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Asset Allocation (1)
* Efficient Frontier
Bonds & Fixed Income (2)
* Rate Spread on Corporate Bonds, * The Credit Spread Puzzle
Commodities (2)
* Fooling Some of the People All of the Time, * Value of Commodity Futures
Credit & Debt (4)
* Credit Card Market & Regulation, * Credit Cards Out To Get You, * Federal Reserve System Consumer Information, * How to win at credit cards
Economics & Statistics (6)
* Consumer Price Index, * Damodaran Online, * Fed Interest Rates, * Federal Reserve database, * Morningstar, * US Personal Savings Rates
Finance Professors (5)
* Worldwide Directory of Finance Faculty, * Jeremy J. Siegel, * John Y. Campbell, * Meir Statman, * William F. Sharpe
Financial Expenses (4)
* Arithmetic of Active Management, * Arithmetic of Investment Expenses, * Costs and benefits of brokers, * S&P 500 Index Fund Expenses
Financial Research (2)
* FINRA Investor Alerts, * TIAA-CREF Institute
Index Benchmarks (1)
* Original S&P 500 Returns
Investment Returns (1)
* Equity Risk Premium Expectations
Investment Risk (1)
* MyRiskTolerance.com
Money Market Funds (1)
* iMoneyNet.com
Mutual Funds and ETFs (8)
* ETF Consultants, * IndexUniverse.com, * Investment Company Institute, * Lipper Leader Rating System, * Morningstar Instant X-Ray Tool, * Morningstar Rating for Funds Factsheet...
Quantitative Finance (1)
* The Blow-up
Retirement Accounts (3)
* IRS 401k FAQ, * IRS Designated Roth 401k, * IRS FAQ on IRAs
Retirement Planning (12)
* Boston College Center for Retirement Research, * Boston College CRR Financial Literacy Project, * Brightscope.com 401k expenses, * How the Social Security Claiming Decision Affects Portfolio Longevity, * Shelby Smith's Guide to Social Security, * Social Security Actuarial Info...
Taxes & Capital Gains (6)
* Federation of Tax Administrators, * Internal Revenue Service, * IRS Frequently Asked Questions, * IRS Publications, * Optimal Asset Location, * The Tax Foundation


There are 60 Links in our Database


Latest Listings

Category: Retirement Planning * Shelby Smith's Guide to Social Security
VisitShelby Smith's Guide to Social Security Popular
Description:
The Guide to Social Security by Dr. Shelby Smith

When you click this link, you will be taken to a website that allows a download of this .pdf document.

Some browsers will automatically display a download dialog box for your approval that includes a long file name composed of random letters and numbers. In this situation, the document may not display on the screen.

Other browsers will display the document on-line, but will not automatically initiate a download for your approval. In these situations, look immediately above the document on your screen. You can download the document by clicking on the diskette icon, which will invoke a similar approval dialog box to download the same file with the long file name composed of random letters and numbers.

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Category: Commodities * Fooling Some of the People All of the Time
VisitFooling Some of the People All of the Time Popular
Description:
Hedge funds and alternative investments have developed a kind of mythical reputation, so that many investors want to get into them. There are reasons to be skeptical:
* Are hedge fund managers really that much smarter than all the other smart investment professionals out there?
* Since risk adjusted returns are what count, is the risk properly reflected in the analysis?
* The heavy performance cost structures create a significant additional performance hurdle to overcome, so how do they do it?
* Can you tell beforehand which investments are superior and which are lemons?
* Can you count on the performance numbers supplied for a particular investment and for benchmarks?

Click the link above to download, from the Social Science Research Network, the research paper entitled: "Fooling Some of the People All of the Time: The Inefficient Performance and Persistence of Commodity Trading Advisors" by Geetesh Bhardwaj (SummerHaven Investment Management), Gary B. Gorton (Yale School of Management; National Bureau of Economic Research (NBER)) and K. Geert Rouwenhorst (Yale School of Management - International Center for Finance)

There are several dozen flavors of hedge fund investment strategies out there, and it is difficult to get any objective performance data on most of them. However, commodities futures trading is one of those areas where this is possible. This research paper is a real eye-opener in that it is able to divine the actual net performance that commodities traders actually delivered to their investors.

