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Most Recent Articles
Hotline
July 31, 2014

The 3.4% Correction

Today's 317-point decline in the Dow, a 1.9% fall, coupled with a 2.0% drop in the S&P 500 index coming on the final day of July, probably woke up a few Wall Street traders lying around their Hamptons beach houses. But really, it's nothing. Exactly why stocks dropped today—whether it was worries about Argentina's default, a risk that the Fed could raise rates sooner than anticipated (because, yes, the economy is picking up), or declines overseas—doesn't really matter. Stocks dropped. Big deal. Read More »

July 30, 2014

Inversions Hurt Individual Investors, Too

As U.S. corporations move offshore to potentially avoid billions in U.S. taxes—$19.5 billion in tax revenues over the next decade, according to the Joint Commission on Taxation, a non-partisan congressional research panel—they are sticking their shareholders with an unexpected tax burden over which investors have no control. Read More »

Issue
July 1, 2014

Summertime: Is the Livin' Easy?

Summer's here, and we have yet to see a significant pullback in the stock market. At the end of June, most of Vanguard's equity funds were at or within fractions of their all-time highs. But while the stock bull market is now more than five years old, I don't think it's over by any means. Are there potholes in the road ahead? I'm betting on it. That's why you and I keep our wits about us and a few bond funds in our portfolios. For some perspective, check out my stories on today's low yields, stock and bond correlations, and Vanguard's foreign bond funds, and don't miss my interview with Greg Davis, who took charge of Vanguard's Fixed Income Group following Bob Auwaerter's retirement.

One thing we don't want in our portfolios, though, is bloat. It's just too bad for shareholders of Explorer that Vanguard doesn't understand that. I've got the full story on the recent addition of an eighth manager to the fund, and Vanguard's obfuscation of the matter, in the issue. With a formula focused largely on assets under management rather than performance, you can decide for yourself whether Vanguard's top executives earned their latest Partnership Plan pay hike. Just don't take their multimanagement PR, or Bill McNabb's comments in the semiannual report for Morgan Growth, at face value. Read More »

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"America's leading expert on investing in Vanguard funds"

Daniel P. Wiener is editor of The Independent Adviser for Vanguard Investors, a monthly newsletter that keeps abreast of recent developments at Vanguard, and the annual FFSA Independent Guide to the Vanguard Funds. Through his newsletter and guide book, Dan helps tens of thousands of Vanguard investors choose wisely among more than 100 Vanguard mutual funds. The Adviser is a five-time winner of the Newsletter Publishers Foundation's Editorial Excellence Award. View More »

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Model Portfolio Performance
Models May YTD
Growth 2.0% 16.0%
Conservative Growth 1.6% 14.4%
Income 0.2% 9.1%
Growth Index 1.6% 14.4%
The average
Vanguard investor
0.1% 7.2%
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