Articles (202)

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  • Index Funds: The Documentary Film

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    by Mark Hebner — Monday, August 8, 2016

    I am very proud to share this film with you and ask that you help spread the word. I’d also like to thank you for your support, your interest and your encouragement as my dedicated team and I continue to ...Read More

  • False Diversification

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    by Tom Allen and Mark Hebner — Wednesday, June 15, 2016

    As proponents of globally diversified portfolios, we understand the principle of diversification when it comes to investing. Harry Markowitz was one of the first academics to identify the benefits of adding ...Read More

  • The $1 Million Dollar Bet: Buffett Winning Big

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    by Tom Allen and Mark Hebner — Wednesday, March 16, 2016

    Warren Buffett is considered a household name amongst the investment community. The famed investor and third richest man on planet earth is well-known for his investing acumen. Although he has had long-term ...Read More

  • Good Advice

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    by Mark Hebner — Wednesday, February 17, 2016

    In today’s climate of one-page financial plans, bargain-basement fund pricing and automated investment tools, you may wonder whether you still need a living, breathing financial adviser. You do. But with ...Read More

  • The MFS "Active Advantage"... Really?

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    by Tom Allen and Mark Hebner — Wednesday, November 11, 2015

    MFS Investment Management made very well scripted and produced commercials highlighting some of the typical selling points active managers like to make when speaking to investors. Let's take a deeper ...Read More

  • Index Fund Assets Still on the Rise

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    by Tom Allen and Mark Hebner — Wednesday, October 21, 2015

    The Investment Company Institute (ICI) published its annual Fact Book back in May, which addressed the recent trends in the mutual fund and exchange traded fund investment strategies. One of the most common ...Read More

  • Advice That Adds Up During Down Markets

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    by Mark Hebner — Friday, October 16, 2015

    As recent global markets continue to test the patience of even some of the most stoic among us, how are you holding up? Are you finding it feasible (if not necessarily fun) to stick with your existing ...Read More

  • Unhealthy Attachments

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    by Jim Parker — Wednesday, October 7, 2015

    Have you ever made yourself suffer through a bad movie because, having paid for the ticket, you felt you had to get your money’s worth? Some people treat investment the same way. Behavioral economists ...Read More

  • Passive Investing: Seeing the Forest For the Trees

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    by Tom Allen and Mark Hebner — Monday, July 20, 2015

    Sometimes it is hard to focus on the big picture, often getting caught up in the minutia where we are expending our efforts for little benefit in return. Other times we lose sight of the purpose of our efforts ...Read More

  • Come On Hartford, You Know Better!

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    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

  • Give Your Graduate One More Piece of Advice

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    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

  • Dear Recovering Financial Advisors

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    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

  • The Misbehavior of Investors

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    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

  • Yet Another Sign that the Tipping Point Has Arrived

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    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

  • Addressing Some Misconceptions about Indexing

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    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

  • Yet More Wisdom from the Oracle of Omaha

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    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

  • Weather vs. Climate

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    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

  • The Emotional Investor: An Interesting New Website

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    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

  • Cramer Weighs in on Mutual Funds

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    by Mark Hebner and IFA Contributors — Wednesday, February 18, 2015

    As you may have guessed or perhaps already have known from articles such as this one or this one, we at Index Fund Advisors, Inc. are not fans of CNBC’s Jim Cramer. While some may claim that he has ...Read More

  • About Those Bulls and Bears

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    by Mark Hebner and IFA Contributors — Tuesday, February 17, 2015

    In the IFA Library of rare and antique finance-related books, we recently acquired a first edition from 1838 of Sketches of Imposture, Deception and Credulity. Although the author is officially anonymous, he ...Read More

  • Some Sage Advice from the Guardian

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    by Mark Hebner and IFA Contributors — Monday, February 2, 2015

    The title of this Guardian article by Kira Brecht (“How Highly Paid Wall Street Guys Could Be a Threat to Your Retirement Money”) perfectly summarizes the situation of today’s individual ...Read More

  • Book Analysis: The Story of a Speculator

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    by Thomas Brunson — Thursday, January 29, 2015

    “Why, if a speculator won every time, soon he would own everything in the world” -Arthur W. Cutten, veteran wheat pit trader In his autobiographical narrative titled the Story of a Speculator, the ...Read More

  • A Look Back at Some Good Articles from 2014

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    by Mark Hebner and IFA Contributors — Friday, January 23, 2015

    At Index Fund Advisors, we consider 2014 to have been a tipping point year in the migration from active to passive management. Here are some of the articles that helped to convince us of this idea. Please ...Read More

  • A Golden Age for Active Investing? We Think Not!

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    by Mark Hebner and IFA Contributors — Wednesday, December 17, 2014

    Alexander Friedman of GAM Holding AG recently opined on CNBC.com that (to paraphrase Mark Twain) the recent reports of the demise of active managers are greatly exaggerated. Friedman acknowledges the mass ...Read More

  • A Great New Video: How to Win the Loser's Game [VIDEO]

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    by Mark Hebner — Friday, November 7, 2014

    Here is a full-length landmark documentary by SensibleInvesting.tv, How to Win the Loser’s Game.  It is well worth your time to watch every minute of it.  It is about 80 minutes long ...Read More

  • Christopher Dennistoun

    Livermore and Cutten—Rarer than Lions in Tennessee

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    by Christopher Dennistoun — Wednesday, November 5, 2014

    Edwin Lefevre’s, Reminiscences of a Stock Operator, is possibly the greatest book on the stock market ever written. But while every trader knows it by repute, most of us fail to appreciate its lessons. ...Read More

  • The Wisdom of a Stock Operator

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    by Mark Hebner and IFA Contributors — Sunday, November 2, 2014

    “Stock operator” is a term that is now obsolete. It essentially describes someone who makes a living by trading or speculating in individual stocks. Given the computerization of trading with the ...Read More

  • Towers Watson Revisits the Gotrocks Family

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    by Mark Hebner and IFA Contributors — Friday, October 31, 2014

    In his 2005 shareholder letter, Warren Buffett envisioned a hypothetical family (the Gotrocks) who just happened to own all the companies in America. While each family member could have been content to simply ...Read More

  • When Stock Speculation Was Rampant in San Francisco

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    by Mark Hebner and IFA Contributors — Tuesday, October 14, 2014

    About a decade after the California Gold Rush came a silver rush resulting from the discovery of the Comstock Lode in Nevada. What distinguished the latter from the former was that the bulk of the people who ...Read More