Bhardwaj, Gorton, and Rouwenhorst conclude that commodities futures investors put their investors' money at huge risk, while their investors net under 2% over T-bill returns on average. Many loose their shirts -- well, they loose a lot of their money. Obviously, there are numerous other investments that historically have netted far more than 2% over T-Bill returns with dramatically less risk.

The financial industry pitch for commodities is consistently related to lower asset class correlations when added to a portfolio, but what good is adding a highly volatile asset class to a portfolio, if incredibly excessive industry costs will siphon away the vast majority of asset returns? This is just more evidence of the pervasive financial industry disease of excessive and unjustified fees and costs, which bleed away large portions of the gross returns of investors -- leaving them with all the risk, but only some of the return.

Of course, one could argue that commodities futures are a unique subset of hedge funds, and are not representative of the wider set of hedge funds. Yet, I am still left with the nagging suspicion that they are more likely to typify the larger hedge fund space. All hedge fund performance data comes from the same privately collected and funded sources, reporting is voluntary, hedge funds can influence whether or not their superior (inferior) performance record is added to (removed from) the data set, old data is not available so the data set cannot be adjusted for survivorship bias, and the data is subject to other important biases that are discussed in this research paper. (Note that this is not the first research paper to question the quality and reliability of hedge fund performance data.)

If you do download and look at this paper, you do not have to read everything or immerse yourself in all of the data. The paper's introduction and conclusion will tell enough of the story. The research details just drive home the point that the financial industry makes a lot of money off OPM (other people's money).

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Category: Financial Research * FINRA Investor Alerts
VisitFINRA Investor Alerts Popular
Description:
The securities industry self-regulator in the US is FINRA. The FINRA website has a consumer protection section that includes a list of investor alerts.

Whether or not you think you really know what you are doing when you invest, you should check the FINRA website for any consumer investor alerts that may apply to any investment that you are contemplating.

Many investments that may not be in your best interests will involve high up-front and ongoing fees. These high fees may or may not be clear to you, depending upon the structure of an investment.

It is wise to look at the FINRA investment alerts, before you sign anything. Check this web site before you make an investment, because in most situations, you will not be able to back out of that investment without some penalty, after you have signed and funded that investment. Forewarned is better than regretting a lighter wallet.

About FINRA: This descriptive quote is from the FINRA website: "The Financial Industry Regulatory Authority, Inc. (FINRA) is the largest independent regulator of securities firms doing business with the public in the United States. Our core mission is to pursue investor protection and market integrity, and we carry it out by overseeing virtually every aspect of the brokerage industry. All told, FINRA oversees about 4,245 brokerage firms, about 162,230 branch offices and approximately 630,150 brokers. (accessed August 9, 2013)"

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Category: Financial Expenses * Arithmetic of Investment Expenses
VisitArithmetic of Investment Expenses Popular
Description:
In his 2013 Financial Analysts Journal paper (March/April 2013 pp. 34-41), "The Arithmetic of Investment Expenses," William F. Sharpe, Stanford emeritus professor of finance and 1991 economic Nobel prize winner clearly demonstrated that a lump sum invested at very low fees (.06%/year) was likely to result in 38% greater wealth after thirty years compared to average mutual fund expenses (1.12%/year). If instead, the investment pattern was to contribute equal amounts each year over thirty years, the low fee investment strategy resulted in 20% greater terminal wealth.

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Category: Mutual Funds and ETFs * Understanding Mutual Fund Classes
VisitUnderstanding Mutual Fund Classes, NASD Popular
Description:
This January 13, 2003 NASD (and now updated on the FINRA site) investor alert describes Class A, B, and C mutual funds shares and lists some considerations in the choice of classes. (Note that The Skilled Investor believes that you should understand the full lifetime costs of paying any form of sales load. Investment sales loads can be an excessively costly way to pay for "advice.")

On its "About" homepage, FINRA describes itself as:

"The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA's mission is to protect America's investors by making sure the securities industry operates fairly and honestly. All told, FINRA oversees about 4,380 brokerage firms, about 162,845 branch offices and approximately 629,640 registered securities representatives. FINRA has approximately 3,200 employees and operates from Washington, DC, and New York, NY, with 20 regional offices around the country."

