http://www.ifaradio.comStay connected and up-to-date with the Latest Information on Whats New with Index Funds, Tracker Funds, Dimensonal Funds, and Mututal Funds.http://www.ifa.com/RSS/IFA_com_Logo_144.pnghttp://www.ifaradio.com60http://blogs.law.harvard.edu/tech/rssenFri, 18 May 2012 10:19:00 GMTSat, 19 May 2012 20:53:06 GMThttp://www.ifaradio.com/articles/venture_capital_myth.aspxMany investors believe they are deprived of high returns generated by venture capital funds.  They read about the success of Groupon, Linkedin, Facebook and others Fri, 18 May 2012 10:19:00 GMThttp://www.ifaradio.com/articles/venture_capital_myth.aspxhttp://www.ifaradio.com/articles/hidden_message_morgan_billion_loss.aspxUnless you were living under a rock, you are aware of JP Morgan's stunning $2 billion loss. According to the Wall Street Journal the loss was caused by a trader in London nicknamed "the London whale." Mr. Whale guessed wrong in making complicated trades tiWed, 16 May 2012 10:35:00 GMThttp://www.ifaradio.com/articles/hidden_message_morgan_billion_loss.aspxhttp://www.ifaradio.com/articles/ewing_marion_kauffman_foundation_report_venture_capital_funds_cautionary_tale.aspx“We have met the enemy…and he is us.” So begins the 51-page report from the Kauffman Foundation, a $2 billion non-profit with a vision to Tue, 15 May 2012 09:13:00 GMThttp://www.ifaradio.com/articles/ewing_marion_kauffman_foundation_report_venture_capital_funds_cautionary_tale.aspxhttp://www.ifaradio.com/articles/investor_confidence_misplaced.aspxHere are two stories that appeared in the financial media one day apart. The first story, was very good news for UBS, AG, Switzerland’s biggest bank. Thu, 10 May 2012 16:36:00 GMThttp://www.ifaradio.com/articles/investor_confidence_misplaced.aspxhttp://www.ifaradio.com/articles/rational_response_irrational_market_anxiety.aspxMarket anxiety is good for everyone except you. The financial media loves and stokes it. Readers and viewers increase in uncertain times. The Wed, 09 May 2012 15:14:00 GMThttp://www.ifaradio.com/articles/rational_response_irrational_market_anxiety.aspxhttp://www.ifaradio.com/articles/mal-location_capital.aspxI used to play a lot of golf, probably far too much. When my friends would ask for advice, the number one question I would get isWed, 02 May 2012 15:56:00 GMThttp://www.ifaradio.com/articles/mal-location_capital.aspxhttp://www.ifaradio.com/articles/wall_street_other_vegas.aspxAbout a month ago, I wrote about Nicolas Darvas, a world famous dancer who claimed that he made $2 million in the stock market. This Wed, 02 May 2012 12:56:00 GMThttp://www.ifaradio.com/articles/wall_street_other_vegas.aspxhttp://www.ifaradio.com/articles/books_doomsday_genre_read_this_before_you_read_them.aspxWhile we at Index Funds Advisors, Inc. do not dismiss the bleak scenario envisioned by the authors of books such as Aftershock or The Day Tue, 01 May 2012 14:16:00 GMThttp://www.ifaradio.com/articles/books_doomsday_genre_read_this_before_you_read_them.aspxhttp://www.ifaradio.com/articles/what_you_learn_from_returns_proprietary_mutual_funds.aspxI am fascinated by the success of the securities industry.  They are able to convince you to part with your money by touting their expertise Mon, 30 Apr 2012 12:36:00 GMThttp://www.ifaradio.com/articles/what_you_learn_from_returns_proprietary_mutual_funds.aspxhttp://www.ifaradio.com/articles/the-road-to-serfdom.aspxThe Road to Serfdom was written by Friedrich von Hayek in 1944. Friedrich von Hayek was a prominent Austrian economist during the twentieth century, and Sun, 29 Apr 2012 12:33:00 GMThttp://www.ifaradio.com/articles/the-road-to-serfdom.aspxhttp://www.ifaradio.com/articles/flawed_premise_plans.aspxHere's the difference between decisions made by 401(k) plan sponsors and the decisions you make for your individual portfolio:  Your lack of investment knowledge will Sat, 28 Apr 2012 20:45:00 GMThttp://www.ifaradio.com/articles/flawed_premise_plans.aspxhttp://www.ifaradio.com/articles/families_cheat_investors.aspxWhen I am asked the three most important things investors can do to maximize their retirement income, I provide this listWed, 25 Apr 2012 09:42:00 GMThttp://www.ifaradio.com/articles/families_cheat_investors.aspxhttp://www.ifaradio.com/articles/time_plundering_investors_stop.aspxThe first quarter of 2012 was a good one for the markets. According to an insightful blog [hyperlink to: http://www.indexingblog.com/2012/04/22/wheres-the-party/ ] by Sun, 22 Apr 2012 15:40:00 GMThttp://www.ifaradio.com/articles/time_plundering_investors_stop.aspxhttp://www.ifaradio.com/articles/the_party.aspxThe surge in stock prices around the world in the first quarter serves as a reminder that predicting market trends can be a frustrating business. Fri, 20 Apr 2012 15:17:00 GMThttp://www.ifaradio.com/articles/the_party.aspxhttp://www.ifaradio.com/articles/Exchange_Traded_Notes.aspxThu, 19 Apr 2012 16:00:00 GMThttp://www.ifaradio.com/articles/Exchange_Traded_Notes.aspxhttp://www.ifaradio.com/articles/science_investing_harm_your_returns.aspxIn a recent New York Times column, Paul Sullivan commented on a report from Barclays Wealth and Investment Management with the intriguing title of The Mon, 09 Apr 2012 12:00:00 GMThttp://www.ifaradio.com/articles/science_investing_harm_your_returns.aspxhttp://www.ifaradio.com/articles/dont_rely_on_misleading_benchmarks.aspxIf fund families brag about the performance against their peers, But you should insist on knowing how they did against their designated index.Mon, 02 Apr 2012 07:30:00 GMThttp://www.ifaradio.com/articles/dont_rely_on_misleading_benchmarks.aspxhttp://www.ifaradio.com/articles/Bestting_vs_Investing.aspxThu, 29 Mar 2012 17:17:00 GMThttp://www.ifaradio.com/articles/Bestting_vs_Investing.aspxhttp://www.ifaradio.com/articles/How_I_Made_2Mil.aspxThu, 29 Mar 2012 09:38:00 GMThttp://www.ifaradio.com/articles/How_I_Made_2Mil.aspxhttp://www.ifaradio.com/articles/You_Can_Learn_From_a_Quiet_Trading_Floor.aspxIf your image of a trading floor was formed by watching commodities traders huddled together and screaming prices, you would be disappointed.Tue, 27 Mar 2012 14:06:00 GMThttp://www.ifaradio.com/articles/You_Can_Learn_From_a_Quiet_Trading_Floor.aspxhttp://www.ifaradio.com/articles/Betting_vs_Investing.aspxBetting vs. Investing: What We Can Learn from March MadnessThu, 22 Mar 2012 14:45:00 GMThttp://www.ifaradio.com/articles/Betting_vs_Investing.aspxhttp://www.ifaradio.com/articles/Greg_Smith_Missed_the_Point.aspxI was fascinated by the enormous reaction to the op-ed piece in the New York Times by Greg Smith, a former executive director at Goldman Sachs.Thu, 22 Mar 2012 10:30:00 GMThttp://www.ifaradio.com/articles/Greg_Smith_Missed_the_Point.aspxhttp://www.ifaradio.com/articles/The_Money_Grows.aspxWhere the Money GrowsWed, 21 Mar 2012 14:35:00 GMThttp://www.ifaradio.com/articles/The_Money_Grows.aspxhttp://www.ifaradio.com/articles/MF_Global_and_the_Meaning_of_Chutzpah.aspxMF Global and the Meaning of ChutzpahTue, 20 Mar 2012 15:58:00 GMThttp://www.ifaradio.com/articles/MF_Global_and_the_Meaning_of_Chutzpah.aspxhttp://www.ifaradio.com/articles/Judge_Slams_FINRA_Arbitration.aspxIf you have an account with a retail broker, or are employed by one, you signed an agreement to submit all disputes to mandatory arbitration administered by FINRA.Tue, 20 Mar 2012 10:20:00 GMThttp://www.ifaradio.com/articles/Judge_Slams_FINRA_Arbitration.aspxhttp://www.ifaradio.com/articles/5-facts-your-broker-wont-tell-you.aspxMany investors rely on brokers and the media for advice on investments. This is unfortunate, because much of the advice from these sources is wrong.Thu, 15 Mar 2012 09:55:00 GMThttp://www.ifaradio.com/articles/5-facts-your-broker-wont-tell-you.aspxhttp://www.ifaradio.com/articles/.aspxWed, 14 Mar 2012 17:14:00 GMThttp://www.ifaradio.com/articles/.aspxhttp://www.ifaradio.com/articles/Active_vs_Passive.aspxActive vs. Passive: The View from Standard & PoorsWed, 14 Mar 2012 16:52:00 GMThttp://www.ifaradio.com/articles/Active_vs_Passive.aspxhttp://www.ifaradio.com/articles/Escaping_from_the_Great_Vampire_Squid.aspxEscaping from the Great Vampire SquidWed, 14 Mar 2012 16:22:00 GMThttp://www.ifaradio.com/articles/Escaping_from_the_Great_Vampire_Squid.aspxhttp://www.ifaradio.com/articles/Manager_Picking_is_a_Mugs_Game.aspxThe S&P Persistence Scorecard report on the performance of active funds has been issued, and for manager pickers, the results are not so encouraging.Wed, 14 Mar 2012 00:00:00 GMThttp://www.ifaradio.com/articles/Manager_Picking_is_a_Mugs_Game.aspxhttp://www.ifaradio.com/articles/an-investor-protection-plan.aspxIt is sickening to witness the fleecing of investors. If you are using a retail broker or relying on much of the financial media, you may be a victim.Tue, 13 Mar 2012 18:54:00 GMThttp://www.ifaradio.com/articles/an-investor-protection-plan.aspxhttp://www.ifaradio.com/articles/an-open-letter-jim-beard-atlantas-cfo.aspxI read an article in the Atlanta Journal-Constitution outlining the your city's three big pension plans for police, firefighters, and other employees.Tue, 06 Mar 2012 19:04:00 GMThttp://www.ifaradio.com/articles/an-open-letter-jim-beard-atlantas-cfo.aspxhttp://www.ifaradio.com/articles/TheGreaterFoolTheory.aspxYou can run your own calculations for the returns of index portfolios for any time period by using this calculator. Use it to compare the returns of yTue, 28 Feb 2012 15:59:00 GMThttp://www.ifaradio.com/articles/TheGreaterFoolTheory.aspxhttp://www.ifaradio.com/articles/exotic-market-linked-cds.aspxFDIC insured market linked CDs may not be the toxic paper that collateralized debt obligations, subprime mortgages, and credit default swaps have beenTue, 28 Feb 2012 10:08:00 GMThttp://www.ifaradio.com/articles/exotic-market-linked-cds.aspxhttp://www.ifaradio.com/articles/howard-buffett-berkshire-hathaway.aspxOur experiment will be Warren Buffett and his son, Howard Buffett, who has been designated as the future chairman of the board of Berkshire Hathaway.Tue, 28 Feb 2012 09:58:00 GMThttp://www.ifaradio.com/articles/howard-buffett-berkshire-hathaway.aspxhttp://www.ifaradio.com/articles/who-has-the-midas-touch.aspxIn regard to gold and its investment merits, however, Buffett has had little to say—at least in the pages of his annual shareholder letter. Thu, 23 Feb 2012 12:28:00 GMThttp://www.ifaradio.com/articles/who-has-the-midas-touch.aspxhttp://www.ifaradio.com/articles/a-stock-pickers-market-jay-franklin.aspxA reasonable question to ask is just how good of a stock-picker do you need to be to beat the index after covering your costs? See the chart below:Thu, 23 Feb 2012 11:01:00 GMThttp://www.ifaradio.com/articles/a-stock-pickers-market-jay-franklin.aspxhttp://www.ifaradio.com/articles/hedge funds stockbrokers egotistically.aspxPreviously, I was of the view brokers were just emperors with no clothes, pretending to have a "market beating" skill that doesn't exist.Tue, 21 Feb 2012 21:17:00 GMThttp://www.ifaradio.com/articles/hedge funds stockbrokers egotistically.aspxhttp://www.ifaradio.com/articles/montecarloretirementanalysis.aspxSun, 19 Feb 2012 11:53:00 GMThttp://www.ifaradio.com/articles/montecarloretirementanalysis.aspxhttp://www.ifaradio.com/articles/Invest_With_the_Silent_Minority.aspxA routine report from Morningstar contains some great advice for investors, if you know how to interpret it. The report notes that passively managed fSat, 18 Feb 2012 22:19:00 GMThttp://www.ifaradio.com/articles/Invest_With_the_Silent_Minority.aspxhttp://www.ifaradio.com/articles/manager_of_the_year.aspxThu, 16 Feb 2012 11:01:00 GMThttp://www.ifaradio.com/articles/manager_of_the_year.aspxhttp://www.ifaradio.com/articles/The_End_Of_Wall_Street.aspxThe End of Wall Street as We Know It—And We Feel FineTue, 14 Feb 2012 14:17:00 GMThttp://www.ifaradio.com/articles/The_End_Of_Wall_Street.aspxhttp://www.ifaradio.com/articles/David_Swensen_Advisese_Index_Funds.aspxDavid Swensen Advises Index Funds Fri, 10 Feb 2012 09:29:00 GMThttp://www.ifaradio.com/articles/David_Swensen_Advisese_Index_Funds.aspxhttp://www.ifaradio.com/articles/Tough_Times_for_American_Funds.aspxTough Times for American FundsTue, 07 Feb 2012 15:05:00 GMThttp://www.ifaradio.com/articles/Tough_Times_for_American_Funds.aspxhttp://www.ifaradio.com/articles/paradox-of-skill.aspxManager selection is a process that requires analyzing noisy performance data, so it should lean heavily on the notion of statistical significance.Mon, 06 Feb 2012 09:52:00 GMThttp://www.ifaradio.com/articles/paradox-of-skill.aspxhttp://www.ifaradio.com/articles/Just_How_Skilled_of_a_Manager-Picker_Do_You_Need_to_Be.aspxJust How Skilled of a Manager-Picker Do You Need to Be?Fri, 03 Feb 2012 16:10:00 GMThttp://www.ifaradio.com/articles/Just_How_Skilled_of_a_Manager-Picker_Do_You_Need_to_Be.aspxhttp://www.ifaradio.com/articles/Luck_or_Skill.aspxMorningstar's Manager of the Year: Luck or Skill?Thu, 02 Feb 2012 14:48:00 GMThttp://www.ifaradio.com/articles/Luck_or_Skill.aspxhttp://www.ifaradio.com/articles/the_hedge_fund_mirage.aspxA review of Simon Lack's latest book, The Hedge Fund Mirage: The Illusion of Big Money and Why It’s Too Good to Be True, and link to adverse practices of Hedge Funds industry.Tue, 31 Jan 2012 09:24:00 GMThttp://www.ifaradio.com/articles/the_hedge_fund_mirage.aspxhttp://www.ifaradio.com/articles/two-contrasting-views-of-stock-markets.aspxMon, 30 Jan 2012 10:37:00 GMThttp://www.ifaradio.com/articles/two-contrasting-views-of-stock-markets.aspxhttp://www.ifaradio.com/articles/dollar_short.aspxRelying on this, instead of looking at the market and recognizing the current price is a fair price, is the most fundamental error made by investors.Sat, 28 Jan 2012 22:13:00 GMThttp://www.ifaradio.com/articles/dollar_short.aspxhttp://www.ifaradio.com/articles/What_You_Can_Learn_From_Suze_Ormans_Mistakes.aspxRepublish of Dan Solin's Article on US News. http://money.usnews.com/money/blogs/On-Retirement/2012/01/26/what-you-can-learn-from-suze-ormans-mistakes Fri, 27 Jan 2012 12:28:00 GMThttp://www.ifaradio.com/articles/What_You_Can_Learn_From_Suze_Ormans_Mistakes.aspxhttp://www.ifaradio.com/articles/dirty-tricks-brokers-use-to-get-your-business.aspxBrokers and advisors like to describe their activities in terms indicating the benefits they bestow upon their clients.Thu, 26 Jan 2012 11:13:00 GMThttp://www.ifaradio.com/articles/dirty-tricks-brokers-use-to-get-your-business.aspxhttp://www.ifaradio.com/articles/suze orman mistakes.aspxWhat You Can Learn From Suze Orman’s Mistakes First, she came under fire for endorsing a new prepaid debit card. Mon, 23 Jan 2012 08:36:00 GMThttp://www.ifaradio.com/articles/suze orman mistakes.aspxhttp://www.ifaradio.com/articles/The_Right_Focus_Can_Improve_Your_2012_Returns.aspxThe Right Focus Can Improve Your 2012 Returns By Daniel Solin Original Posted on US News Money website. http://money.usnews.com/money/blogs/On-Retirement/2012/01/19/the-right-focus-can-improve-your-2012-returns Fri, 20 Jan 2012 09:40:00 GMThttp://www.ifaradio.com/articles/The_Right_Focus_Can_Improve_Your_2012_Returns.aspxhttp://www.ifaradio.com/articles/Hedge_of_Darkness.aspxIt's true. Big money can be made from hedge funds. If you run one, that is. Thu, 19 Jan 2012 17:34:00 GMThttp://www.ifaradio.com/articles/Hedge_of_Darkness.aspxhttp://www.ifaradio.com/articles/private_equity_funds.aspxIFA completed an analysis of state retirement pension plans which showed that all of them would have fared better with a portfolio of index funds.Wed, 18 Jan 2012 20:44:00 GMThttp://www.ifaradio.com/articles/private_equity_funds.aspxhttp://www.ifaradio.com/articles/Tilting_Towards_Small_Cap_Stocks.aspxFri, 13 Jan 2012 11:08:00 GMThttp://www.ifaradio.com/articles/Tilting_Towards_Small_Cap_Stocks.aspxhttp://www.ifaradio.com/articles/Year-End_Review.aspxMon, 09 Jan 2012 11:12:00 GMThttp://www.ifaradio.com/articles/Year-End_Review.aspxhttp://www.ifaradio.com/articles/2011_Review_Economy_and_Markets.aspxMon, 09 Jan 2012 11:06:00 GMThttp://www.ifaradio.com/articles/2011_Review_Economy_and_Markets.aspxhttp://www.ifaradio.com/articles/2011-winners-can-make-you-a-2012-loser.aspx majority of investors will continue to believe brokers have the ability to pick outperforming stocks and actively managed mutual fundsMon, 09 Jan 2012 08:33:00 GMThttp://www.ifaradio.com/articles/2011-winners-can-make-you-a-2012-loser.aspxhttp://www.ifaradio.com/articles/embrace-uncertainty.aspxCurrent prices for stocks and bonds are fair. They are determined by millions of willing buyers and sellers who are informed about news and forecasts.Mon, 09 Jan 2012 08:00:00 GMThttp://www.ifaradio.com/articles/embrace-uncertainty.aspxhttp://www.ifaradio.com/articles/Two_and_Twenty.aspxThu, 05 Jan 2012 10:11:00 GMThttp://www.ifaradio.com/articles/Two_and_Twenty.aspxhttp://www.ifaradio.com/articles/Einsteins-theory-of-investing.aspxAs legend has it, when Einstein died, he met two men and a woman outside the pearly gates. Always one to strike up a conversation, he about their IQs.Wed, 04 Jan 2012 10:00:00 GMThttp://www.ifaradio.com/articles/Einsteins-theory-of-investing.aspxhttp://www.ifaradio.com/articles/2011_The_Year_in_Review.aspx2011: The Year in ReviewTue, 03 Jan 2012 15:03:00 GMThttp://www.ifaradio.com/articles/2011_The_Year_in_Review.aspxhttp://www.ifaradio.com/articles/Reaching_for_Yield_Preferred_Stock.aspxIn this continuing series we look at preferred stock, a special equity security that has properties of both equity and debt instruments.Wed, 21 Dec 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Reaching_for_Yield_Preferred_Stock.aspxhttp://www.ifaradio.com/articles/Reaching_for_Yield_High_Yield_Mortgage_REITs.aspxReaching for Yield: High-Yield Mortgage REITsMon, 12 Dec 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Reaching_for_Yield_High_Yield_Mortgage_REITs.aspxhttp://www.ifaradio.com/articles/Hedge_Funds_on_Edge.aspxHedge Funds on EdgeMon, 12 Dec 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Hedge_Funds_on_Edge.aspxhttp://www.ifaradio.com/articles/International_Diversification_Is_It_Still_Worthwhile.aspxInternational Diversification: Is It Still Worthwhile?Thu, 08 Dec 2011 00:00:00 GMThttp://www.ifaradio.com/articles/International_Diversification_Is_It_Still_Worthwhile.aspxhttp://www.ifaradio.com/articles/Reaching_for_Yield_High_Dividend_Stocks.aspxReaching for Yield: High-Dividend StocksWed, 07 Dec 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Reaching_for_Yield_High_Dividend_Stocks.aspxhttp://www.ifaradio.com/articles/Is_There_a_Manager_Risk_Premium.aspxIs There a Manager Risk Premium?Fri, 02 Dec 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Is_There_a_Manager_Risk_Premium.aspxhttp://www.ifaradio.com/articles/what-does-a-winning-streak-tell-us.aspxBill Miller's departure from the Legg Mason Capital Management Value Trust adds a chapter to the debate regarding the value of active stock selection.Tue, 29 Nov 2011 00:00:00 GMThttp://www.ifaradio.com/articles/what-does-a-winning-streak-tell-us.aspxhttp://www.ifaradio.com/articles/IFA_Concern_with_Muni_Bonds.aspxIndex Funds Advisors, Inc’s Concerns with Muni BondsWed, 23 Nov 2011 00:00:00 GMThttp://www.ifaradio.com/articles/IFA_Concern_with_Muni_Bonds.aspxhttp://www.ifaradio.com/articles/FidelityMagellanAlpha.aspxFidelity Magellan's Alpha over Many ManagerTue, 15 Nov 2011 00:00:00 GMThttp://www.ifaradio.com/articles/FidelityMagellanAlpha.aspxhttp://www.ifaradio.com/articles/Stock-Pickers_and_the_Illusion_of_Validity.aspxIf you ask 1,000 stock-pickers for an explanation for why they chose to buy a particular stock, you are likely to get 1,000 different answers.Mon, 31 Oct 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Stock-Pickers_and_the_Illusion_of_Validity.aspxhttp://www.ifaradio.com/articles/IFAs_Conerns_with_ETFs.aspxIFA’s Concerns with ETFs Wed, 26 Oct 2011 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Conerns_with_ETFs.aspxhttp://www.ifaradio.com/articles/UBS_A_Rotten_Culture_Inspires_Rotten_Actions.aspxUBS: A Rotten Culture Inspires Rotten ActionsThu, 29 Sep 2011 00:00:00 GMThttp://www.ifaradio.com/articles/UBS_A_Rotten_Culture_Inspires_Rotten_Actions.aspxhttp://www.ifaradio.com/articles/investors-deserve-better-yahoo.aspxI don’t mean to pick on Jeff Macke. His daily videos on Yahoo’s Breakout are no worse than what passes for financial journalism in much of the media.Tue, 27 Sep 2011 00:00:00 GMThttp://www.ifaradio.com/articles/investors-deserve-better-yahoo.aspxhttp://www.ifaradio.com/articles/Warren_Buffett,_Market_Efficiency_and_the_Disappearance_of_Alpha.aspxWarren Buffett, Market Efficiency and the Disappearance of AlphaTue, 27 Sep 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Warren_Buffett,_Market_Efficiency_and_the_Disappearance_of_Alpha.aspxhttp://www.ifaradio.com/articles/Indexing-is-it-Appropriate.aspxUsing the Morningstar Direct database, IFA performed its own study of how actively managed funds have done vs. the passively managed DFA funds in categories outside of domestic large cap. The table below summarizes the results:Mon, 19 Sep 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Indexing-is-it-Appropriate.aspxhttp://www.ifaradio.com/articles/The_Turn_of_the_Tide.aspxThe Turn of the TideThu, 08 Sep 2011 00:00:00 GMThttp://www.ifaradio.com/articles/The_Turn_of_the_Tide.aspxhttp://www.ifaradio.com/articles/Leverage_A_Good_Idea_or_a_Dangerous_Risk.aspxLeverage amplifies market returns - when the market goes down, the amplification of the negative return creates a hurdle that is difficult to overcomeTue, 30 Aug 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Leverage_A_Good_Idea_or_a_Dangerous_Risk.aspxhttp://www.ifaradio.com/articles/Never_Ending_Pursuit_of_Alpha.aspxBoth stock-picking and hiring active managers to pick your stocks for you are mug’s games. Very few investors, if any, receive alpha consistently.Fri, 22 Jul 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Never_Ending_Pursuit_of_Alpha.aspxhttp://www.ifaradio.com/articles/Constructing_Portfolios.aspxIndex Funds Advisors constructs its portfolios based on the three-factor asset pricing model that Eugene Fama and Kenneth French introduced in 1993.Wed, 13 Jul 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Constructing_Portfolios.aspxhttp://www.ifaradio.com/articles/Non-Traded_REITs.aspxA real estate investment trust (REIT) is a security that trades like a stock on the major exchanges and invests in commercial real estate directly.Tue, 05 Jul 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Non-Traded_REITs.aspxhttp://www.ifaradio.com/articles/Cognitive_Biases.aspxHere, we look at a couple of real-world examples of cognitive biases and relate them to investor behaviors that IFA has observed more than a few timesMon, 27 Jun 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Cognitive_Biases.aspxhttp://www.ifaradio.com/articles/Planning_for_retirement.aspxAn