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IFA's Quote of the Week - 46 (John C. Bogle)

7,996
by Mark Hebner / Mary Brunson
Monday, January 12, 2009

"We need a mutual fund industry with both vision and values; a vision of fiduciary duty and shareholder service, and values rooted in the proven principles of long-term investing and of trusteeship that demands integrity in serving our ...Read More

Article Library

  • Mark Hebner's Response to Madoff's Mayhem

    9,145
    by Mark Hebner / Mary Brunson — Wednesday, December 17, 2008

    Like so many of you, I have watched in great dismay as the horrific details unfold regarding the Bernard Madoff investment scam—one that has quickly shaped up to be the biggest such scam in ...Read More

  • IFA's Quote of the Week - 40 (William Bernstein)

    8,265
    by Mark Hebner / Mary Brunson — Tuesday, November 18, 2008

    "No one in his right mind would walk into the cockpit of an airplane and try to fly it, or into an operating theater and open a belly. And yet they think nothing of managing their retirement assets. I've done all three, and I'm here to tell you that ...Read More

  • Harry M. Markowitz

    What to do about the Financial Transparency Crisis

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    by Harry M. Markowitz — Wednesday, October 22, 2008

    The current financial crisis is a combination of three ill winds that combined to make the “perfect” storm. One ill wind is the bursting of the real estate bubble; the second is the ongoing consequences of the ...Read More

  • IFA's Quote of the Week - 38 (Mark T. Hebner)

    7,998
    by Mark Hebner / Mary Brunson — Monday, October 20, 2008

    "Investing in the absence of an investment policy statement reduces decision making to an individual event-driven process of chasing short-term results, eliminating the expectation of achieving the long-term returns of ...Read More

  • Ben Brinkerhoff

    To Optimize or Not Optimize

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    by Ben Brinkerhoff — Thursday, October 9, 2008

    One question that clients sometimes ask is, "Are IFA's portfolios optimized?" It's a fair question. That word "optimization" is thrown around somewhat loosely, and it certainly sounds like a good thing. ...Read More

  • IFA's Quote of the Week - 37 (Harry Markowitz)

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    by Mark Hebner / Mary Brunson — Monday, October 6, 2008

    "To reduce risk it is necessary to avoid a portfolio whose securities are all highly correlated with each other. One hundred securities whose returns rise and fall in near unison afford little protection than the uncertain return of a single ...Read More

  • IFA's Quote of the Week - 35 (Jeremy J. Siegel)

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    by Mark Hebner / Mary Brunson — Wednesday, September 17, 2008

    "The current financial crisis calls out for new products and services as well as more, not less, information about what is safe and profitable in the future environment." ...Read More

  • IFA's Quote of the Week - 34 (Michael C. Keenan)

    7,709
    by Mark Hebner / Mary Brunson — Friday, September 12, 2008

    "Fiduciaries should strongly consider index funds as an alternative to actively managed funds. Index funds incur about 80% less in transaction costs than actively managed funds…long-term returns for actively managed funds trail their respective ...Read More

  • IFA's Quote of the Week - 33 (Matt Krantz)

    7,241
    by Mark Hebner / Mary Brunson — Friday, September 5, 2008

    "Remember when you buy a commodity, you're not buying something that generates earnings and profit. You're buying a hard asset and hoping another buyer will be willing to pay more for that asset in the ...Read More

  • IFA's Quote of the Week - 32 (Benjamin Graham)

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    by Mark Hebner / Mary Brunson — Friday, August 29, 2008

    "The investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic ...Read More

  • IFA's Quote of the Week - 29 (Benjamin Graham)

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    by Mark Hebner / Mary Brunson — Friday, August 1, 2008

    "The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his ...Read More

  • IFA's Quote of the Week - 24 (Truman A. Clark)

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    by Mark Hebner / Mary Brunson — Friday, June 20, 2008

    "Investors acquiring commodity futures in expectations of higher returns, lower risk, and improved inflation protection are making bets. Current evidence indicates that the odds are against ...Read More

  • IFA's Quote of the Week - 23 (Richard C. Green)

    7,266
    by Mark Hebner / Mary Brunson — Thursday, June 12, 2008

    "For a long career full of breakthroughs that have advanced our understanding of financial markets, and his early fundamental work on efficient markets, we are proud to have Professor Fama as the first recipient of this prestigious award." ...Read More

  • IFA's Quote of the Week - 22 (Harry Markowitz)

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    by Mark Hebner / Mary Brunson — Wednesday, June 4, 2008

    "A good portfolio is more than a long list of good stocks and bonds. It is a balanced whole, providing the investor with protections and opportunities with respect to a wide range of ...Read More

  • IFA's Quote of the Week - 19 (Michael C. Keenan)

    7,327
    by Mark Hebner / Mary Brunson — Monday, May 12, 2008

    "Fiduciaries should strongly consider index funds as an alternative to actively managed funds. Index funds incur about 80% less in transaction costs than actively managed funds…long-term returns for actively managed funds trail their respective ...Read More

  • IFA's Quote of the Week - 18

    7,119
    by Mark Hebner / Mary Brunson — Monday, May 5, 2008

    "Some fiduciary boards, particularly those composed largely of non professionals, do not adequately understand the true returns, risk and cost associated with investment in hedge ...Read More

  • IFA's Quote of the Week - 17 (Jack Meyer)

    7,869
    by Mark Hebner / Mary Brunson — Monday, April 28, 2008

    "Most people think they can find managers who can outperform, but most people are wrong. I will say that 85% to 90% of managers fail to match their benchmarks, if you properly specify their ...Read More