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Category: Mutual Funds and ETFs * SPIVA - S&P Versus Active
VisitStandard & Poor's Index Versus Active (SPIVA) Popular
Description:

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Category: Retirement Planning * The Asymmetric Value of Delaying Social Security Benefits
VisitThe Asymmetric Value of Delaying Social Security Benefits Popular
Description:

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Category: Retirement Planning * How the Social Security Claiming Decision Affects Portfolio Longevity
VisitHow the Social Security Claiming Decision Affects Portfolio Longevity Popular
Description:
An April 2012 Journal of Financial Planning study entitled "How the Social Security Claiming Decision Affects Portfolio Longevity" by William Meyer and William Reichenstein is well worth reading. This study was intended to contribute to the literature on sustainable portfolio withdrawal rates in retirement by adding Social Security retirement payment timing and taxation to the discussion. Particularly, for those who have accumulated a smaller portfolio of investment assets by retirement, Meyer and Reichenstein reached several important conclusions. Regarding longevity of a retirement portfolio, they concluded that the decision to delay receipt of Social Security payments from age 62 to age 70 could lengthen the durability of a retirement portfolio by as much as ten years or more. This means that simply delaying receipt of Social Security payments -- with all other financial factors being equal -- could support an additional decade of expenditures. This addresses perhaps the number one worry of most retirees -- running out of money, if they were to live a very long time.

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Category: Retirement Planning * The Social Security Claiming Guide
VisitThe Social Security Claiming Guide Popular
Description:
The Center for Retirement Studies at Boston College has some useful information for people regarding retirement benefit acceptance strategies. In particular, download their "The Social Security Claiming Guide" report.

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Category: Retirement Planning * Boston College CRR Financial Literacy Project
VisitBoston College CRR Financial Literacy Project Popular
Description:
In 2009, the Social Security Administration established the Financial Literacy Research Consortium (FLRC) to do the following:
* help foster retirement and other saving strategies at all stages of the life cycle,
* help low and moderate income populations successfully plan and save for retirement and other life events, and
* improve understanding of Social Security's programs.

The FLRC consists of three non-partisan, multidisciplinary research centers at Boston College, the RAND Corporation, and the University of Wisconsin. In part because the Boston College Center for Financial Literacy is held within the larger and already established Center for Retirement Research at Boston College, this one of these three FLRC centers has a particularly rich list of documents that are of practical use to individuals who are making decisions about Social Security for their families. This is a link to the BC Center for Financial Literacy. Once you are at this center's website, also look around more broadly on the CRR website, because is offers a wealth of interesting and useful retirement information.

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Category: Retirement Planning * Social Security Financial Literacy Initiative
VisitSocial Security Financial Literacy Initiative Popular
Description:
In 2009, the Social Security Administration established the Financial Literacy Research Consortium (FLRC), which is now part of the SSA's Retirement Security Initiative.

The objectives of the FLRC are to do the following:
* help foster retirement and other saving strategies at all stages of the life cycle,
* help low and moderate income populations successfully plan and save for retirement and other life events, and
* improve understanding of Social Security's programs.

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Category: Retirement Planning * Brightscope.com 401k expenses
Visit* Brightscope.com 401k expenses Popular
Description:
If you have investments in a company profit sharing, ESOP, 401k, stock bonus, or money purchase pension plan that has over 100 employees enrolled, you may be able to find information online about the expenses of your plan. These profit sharing, ESOP, 401k, stock bonus, or money purchase pension plans must file a Form 5500 with the Department of Labor. A firm named Brightscope.com has put this form 5500 information online. Brightscope.com says that their database contains over 55,000 plans and covers over 90% of total invested assets in company sponsored 401(k) retirement plans.

To find out about the plan expenses of any company in the Brightscope.com database, you must register with brightscope.com by giving your name, an email address, and a password, and then you must confirm an automated email that is sent to your email account. Registration is free and you do not need to be affiliated with any company. You can look up any company, as if for example, you were a job seeker and wanted to understand about any company's plan investment cost efficiency. However, make sure that you look up the company that is most important to you first, because you are limited to five free fee reports.

After you have logged into your brightscope.com account, search for a particular company by name. On the company overview page, select the "Brightscope Rating" tab near the top. Look for the little pie chart, followed by a link entitled "<Name of Company> Personal Fee Report" and click the link. In the "Your Fees" click "Select Investments" and add some particular investments and investment dollar amounts, and then click the "Submit Investments" tab at the bottom. Finally, click the link named "View Detailed Calculations" for a breakout of all the expenses.