article in the Wall Street Journal shows the problem of people not having the finances that they need for retirement will be worse than expected.Mon, 20 Jun 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Planning_for_retirement.aspxhttp://www.ifaradio.com/articles/IFAs_Conerns_with_Currency_Speculation_and_Trading.aspxCurrency trading is just another type of speculation, and as we all know, the expected return of speculation is zero before costs and negative after.Tue, 07 Jun 2011 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Conerns_with_Currency_Speculation_and_Trading.aspxhttp://www.ifaradio.com/articles/CALPERS_Arizona_Land_Speculation.aspxCALPERS bought land in Arizona with the hope that it'd be developed into a residential community. The land sold for only 8% of its purchasing price!Fri, 03 Jun 2011 00:00:00 GMThttp://www.ifaradio.com/articles/CALPERS_Arizona_Land_Speculation.aspxhttp://www.ifaradio.com/articles/Wall_Street_Still_Running_Amok.aspxIFA implores taxpayers to keep an eye on government officials entrusted with public funds and to help them steer clear of the sharks of Wall Street.Wed, 01 Jun 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Wall_Street_Still_Running_Amok.aspxhttp://www.ifaradio.com/articles/Tactical_Allocation.aspxTactical Asset Allocation, or TAA, is simply market-timing but with only a set portion of the whole portfolio. It is IFA's position that TAA is futileFri, 27 May 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Tactical_Allocation.aspxhttp://www.ifaradio.com/articles/Use_of_Statistics_in_Making_Investment_Decisions.aspxIFA relies on the scientific method of statistical analysis. The most important application of statistics lies in the realm of hypothesis testing.Fri, 27 May 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Use_of_Statistics_in_Making_Investment_Decisions.aspxhttp://www.ifaradio.com/articles/Fooled_by_Randomness.aspxInvestors should not waste their time seeking managers who supposedly deliver alpha, or returns above what can be explained by the assumption of risk.Thu, 26 May 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Fooled_by_Randomness.aspxhttp://www.ifaradio.com/articles/Pursuit_of_Alpha.aspxThe Pursuit of Alpha: A Useful Endeavor or a Fool’s Errand?Thu, 26 May 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Pursuit_of_Alpha.aspxhttp://www.ifaradio.com/articles/Whats_the_Significance_Brad_Steiman.aspxThis statistical significance will be discussed in the context of what investors care about first and foremost—expected returns and risk premiums.Fri, 06 May 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Whats_the_Significance_Brad_Steiman.aspxhttp://www.ifaradio.com/articles/Burton Malkiel on TechTicker.aspxLook at the performance of mutual funds over the last forty years: It’s clear that index funds like Vanguard’s have a huge advantage over other guys.Mon, 10 Jan 2011 00:00:00 GMThttp://www.ifaradio.com/articles/Burton Malkiel on TechTicker.aspxhttp://www.ifaradio.com/articles/The_Pursuit_of_Alpha.aspxThe Pursuit of AlphaMon, 13 Sep 2010 00:00:00 GMThttp://www.ifaradio.com/articles/The_Pursuit_of_Alpha.aspxhttp://www.ifaradio.com/articles/Option_Theory.aspxOption Theory Does Not Refute Time DiversificationMon, 13 Sep 2010 00:00:00 GMThttp://www.ifaradio.com/articles/Option_Theory.aspxhttp://www.ifaradio.com/articles/Fama_Squawkbox.aspxThe Father of Modern Finance talks with CNBC's Squawk Box.Fri, 28 May 2010 00:00:00 GMThttp://www.ifaradio.com/articles/Fama_Squawkbox.aspxhttp://www.ifaradio.com/articles/Are_You_an_Active_Investor.aspxThe first step on the index funds journey is to recognize active investor behavior. If all investors were lined up in a row, could the active investors be identified? Active investors actively engage in stock picking, time picking (market timing), manager Sun, 31 Jan 2010 00:00:00 GMThttp://www.ifaradio.com/articles/Are_You_an_Active_Investor.aspxhttp://www.ifaradio.com/articles/A_Tribute_to_David_Booth.aspxMr. David Booth’s $300 million gift to his alma-mater has to be a milestone in the annals of finance, economics and investments. University of Chicago’s announcement that its business school was being renamed Chicago-Booth. Mon, 14 Dec 2009 00:00:00 GMThttp://www.ifaradio.com/articles/A_Tribute_to_David_Booth.aspxhttp://www.ifaradio.com/articles/Mr_Rogers_Neighborhood.aspxJohn W. Rogers, Jr. counseled against over diversification which he noted was a "bad idea." Instead, he advised investors to focus on their "circle of competence", which in his case was financial stocks. These stocks were the "biggest weightings" in his poTue, 01 Dec 2009 00:00:00 GMThttp://www.ifaradio.com/articles/Mr_Rogers_Neighborhood.aspxhttp://www.ifaradio.com/articles/To_beat_index_funds_luck_is_your_only_hope.aspxInvestors who continue to send money to actively managed mutual funds in the hope that managers will be able to beat less-costly index funds are going to lose out almost all of the time, a new study finds.Tue, 01 Dec 2009 00:00:00 GMThttp://www.ifaradio.com/articles/To_beat_index_funds_luck_is_your_only_hope.aspxhttp://www.ifaradio.com/articles/False_Prophets_Big_Bucks.aspxProfessor Siegel predicted that "...the economy will avoid a recession" in 2008. His crystal ball also revealed that "the stock market will have another winning year in 2008" and that "financial stocks, which have plummeted 18% so far this year, will outpeTue, 17 Nov 2009 00:00:00 GMThttp://www.ifaradio.com/articles/False_Prophets_Big_Bucks.aspxhttp://www.ifaradio.com/articles/Harry_M_Markowitz_explains_Portfolio_Theory.aspxwhat it is and how it's used from a top-down model from the asset classes to the investments. He covers Standard Deviation, Variance, Correlation, and Covariance. Markowitz also explains what happened in 2008 with Modern Portfolio Theory.Wed, 28 Oct 2009 00:00:00 GMThttp://www.ifaradio.com/articles/Harry_M_Markowitz_explains_Portfolio_Theory.aspxhttp://www.ifaradio.com/articles/Mark_T._Hebner-Big_Losses_Big_Government_and_Your_Investments.aspxMark T. Hebner covers historic recovery patterns and probability of future returns, the risks and returns that come with big government, the role of commodities in your investments, the pros and cons of inflation-hedging securities, and an investment stratSat, 03 Oct 2009 00:00:00 GMThttp://www.ifaradio.com/articles/Mark_T._Hebner-Big_Losses_Big_Government_and_Your_Investments.aspxhttp://www.ifaradio.com/articles/IFAs_Position_Statement_on_Investing .aspxMark Hebner describes IFA's Position on InvestingFri, 04 Sep 2009 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Position_Statement_on_Investing .aspxhttp://www.ifaradio.com/articles/Just_Give_Your_Broker_a_Gun_and_Tell_Him_to_Shoot_You.aspx"Brokerage activities are regulated under different laws and rules than advisory activities and generally do not give rise to the fiduciary duties that an investment adviser has to its clients." The agreement pointed out that the brokerage firm "...Tue, 14 Jul 2009 00:00:00 GMThttp://www.ifaradio.com/articles/Just_Give_Your_Broker_a_Gun_and_Tell_Him_to_Shoot_You.aspxhttp://www.ifaradio.com/articles/the-signers-of-the-declaration-of-independence.aspxSat, 04 Jul 2009 00:00:00 GMThttp://www.ifaradio.com/articles/the-signers-of-the-declaration-of-independence.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_54_Dan_Solin.aspx"If investors learned how to invest intelligently, according to the teachings of John Bogle and many, many others, they would be far better off."Fri, 08 May 2009 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_54_Dan_Solin.aspxhttp://www.ifaradio.com/articles/Harry_Markowitz-Portfolio_Theory_Vs_Financial_Engineering_and_Their_Roles_in_Financial_Crises.aspxHarry Markowitz gives an IFA Exclusive Presentation on Portfolio Theory Vs. Financial Engineering, and Their Roles in Financial Crises. Markowitz explains the difference between Portfolio Theory and Financial Engineering. Markowitz also covers Black MondayTue, 21 Apr 2009 00:00:00 GMThttp://www.ifaradio.com/articles/Harry_Markowitz-Portfolio_Theory_Vs_Financial_Engineering_and_Their_Roles_in_Financial_Crises.aspxhttp://www.ifaradio.com/articles/Clarion_Call_Eugene_Fama_Jr.aspxWhen returns are poor (and sometimes even when they're good), investors wonder if things have changed. Is this time different? Does a buy-and-hold strategy still make sense?Tue, 07 Apr 2009 00:00:00 GMThttp://www.ifaradio.com/articles/Clarion_Call_Eugene_Fama_Jr.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_52_Fred_Schwed_Jr.aspx“Once in the dear dead days beyond recall, an out-of-town visitor was being shown the wonders of the New York financial district. When the party arrived at the Battery, one of his guides indicated some handsome ships riding at anchor. He said, ‘Look, thoseFri, 03 Apr 2009 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_52_Fred_Schwed_Jr.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_51_Mark_Hebner.aspx"Important services such as rebalancing, tax managed investments and tax loss harvesting help investors maximize returns at a given level of risk."Fri, 27 Mar 2009 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_51_Mark_Hebner.aspxhttp://www.ifaradio.com/articles/Testing_Market_Efficiency.aspxA simple test determining whether or not the market does a good job of setting prices.Wed, 25 Mar 2009 00:00:00 GMThttp://www.ifaradio.com/articles/Testing_Market_Efficiency.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_50_Warren_Buffett.aspx"You only find out who is swimming naked when the tide goes out."Thu, 19 Mar 2009 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_50_Warren_Buffett.aspxhttp://www.ifaradio.com/articles/Its_CNBC_That_Has_Not_Yet_Hit_Bottom.aspxI am no fan of CNBC. It's not just the insufferable pomposity, smugness and arrogance of its anchors or the faux frenzied reporting from the floor of the NYSE that I find offensive.Wed, 11 Mar 2009 00:00:00 GMThttp://www.ifaradio.com/articles/Its_CNBC_That_Has_Not_Yet_Hit_Bottom.aspxhttp://www.ifaradio.com/articles/The_Resilience_of_Capitalism_2.aspxNow that February 2009 numbers are in, I wanted to update my discussion about this very challenging investment environment over the last 16 months and offer some much-needed perspectives. I am sympathetic to your concerns and want to help you through this Mon, 09 Mar 2009 00:00:00 GMThttp://www.ifaradio.com/articles/The_Resilience_of_Capitalism_2.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_49_Michael_Edesess.aspx"Let’s change our verb tenses when speaking of investment markets."Fri, 06 Mar 2009 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_49_Michael_Edesess.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_48_Mark_Hulbert.aspx"It is very hard, if not impossible," he wrote in his study, "to justify active management for most individual, taxable investors, if their goal is to grow wealth." Fri, 27 Feb 2009 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_48_Mark_Hulbert.aspxhttp://www.ifaradio.com/articles/Crime_and_Punishment_Dan_Solin.aspxThere are crimes you can spot and those you can't. The latter can really hurt you. The Madoff and Stanford scams had an eerie similarity about them: The promise of greater returns without additional risk. You have to feel the pain of their victims. Not onTue, 24 Feb 2009 00:00:00 GMThttp://www.ifaradio.com/articles/Crime_and_Punishment_Dan_Solin.aspxhttp://www.ifaradio.com/articles/Why_Prices_Change.aspxThe Hebner model attempts to simplify free market forces into 3 simple variables: Price, Expected Return and Uncertainty. In short, prices move in the opposite direction of uncertainty so that expected returns can remain constant.Sat, 21 Feb 2009 00:00:00 GMThttp://www.ifaradio.com/articles/Why_Prices_Change.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_47_Charles_Ellis.aspxIn his book Index Funds: The 12-Step Program for Active Investors, Mark Hebner identifies that 85% of investors are active investors. This means that a majority of investors handle their investments in one or more of the following ways:Mon, 09 Feb 2009 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_47_Charles_Ellis.aspxhttp://www.ifaradio.com/articles/Financial_Pornography_Thrives.aspxSmartMoney recently published an article entitled "15 Great Stocks From the Great Depression." While the article is interesting, the premise is flawed. It perpetuates the myth that stock picking is a worthy endeavor for investors. Worse, it feeds the falseTue, 27 Jan 2009 00:00:00 GMThttp://www.ifaradio.com/articles/Financial_Pornography_Thrives.aspxhttp://www.ifaradio.com/articles/Active_vs_Passive_Investing.aspxThe debate between active vs. passive investing has dragged on for more than 40 years; certainly far longer than necessary as reams of academic research continue to reveal the failure of active management to outperform a passively managed and properly seleThu, 22 Jan 2009 00:00:00 GMThttp://www.ifaradio.com/articles/Active_vs_Passive_Investing.aspxhttp://www.ifaradio.com/articles/Harry_M_Markowitz_Video_Interview_Mark_Hebner.aspxIndex Funds Advisors, Inc. Video Interview with Harry M. Markowitz - 1990 Nobel Prize Winner and the Father of Modern Portfolio TheoryTue, 13 Jan 2009 00:00:00 GMThttp://www.ifaradio.com/articles/Harry_M_Markowitz_Video_Interview_Mark_Hebner.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_46_John_C_Bogle.aspx"We need a mutual fund industry with both vision and values; a vision of fiduciary duty and shareholder service, and values rooted in the proven principles of long-term investing and of trusteeship that demands integrity in serving our clients."Mon, 12 Jan 2009 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_46_John_C_Bogle.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_45_Peter_Cohan.aspx"Why didn't I just throw my money out of the window - and light it on fire?"Fri, 02 Jan 2009 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_45_Peter_Cohan.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_44_Burton_Malkiel.aspx"It's like giving up a belief in Santa Claus."Mon, 22 Dec 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_44_Burton_Malkiel.aspxhttp://www.ifaradio.com/articles/Mark_Hebners_Response_Madoff_Mayhem.aspxLike so many of you, I have watched in great dismay as the horrific details unfold regarding the Bernard Madoff investment scam—one that has quickly shaped up to be the biggest such scam in history.Wed, 17 Dec 2008 00:00:00 GMThttp://www.ifaradio.com/articles/Mark_Hebners_Response_Madoff_Mayhem.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_43_The_Financial_Press.aspx"The $50 billion allegedly lost to investors would make Madoff's fund one of the biggest frauds in history."Fri, 12 Dec 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_43_The_Financial_Press.aspxhttp://www.ifaradio.com/articles/The_Resilience_of_Capitalism.aspxAs a general rule of thumb, the equity allocation of your portfolio should have an approximate time horizon or holding period of 7 to 10 years. This would indicate that you should have an allocation of fixed income that will meet your withdrawal needs forWed, 10 Dec 2008 00:00:00 GMThttp://www.ifaradio.com/articles/The_Resilience_of_Capitalism.aspxhttp://www.ifaradio.com/articles/Eugene_Fama_Jr_Interview_Mark_Hebner.aspxIndex Funds Advisors, Inc. Video Interview with Eugene Fama Jr.Wed, 10 Dec 2008 00:00:00 GMThttp://www.ifaradio.com/articles/Eugene_Fama_Jr_Interview_Mark_Hebner.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_42_Franklin_D_Roosevelt.aspx“The only thing we have to fear is fear itself.”Fri, 05 Dec 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_42_Franklin_D_Roosevelt.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_41_David_G_Booth.aspx"You've already paid for the risk, so it might be good to stick around for the expected return."Wed, 26 Nov 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_41_David_G_Booth.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_40_William_Bernstein.aspx"No one in his right mind would walk into the cockpit of an airplane and try to fly it, or into an operating theater and open a belly. And yet they think nothing of managing their retirement assets. I’ve done all three, and I’m here to tell you that manaTue, 18 Nov 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_40_William_Bernstein.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_39_Marlena_I_Lee.aspx"Return generation is the responsibility of the market, which sets prices to compensate investors for the risks they bear. "Mon, 03 Nov 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_39_Marlena_I_Lee.aspxhttp://www.ifaradio.com/articles/Financial-Transparency-Crisis.aspxThe current financial crisis is a combination of three ill winds that combined to make the “perfect” storm. One ill wind is the bursting of the real estate bubble; the second is the ongoing consequences of the subprime and near-subprime mortgage fiasco; Wed, 22 Oct 2008 12:52:46 GMThttp://www.ifaradio.com/articles/Financial-Transparency-Crisis.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_38_Mark_T_Hebner.aspx"Investing in the absence of an investment policy statement reduces decision making to an individual event-driven process of chasing short-term results, eliminating the expectation of achieving the long-term returns of capitalism."Mon, 20 Oct 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_38_Mark_T_Hebner.aspxhttp://www.ifaradio.com/articles/To_Optimize_or_Not_Optimize.aspxOne question that clients sometimes ask is, “Are IFA’s portfolios optimized?” It’s a fair question. That word “optimization” is thrown around somewhat loosely, and it certainly sounds like a good thing. Thu, 09 Oct 2008 00:00:00 GMThttp://www.ifaradio.com/articles/To_Optimize_or_Not_Optimize.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_37_Harry_Markowitz.aspx"To reduce risk it is necessary to avoid a portfolio whose securities are all highly correlated with each other. One hundred securities whose returns rise and fall in near unison afford little protection than the uncertain return of a single security."Mon, 06 Oct 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_37_Harry_Markowitz.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_36_Mark_T_Hebner.aspx"It is a certainty that equity markets will be full of uncertainty. This uncertainty is the reason investors should expect returns."Fri, 26 Sep 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_36_Mark_T_Hebner.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_35_Jeremy_J_Siegel.aspx"The current financial crisis calls out for new products and services as well as more, not less, information about what is safe and profitable in the future environment." Wed, 17 Sep 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_35_Jeremy_J_Siegel.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_34_Michael_C_Keenan.aspx"Fiduciaries should strongly consider index funds as an alternative to actively managed funds. Index funds incur about 80% less in transaction costs than actively managed funds…long-term returns for actively managed funds trail their respective indexes."Fri, 12 Sep 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_34_Michael_C_Keenan.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_33_Matt_Krantz.aspx"Remember when you buy a commodity, you're not buying something that generates earnings and profit. You're buying a hard asset and hoping another buyer will be willing to pay more for that asset in the future."Fri, 05 Sep 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_33_Matt_Krantz.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_32_ Benjamin_Graham.aspx"The investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage."Fri, 29 Aug 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_32_ Benjamin_Graham.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_31_Kermit_the_Frog.aspx"It's not easy bein' green."Mon, 18 Aug 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_31_Kermit_the_Frog.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_30_ Bill_Miller.aspx“It seemed like we needed a 12-step program to cure us of our addiction to buying beaten-up stocks..." Mon, 11 Aug 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_30_ Bill_Miller.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_29_Benjamin_Graham.aspx"The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his conveniencFri, 01 Aug 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_29_Benjamin_Graham.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_29_James_Pardoe.aspx"Let other people overreact to the market...if you can stay cool while those around you are panicking, you can surely prevail."Fri, 25 Jul 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_29_James_Pardoe.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_27_John_Lennon.aspx"Nobody told me there’d be days like these."Fri, 25 Jul 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_27_John_Lennon.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_26_Dan_Solin.aspx"Work exclusively with fee-only advisors: It eliminates a huge conflict of interest."Thu, 03 Jul 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_26_Dan_Solin.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_25_William_F_Sharpe.aspx"Some investments do have higher expected returns than others. Which ones? Well, by and large they’re the ones that will do the worst in bad times."Mon, 30 Jun 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_25_William_F_Sharpe.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_24_Truman_A_Clark.aspx"Investors acquiring commodity futures in expectations of higher returns, lower risk, and improved inflation protection are making bets. Current evidence indicates that the odds are against them."Fri, 20 Jun 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_24_Truman_A_Clark.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_23_Richard C. Green.aspx"For a long career full of breakthroughs that have advanced our understanding of financial markets, and his early fundamental work on efficient markets, we are proud to have Professor Fama as the first recipient of this prestigious award." Thu, 12 Jun 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_23_Richard C. Green.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_22_Harry_Markowitz.aspx"A good portfolio is more than a long list of good stocks and bonds. It is a balanced whole, providing the investor with protections and opportunities with respect to a wide range of contingencies."Wed, 04 Jun 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_22_Harry_Markowitz.