far. In Q1 we saw international developed and emerging markets outpace their domestic counterparts. During the quarter, the European Central Bank announced ...Read More

  • 1302

    Key Man Risk: Yet Another Reason to Avoid Active Funds

    1,951
    by Mark Hebner and IFA Contributors — Monday, March 30, 2015

    When discussing the risks of investing in actively managed funds, we have focused on issues related to timing and selection.  Recently, we had a chance to view a report from a prominent investment ...Read More

  • 1301

    The Power of Market Returns

    2,165
    by Mark Hebner and IFA Contributors — Thursday, March 26, 2015

    “Compound interest is the most powerful force in the universe.”    - Albert Einstein While perusing the Wall Street Journal, we came across this delightful article about a retired ...Read More

  • 1299

    Did Bloomberg Find Another Bill Miller?

    2,224
    by Mark Hebner and IFA Contributors — Tuesday, March 24, 2015

    You may recall that Bill Miller was the fund manager who enjoyed the unparalleled winning streak of beating the S&P 500 Index for fifteen consecutive years ending in 2005. Of course, investors who came ...Read More

  • 1298

    Book Review: The Great Beanie Baby Bubble

    2,973
    by Thomas Brunson — Monday, March 23, 2015

    “It had gone from cute to heinous, and there was no good way for it to end”- Zac Bissonnette, New York Times bestselling author  At the height of the late 1990’s tech bubble, speculative ...Read More

  • 1297

    Yet Another Sign that the Tipping Point Has Arrived

    1,771
    by Mark Hebner and IFA Contributors — Friday, March 20, 2015

    We have spoken several times (see here and here) about the tipping point in the long-term migration from active to passive management. While perusing InvestmentNews, we encountered this article about investors ...Read More

  • 1296

    Vanguard Wades Deeper into Alternative Investments

    1,556
    by Mark Hebner and IFA Contributors — Thursday, March 19, 2015

    If you find the above title puzzling, then you may not be aware that Vanguard offers a market neutral fund (VMNFX) that engages in a long/short equity strategy. Among all the Vanguard funds, it has far and ...Read More

  • 1294

    One More Nail in the Coffin of Active Management

    2,253
    by Mark Hebner and IFA Contributors — Tuesday, March 17, 2015

    “The only consistent data point we have observed over a five-year horizon is that a majority of active equity and bond managers in most categories lag comparable benchmark ...Read More

  • 1291

    Addressing Some Misconceptions about Indexing

    1,664
    by Mark Hebner and IFA Contributors — Wednesday, March 11, 2015

    While Forbes magazine has often carried excellent articles about investing such as this one, we found a recent column from Pamela Rosenau to be disappointing. She begins by noting the mass migration from ...Read More

  • 1290

    Pension-Gate — More Good News from Pennsylvania

    1,829
    by Mark Hebner and IFA Contributors — Tuesday, March 10, 2015

    A little more than a year ago, we reported on how the stewards of the pension fund for Montgomery County, Pennsylvania came to the wise decision of moving away from high-cost actively managed funds in favor of ...Read More

  • 1289

    Book Analysis: The Panic of 1837

    2,506
    by Thomas Brunson — Monday, March 9, 2015

    “Over-trading, speculation, and investments in unproductive undertakings became a dominant note in American society”- Reginald Charles McGrane In his historical novel titled The Panic of 1837, ...Read More

  • 1288

    Yet More Wisdom from the Oracle of Omaha

    1,957
    by Mark Hebner and IFA Contributors — Friday, March 6, 2015

    One of the things we look forward to at this time of year is the release of Warren Buffett’s annual letter to the shareholders of Berkshire Hathaway, and his 2014 letter (which marks the 50th anniversary ...Read More

  • 1287

    Weather vs. Climate

    1,560
    by Jim Parker — Thursday, March 5, 2015

    Notice how TV news bulletins put finance next to the weather report? In each, talking heads point at charts and intone about intraday events that are quickly forgotten. Meanwhile, the long-term wealth building ...Read More

  • 1286

    Is Skill Dead? Perhaps It Was Never Alive

    1,788
    by Mark Hebner and IFA Contributors — Wednesday, March 4, 2015

    A recently released white paper from GMO titled “Is Skill Dead?” begins with this excellent quote from Jeremy Grantham: “90% of what passes for brilliance or incompetence in investing is the ...Read More

  • 1285

    The Emotional Investor: An Interesting New Website

    1,593
    by Mark Hebner and IFA Contributors — Tuesday, March 3, 2015

    Recently, we came across theemotionalinvestor.org which is run by Jay Mooreland who, like Joshua Brown, can be described as a reformed broker. As a holder of the Certified Financial Planner (CFP) designation ...Read More

  • 1284

    Q&A with IFA: Momentum at the Asset Class Level

    1,268
    by Mark Hebner and IFA Contributors — Monday, March 2, 2015

    Question: I understand that there is evidence that momentum is one contributing factor to long term performance (in addition to the size and value factors). There is a current advisory service (Fundx) that ...Read More

  • 1282

    A Presidential Announcement that Should Give Brokers Pause

    3,606
    by Mark Hebner and IFA Contributors — Thursday, February 26, 2015

    A few weeks ago, we published this article about a White House memo in which the Chairman of the Council of Economic Advisers (Jason Furman) recommended that brokers who service retirement accounts be legally ...Read More

  • 1281

    Why Does This Machine Simulate Market Returns?

    1,741
    by Mark Hebner and IFA Contributors — Wednesday, February 25, 2015

    Anyone who has visited IFA’s office in Irvine will likely have a fond memory of Francis, IFA’s probability machine, named after Francis Galton, an English mathematician who was an expert in many ...Read More

  • 1280

    More Bad News on the State of Retirement Readiness

    4,003
    by Mark Hebner and IFA Contributors — Tuesday, February 24, 2015

    A few months ago, we published this article addressing the woefully inadequate level of American financial literacy as it relates to retirement saving and investing. This newly released issue brief from EBRI ...Read More

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