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Larry Swedroe

Risk: What Exactly Is It?

by Larry Swedroe
Friday, August 8, 2003

Risk takes on many guises and can be different things to different people. ...Read More

Article Library

  • The Stockholm Syndrome and the Market

    by Todd Hickman — Tuesday, July 22, 2003

    Since March 2000, many investors have found themselves victims of abuse. This April ten of the nation's top investment firms settled enforcement actions involving conflicts of interest between research and investment ...Read More

  • Reversal of the Mean: dogs become stars overnight

    by Staff — Tuesday, July 15, 2003

    A surprising negative correlation of -77% exists between last year poor results and this year's shining ones so far for the following high-tech ETFs that comprise the worst performing ETFs in ...Read More

  • Assets in Broad U.S. Index ETFs Jump in May

    by Staff — Tuesday, July 1, 2003

    The total combined assets of the 114 U.S. exchange-traded funds were $118.44 billion in May, according to the latest data from Investment Company Institute, the national association of the investment company ...Read More

  • Breaking Down the Style ETFs

    by Staff — Monday, June 23, 2003

    Investors who use index-linked exchange-traded funds to slice and dice various parts of the U.S. market can choose from benchmarks from Russell, S&P/Barra, and Dow Jones. ...Read More

  • Indexing Goes Global - International Exchanges Embrace ETFs

    by Staff — Tuesday, June 17, 2003

    Although exchange-traded funds have experienced phenomenal growth in the U.S., there are actually more ETFs trading on foreign exchanges - 169 ETFs currently call an overseas exchange home, while 114 funds are listed on domestic U.S. exchanges. However, ...Read More

  • S&P Study Shows Cheaper Funds Outperform

    by Staff — Friday, June 13, 2003

    S&P reported that, on average, funds with lower expense ratios have outperformed their more expensive peers in eight out of the nine domestic fund style categories over a one, three, five, and ten-year annualized ...Read More

  • 'Safe' options: ETFs a good platform for their use

    by Staff — Thursday, June 12, 2003

    Investors believe options are risky, and rightly so when they are used alone. But they take on a new light when an investor already owns an asset being optioned. ETF investors in particular can exploit their use to protect their holdings in an entirely ...Read More

  • Gold ETF to Test Retail Investor Demand

    by Staff — Wednesday, June 11, 2003

    An impending Exchange-Traded Fund based on gold is stirring debate over whether it will make gold so easy to own that a flood of new retail investors will send the precious metal ...Read More

  • The Dangers of Dollar-Cost Averaging Small Amounts with ETFs

    by Staff — Monday, June 9, 2003

    Exchange-traded funds have low annual fees and tax distributions, but brokerage transaction fees can remove all the benefits for unwary small investors. Dollar cost averaging in small amounts, a great strategy with traditional mutual funds, is a ...Read More

  • ETF Asset Data from the ICI for April 2003

    by Staff — Friday, June 6, 2003

    Exchange-traded fund assets continue to rise in the bear market, topping $110 billion in April, according to the latest figures released by the Investment Company Institute, the trade group for the mutual fund industry. ...Read More

  • DFA hard to buy, easy to own.

    by Timothy Middleton — Wednesday, June 4, 2003

    The latter is the professor-run hedge fund that imploded because the risks it was trying to avoid bit it in the backside. DFA, likewise run by a coven of finance professors, doesn't avoid risk-it relishes ...Read More

  • Broad Domestic Equity Indexes in May

    by Staff — Monday, June 2, 2003

    The Dow Jones Industrial Average rose 3.69% in May, closing at 8793.12. The Dow Jones Industrial Average is up 5.41% for the year, according to Dow Jones Indexes. ...Read More

  • Fidelity to Launch Nasdaq Composite ETF

    by Staff — Wednesday, May 28, 2003

    Yet another major player is set to enter the ETF industry. Earlier this week mutual fund giant Fidelity filed for its first exchange-traded fund that will track the Nasdaq Composite index. ...Read More

  • ETF Industry Poised for Next Round of Growth

    by Staff — Tuesday, May 27, 2003

    The exchange-traded fund universe is expanding - at last count growing to 135 ETFs trading in the U.S. with over $112 billion in assets under management. Likewise, in the coming weeks we'll be enhancing our own editorial coverage of ETFs with more ...Read More

  • Larry Swedroe

    A Mutual Fund to Drool Over

    by Larry Swedroe — Tuesday, May 27, 2003

    Bill Miller, the manager of the Legg Mason Value Trust fund, has managed to do what no other current manager has done - beat the S&P 500 index twelve years in a row. Surely that incredible feat cannot be attributed to random chance or luck. Therefore, it ...Read More

  • S&P Active vs. Passive Study Focuses on Sector Funds

    by Staff — Wednesday, May 14, 2003

    Standard & Poor's released a study showing active sector fund managers have fared relatively well against sector indexes that track thin slices of the market over the past five years. However, over the last three years a majority of active funds beat the ...Read More

  • ETF Advisors to Close Its Treasury ETFs

    by Staff — Monday, April 21, 2003

    ETF Advisors announced it would close its four Treasury FITR funds: Treasury 1 FITR (TFT), Treasury 2 FITR (TOU), Treasury 5 FITR (TFI), and Treasury 10 FITR (TTE). ...Read More

  • S&P Reports Indexed Assets for 2002

    by Staff — Tuesday, April 15, 2003

    New York-based index provider Standard & Poor's released the results of its 2002 annual survey of assets linked directly to its domestic ...Read More

