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Most Recent Articles
Hotline
May 21, 2015

Placing a Value on Stock Picking

Tuesday's report of a huge jump in housing starts (up 20% in April) was a nice kick in the prospects for a rebound from the winter's cold-edged consolidation. Not only were condos and apartments (those multi-family starts) strong, but so were single-family homes, which are where you really get a lot of economic bang for the buck driving material and labor spending. New building permits also were robust, which casts a pretty strong light on the potential for more good news on housing in the months to come. Read More »

News
May 12, 2015

Increasing Bond Volatility—Not Really

The recent rise in bond yields has given way too much talk of increasing volatility in the bond market. I beg to differ. As with the stock market, the recent up and down moves are simply a continuation of a trend we've seen for several years now. Two charts looking at the 10-year Treasury should provide some illumination. Read More »

Issue
May 1, 2015

Dow 16460

Are you ready for Dow 16460? You should be. But that's not a prediction. It's a warning, and it's based on history, not conjecture. Most investors aren't ready for a 10% market decline, in spite of the fact that historically, they usually happen about once every 18 months. But if you think selling at all-time highs or on 5% dips will let you sidestep bigger declines, think again. The odds are against you, as you can see in this month's newsletter issue–and so is the tax law, which takes a big bite out of any profits you might make with a short-term trading strategy.

Speaking of taxes, while April 15 is past, the sting of taxes paid remains. But before you rush out to buy the most tax-efficient funds, check out the tables Jeff and I have for you this month. As we've said time and time again, it's not tax-efficiency that matters most, it's after-tax returns. And index funds don't necessarily rule the roost: Six of the 10 funds with the best after-tax returns over the last three years were actively managed. Of course, that won't surprise many of you, since we already own several of them in our Model Portfolios. Also, while Selected Value didn't make the list, for those of you who are concerned about its ho-hum performance in the past year, we've got an interview with managers Jim Barrow and Mark Giambrone. You may find it enlightening. Finally, after five years, is Explorer Value a buy? And just what is the ideal foreign stock and bond allocation, anyway? Get the answers to these questions and more in this month's issue. 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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