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_21_Rex_Sinquefield.aspx"So who still believes markets don't work? Apparently it is only the North Koreans, the Cubans and the active managers."Tue, 27 May 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_21_Rex_Sinquefield.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_20_David_F_Swensen.aspx"When you look at the results on an after-fee, after-tax basis over reasonably long periods of time, there's almost no chance that you end up beating the index fund."Mon, 19 May 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_20_David_F_Swensen.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_19_Michael_C_Keenan.aspx"Fiduciaries should strongly consider index funds as an alternative to actively managed funds. Index funds incur about 80% less in transaction costs than actively managed funds…long-term returns for actively managed funds trail their respective indexes."Mon, 12 May 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_19_Michael_C_Keenan.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_18.aspx"Some fiduciary boards, particularly those composed largely of non professionals, do not adequately understand the true returns, risk and cost associated with investment in hedge funds."Mon, 05 May 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_18.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_17_Jack_Meyer.aspx"Most people think they can find managers who can outperform, but most people are wrong. I will say that 85% to 90% of managers fail to match their benchmarks, if you properly specify their benchmarks."Mon, 28 Apr 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_17_Jack_Meyer.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_16_George_Miller.aspx"Many 401(k)-style plans charge hidden fees that can cut deeply into worker's retirement savings, and many plan participants do not have access to low-cost investment options--index funds--that can help them boost their retirement savings."Mon, 21 Apr 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_16_George_Miller.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_15_Theodore_Aronson.aspx"None of my clients are taxable... Once you introduce taxes, active management probably has an insurmountable hurdle. We've been asked to manage taxable money -- and declined."Mon, 14 Apr 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_15_Theodore_Aronson.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_14_John_C_Bogle.aspx"Surprise! The returns reported by mutual funds aren't actually earned by mutual fund investors." Mon, 07 Apr 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_14_John_C_Bogle.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_13_Ben_Kenobi.aspxCould there be more appropriate quote to summarize a current hedge fund disaster on this April Fool's Day?Mon, 31 Mar 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_13_Ben_Kenobi.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_12.aspx"res tantum valet quantum vendi potest." - Latin for: "A thing is worth only what someone else will pay for it."Wed, 26 Mar 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_12.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_11_Burton_Malkiel.aspx"We conclude that hedge funds are far riskier and provide much lower returns than is commonly supposed."Mon, 17 Mar 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_11_Burton_Malkiel.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_10_Burton_Malkiel.aspx"Historically, the stock market is like a gambling casino with the odds in your favor. Over the long pull, stocks are given something like nine and a half to ten percent compounded per year. The banks have probably given you something in the order of four Tue, 11 Mar 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_10_Burton_Malkiel.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_9_Merton_Miller.aspx"If there's 10,000 people looking at the stocks and trying to pick winners, one in 10,000 is going to score, by chance alone, a great coup, and that's all that's going on. It's a game, it's a chance operation, and people think they are doing something purpMon, 03 Mar 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_9_Merton_Miller.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_9_Harry_S_Truman.aspx"The only thing new in this world is the history you don't know."Mon, 25 Feb 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_9_Harry_S_Truman.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_7_William_F_Sharpe.aspxWilliam Sharpe tells us that if we want to achieve higher expected returns, we must be able to both emotionally and financially be able to withstand the increased volatility that inevitably comes with higher expected returns. Risk is the source of returns.Mon, 18 Feb 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_7_William_F_Sharpe.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_6_Mark_T_Hebner.aspxAs tax reporting documents trickle in and investors ponder their current tax situation, it’s a good opportunity to give you some insight into a powerful tax-savings tool called tax loss harvesting. In fact, the recent market downturn provides you with an oMon, 11 Feb 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_6_Mark_T_Hebner.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_5_Warren_Buffet.aspxWidely known as the Oracle of Omaha, Warren Buffett is one of the most admired investors in the world. Hordes of investors may bend a listening ear to capture Buffett’s every word, but few seem to heed his sage advice to buy and hold. Mon, 04 Feb 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_5_Warren_Buffet.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_4_William_Bernstein.aspxWilliam Bernstein’s quote conveys two important messages. First, he articulates an investor’s inability to successfully profit from predicting the short-term future movements of the stock market. Second, and equally important, Bernstein sheds light on the Mon, 28 Jan 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_4_William_Bernstein.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_3_Charles_Ellis.aspxCharles Ellis was an early proponent of indexing. His quote addresses two important points: First, we should expect the stock market to rise over time, but take us on some ups and downs along the way. Second, the more educated we are about risk (the reasonMon, 21 Jan 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_3_Charles_Ellis.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_2_Burton_Malkiel.aspxThis witticism uncovered by Burton Malkiel introduces Chapter 11 of his enduring classic A Random Walk Down Wall Street. This section of Malkiel's book rallies support for Eugene Fama's Efficient Market Theory.Mon, 14 Jan 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_2_Burton_Malkiel.aspxhttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_1_John_C_Bogle.aspx"You will almost never find a fund manager who can repeatedly beat the market. It is better to invest in an indexed fund that promises a market return but with significantly lower fees."Mon, 07 Jan 2008 00:00:00 GMThttp://www.ifaradio.com/articles/IFAs_Quote_of_the_Week_1_John_C_Bogle.aspxhttp://www.ifaradio.com/articles/Mauboussin_Why_the_Market_is_Smarter_Than_You_Are.aspxMost people who write about the wisdom of crowds offer colorful anecdotes about crowd intelligence but don't explain why groups are smarter than individuals. In a recent piece, Explaining the Wisdom of Crowds, Legg Mason strategist Michael Mauboussin solvFri, 13 Apr 2007 00:00:00 GMThttp://www.ifaradio.com/articles/Mauboussin_Why_the_Market_is_Smarter_Than_You_Are.aspxhttp://www.ifaradio.com/articles/In_Search_Of_A_New_Name_For_Passive.aspxOne of the many reasons "passive" investing gets dissed is that its name--"passive"--is both misleading and deflating. Who wants to be "passive"? The folks who do well in life are active, the ones who have gumption, the ones who get up off the couch and Sat, 31 Mar 2007 00:00:00 GMThttp://www.ifaradio.com/articles/In_Search_Of_A_New_Name_For_Passive.aspxhttp://www.ifaradio.com/articles/Will_the_Value_Effect_and_Size_Effect_Persist.aspxIn my "dumbest column of the year" post, I suggested that DFA and other smart investors have capitalized on the "value effect" to design better passive funds. Astute readers pointed out that the value effect is a theory, not a fact, and that it might soonThu, 15 Mar 2007 00:00:00 GMThttp://www.ifaradio.com/articles/Will_the_Value_Effect_and_Size_Effect_Persist.aspxhttp://www.ifaradio.com/articles/Dumbest_Column_of_the_Year.aspxWhen you first stumble across this recent column from MSN Money, it seems that the writer (Tim Middleton) might just be playing an early April Fool's joke on his readers. After reading the the rest of the text, however, it's clear that he isn't.Mon, 12 Mar 2007 00:00:00 GMThttp://www.ifaradio.com/articles/Dumbest_Column_of_the_Year.aspxhttp://www.ifaradio.com/articles/HedgeFundMath.aspx2 + 20, and Other Hedge Fund MathSun, 04 Mar 2007 16:30:02 GMThttp://www.ifaradio.com/articles/HedgeFundMath.aspxhttp://www.ifaradio.com/articles/Amaranth_Advisors_6_billion.aspxAmaranth Advisors LLC, the hedge fund firm that stumbled over massive wrong bets on natural gas futures, said late Wednesday that its losses had climbed to more than $6 billion.Fri, 22 Sep 2006 10:00:00 GMThttp://www.ifaradio.com/articles/Amaranth_Advisors_6_billion.aspxhttp://www.ifaradio.com/articles/Investors_Should_Steer_Clear_of_Hedge_Funds_say_Experts.aspxInvestors Should Steer Clear of Hedge Funds, say ExpertsThu, 08 Dec 2005 00:00:00 GMThttp://www.ifaradio.com/articles/Investors_Should_Steer_Clear_of_Hedge_Funds_say_Experts.aspxhttp://www.ifaradio.com/articles/Interview_Rex_Sinquefield_2.aspxRex Sinquefield is Chairman and Chief Investment Officer of Dimensional Fund Advisors. Rex received his B.S. from St. Louis University and his MBA from the University of Chicago. He has contributed numerous articles for books, academics and professional joFri, 02 Dec 2005 00:00:00 GMThttp://www.ifaradio.com/articles/Interview_Rex_Sinquefield_2.aspxhttp://www.ifaradio.com/articles/Two_Investment_Gurus_Index_Funds_are_Path_to_a_Winning_Investment.aspxTwo Investment Gurus: Index Funds are Path to a Winning InvestmentFri, 30 Sep 2005 00:00:00 GMThttp://www.ifaradio.com/articles/Two_Investment_Gurus_Index_Funds_are_Path_to_a_Winning_Investment.aspxhttp://www.ifaradio.com/articles/The_Myth_of_Fund_Ratings.aspxAt least 80% of actively managed funds underperform the S&P 500 in any 10 year period—and there are indexes that perform better than the S&P 500. If risk-adjusted returns are taken into account, funds lose out even more. Fund returns are uncorrelated, so dTue, 26 Jul 2005 00:00:00 GMThttp://www.ifaradio.com/articles/The_Myth_of_Fund_Ratings.aspxhttp://www.ifaradio.com/articles/Morningstar_Study_Short-term_Buying_and_Selling_Equals_Lower_Returns.aspxMorningstar Study: Short-term Buying and Selling Equals Lower ReturnsWed, 20 Jul 2005 00:00:00 GMThttp://www.ifaradio.com/articles/Morningstar_Study_Short-term_Buying_and_Selling_Equals_Lower_Returns.aspxhttp://www.ifaradio.com/articles/The_Short_Book_on_Investing.aspxTen Tips to Becoming a Smarter InvestorFri, 10 Sep 2004 00:00:00 GMThttp://www.ifaradio.com/articles/The_Short_Book_on_Investing.aspxhttp://www.ifaradio.com/articles/DFA_vs_Vanguard.aspxResearch shows that for a long-term investment strategy, Dimensional Fund Advisors (DFA) consistently delivers superior results to Vanguard. In a survey of between 1,100 and 2,000 investment advisors held three times between 1997-2002, Dalbar Research rateThu, 01 Jan 2004 00:00:00 GMThttp://www.ifaradio.com/articles/DFA_vs_Vanguard.aspxhttp://www.ifaradio.com/articles/Interview_with_Kenneth_French.aspxKenneth R. French is the NTU of Professor of Finance at the MIT Sloan School of Management. He is an expert on the behavior of security prices, investment strategies, and the management of financial risk.Wed, 15 Oct 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Interview_with_Kenneth_French.aspxhttp://www.ifaradio.com/articles/Emerging_Markets_Rebounding.aspxWhich equity index offers a price/earnings ratio of 14x, a dividend yield of 2.6%, and annualized earnings growth over the past five years of 12%? The answer will come as a surprise to many investors. Wed, 10 Sep 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Emerging_Markets_Rebounding.aspxhttp://www.ifaradio.com/articles/Terminator_Pulls_Trigger_on_Indexing_Sort_of.aspxArnold Schwarzenegger owns approximately 5% of Dimensional Fund Advisors, the secretive mutual fund index group in Santa Monica that is popular among index advisors and institutional investors. Ironically, while he appears to have done relatively little inThu, 04 Sep 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Terminator_Pulls_Trigger_on_Indexing_Sort_of.aspxhttp://www.ifaradio.com/articles/TIPs_and_Broad_Market_Bond_ETFs_to_Launch_in_Q4.aspxTwo new bond ETFs are poised to launch this Fall following initial regulatory approval by the SEC, Barclays Global Investors announced.Mon, 25 Aug 2003 00:00:00 GMThttp://www.ifaradio.com/articles/TIPs_and_Broad_Market_Bond_ETFs_to_Launch_in_Q4.aspxhttp://www.ifaradio.com/articles/High_Valuations_are_counting_on_Earnings_Growth.aspxWall Street analysts predict substantial earnings improvement for US companies in the coming year, and investors have taken note.Mon, 18 Aug 2003 00:00:00 GMThttp://www.ifaradio.com/articles/High_Valuations_are_counting_on_Earnings_Growth.aspxhttp://www.ifaradio.com/articles/science_vs_art_investment_arena.aspxIndex Funds Advisors Inc. explains how investors can relax and make more moneyWed, 13 Aug 2003 00:00:00 GMThttp://www.ifaradio.com/articles/science_vs_art_investment_arena.aspxhttp://www.ifaradio.com/articles/Risk_What_Exactly_Is_It.aspxRisk takes on many guises and can be different things to different people. Fri, 08 Aug 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Risk_What_Exactly_Is_It.aspxhttp://www.ifaradio.com/articles/Vanguard_Plans_New_VIPERS_and_Sector_Funds.aspxThe Vanguard Group announced nine VIPER ETFs as well as ten new sector funds and a large-capitalization fund.Thu, 31 Jul 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_Plans_New_VIPERS_and_Sector_Funds.aspxhttp://www.ifaradio.com/articles/Do_Internet_ETFs_justify_their_recent_run-up.aspxInternet ETFs somewhat deserve their recent run-up, but we would be cautious.Tue, 29 Jul 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Do_Internet_ETFs_justify_their_recent_run-up.aspxhttp://www.ifaradio.com/articles/The_Stockholm_Syndrome_and_the_Market.aspxSince March 2000, many investors have found themselves victims of abuse. This April ten of the nation's top investment firms settled enforcement actions involving conflicts of interest between research and investment banking.Tue, 22 Jul 2003 00:00:00 GMThttp://www.ifaradio.com/articles/The_Stockholm_Syndrome_and_the_Market.aspxhttp://www.ifaradio.com/articles/Bridgeways_Montgomery_Indexes_the_Markets_Smallest_Companies.aspxAn Interview with Bridgeway's John Montgomery Thu, 17 Jul 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Bridgeways_Montgomery_Indexes_the_Markets_Smallest_Companies.aspxhttp://www.ifaradio.com/articles/Reversal_of_the_Mean_dogs_become_stars_overnight.aspxA surprising negative correlation of -77% exists between last year poor results and this year's shining ones so far for the following high-tech ETFs that comprise the worst performing ETFs in 2002.Tue, 15 Jul 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Reversal_of_the_Mean_dogs_become_stars_overnight.aspxhttp://www.ifaradio.com/articles/Managers_vs_IndexesQ2_is_a_Draw_but_Long-Term_Results_Favor_Benchmarks.aspxIt was a dead heat in the second quarter as active managers beat the relevant S&P index in four out of the nine style boxes, but lost to the index in four other categories. One style box, mid-cap blend, showed a near tie. Thu, 10 Jul 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Managers_vs_IndexesQ2_is_a_Draw_but_Long-Term_Results_Favor_Benchmarks.aspxhttp://www.ifaradio.com/articles/Domestic_Indexes_Enjoy_Strong_Second_Quarter.aspxDomestic Indexes Enjoy Strong Second Quarter in 2003Wed, 02 Jul 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Domestic_Indexes_Enjoy_Strong_Second_Quarter.aspxhttp://www.ifaradio.com/articles/Assets_in_Broad_US_Index_ETFs_Jump_in_May.aspxThe total combined assets of the 114 U.S. exchange-traded funds were $118.44 billion in May, according to the latest data from Investment Company Institute, the national association of the investment company industry.Tue, 01 Jul 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Assets_in_Broad_US_Index_ETFs_Jump_in_May.aspxhttp://www.ifaradio.com/articles/Breaking_Down_the_Style_ETFs.aspxInvestors who use index-linked exchange-traded funds to slice and dice various parts of the U.S. market can choose from benchmarks from Russell, S&P/Barra, and Dow Jones. Mon, 23 Jun 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Breaking_Down_the_Style_ETFs.aspxhttp://www.ifaradio.com/articles/ETFs_Come_In_Different_Flavors.aspxAlthough existing exchange-traded funds each track a particular index, they are not all created equal. Thu, 19 Jun 2003 00:00:00 GMThttp://www.ifaradio.com/articles/ETFs_Come_In_Different_Flavors.aspxhttp://www.ifaradio.com/articles/Indexing_Goes_Global_International_Exchanges_Embrace_ETFs.aspxAlthough exchange-traded funds have experienced phenomenal growth in the U.S., there are actually more ETFs trading on foreign exchanges - 169 ETFs currently call an overseas exchange home, while 114 funds are listed on domestic U.S. exchanges. However, U.Tue, 17 Jun 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Indexing_Goes_Global_International_Exchanges_Embrace_ETFs.aspxhttp://www.ifaradio.com/articles/SP_Study_Shows_Cheaper_Funds_Outperform.aspxS&P reported that, on average, funds with lower expense ratios have outperformed their more expensive peers in eight out of the nine domestic fund style categories over a one, three, five, and ten-year annualized basis.Fri, 13 Jun 2003 00:00:00 GMThttp://www.ifaradio.com/articles/SP_Study_Shows_Cheaper_Funds_Outperform.aspxhttp://www.ifaradio.com/articles/Safe_options_ETFs_a_good_platform_for_their_use.aspxInvestors believe options are risky, and rightly so when they are used alone. But they take on a new light when an investor already owns an asset being optioned. ETF investors in particular can exploit their use to protect their holdings in an entirely conThu, 12 Jun 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Safe_options_ETFs_a_good_platform_for_their_use.aspxhttp://www.ifaradio.com/articles/Gold_ETF_to_Test_Retail_Investor_Demand.aspxAn impending Exchange-Traded Fund based on gold is stirring debate over whether it will make gold so easy to own that a flood of new retail investors will send the precious metal skyward.Wed, 11 Jun 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Gold_ETF_to_Test_Retail_Investor_Demand.aspxhttp://www.ifaradio.com/articles/The_Dangers_of_Dollar-Cost_Averaging_Small_Amounts_with_ETFs.aspxExchange-traded funds have low annual fees and tax distributions, but brokerage transaction fees can remove all the benefits for unwary small investors. Dollar cost averaging in small amounts, a great strategy with traditional mutual funds, is a particularMon, 09 Jun 2003 00:00:00 GMThttp://www.ifaradio.com/articles/The_Dangers_of_Dollar-Cost_Averaging_Small_Amounts_with_ETFs.aspxhttp://www.ifaradio.com/articles/ETF_Asset_Data_from_the_ICI_for_April_2003.aspxExchange-traded fund assets continue to rise in the bear market, topping $110 billion in April, according to the latest figures released by the Investment Company Institute, the trade group for the mutual fund industry. Fri, 06 Jun 2003 00:00:00 GMThttp://www.ifaradio.com/articles/ETF_Asset_Data_from_the_ICI_for_April_2003.aspxhttp://www.ifaradio.com/articles/DFA_hard_to_buy_easy_to_own.aspxThe latter is the professor-run hedge fund that imploded because the risks it was trying to avoid bit it in the backside. DFA, likewise run by a coven of finance professors, doesn't avoid risk-it relishes it.Wed, 04 Jun 2003 00:00:00 GMThttp://www.ifaradio.com/articles/DFA_hard_to_buy_easy_to_own.aspxhttp://www.ifaradio.com/articles/Broad_Domestic_Equity_Indexes_in_May.aspxThe Dow Jones Industrial Average rose 3.69% in May, closing at 8793.12. The Dow Jones Industrial Average is up 5.41% for the year, according to Dow Jones Indexes. Mon, 02 Jun 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Broad_Domestic_Equity_Indexes_in_May.aspxhttp://www.ifaradio.com/articles/Fidelity_to_Launch_Nasdaq_Composite_ETF.aspxYet another major player is set to enter the ETF industry. Earlier this week mutual fund giant Fidelity filed for its first exchange-traded fund that will track the Nasdaq Composite index. Wed, 28 May 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Fidelity_to_Launch_Nasdaq_Composite_ETF.aspxhttp://www.ifaradio.com/articles/ETF_Industry_Poised_for_Next_Round_of_Growth.aspxThe exchange-traded fund universe is expanding - at last count growing to 135 ETFs trading in the U.S. with over $112 billion in assets under management. Likewise, in the coming weeks we'll be enhancing our own editorial coverage of ETFs with more frequentTue, 27 May 2003 00:00:00 GMThttp://www.ifaradio.com/articles/ETF_Industry_Poised_for_Next_Round_of_Growth.aspxhttp://www.ifaradio.com/articles/A_Mutual_Fund_to_Drool_Over.aspxBill Miller, the manager of the Legg Mason Value Trust fund, has managed to do what no other current manager has done - beat the S&P 500 index twelve years in a row. Surely that incredible feat cannot be attributed to random chance or luck. Therefore, it fTue, 27 May 2003 00:00:00 GMThttp://www.ifaradio.com/articles/A_Mutual_Fund_to_Drool_Over.aspxhttp://www.ifaradio.com/articles/Welcome_To_Our_New_Look.aspxWelcome To Our New Look!Sat, 24 May 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Welcome_To_Our_New_Look.aspxhttp://www.ifaradio.com/articles/SP_Active_vs_Passive_Study_Focuses_on_Sector_Funds.aspxStandard & Poor's released a study showing active sector fund managers have fared relatively well against sector indexes that track thin slices of the market over the past five years. However, over the last three years a majority of active funds beat the iWed, 14 May 2003 00:00:00 GMThttp://www.ifaradio.com/articles/SP_Active_vs_Passive_Study_Focuses_on_Sector_Funds.aspxhttp://www.ifaradio.com/articles/Interview_with_Patrick_OConnor_Index_Portfolio_Manager_at_Barclays_Global_Investors.aspxIf you have unanswered questions about the complex inner workings of exchange-traded funds, then look no further. Fri, 09 May 