  • IFA's Quote of the Week - 16 (George Miller)

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    by Mark Hebner / Mary Brunson — Monday, April 21, 2008

    "Many 401(k)-style plans charge hidden fees that can cut deeply into worker's retirement savings, and many plan participants do not have access to low-cost investment options--index funds--that can help them boost their retirement ...Read More

  • IFA's Quote of the Week - 12

    7,330
    by Mark Hebner / Mary Brunson — Wednesday, March 26, 2008

    "res tantum valet quantum vendi potest." - Latin for: "A thing is worth only what someone else will pay for ...Read More

  • IFA's Quote of the Week - 10 (Burton Malkiel)

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    by Mark Hebner / Mary Brunson — Tuesday, March 11, 2008

    "Historically, the stock market is like a gambling casino with the odds in your favor. Over the long pull, stocks are given something like nine and a half to ten percent compounded per year. The banks have probably given you something in the order of four ...Read More

  • IFA's Quote of the Week - 9 (Merton Miller)

    6,995
    by Mark Hebner / Mary Brunson — Monday, March 3, 2008

    "If there's 10,000 people looking at the stocks and trying to pick winners, one in 10,000 is going to score, by chance alone, a great coup, and that's all that's going on. It's a game, it's a chance operation, and people think they are doing something ...Read More

  • IFA's Quote of the Week - 7 (William F. Sharpe)

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    by Mark Hebner / Mary Brunson — Monday, February 18, 2008

    William Sharpe tells us that if we want to achieve higher expected returns, we must be able to both emotionally and financially be able to withstand the increased volatility that inevitably comes with higher expected returns. Risk is the source of ...Read More

  • IFA's Quote of the Week - 6 (Mark T. Hebner)

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    by Mark Hebner / Mary Brunson — Monday, February 11, 2008

    As tax reporting documents trickle in and investors ponder their current tax situation, it's a good opportunity to give you some insight into a powerful tax-savings tool called tax loss harvesting. In fact, the recent market downturn provides you with an ...Read More

  • IFA's Quote of the Week - 5 (Warren Buffett)

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    by Mark Hebner / Mary Brunson — Monday, February 4, 2008

    Widely known as the Oracle of Omaha, Warren Buffett is one of the most admired investors in the world. Hordes of investors may bend a listening ear to capture Buffett's every word, but few seem to heed his sage advice to buy and hold. ...Read More

  • IFA's Quote of the Week - 4 (William Bernstein)

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    by Mark Hebner / Mary Brunson — Monday, January 28, 2008

    William Bernstein's quote conveys two important messages. First, he articulates an investor's inability to successfully profit from predicting the short-term future movements of the stock market. Second, and equally important, Bernstein sheds light on the ...Read More

  • IFA's Quote of the Week - 3 (Charles Ellis)

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    by Mark Hebner / Mary Brunson — Monday, January 21, 2008

    Charles Ellis was an early proponent of indexing. His quote addresses two important points: First, we should expect the stock market to rise over time, but take us on some ups and downs along the way. Second, the more educated we are about risk (the ...Read More

  • IFA's Quote of the Week - 2 (Burton Malkiel)

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    by Mark Hebner / Mary Brunson — Monday, January 14, 2008

    This witticism uncovered by Burton Malkiel introduces Chapter 11 of his enduring classic A Random Walk Down Wall Street. This section of Malkiel's book rallies support for Eugene Fama's Efficient Market ...Read More

  • IFA's Quote of the Week - 1 (John C. Bogle)

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    by Mark Hebner / Mary Brunson — Monday, January 7, 2008

    "You will almost never find a fund manager who can repeatedly beat the market. It is better to invest in an indexed fund that promises a market return but with significantly lower ...Read More

  • Mauboussin: Why the Market is Smarter Than You Are

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    by Henry Blodget — Friday, April 13, 2007

    Most people who write about the wisdom of crowds offer colorful anecdotes about crowd intelligence but don't explain why groups are smarter than individuals. In a recent piece, Explaining the Wisdom of Crowds, Legg Mason strategist Michael Mauboussin ...Read More

  • In Search Of: A New Name For "Passive"

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    by Henry Blodget — Saturday, March 31, 2007

    One of the many reasons "passive" investing gets dissed is that its name--"passive"--is both misleading and deflating. Who wants to be "passive"? The folks who do well in life are active, the ones who have gumption, the ones who get up off the couch and ...Read More

  • Dumbest Column of the Year

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    by Henry Blodget — Monday, March 12, 2007

    When you first stumble across this recent column from MSN Money, it seems that the writer (Tim Middleton) might just be playing an early April Fool's joke on his readers. After reading the the rest of the text, however, it's clear that he ...Read More

  • Amaranth's Losses Top $6 Billion

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    by Steven Mufson — Friday, September 22, 2006

    Amaranth Advisors LLC, the hedge fund firm that stumbled over massive wrong bets on natural gas futures, said late Wednesday that its losses had climbed to more than $6 billion, or 65 percent of the assets it claimed at the end of ...Read More

  • Rex Sinquefield

    Interview with Rex Sinquefield (transcript)

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    by Rex Sinquefield — Friday, December 2, 2005

    Rex Sinquefield is Chairman and Chief Investment Officer of Dimensional Fund Advisors. Rex received his B.S. from St. Louis University and his MBA from the University of Chicago. He has contributed numerous articles for books, academics and professional ...Read More