Monthly Archives: February 2014

Vanguard expenses continue to fall

The single greatest thing about Vanguard’s corporate structure is that investors directly benefit from Vanguard’s increasing economies of scale.  As assets grow, and fixed expenses stay the same, these economies of scale get passed down to investors in the form of reduced expenses. In an announcement today, Vanguard shared with the public that expenses on […]

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Consistency: On Parenting and Investing

Regular readers know that we have two little girls, now ages 9 months and not-quite-three-years. The toddler can be….difficult.  We’ll just say she is not a good sleeper. Never has been.  When she was a newborn, we spent about as much time trying to get her to sleep as she spent sleeping. Recently we were […]

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Quit kidding yourself

Investors love a story.  If they consider themselves sophisticated investors, they’ll call it a thesis as if they are working on a Ph.D. in literary history.  They hear a story once, and then tell themselves that story over and over again, until they are madly in love with it and it becomes an undeniable fact. […]

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At what cost?

Josh Brown has another great piece up this week he called “The Best and Worst Thing about Investing.”  I highly suggest you go read it.  In it, he dissects the difficulty of separating luck from skill in investing, the trouble with highly successful fund managers and the possibility that an amateur could, by luck or […]

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How Smart is the Smart Money?

Every year the Nobel Prize is awarded to leaders in the fields of physics, chemistry, medicine, literature, peace and economics. Along with the honor of the award is a cash prize of 8,000,000 Swedish Krona (about $1.2M). These cash prizes are funded by the Nobel Foundation, an investment pool that was the result of Alfred […]

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A Small Business Retirement Plan Case Study

Or, how I helped a small business owner save tens of thousands of dollars every year. Last year I was approached by a small business owner (we’ll call him Frank) to review his company’s 401(k) plan. His company is small (10 or so employees) but profitable.  He was working with a very bright and hardworking […]

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Actionable or Interesting?

I love reading, talking and thinking about investing.  It is a big part of why I am in this business.  The financial markets are fascinating machines, part profit-seeking mechanical beast and part emotionally-driven human marketplace. It is important (and fun) for me to stay informed, so I try to do so regularly. (For some ideas […]

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