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Most Recent Articles
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August 28, 2014

Vanguard Goes for Brokerage

It hasn't been a particularly busy week from an economic signpost point of view, but it has been a record week as the S&P 500 index has hit a couple of consecutive records before falling back a bit today. The biggest news was probably today's second-quarter GDP revision. After first-quarter GDP was revised from a 2.9% contraction to a 2.1% contraction, second-quarter GDP has now been revised up from 4.0% to 4.2%. The economy definitely rebounded after the winter chill, and it appears more growth is on the way. Read More »

Issue
August 1, 2014

Long, Slow Grind

The economy is in a long, slow grind higher. Whether it's GDP, labor, or personal incomes, we're grinding higher on most or all fronts. I continue to believe that a 10% correction would be a healthy setback and would knock some of the fluff out of stock prices. In addition, since Wall Street tends to throw the babies out with the bathwater during corrections, our managers would be like kids in candy stores given the pricing dislocations. So, I say 'bring it on.'

In any case, with QE3 coming to a close, all eyes and ears are on just when and how much the Fed will raise rates. Is a Fed rate hike the death blow for the markets? I don't think so, and I'll show you why in this month's issue. And that's not all I'll show you. Vanguard's board hates it when I do this, but it's that time of year when I put the data together to show just which funds the directors are and aren't investing in, including who has the best record of aligning himself with shareholders, and who has the worst, collecting lots of fees but not buying many Vanguard fund shares. Speaking of fees, here's another question for Vanguard: What does 'at cost' actually mean? Does it really cost $400 million to run just two index funds—500 Index and Total Stock Market Index? Jeff and I have run the numbers to try to get to the bottom of this. Meanwhile, a lawsuit filed against Vanguard also goes to the heart of the cost question. If successful, it could have seismic implications for the company and mutual fund investors across the industry. 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 »

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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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