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Forty-Two Years of a Random Walk Down Wall Street

30,128
by Mark Hebner
Thursday, September 3, 2015

“If one of your New Year’s resolutions is to improve your personal finances, here’s a suggestion: Instead of picking up one of the scores of new works flooding into bookstores, reread an old one: A Random Walk Down Wall Street.” – New York ...Read More

Archive

  • The Patience Principle

    5,480
    by Jim Parker — Friday, August 28, 2015

    Global markets are providing investors a rough ride at the moment, as the focus turns to China’s economic outlook. But while falling markets can be worrisome, maintaining a longer term perspective makes ...Read More

  • When Times Are Turbulent – Invest and Relax

    8,228
    by Tom Allen and Mark Hebner — Tuesday, August 25, 2015

    No doubt the recent volatility in the market place has investors unnerved. Friends, family, neighbors, work colleagues, are all giving their opinion on where we stand and what will happen in the near ...Read More

  • Part 1: Fidelity Funds - A Deeper Look at the Performance [VIDEO]

    11,132
    by Tom Allen and Mark Hebner — Wednesday, August 19, 2015

    It is not uncommon for us to receive questions from clients and prospects about a particular family of mutual funds. The financial media is always quick to highlight top performing managers (here is an example ...Read More

  • How Negative is the Negative-Sum Game of Investing?

    4,493
    by Tom Allen and Mark Hebner — Tuesday, August 4, 2015

    In theory, investing is a zero-sum game and in practice it is a negative-sum game. Everyday, millions of individuals transact with one another based on their estimates or perception of where value currently ...Read More

  • Debunking the Inefficient Market Hypothesis

    6,973
    by Tom Allen and Mark Hebner — Monday, August 3, 2015

    It is not uncommon to find financial pundits, analysts, financial advisors, or investment consultants that are willing to recommend indexing when it comes to a particular segment of the market; mainly, large ...Read More

  • The China Syndrome

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    by Jim Parker — Friday, July 31, 2015

    The recent severe volatility in China’s share markets has raised questions among many investors about the causes of the fall and the wider implications for the global economy and markets. The Shanghai ...Read More

  • Exposure to Greece and China in Perspective

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    by Tom Allen and Mark Hebner — Friday, July 24, 2015

    Many of our clients have been concerned about the issues involving Greece. Likewise, growth in China, the world’s second largest economy has begun to slow causing concern for investors about what the ...Read More

  • Greece is the Word

    6,456
    by Jim Parker — Thursday, July 23, 2015

    In recent weeks, the world’s markets and media financial pages have focused intensely on the standoff between debt-laden Greece and its international lenders over the conditions of any further bailout. ...Read More

  • The 2nd Quarter of 2015 in Review

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    by Tom Allen and Mark Hebner — Wednesday, July 22, 2015

    The 2nd Quarter of 2015 was quite a tumultuous one. With concerns over Greece existing the Eurozone, markets experienced significant volatility late in the quarter. For those investors who were able to ride ...Read More

  • Passive Investing: Seeing the Forest For the Trees

    4,581
    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

  • Maryland - Ready For an Investment Change

    5,291
    by Tom Allen and Mark Hebner — Wednesday, July 15, 2015

    No this is not a political campaign slogan, but more of a realization. The Baltimore Sun recently published an article highlighting the recent popularity of passive investing and how some of the biggest ...Read More

  • The Momentum Factor: An Empirical Update

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    by Tom Allen and Mark Hebner — Thursday, July 9, 2015

    The Momentum Factor has been well documented since the early 1990s[i]. As a quick reminder, the Momentum Factor is the tendency of stocks that have outperformed (or underperformed) the market over the last ...Read More

  • IFA is Ahead of the Trends in Retirement Plans

    6,994
    by Tom Allen and Mark Hebner — Tuesday, July 7, 2015

    A recent article published on benefitspro.com summarized the recent trends in retirement asset size and location. Not surprisingly, more and more assets are being geared towards individual retirement accounts ...Read More

  • Why DFA Is a Strategic Partner of Our Mission

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    by Tom Allen and Mark Hebner — Monday, July 6, 2015

    As most of our readers can probably tell, we are big fans of Dimensional Fund Advisors (DFA). Our recommended mutual fund lineup, record-keeper for retirement plans, and experts for research in the field of ...Read More

  • Celebrate Financial Independence - Invest & Relax

    4,410
    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 ...Read More

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

    7,592
    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

  • What Greece Means for Investors

    6,211
    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

  • Come On Hartford, You Know Better!

    4,755
    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

  • You vs. Uncle Sam: Taxes & Mutual Fund Performance

    5,074
    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

  • 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

  • Gravel Road Investing

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    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

  • How Mutual Funds Can Be Advocates For Their Investors

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    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

  • Tax-Wise Investing - You & Your Investments

    4,749
    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

  • Q&A with IFA: Commodities (2016 Update)

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    by Venkat Yarlagadda — Sunday, May 17, 2015

    Question: Should I have a separate exposure to Commodities in my portfolio? In short, we have concluded that the answer is no, and we will explain why below. Based on returns data for the last 10, 20, 30, 40, ...Read More

  • Beware of Index Funds - What Is It This Time?

    5,278
    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

  • 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

  • Chasing Our Tails Through Past Performance

    4,296
    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

  • Dan Wheeler

    Hedge Funds

    4,235
    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

  • James Bond. 'Gambler Extraordinaire?'

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    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

  • The Misbehavior of Investors

    5,212
    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

  • A Simulation of the Random Nature of Stock Prices

    6,784
    by Mark Hebner — Tuesday, April 28, 2015

    Many measurements seem random, such as the heights of humans, the length of leaves, the roll of 5 dice, and the change of stock market prices. But when academics, statisticians and mathematicians view the ...Read More

  • Committing Financial Suicide

    6,481
    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