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Interview_with_Patrick_OConnor_Index_Portfolio_Manager_at_Barclays_Global_Investors.aspxhttp://www.ifaradio.com/articles/Vanguard_Moves_to_Stop_Arbitrage_Trading_in_9_International_Funds_with_Redemption_Fees.aspxVanguard announced it will levy a 2% redemption fee on sales of shares held less than two months for nine of its international funds: Thu, 08 May 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_Moves_to_Stop_Arbitrage_Trading_in_9_International_Funds_with_Redemption_Fees.aspxhttp://www.ifaradio.com/articles/Equity_Indexes_Rally_in_April.aspxThe Dow Jones Industrial Average rose 5.99% in April and is up 1.55% for the year. Mon, 05 May 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Equity_Indexes_Rally_in_April.aspxhttp://www.ifaradio.com/articles/AMEX_Intellidex_ETFs_Launch_Pushing_the_Active_Passive_Envelope.aspxPowerShares Capital Management will introduce two exchange-traded funds tracking new proprietary indexes developed by the American Stock Exchange. The Dynamic Market Portfolio and the Dynamic OTC Portfolio will both launch later this week on May 1 and willWed, 30 Apr 2003 00:00:00 GMThttp://www.ifaradio.com/articles/AMEX_Intellidex_ETFs_Launch_Pushing_the_Active_Passive_Envelope.aspxhttp://www.ifaradio.com/articles/Rydex_to_Launch_ETF_Based_on_Equal-Weighted_SP_500.aspxRydex, the fund family best known for its lineup of sector and leveraged index funds catering to active traders, said it will soon launch an exchange-traded fund that tracks an equal-weighted S&P 500 index.Wed, 23 Apr 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Rydex_to_Launch_ETF_Based_on_Equal-Weighted_SP_500.aspxhttp://www.ifaradio.com/articles/ETF_Advisors_to_Close_Its_Treasury_ETFs.aspxETF Advisors announced it would close its four Treasury FITR funds: Treasury 1 FITR (TFT), Treasury 2 FITR (TOU), Treasury 5 FITR (TFI), and Treasury 10 FITR (TTE). Mon, 21 Apr 2003 00:00:00 GMThttp://www.ifaradio.com/articles/ETF_Advisors_to_Close_Its_Treasury_ETFs.aspxhttp://www.ifaradio.com/articles/SP_Reports_Indexed_Assets_for_2002.aspxNew York-based index provider Standard & Poor's released the results of its 2002 annual survey of assets linked directly to its domestic benchmarks.Tue, 15 Apr 2003 00:00:00 GMThttp://www.ifaradio.com/articles/SP_Reports_Indexed_Assets_for_2002.aspxhttp://www.ifaradio.com/articles/Emerging_Markets_iShares_Begin_Trading.aspxThe iShares MSCI Emerging Markets began trading today on the American Stock Exchange under the ticker EEM. The new exchange-traded fund, managed by Barclays Global Investors, is benchmarked to the MSCI Emerging Markets Free (EMF) index. Thu, 10 Apr 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Emerging_Markets_iShares_Begin_Trading.aspxhttp://www.ifaradio.com/articles/SP_Reports_Active_vs_Passive_Scorecard_for_Q1_2003.aspxTue, 08 Apr 2003 00:00:00 GMThttp://www.ifaradio.com/articles/SP_Reports_Active_vs_Passive_Scorecard_for_Q1_2003.aspxhttp://www.ifaradio.com/articles/SP_Reports_Indexed_Assets_for_2002_2.aspxNew York-based index provider Standard & Poor's released the results of its 2002 annual survey of assets linked directly to its domestic benchmarks. Based on the 2002 survey responses, S&P estimates that approximately 90% of the total S&P indexed assets maFri, 04 Apr 2003 00:00:00 GMThttp://www.ifaradio.com/articles/SP_Reports_Indexed_Assets_for_2002_2.aspxhttp://www.ifaradio.com/articles/Asset_Allocation_and_Its_Contribution_to_Returns_Evidence_From_International_Markets.aspxNumerous studies on the performance of diversified U.S. equity portfolios have demonstrated the central role that asset allocation policy plays in determining variation of portfolio returns.Fri, 04 Apr 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Asset_Allocation_and_Its_Contribution_to_Returns_Evidence_From_International_Markets.aspxhttp://www.ifaradio.com/articles/Vanguard_To_Change_Benchmarks_for_Seven_Index_Funds.aspxVanguard announced yesterday that it will transition to new MSCI U.S. equity benchmarks for several of its index funds, a move the Valley Forge-based fund group has been positioning itself for over the past several months, and perhaps years. Fri, 04 Apr 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_To_Change_Benchmarks_for_Seven_Index_Funds.aspxhttp://www.ifaradio.com/articles/Domestic_Indexes_Make_Some_Gains_in_March.aspxThe Dow Jones Industrial Average rose 4.29% in March, and is down 1.33% for the year, according to Dow Jones Indexes. Measuring Europe, the Dow Jones STOXX 50 index was up 3.26% for March, and is down 7.11% for the year.Wed, 02 Apr 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Domestic_Indexes_Make_Some_Gains_in_March.aspxhttp://www.ifaradio.com/articles/Balanced_Lifestyle_Funds.aspxOne thing the mutual fund industry does well is to create a product and then create demand for that product, even when the product may not be one that is in the investors' best interests.Mon, 17 Mar 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Balanced_Lifestyle_Funds.aspxhttp://www.ifaradio.com/articles/International_Diversification_in_Retirement_Accounts.aspxInternational diversification is an issue that should have been settled a long time ago. However, many investors believe that cross-border diversification increases risk. Now, new support from academics provide new evidence of its value as a risk reducer. Fri, 07 Mar 2003 00:00:00 GMThttp://www.ifaradio.com/articles/International_Diversification_in_Retirement_Accounts.aspxhttp://www.ifaradio.com/articles/Domestic_Indexes_Fall_Again_in_February.aspxThe U.S. blue-chip Dow Jones Industrial Average fell 3.06% in February - the Dow is off 6.4% for the year. Measuring Europe, the Dow Jones STOXX 50 index was down 5.54% for February; year-to-date the index is down 12.2%. The Dow Jones Asian Titans 50 indexMon, 03 Mar 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Domestic_Indexes_Fall_Again_in_February.aspxhttp://www.ifaradio.com/articles/Stock_Price_Best_Value_Guide.aspxA visit from one of the world's leading investors casts a fresh light on how markets work and the effects of the war in Iraq.Sat, 01 Mar 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Stock_Price_Best_Value_Guide.aspxhttp://www.ifaradio.com/articles/Interview_with_Paul_Kaplan_Morningstar_Director_of_Research.aspxChicago-based Morningstar, Inc. has ventured into a crowded index industry with the debut of 16 proprietary equity benchmarks that correspond to the firm's heralded style boxes. Morningstar's director of research, Paul Kaplan, sat down with us to discuss wFri, 28 Feb 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Interview_with_Paul_Kaplan_Morningstar_Director_of_Research.aspxhttp://www.ifaradio.com/articles/ETF_Decline_in_January.aspxThe combined assets of the nation's exchange-traded funds (ETFs) were $95.66 billion in January, according to the Investment Company Institute, falling from a December 2002 high of over $102 billion. Thu, 27 Feb 2003 00:00:00 GMThttp://www.ifaradio.com/articles/ETF_Decline_in_January.aspxhttp://www.ifaradio.com/articles/Investors_overpay_Magellan_by_330_million.aspxMagellan's rationale for charging $330 million more than Vanguard's S&P 500 fund every year is simple: They provide active-management to enhance performance and beat the S&P 500. Here's how Magellan's manager Robert Stansky described his strategy...Fri, 21 Feb 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Investors_overpay_Magellan_by_330_million.aspxhttp://www.ifaradio.com/articles/How_to_Use_the_Data_Section_of_IndexFundscom.aspxSince the performance data on this site was recently updated, we thought now might be a good time to post a primer on how to use the handy data tools and screeners on IndexFunds.com. Thu, 20 Feb 2003 00:00:00 GMThttp://www.ifaradio.com/articles/How_to_Use_the_Data_Section_of_IndexFundscom.aspxhttp://www.ifaradio.com/articles/Interview_with_Barclays_ETF_Guru_Lee_Kranefuss.aspxLee Kranefuss is the chief executive officer for Barclays Global Investors' Individual Investor and Exchange-Traded Products Business, where he is responsible for all of BGI's exchange-traded funds products as well as traditional mutual fundsTue, 18 Feb 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Interview_with_Barclays_ETF_Guru_Lee_Kranefuss.aspxhttp://www.ifaradio.com/articles/Vanguard_in_Favor_of_More_Fund_Holdings_and_Cost_Disclosure.aspxThe Vanguard Group said it supports the SEC proposal that could force mutual funds to disclosure more information about portfolio holdings and fund costs, according to a statement released today by the Valley Forge-based fund shop. Wed, 12 Feb 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_in_Favor_of_More_Fund_Holdings_and_Cost_Disclosure.aspxhttp://www.ifaradio.com/articles/Barclays_Global_Investors_to_Introduce_South_Africa_China_ETFs.aspxSan Francisco-based Barclays Global Investors continues to beef up its lineup of international iShares with two new exchange-traded funds tracking the broad South African and Chinese markets. Fri, 07 Feb 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Barclays_Global_Investors_to_Introduce_South_Africa_China_ETFs.aspxhttp://www.ifaradio.com/articles/Major_US_Index_Returns_for_January_2003_Most_Equity_Benchmarks_Down_for_the_Month.aspxThe U.S. blue-chip Dow Jones Industrial Average fell 3.03% in January, after losing 16.76% in 2002. Broad international indexes were also down for the month. Measuring Europe, the Dow Jones STOXX 50 index was down 10.45% for January. The Dow Jones Asian TiMon, 03 Feb 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Major_US_Index_Returns_for_January_2003_Most_Equity_Benchmarks_Down_for_the_Month.aspxhttp://www.ifaradio.com/articles/Interview_with_Gene_Fama_Jr.aspxGene Fama Jr. is vice president of Dimensional Fund Advisors (DFA), the funds management firm founded on the academic principles of diversification first articulated by his father, Eugene Fama, in the 1960s. He explains to David Chaplin how the DFA philosoSat, 01 Feb 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Interview_with_Gene_Fama_Jr.aspxhttp://www.ifaradio.com/articles/Its_Why_They_Call_It_The_Equity_Risk_Premium.aspxOne of the most popular investment books of recent times was Dow 36,000: The New Strategy For Profiting From The Coming Rise In The Stock Market. The premise of the authors, James K. Glassman and Kevin A. Hassett, was that equity investing was not risky - Fri, 31 Jan 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Its_Why_They_Call_It_The_Equity_Risk_Premium.aspxhttp://www.ifaradio.com/articles/Rydex_Registers_New_Funds_Based_on_Exotic_SP_Indexes.aspxStandard & Poor's Indexes recently developed two interesting benchmarks, and investors may soon have access to them through passive funds.Thu, 30 Jan 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Rydex_Registers_New_Funds_Based_on_Exotic_SP_Indexes.aspxhttp://www.ifaradio.com/articles/Does_Equity_Indexing_Have_Hidden_Risks.aspxLast week Standard & Poor's released its quarterly active vs. passive mutual fund scorecard with stark results: in most cases a majority of active funds have failed to beat their relevant index in the bear market of the past couple years.Wed, 29 Jan 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Does_Equity_Indexing_Have_Hidden_Risks.aspxhttp://www.ifaradio.com/articles/The_Dangers_of_Dollar_Cost_Averaging_Small_Amounts_with_ETFs.aspxExchange-traded funds often have lower expense ratios than comparable traditional index funds. However, since ETFs trade like stocks, investors must pay commissions every time they buy or sell shares.Fri, 24 Jan 2003 00:00:00 GMThttp://www.ifaradio.com/articles/The_Dangers_of_Dollar_Cost_Averaging_Small_Amounts_with_ETFs.aspxhttp://www.ifaradio.com/articles/SEC_Votes_in_Favor_of_Fund_Proxy_Vote_Disclosure.aspxSEC Votes in Favor of Fund Proxy Vote DisclosureThu, 23 Jan 2003 00:00:00 GMThttp://www.ifaradio.com/articles/SEC_Votes_in_Favor_of_Fund_Proxy_Vote_Disclosure.aspxhttp://www.ifaradio.com/articles/Dollar-Cost_Averaging_Small_Amounts_with_ETFs.aspxExchange-traded funds generally have lower expense ratios than comparable traditional index funds. However, since ETFs trade like stocks, investors must pay commissions every time they buy or sell shares.Wed, 22 Jan 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Dollar-Cost_Averaging_Small_Amounts_with_ETFs.aspxhttp://www.ifaradio.com/articles/SP_Releases_Active_vs_Passive_Scorecard_for_2002.aspxStandard & Poor's disclosed the second installment of its running quarterly scorecard that tracks the number of actively-managed mutual funds that best relevant S&P benchmarks.Wed, 22 Jan 2003 00:00:00 GMThttp://www.ifaradio.com/articles/SP_Releases_Active_vs_Passive_Scorecard_for_2002.aspxhttp://www.ifaradio.com/articles/Financial_Planning_a_La_Carte.aspxIndexFunds.com's second book, Index Funds - Strategies for Investment Success by Will McClatchy, recently hit the shelves. The book is designed as a guide for investors of all stripes who want to learn more about the benefits of index or passive investing.Thu, 16 Jan 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Financial_Planning_a_La_Carte.aspxhttp://www.ifaradio.com/articles/The_Probability_of_Success_Or_Confessions_of_a_Personal-Finance_Writer.aspxHaving spent nearly a decade writing about investment management for the little guy, I have come to the conclusion that I no longer believe in the basic premise of my public persona - a surreal cross between Harry Markowitz and Johnny Appleseed, as a frienWed, 15 Jan 2003 00:00:00 GMThttp://www.ifaradio.com/articles/The_Probability_of_Success_Or_Confessions_of_a_Personal-Finance_Writer.aspxhttp://www.ifaradio.com/articles/One-Decision_Stocks_The_Nifty-FiftyThe_Price_You_Pay_Does_Matter.aspxThe "Nifty-Fifty" was a group of large-cap growth stocks that became the market's darlings in the late 1960s and into the early 1970s. They were great companies that became known as "one-decision" stocks - stocks that you should buy, no matter how expensivTue, 14 Jan 2003 00:00:00 GMThttp://www.ifaradio.com/articles/One-Decision_Stocks_The_Nifty-FiftyThe_Price_You_Pay_Does_Matter.aspxhttp://www.ifaradio.com/articles/Interview_with_John_Bogle_Vanguard_Group_Founder.aspxJohn Bogle heads the Bogle Financial Markets Research Center, a think-tank funded by Vanguard and located at the company headquarters in quiet Valley Forge, Pennsylvania. He is the founder of the Vanguard Group and author of several best-selling investmentTue, 07 Jan 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Interview_with_John_Bogle_Vanguard_Group_Founder.aspxhttp://www.ifaradio.com/articles/Barclays_to_Launch_US_Fixed_Income_ETFs.aspxBarclays Global Investors (BGI) filed with the Securities and Exchange Commission (SEC) January 2 to launch five fixed income exchange-traded funds (ETFs) based on Lehman indexes: Sat, 04 Jan 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Barclays_to_Launch_US_Fixed_Income_ETFs.aspxhttp://www.ifaradio.com/articles/Standard_Poors_Executives_Discuss_Future_of_Indexes.aspxExcerpts from roundtable discussion with Bob Shakotko, Senior Vice President, S&P Index Services and David Blitzer, S&P 500 Chief Strategist. The full version of the interview was originally published in the December issue of The Index Insider, a new subscFri, 03 Jan 2003 00:00:00 GMThttp://www.ifaradio.com/articles/Standard_Poors_Executives_Discuss_Future_of_Indexes.aspxhttp://www.ifaradio.com/articles/How_Much_International.aspxMany investors avoid international exposure in the mistaken belief that they are avoiding unnecessary risk. In fact, by failing to diversify cross border they actually substantially increase their risk. Token positions do little benefit the portfolio. The Wed, 25 Dec 2002 00:00:00 GMThttp://www.ifaradio.com/articles/How_Much_International.aspxhttp://www.ifaradio.com/articles/Holiday_News_Wrap.aspxHoliday News WrapThu, 19 Dec 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Holiday_News_Wrap.aspxhttp://www.ifaradio.com/articles/Strategy_vs_Outcome.aspxInvesting is a noisy process. In the short term, it is extremely difficult to distinguish between cause and effect. In the longer term, even with the best planning, wide variations in results must be expected. Investors must make decisions in an atmosphereThu, 12 Dec 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Strategy_vs_Outcome.aspxhttp://www.ifaradio.com/articles/Interview_with_Morningstars_Peter_Di_Teresa.aspxPeter Di Teresa is a consultant at Chicago-based Morningstar, Inc. Before moving on to a new role within Morningstar, he wrote the "Ask the Professor" column that frequently addressed issues concerning index investing. Tue, 10 Dec 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Interview_with_Morningstars_Peter_Di_Teresa.aspxhttp://www.ifaradio.com/articles/More_ETF_AdvantagesDiversification_Costs.aspxIn a previous article we looked at the tax benefits of exchange-traded funds, as well as fund swap strategies to harvest portfolio losses. This time we continue on with more ETF advantages.Thu, 05 Dec 2002 00:00:00 GMThttp://www.ifaradio.com/articles/More_ETF_AdvantagesDiversification_Costs.aspxhttp://www.ifaradio.com/articles/Vanguard_Shareholders_Approve_Index_Fund_Policy_Changes.aspxRetail index fund giant Vanguard yesterday announced that shareholders have approved several investment policy changes for various funds. Two of the changes apply specifically to Vanguard's stable of index funds.Wed, 04 Dec 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_Shareholders_Approve_Index_Fund_Policy_Changes.aspxhttp://www.ifaradio.com/articles/Major_US_Index_Returns_for_November_2002Benchmarks_Continue_to_Bounce_Back.aspxAs of the market close on November 25, The Dow Jones Industrial Average gained 5.39% for the month. Excluding October's gain of over 10%, this is the biggest monthly gain for the Dow Jones Industrial Average since November 2001, according to Dow Jones IndeTue, 03 Dec 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Major_US_Index_Returns_for_November_2002Benchmarks_Continue_to_Bounce_Back.aspxhttp://www.ifaradio.com/articles/Is_the_Market_Rational_Eugene_Fama.aspxBuy and hold. Diversify. Put your money in index funds. Pay attention to the one thing you can control--costs--and keep them as low as possible. Today that is pretty standard, if often unheeded, investment advice. Forty years ago it was revolutionary. The Tue, 03 Dec 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Is_the_Market_Rational_Eugene_Fama.aspxhttp://www.ifaradio.com/articles/Index_SpotlightSmall-Cap_Face-Off_Russell_2000_vs_SP_600.aspxInvestors who opt to index the small-cap portion of their equity portfolios often hit a stumbling block when it comes time to select a benchmark. When most people talk about small-cap stocks, they usually refer to the Russell 2000 index, which was introducWed, 27 Nov 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Index_SpotlightSmall-Cap_Face-Off_Russell_2000_vs_SP_600.aspxhttp://www.ifaradio.com/articles/Actively_Managed_Funds_and_the_Implications_of_Increased_Volatility_of_Equities.aspxRecent years have seen a dramatic increase in the volatility of individual stocks. This has resulted in an increase in the cross-sectional volatility (dispersion) of returns in not only the U.S., but in international markets as well. It is important to notFri, 22 Nov 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Actively_Managed_Funds_and_the_Implications_of_Increased_Volatility_of_Equities.aspxhttp://www.ifaradio.com/articles/ETF_Tax_Efficiency_and_Swapping_Strategies.aspxExchange-traded funds are inherently more tax efficient than actively managed mutual funds, which have been rightly criticized for their tax-inefficiency. Tax-efficiency is a critical issue for advisors and investors because delaying the taxation of apprecWed, 20 Nov 2002 00:00:00 GMThttp://www.ifaradio.com/articles/ETF_Tax_Efficiency_and_Swapping_Strategies.aspxhttp://www.ifaradio.com/articles/Total_Domestic_ETF_Assets_Over_100_Billion.aspxThere are currently 281 exchange-traded funds listed around the world, with over $140 billion in assets under management, according to a new report by Boston-based indexing giant State Street Global Advisors. Tue, 19 Nov 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Total_Domestic_ETF_Assets_Over_100_Billion.aspxhttp://www.ifaradio.com/articles/A_Look_At_the_New_Bond_ETF_Families.aspxAfter years of development and regulatory hurdles, fixed-income ETFs have finally hit the market. San Francisco-based Barclays Global Investors beat ETF Advisors to the punch with a family of iShares tied to Lehman Brothers bond indexes. New York-based ETFFri, 15 Nov 2002 00:00:00 GMThttp://www.ifaradio.com/articles/A_Look_At_the_New_Bond_ETF_Families.aspxhttp://www.ifaradio.com/articles/SP_Takes_Active_vs_Passive_Debate_to_New_Level_with_Quarterly_Fund_Scorecard.aspxStandard & Poor's says it will begin keeping tabs on nearly 2,000 actively managed mutual funds to measure how they stack up against relevant S&P indexes. The new quarterly scorecard will use more sophisticated techniques to give investors a clearer picturWed, 13 Nov 2002 00:00:00 GMThttp://www.ifaradio.com/articles/SP_Takes_Active_vs_Passive_Debate_to_New_Level_with_Quarterly_Fund_Scorecard.aspxhttp://www.ifaradio.com/articles/First_ADR_Index_ETFs_Begin_Trading_on_Nasdaq.aspxFour new exchange-traded funds tied to Bank of New York American Depository Receipt (ADR) indexes began trading on the Nasdaq Exchange today. Called BLDRS, the new members of the ETF family will have expense ratios of 0.30%. The Bank of New York will serveWed, 13 Nov 2002 00:00:00 GMThttp://www.ifaradio.com/articles/First_ADR_Index_ETFs_Begin_Trading_on_Nasdaq.aspxhttp://www.ifaradio.com/articles/The_Consulting_Game.aspxThe one thing Wall Street tells you that you can always take to the bank is: "Past performance is no guarantee of future performance." Of course, they really hate telling you that, but they are required to. The rest of Wall Street's message is designed to Tue, 12 Nov 2002 00:00:00 GMThttp://www.ifaradio.com/articles/The_Consulting_Game.aspxhttp://www.ifaradio.com/articles/ETFs_Forge_Bonds_with_InvestorsFlurry_of_Product_Development_in_ETFs_Creates_More_Fund_Alternatives.aspxThe debut of bond ETFs plus a slew of filings in the pipeline have elevated interest in ETF product development activity. Fri, 08 Nov 2002 00:00:00 GMThttp://www.ifaradio.com/articles/ETFs_Forge_Bonds_with_InvestorsFlurry_of_Product_Development_in_ETFs_Creates_More_Fund_Alternatives.aspxhttp://www.ifaradio.com/articles/Interview_with_Mutual_Fund_Gadfly_Roy_Weitz_of_FundAlarmcom.aspxRoy Weitz, CPA is the founder of FundAlarm.com, an independent and noncommercial website that serves as an unofficial community watchdog for the mutual fund industry. Mr. Weitz writes a revealing and colorful monthly