  • Emerging Markets iShares Begin Trading

    by Staff — Thursday, April 10, 2003

    The iShares MSCI Emerging Markets began trading today on the American Stock Exchange under the ticker EEM. The new exchange-traded fund, managed by Barclays Global Investors, is benchmarked to the MSCI Emerging Markets Free (EMF) index. ...Read More

  • S&P Reports Indexed Assets for 2002

    by Staff — Friday, April 4, 2003

    New York-based index provider Standard & Poor's released the results of its 2002 annual survey of assets linked directly to its domestic benchmarks. Based on the 2002 survey responses, S&P estimates that approximately 90% of the total S&P indexed assets ...Read More

  • John Spence

    Vanguard To Change Benchmarks for Seven Index Funds

    by John Spence — Friday, April 4, 2003

    Vanguard announced yesterday that it will transition to new MSCI U.S. equity benchmarks for several of its index funds, a move the Valley Forge-based fund group has been positioning itself for over the past several months, and perhaps years. ...Read More

  • Domestic Indexes Make Some Gains in March

    by Staff — Wednesday, April 2, 2003

    The Dow Jones Industrial Average rose 4.29% in March, and is down 1.33% for the year, according to Dow Jones Indexes. Measuring Europe, the Dow Jones STOXX 50 index was up 3.26% for March, and is down 7.11% for the ...Read More

  • Larry Swedroe

    Balanced & Lifestyle Funds

    by Larry Swedroe — Monday, March 17, 2003

    One thing the mutual fund industry does well is to create a product and then create demand for that product, even when the product may not be one that is in the investors' best ...Read More

  • International Diversification in Retirement Accounts

    by Frank Armstrong — Friday, March 7, 2003

    International diversification is an issue that should have been settled a long time ago. However, many investors believe that cross-border diversification increases risk. Now, new support from academics provide new evidence of its value as a risk reducer. ...Read More

  • Domestic Indexes Fall Again in February

    by Staff — Monday, March 3, 2003

    The U.S. blue-chip Dow Jones Industrial Average fell 3.06% in February - the Dow is off 6.4% for the year. Measuring Europe, the Dow Jones STOXX 50 index was down 5.54% for February; year-to-date the index is down 12.2%. The Dow Jones Asian Titans 50 ...Read More

  • John Spence

    Interview with Paul Kaplan, Morningstar Director of Research

    by John Spence — Friday, February 28, 2003

    Chicago-based Morningstar, Inc. has ventured into a crowded index industry with the debut of 16 proprietary equity benchmarks that correspond to the firm's heralded style boxes. Morningstar's director of research, Paul Kaplan, sat down with us to discuss ...Read More

  • ETF Assets Decline in January

    by Staff — Thursday, February 27, 2003

    The combined assets of the nation's exchange-traded funds (ETFs) were $95.66 billion in January, according to the Investment Company Institute, falling from a December 2002 high of over $102 billion. ...Read More

  • Investors overpay Magellan by $330 million

    by Paul B. Farrell — Friday, February 21, 2003

    Magellan's rationale for charging $330 million more than Vanguard's S&P 500 fund every year is simple: They provide active-management to enhance performance and beat the S&P 500. Here's how Magellan's manager Robert Stansky described his ...Read More

  • How to Use the Data Section of

    by Staff — Thursday, February 20, 2003

    Since the performance data on this site was recently updated, we thought now might be a good time to post a primer on how to use the handy data tools and screeners on ...Read More

  • John Spence

    Interview with Barclays ETF Guru, Lee Kranefuss

    by John Spence — Tuesday, February 18, 2003

    Lee Kranefuss is the chief executive officer for Barclays Global Investors' Individual Investor and Exchange-Traded Products Business, where he is responsible for all of BGI's exchange-traded funds products as well as traditional mutual ...Read More

  • Vanguard in Favor of More Fund Holdings and Cost Disclosure

    by Staff — Wednesday, February 12, 2003

    The Vanguard Group said it supports the SEC proposal that could force mutual funds to disclosure more information about portfolio holdings and fund costs, according to a statement released today by the Valley Forge-based fund shop. ...Read More

  • Interview with Gene Fama Jr.

    by David Chaplin — Saturday, February 1, 2003

    Gene Fama Jr. is vice president of Dimensional Fund Advisors (DFA), the funds management firm founded on the academic principles of diversification first articulated by his father, Eugene Fama, in the 1960s. He explains to David Chaplin how the DFA ...Read More

  • Larry Swedroe

    It's Why They Call It The Equity "Risk" Premium

    by Larry Swedroe — Friday, January 31, 2003

    One of the most popular investment books of recent times was Dow 36,000: The New Strategy For Profiting From The Coming Rise In The Stock Market. The premise of the authors, James K. Glassman and Kevin A. Hassett, was that equity investing was not risky - ...Read More

  • John Spence

    Does Equity Indexing Have Hidden Risks?

    by John Spence — Wednesday, January 29, 2003

    Last week Standard & Poor's released its quarterly active vs. passive mutual fund scorecard with stark results: in most cases a majority of active funds have failed to beat their relevant index in the bear market of the past couple ...Read More

  • Dollar-Cost Averaging Small Amounts with ETFs

    by Staff — Wednesday, January 22, 2003

    Exchange-traded funds generally have lower expense ratios than comparable traditional index funds. However, since ETFs trade like stocks, investors must pay commissions every time they buy or sell ...Read More

  • Will McClatchy

    Financial Planning A La Carte

    by Will McClatchy — Thursday, January 16, 2003's second book, Index Funds - Strategies for Investment Success by Will McClatchy, recently hit the shelves. The book is designed as a guide for investors of all stripes who want to learn more about the benefits of index or passive ...Read More