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Category: Mutual Funds and ETFs * Morningstar Instant X-Ray Tool
VisitMorningstar Instant X-Ray Tool Popular
Description:
Morningstar Instant X-Ray Tool

Whenever you invest in multiple mutual funds and ETFs, you may wonder how broadly and appropriately diversified your aggregate portfolio might be. Have your investment holdings and mutual funds that you have chosen increased the global diversification of your personal financial asset portfolio? Do they just duplicate what you already own?

You can use the free Morningstar Instant X-Ray Tool to measure your portfolio diversification. This tool can help you to understand better the relative contribution that each of your investment holdings makes to your goal of holding a broadly diversified investment portfolio.

On the Morningstar website, you can find their "Instant X-Ray" tool.
http://portfolio.morningstar.com/NewPort/Free/InstantXRayDEntry.aspx

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Category: Credit & Debt * Federal Reserve System Consumer Information
VisitFederal Reserve System Consumer Information Popular
Description:
Federal Reserve System Consumer Information

http://www.federalreserve.gov/consumerinfo/default.htm

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Category: Credit & Debt * Credit Card Market & Regulation
VisitCredit Card Market and Regulation Popular
Description:

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Category: Retirement Planning * US Department of Labor 401k Fees Rule
VisitUS Department of Labor 401k Expense Rule Popular
Description:
US Department of Labor Fact Sheet: Final Rule to Improve Transparency of Fees and Expenses to Workers in 401(k)-Type Retirement Plans

Finding information about the costs of employer-sponsored defined contribution plans is difficult, because for years weak regulations have allowed the financial industry to obscure these costs and gouge millions of retirement plan participants. This has made it difficult for both employers and plan participants to understand the true costs of these retirement plans. Particularly at smaller companies where fewer people are paying attention, some of these retirement savings plans carry simply outrageous visible and hidden fees. With new US Department of Labor regulations requiring fee disclosures, we will soon have a much better understanding of these fees starting at the beginning of 2012. For information on these new regulations, follow this link to the US Department of Labor.

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Category: Finance Professors * Worldwide Directory of Finance Faculty
VisitWorldwide Directory of Finance Faculty Popular
Description:
This directory is sponsored and maintained by the Ohio State Department of Finance and the American Finance Association. It has a searchable index of 4,020 individuals at 1021 colleges and universities around the world with the vast majority at U.S. educational institutions. Individual listings contain links to the school and/or personal websites of these financial academics. This directory also lists 695 finance professionals at non-academic institutions. (Directory numbers are as of October 6, 2009.)


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Category: Taxes & Capital Gains * The Tax Foundation
VisitThe Tax Foundation Popular
Description:
Tax Data from the Tax Foundation -- The Tax Foundation provides "journalists, taxpayers and policymakers with basic data on taxes and spending," as part of its educational mission. Find tax U.S. federal, state, and local tax data, information, and analysis.

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Category: Mutual Funds and ETFs * Morningstar Rating for Funds Factsheet
VisitMorningstar Rating for Funds Factsheet Popular
Description:
According to Morningstar's Factsheet for Funds, "The Morningstar Rating (TM) is a quantitative assessment of a fund's past performance--both return and risk--as measured from one to five stars."

Within the Morninstar.com "Funds" section, look for and click on a link for the "Using the Star Rating" PDF document, which was roughly in the middle of the webpage when accessed on November 18, 2007.

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Category: Retirement Accounts * IRS Designated Roth 401k
VisitIRS -- Designated Roth Accounts in 401(k) or 403(b) Plans Popular
Description:
Beginning in 2006, a 401(k) or 403(b) plan (but not a SARSEP or SIMPLE IRA plan) may permit an employee to irrevocably designate some or all of his or her elective contributions under the plan as designated Roth contributions. See this IRS web page for more information.