commentary on the industry that is eageTue, 05 Nov 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Interview_with_Mutual_Fund_Gadfly_Roy_Weitz_of_FundAlarmcom.aspxhttp://www.ifaradio.com/articles/Major_US_Index_Returns_for_October_2002Benchmarks_Bounce_Back.aspxThe Dow Jones Industrial Average gained 11% for the month of October to close at 8427.41, according to Dow Jones Indexes. This represents the largest one-month gain in the index since January 1987. The Dow Jones Industrial Average is down 15.91% for the yeMon, 04 Nov 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Major_US_Index_Returns_for_October_2002Benchmarks_Bounce_Back.aspxhttp://www.ifaradio.com/articles/Spitzer_Roasts_Stock_Analysts_at_Awards_Ceremony.aspxImagine being invited to an award banquet only to find out later the main course is . . . you. That's exactly what happened to Wall Street analysts at the annual ceremony for Institutional Investor magazine's "All-Star Research Team" awards earlier this weMon, 04 Nov 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Spitzer_Roasts_Stock_Analysts_at_Awards_Ceremony.aspxhttp://www.ifaradio.com/articles/New_ETF_Advisers_Fixed-Income_ETFs_Begin_Trading.aspxFour new U.S. Treasury exchange-traded funds began trading today on the American Stock Exchange. The new funds, introduced by ETF Advisers, track Treasury securities with one, two, five and 10-year maturities. Called "fighters" - Fixed Income Trust ReceiptFri, 01 Nov 2002 00:00:00 GMThttp://www.ifaradio.com/articles/New_ETF_Advisers_Fixed-Income_ETFs_Begin_Trading.aspxhttp://www.ifaradio.com/articles/How_Advisors_Harvest_Tax_Losses_with_ETFsThe_Basics.aspxFinancial advisors often use index fund tax-swap strategies as a way to maintain equity exposure while offsetting realized or unrealized gains in a portfolio, which is the closest thing to a free lunch in investing. Exchange-traded funds are becoming a popThu, 31 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/How_Advisors_Harvest_Tax_Losses_with_ETFsThe_Basics.aspxhttp://www.ifaradio.com/articles/Total_ETF_Assets_Decline_in_September.aspxTotal exchange-traded fund assets declined over $9 billion in September to about $82 billion, according to the Investment Company Institute. The ICI, the trade group for the mutual fund industry, keeps monthly tabs on ETF assets.Tue, 29 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Total_ETF_Assets_Decline_in_September.aspxhttp://www.ifaradio.com/articles/First_ETFs_Tracking_Dow_Jones_Global_Sector_Indexes_Introduced.aspxDow Jones Indexes said Credit Suisse Asset Management has licensed some of its global Sector Titans indexes for ETFs to be launched later this week. The new ETFs will be tied to the Dow Jones Banks Titans 30, the Dow Jones Technology Titans 30, and the DowWed, 23 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/First_ETFs_Tracking_Dow_Jones_Global_Sector_Indexes_Introduced.aspxhttp://www.ifaradio.com/articles/Interview_with_Ron_Ross_Author_of_The_Unbeatable_Market.aspxRon Ross is the author of a new book entitled The Unbeatable Market: Taking the Indexing Path to Financial Peace of Mind. This one caught our attention because of its accessability, and also because the author refuses to pull punches when it comes to conflWed, 23 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Interview_with_Ron_Ross_Author_of_The_Unbeatable_Market.aspxhttp://www.ifaradio.com/articles/Two_New_European_ETFs_Begin_Trading.aspxUBS Global Asset Management introduced two new exchange-traded funds: the Fresco Dow Jones STOXX 500 (FEU) and the Fresco Dow Jones Euro STOXX 50 (FEZ). The new ETFs, which track the European and Eurozone markets, began trading on the New York Stock ExchanTue, 22 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Two_New_European_ETFs_Begin_Trading.aspxhttp://www.ifaradio.com/articles/QA_with_Khalid_Ghayur_MSCI_Index_Development.aspxKhalid Ghayur knows a thing or two about indexes. He is global director of research and chief investment strategist for index provider Morgan Stanley Capital International (MSCI). Mr. Ghayur, who answered our questions from his Princeton office, is responsFri, 18 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/QA_with_Khalid_Ghayur_MSCI_Index_Development.aspxhttp://www.ifaradio.com/articles/Editors_Model_PortfoliosBasic_Domestic_Stock_Bond_Split.aspxIt doesn't get much simpler than this. We imagine John Bogle would like the elegant simplicity of this two-fund portfolio - one total market stock and one total market bond. Wed, 16 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Editors_Model_PortfoliosBasic_Domestic_Stock_Bond_Split.aspxhttp://www.ifaradio.com/articles/Editors_Model_PortfoliosBasic_Global_Stock_Bond_Split.aspxThis portfolio is similar to the basic domestic stock/bond split, but this time we add a broad international index fund for further diversification. Wed, 16 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Editors_Model_PortfoliosBasic_Global_Stock_Bond_Split.aspxhttp://www.ifaradio.com/articles/Editors_Model_PortfoliosCore_more.aspxThis portfolio shouldn't be confused with the strategies that involve active funds. The idea of core and more is to lay down a core portfolio and explore by overweighting certain asset classes. Core and more portfolios can take on many shapes and sizes depWed, 16 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Editors_Model_PortfoliosCore_more.aspxhttp://www.ifaradio.com/articles/Editors_Model_PortfoliosSlice_Dice.aspxThis portfolio is a very simple interpretation of slice and dice, with large caps coupled with small value. This portfolio deviates from the total stock market approach by overweighting small value stocks. Wed, 16 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Editors_Model_PortfoliosSlice_Dice.aspxhttp://www.ifaradio.com/articles/Editors_Model_Portfolios.aspxFinding index funds that make up the building blocks of a diversified portfolio is important, but fitting them together is the real challenge. For our favorite index funds covering various asset classes, please see our editors' picks. Wed, 16 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Editors_Model_Portfolios.aspxhttp://www.ifaradio.com/articles/Interview_with_Gus_Sauter_Vanguard_Index_Fund_Manager.aspxAs managing director of the quantitative equity group at Vanguard, Gus Sauter oversees the management of $200 billion in 24 index funds. He is also responsible for the management of $4 billion in Vanguard's actively-managed funds, and $1 billion in VanguarWed, 16 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Interview_with_Gus_Sauter_Vanguard_Index_Fund_Manager.aspxhttp://www.ifaradio.com/articles/Editors_Index_Fund_PicksInternational_and_Emerging_Markets_Equity.aspxThe lists below single out some of favorite index funds covering the international and emerging markets equity asset classes. Many of the funds are based on MSCI's international EAFE index.Tue, 15 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Editors_Index_Fund_PicksInternational_and_Emerging_Markets_Equity.aspxhttp://www.ifaradio.com/articles/Frequent_Monitoring_of_Your_Portfolio_Can_Be_Injurious_to_Your_Financial_Health.aspxBehavioral finance has provided us with many valuable insights into how human behavior can impact investment results. For example, we have learned that individuals are highly risk averse - on average odds of 2:1 or greater are required to entice them to acTue, 15 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Frequent_Monitoring_of_Your_Portfolio_Can_Be_Injurious_to_Your_Financial_Health.aspxhttp://www.ifaradio.com/articles/Editors_Index_Fund_PicksDomestic_Bond_Funds.aspxBond index funds can reduce risk in a portfolio. Indexing bonds also makes sense because of their lower yields compared to stocks. We like short-term bonds because of their low risk and lack of correlation with equity markets.Tue, 15 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Editors_Index_Fund_PicksDomestic_Bond_Funds.aspxhttp://www.ifaradio.com/articles/Fund_Manager_Knows_Best.aspxAs other corporations come clean, mutual funds still gloss over costs, hide top-dog pay and keep secret how they cope when self-interest conflicts with duty.Mon, 14 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Fund_Manager_Knows_Best.aspxhttp://www.ifaradio.com/articles/Index_Spotlight_QA_with_Don_Phillips_Managing_Director_of_Morningstar.aspxChicago-based Morningstar recently announced the availability of 16 proprietary equity indexes that correspond to its popular style boxes, which are recognizable to most mutual fund investors. We sat down with Morningstar managing director Don Phillips to Mon, 07 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Index_Spotlight_QA_with_Don_Phillips_Managing_Director_of_Morningstar.aspxhttp://www.ifaradio.com/articles/International_WeekA_Chat_with_FTSE_on_its_New_Global_Style_Benchmarks.aspxWe've been dancing to salsa music and downing piroshki to keep with the spirit of International Week here at IndexFunds.com. Maybe we're just looking for a diversion from the U.S. stock market, which suffered the worst quarter in recent memory. Thu, 03 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/International_WeekA_Chat_with_FTSE_on_its_New_Global_Style_Benchmarks.aspxhttp://www.ifaradio.com/articles/Third_Quarter_Index_Wrap.aspxA sagging stock market continued to drag down most equity indexes in September, and third quarter returns were likewise ugly. The broad Russell 3000 index fell 16.2% during the third quarter on the heels of a 13.1% decline in the second quarter, according Tue, 01 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Third_Quarter_Index_Wrap.aspxhttp://www.ifaradio.com/articles/International_Week_QA_with_Steven_Schoenfeld_of_Barclays_Global_Investors.aspxAs part of International Week here at IndexFunds.com, we recently sat down with Steven Schoenfeld of Barclays Global Investors. He is the chief business strategist for BGI's international equity products, encompassing approximately $65 billion in developedTue, 01 Oct 2002 00:00:00 GMThttp://www.ifaradio.com/articles/International_Week_QA_with_Steven_Schoenfeld_of_Barclays_Global_Investors.aspxhttp://www.ifaradio.com/articles/Diversifying_Your_Portfolio_with_International_Equities.aspxSo you've got a house, a broad section of the U.S. stock market, and some bonds. You think you're diversified? Think again.Fri, 27 Sep 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Diversifying_Your_Portfolio_with_International_Equities.aspxhttp://www.ifaradio.com/articles/Barclays_Global_Investors_Set_to_Introduce_Emerging_Markets_iShares.aspxSan Francisco-based Barclays Global Investors today announced it has filed a prospectus with the SEC for an iShares exchange-traded fund tied to the MSCI Emerging Markets Free index. If approved, it will be the first emerging markets ETF - currently BGI haMon, 23 Sep 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Barclays_Global_Investors_Set_to_Introduce_Emerging_Markets_iShares.aspxhttp://www.ifaradio.com/articles/SP_Releases_Methodology_Constituents_of_New_Hedge_Fund_Index.aspxStandard & Poor's unveiled the list of forty hedge funds in its upcoming benchmark that will seek to track the largely unregulated industry. The S&P Hedge Fund Index will be divided into three sub-indexes with funds broken down by investment style: arbitraThu, 19 Sep 2002 00:00:00 GMThttp://www.ifaradio.com/articles/SP_Releases_Methodology_Constituents_of_New_Hedge_Fund_Index.aspxhttp://www.ifaradio.com/articles/Investors_Buy_High_and_Sell_Low_with_Sector_Funds.aspxThe pundits always lecture us about not chasing performance, but perhaps seeing the carnage investors inflicted upon themselves with ill-timed sector fund investments the past few years is the best way to make that lesson stick. Tue, 17 Sep 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Investors_Buy_High_and_Sell_Low_with_Sector_Funds.aspxhttp://www.ifaradio.com/articles/A_Quick_Chat_with_Indexing_Sage_Diane_Garnick_of_State_Street_Global_Advisors.aspxThe staid world of indexing has been shaken up in the past few years by new competition and innovations. We sat down briefly with Diane Garnick to talk about some recent developments in passive investing.Mon, 16 Sep 2002 00:00:00 GMThttp://www.ifaradio.com/articles/A_Quick_Chat_with_Indexing_Sage_Diane_Garnick_of_State_Street_Global_Advisors.aspxhttp://www.ifaradio.com/articles/FTSE_Introduces_Global_Style_Indexes.aspxIndex provider FTSE Group yesterday launched a new family of global growth and value equity benchmarks. They include new country-specific style indexes covering developed and advanced emerging markets nations, as well as regional and global benchmarks for Thu, 05 Sep 2002 00:00:00 GMThttp://www.ifaradio.com/articles/FTSE_Introduces_Global_Style_Indexes.aspxhttp://www.ifaradio.com/articles/Index_Providers_Must_Now_be_Proactive.aspx"Innovate Or Evaporate." That's what it says on the Fortune mouse pad on my desk, compliments of the venerable magazine publisher that also manages a family of equity benchmarks. In light of recent events, other index providers would do well to adopt that Tue, 03 Sep 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Index_Providers_Must_Now_be_Proactive.aspxhttp://www.ifaradio.com/articles/Vanguard_Lays_Groundwork_for_Potential_Switch_to_New_Indexes.aspxRetail index fund giant Vanguard today filed a preliminary proxy statement with the SEC seeking shareholder approval on several investment policy changes for many of its index funds.Mon, 26 Aug 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_Lays_Groundwork_for_Potential_Switch_to_New_Indexes.aspxhttp://www.ifaradio.com/articles/The_Best_Fund_Family_Youve_Never_Heard_of.aspxDFA manages $36 billion, of which about $23 billion is for institutions, with some $13 billion through funds sold to individual investors through financial advisors. It has no retail offerings -- you can't buy into their funds the way you would at VanguardMon, 26 Aug 2002 00:00:00 GMThttp://www.ifaradio.com/articles/The_Best_Fund_Family_Youve_Never_Heard_of.aspxhttp://www.ifaradio.com/articles/The_Most_Important_Determinant_of_Investment_Returns.aspxFinancial economists have demonstrated that the most important determinant of a portfolio's return is its asset allocation - the exposure to equity (and within equities the exposure to the risk factors of size and value) and fixed income (and within fixed Fri, 23 Aug 2002 00:00:00 GMThttp://www.ifaradio.com/articles/The_Most_Important_Determinant_of_Investment_Returns.aspxhttp://www.ifaradio.com/articles/Measuring_Active_Small_Cap_Manager_Performance_Why_benchmarks_matter.aspxWhile index investing is generally accepted as a successful long-term strategy for large cap investing, it is still a common belief that active managers can beat small cap index benchmarks. This misconception is due to the perceived opportunity to add valuWed, 07 Aug 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Measuring_Active_Small_Cap_Manager_Performance_Why_benchmarks_matter.aspxhttp://www.ifaradio.com/articles/New_Bond_ETFs_Enable_All-ETF_Portfolios.aspxBarclays Global Investors recently introduced four exchange-traded funds that track fixed-income indexes, and the move represents a critical and long-awaited development for ETF investors. Bonds are an important part of a balanced portfolio because of the Tue, 06 Aug 2002 00:00:00 GMThttp://www.ifaradio.com/articles/New_Bond_ETFs_Enable_All-ETF_Portfolios.aspxhttp://www.ifaradio.com/articles/Big_Board_Starts_Trading_Six_More_ETFs_MSCI_to_Introduce_US_Benchmarks_July_2002_Major_Index_Returns.aspxThe New York Stock Exchange today began trading six new additional exchange-traded funds on the basis of unlisted trading privileges (UTP). They include the four new bond iShares, the iShares MSCI Japan (EWJ), and the Vanguard Total Stock Market VIPERs (VTFri, 02 Aug 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Big_Board_Starts_Trading_Six_More_ETFs_MSCI_to_Introduce_US_Benchmarks_July_2002_Major_Index_Returns.aspxhttp://www.ifaradio.com/articles/How_the_SP_500_Rebalance_Affects_Index_Funds.aspxStandard & Poor's index committee decided in July to replace seven foreign stocks in the S&P 500 with domestic ones, and the shift affects countless index investors. For example, the Vanguard 500 fund was the nation's largest mutual fund at the end of JuneThu, 01 Aug 2002 00:00:00 GMThttp://www.ifaradio.com/articles/How_the_SP_500_Rebalance_Affects_Index_Funds.aspxhttp://www.ifaradio.com/articles/ETF_Assets_Dip_Below_90_Billion_After_May_Highs.aspxAfter clearing the $90 billion asset plateau for the first time in May, combined assets of the 102 exchange-traded funds listed in the U.S. fell to $88.95 billion in June, according to the latest figures from the Investment Company Institute. Tue, 30 Jul 2002 00:00:00 GMThttp://www.ifaradio.com/articles/ETF_Assets_Dip_Below_90_Billion_After_May_Highs.aspxhttp://www.ifaradio.com/articles/Fixed-Income_iShares_Launched_As_Investors_Flock_to_Bond_Funds.aspxThe first fixed-income exchange-traded funds began trading on the American Stock Exchange today, bringing the total number of ETFs listed on the AMEX to 121. The new funds, which are managed by San Francisco-based Barclays Global Investors and have expenseFri, 26 Jul 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Fixed-Income_iShares_Launched_As_Investors_Flock_to_Bond_Funds.aspxhttp://www.ifaradio.com/articles/Vanguard_Indexing_Guru_Examines_Fund_Performance_in_Bear_Market.aspxThe financial media seems to love to take shots at indexing in bear markets, and now is obviously one of those times. The Wilshire 5000 index, the yardstick for the broad domestic stock market, is down a wrenching 16.60% for the year ending June 2002, accoWed, 24 Jul 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_Indexing_Guru_Examines_Fund_Performance_in_Bear_Market.aspxhttp://www.ifaradio.com/articles/Vanguard_to_Introduce_Three_International_ETFs.aspxThe Vanguard Group today filed an application with the SEC to introduce exchange-traded fund shares for three of its existing international index funds. Pending SEC approval, European Stock Index, Pacific Stock Index, and Emerging Markets Stock Index will Tue, 23 Jul 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_to_Introduce_Three_International_ETFs.aspxhttp://www.ifaradio.com/articles/Close_But_Not_Quite_Perfect_Common_Sources_of_ETF_Tracking_Error.aspxExchange-traded funds allow investors to track indexes in real time, but for several reasons they can't provide perfect correlation. Differences in fund and benchmark returns may arise - here is a list of some of the more common causes. Thu, 18 Jul 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Close_But_Not_Quite_Perfect_Common_Sources_of_ETF_Tracking_Error.aspxhttp://www.ifaradio.com/articles/There_Is_Trouble_In_401k_Land.aspxThe historical record provided by academic studies is very clear that the winning investment strategy is to invest in funds that are passively-managed index funds, exchange-traded funds (ETFs), and passive asset class funds. Unfortunately, a conflict of inTue, 16 Jul 2002 00:00:00 GMThttp://www.ifaradio.com/articles/There_Is_Trouble_In_401k_Land.aspxhttp://www.ifaradio.com/articles/Russell_Indexes_Gain_Market_Share.aspxRussell indexes are becoming more widely accepted by institutional investors, according to a recent study of over 3,6000 U.S. equity products listed in Nelson Information's Marketplace Web database. The 10 most commonly used U.S. equity benchmarks are listWed, 03 Jul 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Russell_Indexes_Gain_Market_Share.aspxhttp://www.ifaradio.com/articles/Two_New_Actively_Managed_Funds_Join_Vanguard_Lineup_Precious_Metals_Fund_Shuttered.aspxThe Vanguard Group today announced that two new funds will begin trading on Wednesday - Vanguard Mid-Cap Growth (VMGRX) and Vanguard International Explorer (VINEX).Tue, 02 Jul 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Two_New_Actively_Managed_Funds_Join_Vanguard_Lineup_Precious_Metals_Fund_Shuttered.aspxhttp://www.ifaradio.com/articles/Most_Equity_Indexes_Down_in_June.aspxThe major domestic stock index providers have reported June 2002 returns.Mon, 01 Jul 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Most_Equity_Indexes_Down_in_June.aspxhttp://www.ifaradio.com/articles/Big_Board_Launches_Four_New_Indexes.aspxThe New York Stock Exchange today launched four equity indexes that track the performance of NYSE-listed stocks from broad market sectors. Thu, 27 Jun 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Big_Board_Launches_Four_New_Indexes.aspxhttp://www.ifaradio.com/articles/Barclays_to_Launch_Fixed-Income_ETFs_in_July.aspxSan Francisco-based Barclays Global Investors today announced that four iShares tied to bond indexes will begin trading on the American Stock Exchange on July 26. The fixed-income ETFs, the first to trade in the U.S., will be linked to the Lehman 1-3 Year Wed, 26 Jun 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Barclays_to_Launch_Fixed-Income_ETFs_in_July.aspxhttp://www.ifaradio.com/articles/Index_Spotlight_Broader_MSCI_EAFE_Should_Raise_Bar_for_Active_Managers.aspxThe benefits of using index funds to invest in the U.S. stock market have been well documented, but some make the argument that indexing international markets is a sure way to underperform. The smoking gun in the international active vs. passive debate is Mon, 24 Jun 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Index_Spotlight_Broader_MSCI_EAFE_Should_Raise_Bar_for_Active_Managers.aspxhttp://www.ifaradio.com/articles/Most_Slumping_Equity_Indexes_in_Red_for_the_Year.aspxAfter surging ahead earlier this week, most equity indexes fell sharply going into the weekend. It wasn't a great week for most equity fund investors, and a look at 1-year index returns shows pain has been the norm over the last 12 months. As a result, funFri, 21 Jun 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Most_Slumping_Equity_Indexes_in_Red_for_the_Year.aspxhttp://www.ifaradio.com/articles/ETF_Total_Assets_Top_90_Billion.aspxThe total assets of all exchange-traded funds that trade in the U.S. rose to $92.86 billion in May 2002, according to the Investment Company Institute, the mutual fund industry's trade group. Total ETF assets increased by $7 million in May, with domestic fThu, 20 Jun 2002 00:00:00 GMThttp://www.ifaradio.com/articles/ETF_Total_Assets_Top_90_Billion.aspxhttp://www.ifaradio.com/articles/Sector_ETFs_are_Relatively_Cheap_but_Still_Carry_Risks.aspxIn what seems like both a blessing and a curse for retail investors, exchange-traded funds offer the ability to invest in thin equity market slices cheaply relative to traditional sector mutual funds. According to Morningstar, the average