Venkat Yarlagadda Interviews Mark Hebner: Part Four

Wednesday, January 8, 2020 4,804 views

In Part Four of Venkat Yarlagadda's 2nd Annual Interview with Mark Hebner, they discuss whether or not there is an indexing bubble.

Part One  Part Two  Part Three  Part Four 


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The Hebner Model: A Framework for How Markets Work. The Index Portfolio 100 red bars only includes 3 standard deviations from the average. Over 600 months, there were 7 monthly returns beyond 3 standard deviations ranging from -23% to 23%, with 4 monthly returns in the left tail and 3 in the right. For HYPOTHETICAL back-tested performance data shown in this chart, see IFA Index Portfolios are labeled with numbers that refer to the percentage of stock indexes in the asset allocation, as opposed to the allocation of bond indexes. For example, an IFA Index Portfolio 90 is 90% IFA stock indexes and 10% IFA bond indexes. For more, go to The HYPOTHETICAL back-tested performance of the IFA Index Portfolios was achieved with the benefit of hindsight; it does not represent actual investment strategies for the entire period; and it does not reflect the impact that economic and market factors may have had on the advisor's decision making if the advisor were actually managing client money during the period shown. The performance of index portfolios does reflect the maximum annual advisory fee of 0.9%. IFA Index Portfolios do reflect the deduction of mutual fund fees, include reinvestment of dividends, capital gains, and includes the deduction of IFA advisory fees, but does not include transaction costs or taxes, which if included, would lower performance. The IFA Index Portfolios were created by IFA in 2000. Past performance does not guarantee future results. All data, including performance data, is provided for illustrative purposes only, it does not represent actual performance of any client portfolio or account and it should not be interpreted as an indication of such performance. IFA utilizes "standard deviation" as a quantification of risk, see the definition of "standard deviation" in the IFA glossary. © 2020 Index Fund Advisors, Inc. (

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