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Most Recent Articles
May 19, 2016

Fed Up With Fed Fortune-Telling

Though they aren't meeting for almost another four weeks, the action in the stock and bond markets of late has been all about the Federal Reserve. Will they or won't they? My goodness, how many times have we been through this? Inflation (or as I like to say, the almost total lack thereof) sparked the questions and the downside moves. Reports on April inflation showed that the PPI came in flat for the month while the CPI is showing a bit more inflation but nothing extraordinary. Read More »

May 2, 2016

Q1 Blues, Ver. 3.0

After a rough start to 2016, a relative calm seems to have settled over Wall Street. Volatility is down; stocks are up; and high yield is back in favor. Meanwhile, the first-quarter GDP report raised investor anxiety, showing that economic growth was extremely light for the third year in a row, at 0.5% growth. Would I like to see stronger economic growth? Absolutely. Do I think the current slowdown warrants panic? Not at all.

In any case, if you missed last week's Hotline, we made a trade in two of our Model Portfolios. Jeff and I have a recap of the trade and a full explanation of our reasoning for you in the issue. Of course, some of you may be sitting on some hefty long-term gains, so please feel free to check with your tax adviser about the tax implications. But when it comes to taxes, please don't make the mistake of making tax efficiency your primary goal in investing. What really matters is after-tax returns. Of course, that's just one of several things Vanguard probably won't tell you–the advice you'll get from them is generally dumbed down to the point of being useless. More on both of those topics, plus a reader question about the equity allocations in our Model Portfolios, in the issue. Read More »

March 10, 2016

Vanguard Expense Ratios Rise on 52 Funds

Vanguard's been making a lot of hay lately with news that its expense ratios continue to decline. But it's all a matter of how and when you choose to measure them. With the release of its December 2015 annual reports, fully 52 Vanguard funds (counting separate Investor, Admiral, ETF and Institutional share classes) saw their expenses RISE rather than fall over the past 6 months. 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 »

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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