sector mutual funMon, 17 Jun 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Sector_ETFs_are_Relatively_Cheap_but_Still_Carry_Risks.aspxhttp://www.ifaradio.com/articles/Stockaholics_Anonymous.aspxThe physical signs are impossible to conceal: sweating and increased palpitations at every market blip or earnings announcement; an uncontrollable twitch in your "trading finger"; that involuntary trance-like draw to the sound of Maria Bartiromo's voice; aThu, 13 Jun 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Stockaholics_Anonymous.aspxhttp://www.ifaradio.com/articles/Index_Spotlight_Dow_Jones_Style_Index_ETFs.aspxCurrently there are exchange-traded funds available that track style indexes from Russell, Standard & Poor's/Barra, and Dow Jones. At first glance these indexes seem similar, but as we've seen before subtle differences in index methodology can lead to signTue, 11 Jun 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Index_Spotlight_Dow_Jones_Style_Index_ETFs.aspxhttp://www.ifaradio.com/articles/The_Case_for_International_ETFs.aspxA long-standing tenet of investing is that a diversified portfolio should include a meaningful foreign stock component. During the awesome bull market in U.S. stocks in the late 1990's, however, many investors and advisers began to challenge this premise. Wed, 05 Jun 2002 00:00:00 GMThttp://www.ifaradio.com/articles/The_Case_for_International_ETFs.aspxhttp://www.ifaradio.com/articles/May_Wrap-Up.aspxHere's how major equity indexes fared in May 2002, broken down by index provider:Mon, 03 Jun 2002 00:00:00 GMThttp://www.ifaradio.com/articles/May_Wrap-Up.aspxhttp://www.ifaradio.com/articles/How_the_ETF_Arbitrage_Pricing_Mechanism_Works.aspxResearch indicates that most buy-and-hold investors are primarily drawn to exchange-traded funds for their lower expense ratios and potential tax efficiency. Most passive investors are not interested in trading during the day, but the ability to do so withMon, 03 Jun 2002 00:00:00 GMThttp://www.ifaradio.com/articles/How_the_ETF_Arbitrage_Pricing_Mechanism_Works.aspxhttp://www.ifaradio.com/articles/Lipper_Introduces_Active_Indexes.aspxNew York-based fund research firm Lipper last week launched several equity indexes based on actual stocks held by mutual funds from various categories. Lipper joins its competitor fund tracker Morningstar in launching equity indexes that could be the basisThu, 30 May 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Lipper_Introduces_Active_Indexes.aspxhttp://www.ifaradio.com/articles/Active_Small-Cap_Managers_Add_Value_Myth_or_Reality.aspxOne of the more persistent claims from Wall Street is that the inefficiency of information in small-cap stocks allows active managers to exploit market mispricings and outperform passive benchmarks. It is important to note that part of this claim is true -Thu, 30 May 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Active_Small-Cap_Managers_Add_Value_Myth_or_Reality.aspxhttp://www.ifaradio.com/articles/SEC_Clears_the_Way_for_Fixed-Income_ETFs.aspxIn an open meeting, the Securities & Exchange Commission today gave the initial go-ahead to Barclays Global Investors to launch domestic fixed-income exchange-traded funds. Barring a hearing on the matter, in 25 days the SEC will issue orders granting BGI Wed, 29 May 2002 00:00:00 GMThttp://www.ifaradio.com/articles/SEC_Clears_the_Way_for_Fixed-Income_ETFs.aspxhttp://www.ifaradio.com/articles/Index_Spotlight_FTSE_Russell_Partner_for_Classification_System.aspxIndex providers FTSE and Russell announced Russell indexes will now use FTSE's Global Classification system to establish sector data. The partnership allows investors to make apples-to-apples sector comparisons across the globe using Russell's domestic U.SFri, 24 May 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Index_Spotlight_FTSE_Russell_Partner_for_Classification_System.aspxhttp://www.ifaradio.com/articles/Dunns_Law_Revisited.aspxOccasionally even serious financial columns mention Dunn's Law as if it were an accepted economic maxim. It isn't, and it's dangerous to pretend that it might be. Thu, 23 May 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Dunns_Law_Revisited.aspxhttp://www.ifaradio.com/articles/Rebalancing_Reduces_Portfolio_Volatility.aspxBuy low, sell high. It's perhaps the oldest and most familiar of investment axioms. However, investors who neglect to periodically rebalance and let their portfolios run off the leash may not end up living by this mantra.Wed, 22 May 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Rebalancing_Reduces_Portfolio_Volatility.aspxhttp://www.ifaradio.com/articles/Feel_the_Rush_of_Trading_ETFs.aspxOn May 14, when the markets shot up for the second day in a row, did you feel an urge to get in on the action? Yes, I know we all have our standard asset allocation related to our age and so forth. And we're supposed to just let it be. But that's like watcFri, 17 May 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Feel_the_Rush_of_Trading_ETFs.aspxhttp://www.ifaradio.com/articles/SEC_Proposes_Mutual_Fund_Ad_Rules.aspxThe Securities & Exchange Commission (SEC) is seeking comment on proposed rules designed to ensure mutual fund advertisements aren't misleading to investors. The Commission specifically cited fund ads that touted skyrocketing performance in 1999 and 2000 aWed, 15 May 2002 00:00:00 GMThttp://www.ifaradio.com/articles/SEC_Proposes_Mutual_Fund_Ad_Rules.aspxhttp://www.ifaradio.com/articles/ETFs_Defy_Traditional_Classifications.aspxDue to their unique structure and operations, exchange-traded funds don't fit neatly into traditional fund classifications. Data providers and industry observers still haven't decided for sure how to pigeonhole ETFs. In particular, several methods can be Tue, 14 May 2002 00:00:00 GMThttp://www.ifaradio.com/articles/ETFs_Defy_Traditional_Classifications.aspxhttp://www.ifaradio.com/articles/ETF_Tax_Efficiency_Part_2In_Defense_of_Index_Funds.aspxYesterday we posted an article on exchange-traded fund (ETF) tax efficiency. We looked at how ETFs function and why proponents claim they will be more tax efficient than traditional index mutual funds over time. We also posted data from ETF researcher BradThu, 09 May 2002 00:00:00 GMThttp://www.ifaradio.com/articles/ETF_Tax_Efficiency_Part_2In_Defense_of_Index_Funds.aspxhttp://www.ifaradio.com/articles/SP_to_Launch_Hedge_Fund_Index.aspxThere seems to be an index for just about anything these days, so why not a benchmark for hedge funds? Standard & Poor's said it is set to launch an index that seeks to tame this unique asset class. The new index will be made up of 40 funds broken into thrWed, 08 May 2002 00:00:00 GMThttp://www.ifaradio.com/articles/SP_to_Launch_Hedge_Fund_Index.aspxhttp://www.ifaradio.com/articles/ETF_Experts_Look_at_Tax_Efficiency.aspxOne of the most compelling reasons for investing in exchange-traded funds is their potential heightened tax efficiency relative to traditional index mutual funds. Although most ETFs have a relatively short amount of history behind them, some researchers arTue, 07 May 2002 00:00:00 GMThttp://www.ifaradio.com/articles/ETF_Experts_Look_at_Tax_Efficiency.aspxhttp://www.ifaradio.com/articles/Index_Spotlight_Russell_Style_Indexes.aspxRecently we looked at the performance disparity between two small-cap blend indexes: the S&P SmallCap 600 and the Russell 2000. We found that subtleties in index methodology can lead to different results in indexes designed to track similar market segmentsMon, 06 May 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Index_Spotlight_Russell_Style_Indexes.aspxhttp://www.ifaradio.com/articles/Capital_Asset_Pricing_Model.aspxIf Bill Sharpe’s first thesis had been accepted, the world of finance might look a lot different today. Fortunately, after the paper was rejected as so uninteresting that there “was absolutely no thesis there," Sharpe was introduced to Harry Markowitz. UndWed, 01 May 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Capital_Asset_Pricing_Model.aspxhttp://www.ifaradio.com/articles/Diversification_Low_Portfolio_Turnover_Key_to_Tax-Efficient_Investing.aspxThis is the second article in a two-part series on tax-efficient investing. In the following interview, Glenn S. Freed, Ph.D., vice president of tax-managed investment services at Dimensional Fund Advisors in Santa Monica, CA, USA, discusses equity strategWed, 01 May 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Diversification_Low_Portfolio_Turnover_Key_to_Tax-Efficient_Investing.aspxhttp://www.ifaradio.com/articles/Index_Spotlight_Fortune_500.aspxAs passive investing continues to catch on with mainstream investors, understanding the differences between equity indexes is becoming critical for many. Benchmarks that are highly correlated and similar on the surface can oftentimes behave very differentlMon, 29 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Index_Spotlight_Fortune_500.aspxhttp://www.ifaradio.com/articles/Recovery_for_timing_and_trading_addicts.aspxRecovery for timing and trading addicts: 12-step program for investing in index fundsFri, 26 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Recovery_for_timing_and_trading_addicts.aspxhttp://www.ifaradio.com/articles/Small_Growth_Editors_Picks.aspxLoved by active managers and shunned by indexers, the small-cap growth sector nonetheless has a handful of excellent index fund vehicles.Wed, 24 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Small_Growth_Editors_Picks.aspxhttp://www.ifaradio.com/articles/Small-Cap_Value_Editors_Picks.aspxMany of the cleverest indexers favor heavy weighting of the small-cap value sector. Our favorites include the following. Click on any fund name for more details, the funds are not listed in order of preference:Wed, 24 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Small-Cap_Value_Editors_Picks.aspxhttp://www.ifaradio.com/articles/Large_Blend_Editors_Picks.aspxFor large blend, we suggest the following funds that offer both value and growth. Most are S&P 500 funds. Click on any fund name for more details, the funds are not listed in order of preference:Wed, 24 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Large_Blend_Editors_Picks.aspxhttp://www.ifaradio.com/articles/Large_Growth_Editors_Picks.aspxIndexfunds.com's favorites funds and ETFs for the large growth category are as follows. Click on any fund name for more details, the funds are not listed in order of preference::Wed, 24 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Large_Growth_Editors_Picks.aspxhttp://www.ifaradio.com/articles/Mid-Cap_Value_Editors_Picks.aspxRecommended mid-cap value funds mirror their mid-cap growth siblings. Click on any fund name for more details, the funds are not listed in order of preference:Wed, 24 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Mid-Cap_Value_Editors_Picks.aspxhttp://www.ifaradio.com/articles/Epitaph_for_a_Doomed_Fund.aspxIndexers often talk about "seeding and weeding" of funds in the abstract, which does not always convey the reality of the wreckage created by these practices. Seeding is the frequent launch of new active funds in hopes that a few will shine, and weeding whMon, 22 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Epitaph_for_a_Doomed_Fund.aspxhttp://www.ifaradio.com/articles/Dividends_and_ETFs.aspxThe structure of an exchange-traded fund can influence its returns, especially when it comes to dividends that companies pass on to shareholders. For example, SPDR 500, by far the largest ETF, is a unit investment trust (UIT). This type of structure distriFri, 19 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Dividends_and_ETFs.aspxhttp://www.ifaradio.com/articles/Select_Sector_SPDR_Changes.aspxETF investors should know that a big rebalancing is on the horizon for the Select Sector SPDRs. On June 24 the nine Select Sector SPDRs will rebalance to look more like the ten Global Industry Classification Standard (GICS) sector definitions. GICS is a seFri, 19 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Select_Sector_SPDR_Changes.aspxhttp://www.ifaradio.com/articles/Optimized_Sampling_in_Vanguards_Total_Stock_Market_Index_Fund.aspxRecently we discussed why optimized sampling is critical to the managers of the iShares MSCI EAFE, an exchange-traded fund that covers a broad international index. Thu, 18 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Optimized_Sampling_in_Vanguards_Total_Stock_Market_Index_Fund.aspxhttp://www.ifaradio.com/articles/Small-Cap_Blend_Editors_Picks.aspxSmall-cap blend funds are a favorite way to diversify a portfolio heavy with S&P stocks. Some of our favorites are as follows. Click on any fund name for more details, the funds are not listed in order of preference:Wed, 17 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Small-Cap_Blend_Editors_Picks.aspxhttp://www.ifaradio.com/articles/Editors_PicksUS_Total_Market.aspxWe believe it is self-evident that portfolios should start with the domestic total market fund for that portion of the portfolio that is intended to mirror, for the long-term, the total market on a capitalization-weighted basis. We discourage slicing and dWed, 17 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Editors_PicksUS_Total_Market.aspxhttp://www.ifaradio.com/articles/Large_Value_Editors_Picks.aspxIndexfunds.com preferred large value funds are as follows. Click on any fund name for more details, the funds are not listed in order of preference:Wed, 17 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Large_Value_Editors_Picks.aspxhttp://www.ifaradio.com/articles/Mid-Cap_Blend_Editors_Picks.aspxIndexfunds.com's preferred mid-cap blend funds are as follows. Click on any fund name for more details, the funds are not listed in order of preference:Wed, 17 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Mid-Cap_Blend_Editors_Picks.aspxhttp://www.ifaradio.com/articles/Mid-Cap_Growth_Editors_Picks.aspxIndexfunds.com suggests the following mid-cap growth funds.Wed, 17 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Mid-Cap_Growth_Editors_Picks.aspxhttp://www.ifaradio.com/articles/Editors_Index_Fund_Picks_by_Asset_Class.aspxWe at IndexFunds.com feel it is high time we begin to separate the wheat from the chaff. With some firms charging 4% loads and 1% annual fees on S&P 500 index funds, there is a penalty for not choosing carefully.Wed, 17 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Editors_Index_Fund_Picks_by_Asset_Class.aspxhttp://www.ifaradio.com/articles/Interview_with_Morningstar_Fund_Analyst_Scott_Cooley.aspxScott Cooley is a senior mutual fund analyst with Morningstar. He recently sat down with us to chat about valuations, diversification, and the importance of understanding index methodology.Tue, 16 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Interview_with_Morningstar_Fund_Analyst_Scott_Cooley.aspxhttp://www.ifaradio.com/articles/Small-Caps_are_Hot_but_Indexes_Diverge.aspxSmall- and mid-cap stocks outperformed their larger peers in 2001 and so far in 2002.Tue, 16 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Small-Caps_are_Hot_but_Indexes_Diverge.aspxhttp://www.ifaradio.com/articles/Does_Consistency_of_Investment_Style_Impact_Persistence_of_Performance.aspxThe Holy Grail of investing is to develop a methodology that enables an individual to identify, in advance, the top-performing mutual funds. Unfortunately, while it is always easy to identify the top performers after the fact (which is what Morningstar andFri, 12 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Does_Consistency_of_Investment_Style_Impact_Persistence_of_Performance.aspxhttp://www.ifaradio.com/articles/No_Entry_or_Exit_Fees_Another_advantage_of_ETFs.aspxSome critics of exchange-traded funds (ETFs) say you can get the same cost and tax advantages by using conventional index funds, especially at Vanguard. Long the king of index funds, Vanguard has about 24 of them, which they manage at extremely low cost. AThu, 11 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/No_Entry_or_Exit_Fees_Another_advantage_of_ETFs.aspxhttp://www.ifaradio.com/articles/UBS_Asset_Management_Licenses_Morningstar_Indexes.aspxLong known as a sideline mutual fund tracker and commentator, Morningstar is set to enter the industry as an active participant in the role of index licensor. UBS Global Asset Management said today that it will be the first fund company to license at leastThu, 11 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/UBS_Asset_Management_Licenses_Morningstar_Indexes.aspxhttp://www.ifaradio.com/articles/New_Generation_Of_Tax_Managed_Funds.aspxA third generation of tax managed index funds adds dividend management to capital gains management, enhancing the already formidable tax advantages that passive funds offer to investors. These new funds take tax efficiency to a new level.Mon, 08 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/New_Generation_Of_Tax_Managed_Funds.aspxhttp://www.ifaradio.com/articles/Optimizing_Indexed_Portfolios.aspxIn many cases, holding every stock in an index isn't cost effective. One reason is that some thinly traded securities, such as small-cap or international stocks, are illiquid and carry higher transaction costs and wider bid-ask spreads. Therefore, index fuThu, 04 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Optimizing_Indexed_Portfolios.aspxhttp://www.ifaradio.com/articles/A_Chat_with_a_Socially_Responsible_Fund_Manager.aspxSteve Dillenburg is the lead manager of the Summit Total Social Impact (SATSX) fund, an offering that is truly unique in the socially responsible fund world. The TSI fund invests in all of the stocks in the S&P 500, but it weights the companies differentlyThu, 04 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/A_Chat_with_a_Socially_Responsible_Fund_Manager.aspxhttp://www.ifaradio.com/articles/Another_Look_at_ETF_Premium_Discounts_and_Spreads.aspxAs we noted in a previous article, the liquidity of an exchange-traded fund is not always best measured by the historical trading volume of the fund. A better gauge of an ETF's liquidity is the liquidity of the underlying stocks in the index. Wed, 03 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Another_Look_at_ETF_Premium_Discounts_and_Spreads.aspxhttp://www.ifaradio.com/articles/March_Wrap-Up.aspxThe S&P 500 inched slightly forward in the first quarter of 2002, while small-cap and value indexes moved ahead of the pack. On the other hand, most growth indexes across market capitalizations are in the red so far this year.Mon, 01 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/March_Wrap-Up.aspxhttp://www.ifaradio.com/articles/The_Dimensions_of_Stock_Returns_2002_Update.aspxBased on the limited amount of data available, size and value effects also appear in emerging markets. The IFC Investables Total Return Index represents a portfolio of tradable stocks in emerging markets countries that non-resident investors are permitted Mon, 01 Apr 2002 00:00:00 GMThttp://www.ifaradio.com/articles/The_Dimensions_of_Stock_Returns_2002_Update.aspxhttp://www.ifaradio.com/articles/Assets_Flood_into_Russell-Indexed_Funds.aspxIt may be a stock picker's market, but staid index funds have been attracting their fair share of mutual fund assets.Wed, 27 Mar 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Assets_Flood_into_Russell-Indexed_Funds.aspxhttp://www.ifaradio.com/articles/Morningstar_Broadens_Style_Box_Methodology.aspxMorningstar, the Chicago-headquartered fund tracker, said it is updating the methodology it uses to pigeonhole mutual funds in its popular style boxes. Like passive index funds, style boxes are a tool long favored by institutional investors that have gone Tue, 26 Mar 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Morningstar_Broadens_Style_Box_Methodology.aspxhttp://www.ifaradio.com/articles/Clearing_Up_an_ETF_Liquidity_Myth.aspxWe thought it was time to put a common misconception on exchange-traded fund liquidity to rest. Some investors appear to believe that the liquidity of an ETF is dependent on the fund's average trading volume, or the number of shares traded per day. HoweverWed, 20 Mar 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Clearing_Up_an_ETF_Liquidity_Myth.aspxhttp://www.ifaradio.com/articles/What_Makes_A_Good_Mutual_Fund.aspxAs you build your portfolio, once you have decided on your asset allocation between stocks and bonds, and then picked your investment categories within the equity markets, it's time to select the mutual fund for each category. With over 7,000 domestic equiMon, 18 Mar 2002 00:00:00 GMThttp://www.ifaradio.com/articles/What_Makes_A_Good_Mutual_Fund.aspxhttp://www.ifaradio.com/articles/Morningstar_Study_Confirms_Virtues_of_Buy-and-Hold_in_Bear_Market.aspxOwners of boring diversified portfolios may have found it difficult to resist dabbling in tech stocks during the dot-com craze of yesteryear. Now, having lived through the painful bear market of the last 12 months, many investors are wondering if some niftFri, 15 Mar 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Morningstar_Study_Confirms_Virtues_of_Buy-and-Hold_in_Bear_Market.aspxhttp://www.ifaradio.com/articles/Big_Board_to_Trade_ETFs_and_HOLDRs_Under_UTP.aspxThe New York Stock Exchange said it will soon begin trading 17 HOLDRs and 10 exchange-traded funds on the basis of unlisted trading privileges (UTP). All 27 of these funds are listed on the American Stock Exchange, and the move represents the second time tWed, 13 Mar 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Big_Board_to_Trade_ETFs_and_HOLDRs_Under_UTP.aspxhttp://www.ifaradio.com/articles/Does_Indexing_Affect_Stock_Prices.aspxIndex mutual funds have become the villains of an investment soap opera. Active managers have been blaming their underperformance on S&P 500 Index funds. The theory goes like this: money pours into the index funds because of the dissatisfaction with the unTue, 12 Mar 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Does_Indexing_Affect_Stock_Prices.aspxhttp://www.ifaradio.com/articles/Small_Investors_Frustrated_by_AMEX_ETF_Trading_Glitch.aspxSome individual investors are reporting difficulties purchasing small odd lots of exchange-traded fund shares using limit orders on the American Stock Exchange. Odd-lot limits refer to priced orders for less than the unit of a trade (typically less than 10Tue, 12 Mar 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Small_Investors_Frustrated_by_AMEX_ETF_Trading_Glitch.aspxhttp://www.ifaradio.com/articles/Nuveens_Gary_Gastineau_Talks_About_ETFs_Silent_Indexes_and_His_New_Book.aspxGary Gastineau is a managing director at Nuveen Investments, where he is responsible for the development and introduction of Nuveen's new open-end exchange-traded funds. He penned a book that was recently released entitled The