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Category: Retirement Planning * US Social Security Administration
VisitSocial Security Administration Popular
Description:
"Social Security Online: The Official Website of the U.S. Social Security Administration"

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Category: Retirement Planning * Social Security Benefit Calculators
VisitSocial Security -- Benefit Calculators Popular
Description:
Choose a Benefit Calculator
"Social Security Online: The Official Website of the U.S. Social Security Administration"

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Category: Retirement Planning * Social Security Actuarial Info
VisitSocial Security -- Actuarial Resources Popular
Description:
Social Security Actuarial Resources
"Social Security Online: The Official Website of the U.S. Social Security Administration"

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Category: Economics & Statistics * Morningstar
VisitMorningstar Popular
Description:
Morningstar.com investor information website

Morningstar is a leading source of reasonably detailed information on many publicly traded investments -- particularly regarding investment funds such as mutual funds, exchange traded funds, annuities, separate accounts, etc. While Morningstar charges various subscription fees for certain services, the Morningstar.com website offers a significant amount of information that does not require a subscription fee. Because websites often change, it is not possible to list specific Internet links that will remain usable over time. Instead, if you wish to use Morningstar.com, simply go there and select first the category of investment that you are researching. Next, either choose one of the many screening tools that are offered or and use the website's search facilities.

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Category: Taxes & Capital Gains * IRS Publications
VisitIRS -- Publications Popular
Description:
Publications
Internal Revenue Service -- United States Department of the Treasury

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Category: Retirement Accounts * IRS FAQ on IRAs
VisitIRS -- FAQ on IRAs Popular
Description:
Frequently Asked Questions about Individual Retirement Arrangements (IRAs)
Internal Revenue Service -- United States Department of the Treasury

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Category: Taxes & Capital Gains * IRS Frequently Asked Questions
VisitIRS -- FAQ Popular
Description:
Frequently Asked Questions
Internal Revenue Service -- United States Department of the Treasury

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Category: Retirement Accounts * IRS 401k FAQ
VisitIRS -- 401(k) Popular
Description:
Frequently Asked Questions on 401(k) pension plans
Internal Revenue Service -- United States Department of the Treasury

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Category: Taxes & Capital Gains * Internal Revenue Service
VisitUS Internal Revenue Service Popular
Description:
Internal Revenue Service -- United States Department of the Treasury

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Category: Money Market Funds * iMoneyNet.com
VisitiMoneyNet Popular
Description:

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Category: Taxes & Capital Gains * Federation of Tax Administrators
VisitFederation of Tax Administrators Popular
Description:
The Federation of Tax Administrators provides analyses of U.S. state taxation. In addition, they provide links to state and federal tax agencies. According to the FTA website, the FTA "was organized in 1937 to improve the quality of state tax administration by providing services to state tax authorities and administrators." To find the FTA's state tax information click on "State Comparisons" to the left, then "Tax Rates." In addition to state income tax information, you will find information on sales taxes, excise taxes, and other taxes at the state level.

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Category: Economics & Statistics * Fed Interest Rates
VisitFederal Reserve interest rates Popular
Description:
Federal Reserve Statistical Series H1 -- Selected Interest Rates -- updated every business day excluding holidays

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Category: Economics & Statistics * Federal Reserve database
VisitFederal Reserve database (FRED) Popular
Description:
Research Division of the Federal Reserve Bank of St. Louis

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Category: Economics & Statistics * Damodaran Online
VisitDamodaran Online Popular
Description:
Professor Aswath Damodaran, New York University Stern School
Professor Damodaran's excellent site provides numerous useful data sets and valuation tools.

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Category: Credit & Debt * Credit Cards Out To Get You
VisitConsumer Reports -- Credit cards: They really are out to get you Popular
Description:
Consumer Reports article: "Credit cards: They really are out to get you"
November 2005

Lending practices by many credit card companies in this largely unregulated industry have ensnared millions of borrowers. Once in debt, many people stay trapped in virtually endless cycles of indebtedness caused by high fees and interest rates.

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Category: Credit & Debt * How to win at credit cards
VisitConsumer Reports - How to Win At Credit Cards Popular
Description:
Entitled: "How to win at credit cards," Consumer Reports says that: "there are measures that consumers can take, however, to protect themselves from fees, finance charges, and credit-card debt."

This article provides some practices that every consumer should adopt to protect themselves from abuse by credit card companies.

This article is related to the Consumer Reports study:
"Credit cards: They really are out to get you"

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Category: Economics & Statistics * Consumer Price Index
VisitConsumer Price Index Popular
Description:
Bureau of Labor Statistics
U.S. Department Of Labor

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Category: Commodities * Value of Commodity Futures
VisitThe Tactical and Strategic Value of Commodity Futures Popular
Description:

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Category: Index Benchmarks * Original S&P 500 Returns
VisitThe Long-term Returns on the Original S&P 500 Firms Popular
Description:
"The Long-term Returns on the Original S&P 500 Firms" by Jeremy Siegel and Jeremy Schwartz (The Rodney L. White Center for Financial Research, The Wharton School, University of Pennsylvania, 2004, #29-04)

This study shows that revisions of the S&P500 index over time have not enhanced the value of the index: 1) because new stocks tend to be added as relative valuations peak and 2) because of the market trading impact of index funds that must buy these newly added firms, while they jettison those that are removed from the index. In addition, this study is yet another proof that a passive, low cost, buy-and-hold strategy is superior over the long haul to all this frenetic active investing that individuals and investment funds do.