Exchange-Traded Funds Manual.Fri, 08 Mar 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Nuveens_Gary_Gastineau_Talks_About_ETFs_Silent_Indexes_and_His_New_Book.aspxhttp://www.ifaradio.com/articles/Ten-Year_Risk_and_Return_of_Several_Popular_Indexes.aspxAsset allocation is certainly no simple task, but it's a little easier for passive investors as far as choosing funds. The reason is that indexers aren't concerned with finding the best manager in an asset class - they simply invest in the index fund or ETThu, 07 Mar 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Ten-Year_Risk_and_Return_of_Several_Popular_Indexes.aspxhttp://www.ifaradio.com/articles/Ten-Year_Risk_and_Return_of_Equity_Asset_Classes_by_Index.aspxMost of the experts will tell you that a diversified equity portfolio is comprised of funds from the various asset classes, which are separated in terms of size and style. The idea is to build a broad base of funds that will hold up over the long haul and Tue, 05 Mar 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Ten-Year_Risk_and_Return_of_Equity_Asset_Classes_by_Index.aspxhttp://www.ifaradio.com/articles/Stocks_Bonds_and_REITs.aspxInvestors have been considering real estate as a useful portfolio component for quite a while. Recently I saw the following quote in Roger Gibson's book, Asset Allocation: Balancing Financial Risk: "Let every man divide his money into three parts, and inveMon, 04 Mar 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Stocks_Bonds_and_REITs.aspxhttp://www.ifaradio.com/articles/April_Wrap-Up.aspxHere's how major equity indexes fared in April 2002, broken down by index provider:Sat, 02 Mar 2002 00:00:00 GMThttp://www.ifaradio.com/articles/April_Wrap-Up.aspxhttp://www.ifaradio.com/articles/February_Major_Index_Returns.aspxThe Dow Jones Industrial Average was in the black for the month of February. Internationally, the Dow Jones indexes that cover world and European markets were down, while Asia closed up in February.Fri, 01 Mar 2002 00:00:00 GMThttp://www.ifaradio.com/articles/February_Major_Index_Returns.aspxhttp://www.ifaradio.com/articles/Back_to_Boot_Camp_Ben_Grahams_Take_on_Mutual_Funds.aspxSo we've got the whole Enron mess clogging up the headlines. John Bogle says things are so bad that the mutual fund industry, which controls a majority of stock in America's corporations, must break its traditional silence and actively speak out on corporaThu, 28 Feb 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Back_to_Boot_Camp_Ben_Grahams_Take_on_Mutual_Funds.aspxhttp://www.ifaradio.com/articles/FTSE_and_HSI_Team_Up_to_Launch_Asian_Equity_Indexes.aspxIndex providers FTSE and Hang Seng Indexes (HSI) International are getting together to launch a broad index that tracks the Asian economy (minus Japan), as well as sector indexes that cover the area. The new benchmarks will go live tomorrow.Wed, 27 Feb 2002 00:00:00 GMThttp://www.ifaradio.com/articles/FTSE_and_HSI_Team_Up_to_Launch_Asian_Equity_Indexes.aspxhttp://www.ifaradio.com/articles/Morningstar_Study_Reinforces_the_Importance_of_Fund_Costs.aspxChicago fund-tracker Morningstar wrapped up a study that examines the importance of fund costs on an investor's bottom line. Although the study looked only at actively managed domestic equity funds, the results should provide further encouragement to cost-Wed, 27 Feb 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Morningstar_Study_Reinforces_the_Importance_of_Fund_Costs.aspxhttp://www.ifaradio.com/articles/State_Street_and_Unico_to_Introduce_ETFs_in_Germany.aspxIn a nod to the growing popularity of exchange-traded funds in Europe, Frankfurt-based Unico Asset Management announced that Boston-headquartered indexing behemoth State Street Global Advisors will manage and service seven new Unico i-tracker ETFs. Mon, 25 Feb 2002 00:00:00 GMThttp://www.ifaradio.com/articles/State_Street_and_Unico_to_Introduce_ETFs_in_Germany.aspxhttp://www.ifaradio.com/articles/Websites_Roll_Out_More_Snazzy_Tools.aspxWith good reason, all the talking heads are buzzing about asset allocation and diversification these days, and more Internet tools geared to do-it-yourself investors are cropping up. Three new gizmos of interest made their debut today, so let's take a brieFri, 22 Feb 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Websites_Roll_Out_More_Snazzy_Tools.aspxhttp://www.ifaradio.com/articles/Bogle_Calls_for_Federation_of_Long-Term_Investors.aspxLike Woodrow Wilson laying out his vision of a League of Nations after World War I, Vanguard founder John C. Bogle has called for a "Federation of Long-Term Investors" in the wake of the late 1990s speculative bubble, Enron, and a crisis in American corporThu, 21 Feb 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Bogle_Calls_for_Federation_of_Long-Term_Investors.aspxhttp://www.ifaradio.com/articles/HOLDRs_Creation_and_Redemption_Fees_Temporarily_Reduced.aspxThe American Stock Exchange today sent out a notice that the Bank of New York has instituted a new fee structure for the issuance and cancellation of all HOLDRs. Bank of NY is temporarily waiving all of the issuance fees for HOLDRs, while the cancellation Wed, 20 Feb 2002 00:00:00 GMThttp://www.ifaradio.com/articles/HOLDRs_Creation_and_Redemption_Fees_Temporarily_Reduced.aspxhttp://www.ifaradio.com/articles/News_Roundup_2002-02-19.aspxThe Vanguard Group today launched the Single 5 fixed annuity, which will be underwritten by Jefferson Pilot LifeAmerica Insurance Company. The new annuity offers a guaranteed fixed rate of return over the first five years and annual fixed interest rates afTue, 19 Feb 2002 00:00:00 GMThttp://www.ifaradio.com/articles/News_Roundup_2002-02-19.aspxhttp://www.ifaradio.com/articles/New_Study_Examines_Domestic_International_ETF_Premiums_and_Discounts.aspxUnlike traditional open-ended mutual funds, exchange-traded funds are priced continuously throughout the day, and sometimes premiums and discounts arise relative to the net asset value (NAV) of the underlying portfolio. Many cautious investors have cited tThu, 14 Feb 2002 00:00:00 GMThttp://www.ifaradio.com/articles/New_Study_Examines_Domestic_International_ETF_Premiums_and_Discounts.aspxhttp://www.ifaradio.com/articles/KLD_and_Nasdaq_Launch_New_Socially_Responsible_Index.aspxThink Nasdaq "cubes" for investors with a conscience. Boston-based KLD Research & Analytics and the Nasdaq stock market introduced a new socially responsible index of companies trading on the tech-heavy exchange that lists over 4,100 securities. The new grWed, 13 Feb 2002 00:00:00 GMThttp://www.ifaradio.com/articles/KLD_and_Nasdaq_Launch_New_Socially_Responsible_Index.aspxhttp://www.ifaradio.com/articles/SP_Partners_with_Two_Foreign_Exchanges_to_Launch_Co-Branded_Indexes.aspxIndex provider Standard & Poor's is looking to expand its strong domestic brand name overseas. The New York-based firm recently announced partnerships with two recognized international equity exchanges: Hong Kong Exchanges and Clearing Limited (HKEx) and tTue, 12 Feb 2002 00:00:00 GMThttp://www.ifaradio.com/articles/SP_Partners_with_Two_Foreign_Exchanges_to_Launch_Co-Branded_Indexes.aspxhttp://www.ifaradio.com/articles/Explaining_The_Value_Premium.aspxThe historical evidence is that there is a very strong and persistent value premium. From 1964 to 2000 large value stocks outperformed large growth stocks 14.5 percent to 11.1 percent, and small value stocks outperformed small growth stocks 16.6 percent toMon, 11 Feb 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Explaining_The_Value_Premium.aspxhttp://www.ifaradio.com/articles/A_Possible_Antidote_to_Index_Front-Runners_Secret_Indexes.aspxOne of the biggest knocks against index funds is that they foster the so-called "index effect." This occurs when a stock is added to or removed from a well-known index like the S&P 500 or Russell 2000, and it is costly to investors. The company that is beiFri, 08 Feb 2002 00:00:00 GMThttp://www.ifaradio.com/articles/A_Possible_Antidote_to_Index_Front-Runners_Secret_Indexes.aspxhttp://www.ifaradio.com/articles/New_Survey_Examines_Investor_Tax_and_Diversification_Savvy.aspxBoston-based Eaton Vance released a lengthy survey today that looks at, among other things, how knowledgeable investors are about taxes and the importance of a diversified portfolio.Tue, 05 Feb 2002 00:00:00 GMThttp://www.ifaradio.com/articles/New_Survey_Examines_Investor_Tax_and_Diversification_Savvy.aspxhttp://www.ifaradio.com/articles/News_Roundup_2002-02-04.aspxA new study by Lipper estimates mutual fund shareholders coughed up $11 billion in shareholder-servicing expenses in 2001. According to Lipper, the average shareholder pays 2.8% of assets for services like online research tools, telephone representative seMon, 04 Feb 2002 00:00:00 GMThttp://www.ifaradio.com/articles/News_Roundup_2002-02-04.aspxhttp://www.ifaradio.com/articles/Despite_Legal_Setbacks_2001_Another_Strong_Year_for_Vanguard.aspxThu, 31 Jan 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Despite_Legal_Setbacks_2001_Another_Strong_Year_for_Vanguard.aspxhttp://www.ifaradio.com/articles/News_Roundup_Latest_ETF_Launches_New_Vanguard_Online_Tools.aspxThe iShares FTSE Eurotop 100 began trading yesterday on the London Stock Exchange. The exchange-traded fund, which has an expense ratio of 0.50%, holds the largest 100 companies and protects United Kingdom shareholders from damaging currency transaction coTue, 29 Jan 2002 00:00:00 GMThttp://www.ifaradio.com/articles/News_Roundup_Latest_ETF_Launches_New_Vanguard_Online_Tools.aspxhttp://www.ifaradio.com/articles/Industry_Responds_to_SEC_Request_for_Comment_on_Active_ETFs.aspxMon, 28 Jan 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Industry_Responds_to_SEC_Request_for_Comment_on_Active_ETFs.aspxhttp://www.ifaradio.com/articles/Investors_Shy_Away_from_Stock_Funds_in_2001_Despite_Record_Mutual_Fund_Inflows.aspxMutual funds enjoyed a banner year for inflows in 2001, taking in $434.5 billion last year, according to estimates from fund-tracker Lipper. However, just $33.6 billion of that flowed into equity mutual funds as investors shunned a stock market that postedThu, 24 Jan 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Investors_Shy_Away_from_Stock_Funds_in_2001_Despite_Record_Mutual_Fund_Inflows.aspxhttp://www.ifaradio.com/articles/Active_Fund_Trading_Costs_Remain_High.aspxMany individual investors believe that professionally managed funds have a trading cost advantage over them, but this is not the case. A recent study suggests that smaller volume traders have gained the most from recently shrinking commissions and smaller Tue, 22 Jan 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Active_Fund_Trading_Costs_Remain_High.aspxhttp://www.ifaradio.com/articles/News_Roundup_2001_ETF_Assets_Vanguard_Telephone_Exchanges_Dow_CDs.aspxExchange-traded fund assets grew significantly in 2001, according to year-end statistics. Worldwide assets ballooned to $103.2 billion, an increase of 39% from the previous year. On the domestic front, U.S.-based ETF assets jumped 27% from last year to $83Fri, 18 Jan 2002 00:00:00 GMThttp://www.ifaradio.com/articles/News_Roundup_2001_ETF_Assets_Vanguard_Telephone_Exchanges_Dow_CDs.aspxhttp://www.ifaradio.com/articles/SP_Combines_Small_and_Mid-Caps_in_New_Index.aspxIndex provider Standard & Poor's yesterday launched the new S&P 1000 index, which folds together the S&P MidCap 400 and the S&P SmallCap 600.Wed, 16 Jan 2002 00:00:00 GMThttp://www.ifaradio.com/articles/SP_Combines_Small_and_Mid-Caps_in_New_Index.aspxhttp://www.ifaradio.com/articles/An_ETF_Cheat_Sheet_for_Major_Domestic_Stock_Categories.aspxExchange-traded funds (ETFs) make great tools for building a a reasonably diversified portfolio of U.S. stocks on the cheap, particularly for those making lump sum investments. However, with 102 domestic ETFs trading at last count, some investors may feel Tue, 15 Jan 2002 00:00:00 GMThttp://www.ifaradio.com/articles/An_ETF_Cheat_Sheet_for_Major_Domestic_Stock_Categories.aspxhttp://www.ifaradio.com/articles/SEC_Reviewing_Actively_Managed_ETFs.aspxNot one of the currently 102 exchange-traded funds (ETFs) listed in the United States holding over $70 billion of assets in their coffers is actively traded. All are linked to equity benchmarks from the popular index providers such as Dow Jones, Russell, aThu, 10 Jan 2002 00:00:00 GMThttp://www.ifaradio.com/articles/SEC_Reviewing_Actively_Managed_ETFs.aspxhttp://www.ifaradio.com/articles/News_Roundup_1st_Indian_ETF_Dow_2001_Data_CBOT-Dow_Alliance.aspxIndia's Benchmark Asset Management Company yesterday introduced the country's first exchange-traded fund (ETF) based on Standard and Poor's broad CNX Nifty Index. The new stock basket will be traded on the Capital Market segment of National Stock Exchange,Wed, 09 Jan 2002 00:00:00 GMThttp://www.ifaradio.com/articles/News_Roundup_1st_Indian_ETF_Dow_2001_Data_CBOT-Dow_Alliance.aspxhttp://www.ifaradio.com/articles/Index_Changes_Getting_Harder_to_Exploit.aspxIn the current environment, changes in indexes appear to be less vulnerable to profit-taking attacks by active traders than in the past. Tue, 08 Jan 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Index_Changes_Getting_Harder_to_Exploit.aspxhttp://www.ifaradio.com/articles/Vanguard_Extended_Market_ETF_Launches.aspxVanguard Extended Market VIPERs, the exchange-traded fund to track the Wilshire 4500 Completion Index, will begin trading on January 4, 2002, on the American Stock Exchange under the symbol VXF. Vanguard Extended Market VIPERs (for Vanguard Index ParticipaFri, 04 Jan 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_Extended_Market_ETF_Launches.aspxhttp://www.ifaradio.com/articles/Mind_Your_Qs.aspxBy far the most popular exchange traded fund (ETF) is the one that tracks the Nasdaq-100 Index, symbol QQQ. It has been this way since the Qs made their first appearance on March 10, 1999. On that day alone the assets grew from an asset base of about $15 mFri, 04 Jan 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Mind_Your_Qs.aspxhttp://www.ifaradio.com/articles/Never_In_Doubt_Often_Wrong.aspxEconomists, if they are smart, learn to never make forecasts, especially about the future. If they have to make a forecast, they learn to never give a number. And, if they have to give a number, they learn to never give a date. In that way they can never bWed, 02 Jan 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Never_In_Doubt_Often_Wrong.aspxhttp://www.ifaradio.com/articles/Investors_cant_beat_market_scholar_says.aspxNobel winner says individuals wouldn't necessarily do well with privatized Social Security. Wed, 02 Jan 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Investors_cant_beat_market_scholar_says.aspxhttp://www.ifaradio.com/articles/Investors_cant_beat_market_scholar_says_hope_yen.aspxNobel winner says individuals wouldn't necessarily do well with privatized Social Security. Wed, 02 Jan 2002 00:00:00 GMThttp://www.ifaradio.com/articles/Investors_cant_beat_market_scholar_says_hope_yen.aspxhttp://www.ifaradio.com/articles/News_Roundup_Amex_and_Bank_of_New_York.aspxInvestors who use options to hedge portfolio risk got some welcome new tools for the chest. This week the American Stock Exchange (AMEX) began trading options on six iShares managed by Barclays Global Investors tied to the following indexes:Mon, 31 Dec 2001 00:00:00 GMThttp://www.ifaradio.com/articles/News_Roundup_Amex_and_Bank_of_New_York.aspxhttp://www.ifaradio.com/articles/Index_Tracking_is_a_Secondary_Goal.aspxAs investors examine year-end performances of their index funds, one measure they should not focus on too closely is tracking error. Keeping a portfolio reasonably close to its intended index is desirable, but experts caution against zealous efforts to mimSun, 23 Dec 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Index_Tracking_is_a_Secondary_Goal.aspxhttp://www.ifaradio.com/articles/Morningstar_to_Launch_New_Indexes.aspxMorningstar, Inc., plans to launch 16 new indexes in 2002 based on the firm's Style Box methodology.Mon, 17 Dec 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Morningstar_to_Launch_New_Indexes.aspxhttp://www.ifaradio.com/articles/News_Roundup_Nasdaq_ETF_Barclays_Vanguard_Distributions.aspxThe Nasdaq Exchange is looking to capitalize on the popularity of the Nasdaq-100 Tracking Stock (QQQ), an exchange-traded fund listed on the American Stock Exchange (AMEX). Nasdaq has plans to launch its own ETF based on the Nasdaq Composite Index, accordiMon, 17 Dec 2001 00:00:00 GMThttp://www.ifaradio.com/articles/News_Roundup_Nasdaq_ETF_Barclays_Vanguard_Distributions.aspxhttp://www.ifaradio.com/articles/Glimpse_of_Convergence_to_Efficiency.aspxA new study "Evidence on the Speed of Convergence to Market Efficiency" by Prof. Richard Roll of UCLA and colleagues demonstrates just how quickly competition squeezes out easy profits and offers glimpses of the complexity of equity markets.Thu, 13 Dec 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Glimpse_of_Convergence_to_Efficiency.aspxhttp://www.ifaradio.com/articles/Tax_Loss_Selling_Using_Exchange_Traded_Funds.aspxTax loss selling has been an effective tax management tool used by savvy investors and portfolio managers for years. The concept is quite simple. You sell investment(s) that are in a loss position, and apply those realized losses against realized gains, thTue, 11 Dec 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Tax_Loss_Selling_Using_Exchange_Traded_Funds.aspxhttp://www.ifaradio.com/articles/From_Our_Canadian_Bureau_Tough_Year_Creates_Planning_Opportunity.aspxStock markets all over the globe have fallen off a cliff so far this year - and dragged many investors along for the ride. Canadian stocks have shed about 21 per cent of their value, while U.S. and overseas stocks have sunk 14 and 19 per cent, respectivelyMon, 10 Dec 2001 00:00:00 GMThttp://www.ifaradio.com/articles/From_Our_Canadian_Bureau_Tough_Year_Creates_Planning_Opportunity.aspxhttp://www.ifaradio.com/articles/Vanguard_Issues_Updated_Capital_Gain_Distribution_Estimates.aspxThe Vanguard Group released updated realized capital gain figures today for its funds to assist investors with year-end tax and investment planning. The firm expects that 70% of its funds (57 funds in all) will not make capital gain distributions for 2001.Fri, 07 Dec 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_Issues_Updated_Capital_Gain_Distribution_Estimates.aspxhttp://www.ifaradio.com/articles/The_Enron_Debacle_Lessons_To_Be_Learned.aspxIn December 2000, with its stock trading at a peak of $85 per share, Enron had a market capitalization of over $60 billion, making it one of the largest U.S. companies. Less than one year later, with the stock trading at well under $1 per share, the companFri, 07 Dec 2001 00:00:00 GMThttp://www.ifaradio.com/articles/The_Enron_Debacle_Lessons_To_Be_Learned.aspxhttp://www.ifaradio.com/articles/Bogle_Cautions_Indexers_on_ETF_Speculation.aspxVanguard's founder denounced the speculative appeal of exchange traded funds before the largest annual US gathering of indexing faithful, who took the message to heart but felt that it understated how speculative interest benefits the long-term investor.Wed, 05 Dec 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Bogle_Cautions_Indexers_on_ETF_Speculation.aspxhttp://www.ifaradio.com/articles/Explaining_Stock_Returns_A_Literature_Survey.aspxDaniel and Titman (1997) doubt the risk-based explanation. They contend that it is "characteristics, not covariances," that produce return dispersion. For example, the risk-based story says that high BtM stocks have high average returns because they are seSat, 01 Dec 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Explaining_Stock_Returns_A_Literature_Survey.aspxhttp://www.ifaradio.com/articles/The_Error_Term.aspxBoth cases have the same factor exposures and the same expected returns as the market. Cases 1 and 2, however, have significantly higher after-tax expected returns, especially in periods where dividend yields are high. In 1991, for instance, simulated CaseSat, 01 Dec 2001 00:00:00 GMThttp://www.ifaradio.com/articles/The_Error_Term.aspxhttp://www.ifaradio.com/articles/Being_Socially_Responsible_All_The_Rage.aspxAssets in socially responsible funds have continued to rise dramatically. According to a new report by the Social Investment Forum, assets under management in socially screened portfolios have topped $2 trillion. In the past two years, socially responsibleWed, 28 Nov 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Being_Socially_Responsible_All_The_Rage.aspxhttp://www.ifaradio.com/articles/ETFs_for_the_Buy-and-Hold_Investor.aspxThe buy-and-hold investor has as much to gain from ETFs as anyone. While media hoopla has focused on day traders using ETF, in reality ETFs' greatest strengths lie in their long-term features. Especially when purchasing an index-oriented product, over timeWed, 21 Nov 2001 00:00:00 GMThttp://www.ifaradio.com/articles/ETFs_for_the_Buy-and-Hold_Investor.aspxhttp://www.ifaradio.com/articles/Risk_and_Expected_Return.aspxThe last half of the twentieth century was a golden era for US equity investors. From 1950 through 1999 the S&P 500 Index produced annualized returns of 13.6% per annum, or a real rate of 9.2% per annum. Even more impressive are the returns of the last quaTue, 20 Nov 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Risk_and_Expected_Return.aspxhttp://www.ifaradio.com/articles/Forbes_Recognizes_IndexFundscom_and_ETFzone_as_Best_of_Web.aspxBoth the IndexFunds.com site and its ETFzone were awarded Best of the Web, with the IndexFunds.com site finishing 4th out of 20 sites in the Fund Selection category and the ETFzone also being awarded Best of the Web in the Exchange-Traded Fund category. ThSat, 17 Nov 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Forbes_Recognizes_IndexFundscom_and_ETFzone_as_Best_of_Web.aspxhttp://www.ifaradio.com/articles/iShares_Global_Sector_Funds_hit_the_Market.aspxiShares continued its enthusiastic global expansion with the launch of the world's first global sector funds. The funds began trading today (11/16/2001) and cover global technology, telecom, energy, financials and healthcare sectors. They are based on StanFri, 16 Nov 2001 00:00:00 GMThttp://www.ifaradio.com/articles/iShares_Global_Sector_Funds_hit_the_Market.aspxhttp://www.ifaradio.com/articles/iShares_Make_Strong_Gains_as_VIPERs_Crack_1_Billion.aspxETF assets soared in the previous 2 weeks in a strengthening market that was coupled with strong investor interest in ETFs. The iShares continued their recent boom, with all of the top iShares funds enjoying significant gains. iShare's breakthrough 35 bp (Fri, 16 Nov 2001 00:00:00 GMThttp://www.ifaradio.com/articles/iShares_Make_Strong_Gains_as_VIPERs_Crack_1_Billion.aspxhttp://www.ifaradio.com/articles/The_Road_Less_Travelled.aspxAs