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Category: Bonds & Fixed Income * The Credit Spread Puzzle
VisitThe credit spread puzzle Popular
Description:

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Category: Financial Expenses * Arithmetic of Active Management
VisitSharpe -- "The Arithmetic of Active Management" Popular
Description:
Professor Sharpe convincingly argues that in any period mathematically the performance of the average actively-managed fund must trail the performance of the average passively-managed fund by the average difference in fund management costs.

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Category: Financial Expenses * S&P 500 Index Fund Expenses
VisitS&P 500 Index Mutual Funds: Diverse expenses and performance characteristics Popular
Description:
Published in the March/April 2007 Journal of Indexes (pages 34-38), John A. Haslem, H. Kent Baker, and David M. Smith analyzed the investment expenses of S&P500 index mutual funds and found a very wide dispersion of management fees and total expense ratios.

Without all their research details, which you can read yourself, Haslem, et. al. simply found that higher expenses just lowered investors' net returns. They grouped S & P 500 index funds by expense groupings from low to high, i.e. standard deviations around the average expense ratio. They reported a list of twenty-five retail and institutional index mutual funds with lower costs.

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Category: Bonds & Fixed Income * Rate Spread on Corporate Bonds
VisitExplaining the Rate Spread on Corporate Bonds Popular
Description:

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Category: Investment Returns * Equity Risk Premium Expectations
VisitEquity Risk Premium: Expectations Great and Small Popular
Description:
Richard A. Derrig and Elisha D. Orr
"Equity Risk Premium: Expectations Great and Small"
North American Actuarial Journal, Vol. 8, no. 1, [vp]. January 2004

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Category: Mutual Funds and ETFs * Investment Company Institute
VisitInvestment Company Institute Popular
Description:
The ICI provides a significant amount of information about the U.S. diversified investment fund industry. According to the ICI website: "The Investment Company Institute is the national association of U.S. investment companies, including mutual funds, closed-end funds, exchange-traded funds (ETFs), and unit investment trusts (UITs). ... Members of ICI manage total assets of $12.5 trillion and serve almost 90 million shareholders." (accessed: 11-11-07)

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Category: Mutual Funds and ETFs * IndexUniverse.com
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Description:
IndexUniverse.com contains a wealth of information about index funds and ETFs. In particular, it provides a sophisticated index fund and ETF screening tool. For guidance from The Skilled Investor on how an individual investor might use this screener, see our article: Screening index mutual funds on-line with IndexUniverse.com

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Category: Mutual Funds and ETFs * ETF Consultants
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If you want to understand more about the differences between mutual funds and ETFs, look at Gary Gastineau's ETF Consultants LLC website. You can easily find more pretty sites on the web, but they will not have the depth of information on ETFs that Gary Gastineau provides. Start with "Frequently Asked Questions About ETFs," then scan "Publications."

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Category: Financial Research * TIAA-CREF Institute
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Description:
Performs investment related research to support its higher education clients. Many of the reports available on this site are also useful to individual investors.

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Category: Investment Risk * MyRiskTolerance.com
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Description:
An Australian company, FinaMetrica, has developed a relatively extensive and inexpensive personal risk tolerance assessment process. FinaMetrica's approach seems to have some reasonable social science behind it. Furthermore, you can do your own assessment on-line without the involvement of a costly adviser.

FinaMetrica's website is http://www.myrisktolerance.com/ Even if you do not wish to use their risk evaluations services, it is well worthwhile to explore the links in the left hand column of this website. FinaMetrica provides extensive written materials to help you understand personal financial risk tolerance and asset allocation.

(Note that there is no business relationship between The Skilled Investor and FinaMetrica.)

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Category: Asset Allocation * Efficient Frontier
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"An Online Journal of Practical Asset Allocation, Edited by William J. Bernstein and Susan F. Sharin"

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