they begin their journey, investors are faced with an immediate fork in the road-the choice between an active and a passive management strategy. Given the substantial body of evidence it seems clear that passive investing is the strategy most likely to Wed, 14 Nov 2001 00:00:00 GMThttp://www.ifaradio.com/articles/The_Road_Less_Travelled.aspxhttp://www.ifaradio.com/articles/ETF_Regulatory_and_Tax_Complications.aspxMany of the early developers of ETFs say that it took a miraculous convergence of determination and circumstance to ultimately garner the approval of the SEC and get the new products off the ground. The basic structure of ETFs runs counter to some importanFri, 09 Nov 2001 00:00:00 GMThttp://www.ifaradio.com/articles/ETF_Regulatory_and_Tax_Complications.aspxhttp://www.ifaradio.com/articles/Internet_Trader-Fund_managers_and_pond_life.aspxSo should you assign some of your money to fund managers?Fri, 09 Nov 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Internet_Trader-Fund_managers_and_pond_life.aspxhttp://www.ifaradio.com/articles/The_Societal_Risk_Premium.aspxFinancial economists like to talk about the risk-free rate: basically, the time value of money sitting in a perfectly safe vehicle. From an historical perspective per se, the very use of the term is fascinating. After all, it implies a society that is stroThu, 08 Nov 2001 00:00:00 GMThttp://www.ifaradio.com/articles/The_Societal_Risk_Premium.aspxhttp://www.ifaradio.com/articles/Let_The_Commenting_Begin.aspxThe SEC today announced the long-awaited issuance of its concept release on actively managed exchange-traded funds (ETFs). Actively-managed ETFs increasingly threaten to invade the realm of ETFs, a space presently occupied only by index funds. The AMEX didWed, 07 Nov 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Let_The_Commenting_Begin.aspxhttp://www.ifaradio.com/articles/Fed_Rates_Lowered_by_Another_Half_Percent.aspxReacting to an economy that has slid into recession, the Fed lowered interest rates by another 50 basis points (0.50%) to 2%. Stocks climbed on the news. The Fed rates are now at a 40-year low. The move market the first time the rate had slid as low as 2% Tue, 06 Nov 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Fed_Rates_Lowered_by_Another_Half_Percent.aspxhttp://www.ifaradio.com/articles/As_VIPERs_Assets_Soar_Vanguard_Suffers_Another_Legal_Setback.aspxEven as the total market VIPERs ETF offering from Vanguard drew a flood of new assets, Vanguard suffered a legal defeat to Standard & Poor's that was described by a Vanguard spokesman as "final."Fri, 02 Nov 2001 00:00:00 GMThttp://www.ifaradio.com/articles/As_VIPERs_Assets_Soar_Vanguard_Suffers_Another_Legal_Setback.aspxhttp://www.ifaradio.com/articles/Scratching_the_Surface_of_Socially_Responsible_Index_Funds.aspxNational tragedies like the events of 9/11/01 inevitably cause people to reexamine values, and part of this process may include taking a fresh look at your portfolio.Tue, 30 Oct 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Scratching_the_Surface_of_Socially_Responsible_Index_Funds.aspxhttp://www.ifaradio.com/articles/Barclays_Introduces_First_Natural_Resource_ETF.aspxBarclays Global Investors began trading the iShares Goldman Sachs Natural Resources Exchange Traded Fund (ticker: IGE), the first ETF of its kind. The fund tracks the Goldman Sachs Natural Resources index, a market capitalization-weighted index of 112 stocFri, 26 Oct 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Barclays_Introduces_First_Natural_Resource_ETF.aspxhttp://www.ifaradio.com/articles/Bogle_Speaks.aspxJohn Bogle fans were treated to classic indexing discourse from the great pioneer of indexing at the recent AXA Rosenberg investor conference in Boston. Fri, 26 Oct 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Bogle_Speaks.aspxhttp://www.ifaradio.com/articles/SP_Includes_REITs_and_Amex_Adds_Options.aspxStandard & Poor's this month added several Real Estate Investment Trusts (REITs) to its US indexes for the first time. The firm recently concluded that REITs have become operating companies driving US economic activity, are no longer passive investment holWed, 24 Oct 2001 00:00:00 GMThttp://www.ifaradio.com/articles/SP_Includes_REITs_and_Amex_Adds_Options.aspxhttp://www.ifaradio.com/articles/Vanguard_Debuts_Term_Life_Private_Equities.aspxThe Vanguard Group expanded its line of financial services recently with term life insurance and private equity offerings offered only to its clientele as part of its strategy to offer one-stop shopping for financial services. Mon, 22 Oct 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_Debuts_Term_Life_Private_Equities.aspxhttp://www.ifaradio.com/articles/Some_Germans_Stock_Up_on_Index_Certificates.aspxIn the last year, when ETFs came to Germany, for us it didn't make sense to have index certificates. ETFs are better because there's more liquidity, a much smaller spread, and they're tradeable every day. There are arbitragers who play ETFs against futuresThu, 18 Oct 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Some_Germans_Stock_Up_on_Index_Certificates.aspxhttp://www.ifaradio.com/articles/History_in_PerspectiveAfter_the_Storm.aspxThe stock market has recovered the more than $1 trillion in lost market cap value it had lost since the September 11th attacks. Despite the encouraging rally, many investors are understandably shaken by the terrorist attacks and a future clouded with uncerFri, 12 Oct 2001 00:00:00 GMThttp://www.ifaradio.com/articles/History_in_PerspectiveAfter_the_Storm.aspxhttp://www.ifaradio.com/articles/Financial_Advisors_Defect_to_Indexing.aspxFinancial advisor firms have found it hard to transition from actively managed, commissionable products to indexed, fee-based services, but another important defection to the indexing corner recently took place. Thu, 11 Oct 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Financial_Advisors_Defect_to_Indexing.aspxhttp://www.ifaradio.com/articles/Class_Action_Suit_Filed_Against_Merrill_Lynch_HOLDRs.aspxInvestors who got burned by the dot-com bust may have a chance to reclaim some of their lost money, even if the tech rebound many of them are holding out for fails to materialize.Wed, 10 Oct 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Class_Action_Suit_Filed_Against_Merrill_Lynch_HOLDRs.aspxhttp://www.ifaradio.com/articles/On_the_Lighter_Side.aspx"There are three kinds of people in the world. Those who can count and those who can't!." - J.R. Dicks... Financial Advice in Tough TimesTue, 09 Oct 2001 00:00:00 GMThttp://www.ifaradio.com/articles/On_the_Lighter_Side.aspxhttp://www.ifaradio.com/articles/Passive_Investing_Trends.aspxIndex funds are on the rise. Assets flowing into index mutual funds have been rapidly growing both in absolute terms and relative to inflows into actively-managed funds. The million-dollar question is whether these inflows have resulted from investors seeiFri, 05 Oct 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Passive_Investing_Trends.aspxhttp://www.ifaradio.com/articles/Discussion_With_Rainer_Riess_of_Deutsche_Borse_AG.aspxExchange-traded funds have experienced exponential growth among both retail and institutional investors in Europe, and we expect this to continue. They are a cost-effective addition to mututal funds, and we expect them to grow in significance. -Rainer RiesThu, 04 Oct 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Discussion_With_Rainer_Riess_of_Deutsche_Borse_AG.aspxhttp://www.ifaradio.com/articles/Federal_Reserve_Rates_at_39-Year_Low.aspxThe Federal Reserve today lowered the Fed Funds rate to a Japanesque 2.5%. The announcement came as consumer confidence plummeted and the economy continued to show signs of weakness. The Fed rate is the lowest it has been since 1962. Tue, 02 Oct 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Federal_Reserve_Rates_at_39-Year_Low.aspxhttp://www.ifaradio.com/articles/How_ETFs_Manage_a_Tax-Efficiency_Edge_over_Traditional_Mutual_Funds.aspxFor all the talk that ETFs are more tax-efficient, there's rarely a detailed explanation of exactly why this is so. As a result, many investors do not truly understand the tax benefits and liabilities of ETFs. It's important to emphasize that ETFs are not Fri, 28 Sep 2001 00:00:00 GMThttp://www.ifaradio.com/articles/How_ETFs_Manage_a_Tax-Efficiency_Edge_over_Traditional_Mutual_Funds.aspxhttp://www.ifaradio.com/articles/The_American_Way_of_Life.aspxThe greatest threat to the American way of life, at this point in time, comes from America. There is no question about the magnitude of the atrocities. There is no justification for the attacks, regardless of the attackers motives. It was an heinous act oWed, 26 Sep 2001 00:00:00 GMThttp://www.ifaradio.com/articles/The_American_Way_of_Life.aspxhttp://www.ifaradio.com/articles/Do_You_Believe_That_Your_Fortune_Is_In_The_Stars.aspxThe brand that has emerged as dominant in the 1990s is not Fidelity, Putnam, or even Merrill Lynch-but instead is Morningstar.[/:Author:] —R. Pozen, The Mutual Fund Business, 1998, p.75 Perhaps the most popular approach to selecting mutual funds is to relTue, 25 Sep 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Do_You_Believe_That_Your_Fortune_Is_In_The_Stars.aspxhttp://www.ifaradio.com/articles/From_Our_Canadian_Bureau_Quarterly_Distributions_on_Canadian_ETFs.aspxDistribution estimates were announced this week by Barclays Global Investors, State Street Global Advisors, and TD Asset Management for their respective Toronto Stock Exchange traded exchange-traded funds. The table below summarizes the expected distributiMon, 24 Sep 2001 00:00:00 GMThttp://www.ifaradio.com/articles/From_Our_Canadian_Bureau_Quarterly_Distributions_on_Canadian_ETFs.aspxhttp://www.ifaradio.com/articles/The_ETF_vs_Open-End_Index_Fund_Shootout.aspxI have to admit I’ve been dubious about the exchange-traded fund format. I just couldn’t figure out the why of these things, aside from fees, commissions, and sending financial journalists’ kids to private school. My first encounter with them—the WEBS seriMon, 24 Sep 2001 00:00:00 GMThttp://www.ifaradio.com/articles/The_ETF_vs_Open-End_Index_Fund_Shootout.aspxhttp://www.ifaradio.com/articles/Quarterly_Distributions_From_The_Vanguard_Group.aspxThe Vanguard Group declared quarterly distributions from ordinary net income, payable on September 24, 2001, to shareholders of record on September 20, 2001, as follows: Thu, 20 Sep 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Quarterly_Distributions_From_The_Vanguard_Group.aspxhttp://www.ifaradio.com/articles/Panic_sellers_did_not_profit_on_Monday.aspxAfter watching today's low closing prices, US equity investors who held onto stocks out of patriotism today might have felt a bit foolish. In reality they did just fine. Everyone in the US market got hit today, and selling on the morning the markets reopenMon, 17 Sep 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Panic_sellers_did_not_profit_on_Monday.aspxhttp://www.ifaradio.com/articles/Democracy_and_Markets_under_Attack.aspxAttacking a democracy will only make it rally in unity. Attacking a physical icon of capital management will only disperse the administration of capital flows. Americans have rallied defiantly against cowardly attacks on civilians by a hidden group. The UTue, 11 Sep 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Democracy_and_Markets_under_Attack.aspxhttp://www.ifaradio.com/articles/From_Our_Canadian_Bureau_Barclays_Helps_Retirees_With_New_ETF.aspxNew Barclays RSP-Eligible EAFE ETF Barclays Global Investors Canada Limited has finally announced the launch of the much anticipated fully RSP-eligible EAFE ETF it has been promising for several months. This offering, originally planned for a February 2001Sun, 09 Sep 2001 00:00:00 GMThttp://www.ifaradio.com/articles/From_Our_Canadian_Bureau_Barclays_Helps_Retirees_With_New_ETF.aspxhttp://www.ifaradio.com/articles/ProFunds_Launches_Six_New_Index_Funds.aspxMaryland-based fund shop ProFunds yesterday launched six index funds based on the following indexes: S&P Midcap 400, S&P Midcap 400/Barra Value, S&P Midcap 400/Barra Growth, Russell 2000, S&P Smallcap 600/Barra Value, and S&P Smallcap 600/Barra Growth. ThWed, 05 Sep 2001 00:00:00 GMThttp://www.ifaradio.com/articles/ProFunds_Launches_Six_New_Index_Funds.aspxhttp://www.ifaradio.com/articles/Overview_of_The_Small-Cap-Alpha_Myth.aspxMany people are led to believe that active managers can provide a greater advantage and higher value to investors in the small-cap versus large-cap market, thus resulting in a larger alpha. A large alpha infers that the stock or mutual fund has performed bSat, 01 Sep 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Overview_of_The_Small-Cap-Alpha_Myth.aspxhttp://www.ifaradio.com/articles/The_Small_Cap_Alpha_Myth.aspxMany people are led to believe that active managers can provide a greater advantage and higher value to investors in the small-cap versus large-cap market, thus resulting in a larger alpha. A large alpha infers that the stock or mutual fund has performed bSat, 01 Sep 2001 00:00:00 GMThttp://www.ifaradio.com/articles/The_Small_Cap_Alpha_Myth.aspxhttp://www.ifaradio.com/articles/Barclays_Global_Investors_Launches_Japan_iShares.aspxTrading of the iShares S&P/TOPIX 150 began today on the Tokyo Stock Exchange. The new exchange-traded fund has an expense ratio of 0.30%. Wed, 29 Aug 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Barclays_Global_Investors_Launches_Japan_iShares.aspxhttp://www.ifaradio.com/articles/ETF_Assets_Fall_in_Weak_Market.aspxExchange-traded fund (ETF) assets fell slightly in July, underscoring the current climate of soft equity prices. The slim $40 million decline occurred despite the fact that issued shares exceeded redeemed shares by $2.58 billion, according to Investment CoMon, 27 Aug 2001 00:00:00 GMThttp://www.ifaradio.com/articles/ETF_Assets_Fall_in_Weak_Market.aspxhttp://www.ifaradio.com/articles/SEC_Denies_ICI_Petition_to_Regulate_Folios.aspxChalk one up for do-it-yourself investors. The Securities and Exchange Commission (SEC) released a letter yesterday denying an Investment Company Institute (ICI) petition filed in March to regulate online stock baskets, or folios, as mutual funds. Fri, 24 Aug 2001 00:00:00 GMThttp://www.ifaradio.com/articles/SEC_Denies_ICI_Petition_to_Regulate_Folios.aspxhttp://www.ifaradio.com/articles/Barclays_Global_Investors_Launches_EAFE_iShares.aspxAt long last, Barclays Global Investors (BGI) has answered the call of indexers and today launched the new iShares MSCI EAFE exchange-traded fund. Expense ratio: a razor-thin 0.35%. Fri, 17 Aug 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Barclays_Global_Investors_Launches_EAFE_iShares.aspxhttp://www.ifaradio.com/articles/From_Our_European_Bureau_Consequences_of_the_American_Slowdown_on_the_European_Economy_and_Stock_Markets.aspxThe slowdown in the United States has caused some notable repercussions on the European continent. There are many reasons for the strong ripple effect, including market correlation, the impact of fully globalized industries, and the lack of pragmatism on tFri, 10 Aug 2001 00:00:00 GMThttp://www.ifaradio.com/articles/From_Our_European_Bureau_Consequences_of_the_American_Slowdown_on_the_European_Economy_and_Stock_Markets.aspxhttp://www.ifaradio.com/articles/The_500_Billion_Hedge_Fund_Folly.aspxMediocre returns, outrageous fees and a whiff of scandal have not stopped the hedge fund business from enjoying explosive growth in the past decade. Because these investment pools are under no obligation to report their assets or returns to the Securities Mon, 06 Aug 2001 00:00:00 GMThttp://www.ifaradio.com/articles/The_500_Billion_Hedge_Fund_Folly.aspxhttp://www.ifaradio.com/articles/Three_ETFs_Begin_Trading_on_Big_Board.aspxThree prominent exchange-traded funds (ETFs) began trading on the New York Stock Exchange (NYSE) on Tuesday, July 31 - the Nasdaq-100 Tracking Stock (QQQ), SPDR 500 (SPY), and Diamonds (DIA). They managed to attract 11%, 20%, and 29% of trading for the dayThu, 02 Aug 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Three_ETFs_Begin_Trading_on_Big_Board.aspxhttp://www.ifaradio.com/articles/Now_You_See_It_Now_You_DontiShares_Make_the_Move_to_MSCI_Provisional_Indexes.aspxBarclays Global Investors (BGI) is doing its best to help investors manage the MSCI switch to float-adjusted indexes, and on Friday it announced it is ahead of schedule. BGI says all 21 of its MSCI-based iShares exchange-traded funds (ETFs) have been rebalTue, 31 Jul 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Now_You_See_It_Now_You_DontiShares_Make_the_Move_to_MSCI_Provisional_Indexes.aspxhttp://www.ifaradio.com/articles/How_The_Price_You_Pay_Impacts_Returns.aspxWhen forecasting investment returns, individuals often make the mistake of simply extrapolating historic returns into the future. In addition, investors make the mistake of “recency.” Bull markets lead investors to expect higher future returns, and bear maThu, 26 Jul 2001 00:00:00 GMThttp://www.ifaradio.com/articles/How_The_Price_You_Pay_Impacts_Returns.aspxhttp://www.ifaradio.com/articles/News_From_the_Week.aspxThe Vanguard Group said it will jack up the minimum initial investment for its Selected Value Fund from $3,000 to $25,000, effective July 23. Vanguard also indicated that a 1% redemption fee would be assessed to shares redeemed within five years of purchasWed, 25 Jul 2001 00:00:00 GMThttp://www.ifaradio.com/articles/News_From_the_Week.aspxhttp://www.ifaradio.com/articles/Who_Wants_to_Run_a_Mutual_Fund.aspxI cringe when I hear comparisons between investing and sports, but I can't resist this time. When it comes to stock-picking, we're a nation of Monday morning quarterbacks. Tue, 24 Jul 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Who_Wants_to_Run_a_Mutual_Fund.aspxhttp://www.ifaradio.com/articles/New_iShares_Based_on_Russell_Mid-Cap_Indexes.aspxBarclays Global Investors launched three iShares on the American Stock Exchange today. The new exchange-traded funds (ETFs) are tied to the Russell Midcap index, Russell Midcap Value index, and Russell Midcap Growth index. Fri, 20 Jul 2001 00:00:00 GMThttp://www.ifaradio.com/articles/New_iShares_Based_on_Russell_Mid-Cap_Indexes.aspxhttp://www.ifaradio.com/articles/AMEX_Beefs_Up_ETF_Development.aspxThe American Stock Exchange (AMEX) today announced the creation of a new business unit that will specialize in ETF development to leverage its position as a global leader in exchange-traded funds (ETFs). AMEX was instrumental in the development and subsequWed, 18 Jul 2001 00:00:00 GMThttp://www.ifaradio.com/articles/AMEX_Beefs_Up_ETF_Development.aspxhttp://www.ifaradio.com/articles/ICI_Urges_SEC_Not_to_Force_More_Frequent_Fund_Disclosures.aspxInvestment Company Institute (ICI), the mutual fund industry's trade group, yesterday released a statement outlining why it believes average investors would actually be harmed by more frequent holdings disclosures by mutual funds. Additionally, ICI droppedTue, 17 Jul 2001 00:00:00 GMThttp://www.ifaradio.com/articles/ICI_Urges_SEC_Not_to_Force_More_Frequent_Fund_Disclosures.aspxhttp://www.ifaradio.com/articles/Bank_of_New_York_Has_ADR_Index_ETFs_in_the_Works.aspxMany institutional and retail investors like exchange-traded funds (ETFs) for cheap exposure to foreign markets. Bank of NY wants to drive costs down even lower, and has filed an exemptive application with the Securities and Exchange Commission (SEC) to laMon, 16 Jul 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Bank_of_New_York_Has_ADR_Index_ETFs_in_the_Works.aspxhttp://www.ifaradio.com/articles/Three_New_iShares_for_Tech_Junkies.aspxBarclays Global Investors (BGI) will launch three iShares ETFs tied to the following Goldman Sachs technology indexes: Networking, Semiconductors, and Software. They will begin trading on the American Stock Exchange (AMEX) starting July 13.Thu, 12 Jul 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Three_New_iShares_for_Tech_Junkies.aspxhttp://www.ifaradio.com/articles/ETrade_Gets_Dinged_by_NASD_for_Tech_Index_Fund_Ad.aspxRemember those online broker television ads of yesteryear that led you to believe that stock picking was so easy that even ADD-afflicted office punks and altruistic truck drivers could point-and-click their way to fabulous wealth in their spare time? E*TraMon, 09 Jul 2001 00:00:00 GMThttp://www.ifaradio.com/articles/ETrade_Gets_Dinged_by_NASD_for_Tech_Index_Fund_Ad.aspxhttp://www.ifaradio.com/articles/What_Makes_an_Asst_Class.aspxSometimes NASDAQ is referred to as an asset class, but it's not. It's an exchange that contains several asset classes. A partial index of NASDAQ stocks might proxy for a tech stock "asset class"—but there's little theoretical reason to think tech stocks arSun, 01 Jul 2001 00:00:00 GMThttp://www.ifaradio.com/articles/What_Makes_an_Asst_Class.aspxhttp://www.ifaradio.com/articles/Vanguard_Files_to_Launch_Extended_Market_ETF.aspxIndexing giant Vanguard today filed with the SEC to launch an extended market exchange-traded fund (ETF) tied to the Wilshire 4500 index. As with the recently-released Total Stock Market VIPERs (Vanguard Index Participation Equity Receipts), the extended mFri, 29 Jun 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_Files_to_Launch_Extended_Market_ETF.aspxhttp://www.ifaradio.com/articles/NYSE-listed_ETF_to_be_Tied_to_Broad_Chinese_Index.aspxHow's this for a macroeconomic play: short the declining superpower (U.S.A.) and go long on the up-and-comer (China). Until now it hasn't been possible. Coming soon, though, to a broker near you: an NYSE-listed ETF that tracks 25 of the most liquid stocks Thu, 28 Jun 2001 00:00:00 GMThttp://www.ifaradio.com/articles/NYSE-listed_ETF_to_be_Tied_to_Broad_Chinese_Index.aspxhttp://www.ifaradio.com/articles/Paradise_Lost_SP_500_Gets_Ripped.aspxA recent Money magazine article by mutual fund columnist Jason Zweig ("Is the S&P 500 rigged?") has managed to put a fright into at least a few of the investors who have an estimated $1 trillion in index funds pegged to the broad market benchmark. And giveWed, 27 Jun 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Paradise_Lost_SP_500_Gets_Ripped.aspxhttp://www.ifaradio.com/articles/From_Our_Canadian_Bureau_iUnits_Distributions.aspxBarclays Global Investors (BGI) announced this week estimated distributions for its Canadian based exchange-traded funds (ETFs), known as iUnits. Unitholders of record as of June 27, 2001 will receive the distribution on June 28. Thu, 21 Jun 2001 00:00:00 GMThttp://www.ifaradio.com/articles/From_Our_Canadian_Bureau_iUnits_Distributions.aspxhttp://www.ifaradio.com/articles/From_Our_Canadian_Bureau_Canadian_impact_of_MSCI_index_changes_may_be_small.aspxMSCI's change in index construction methodology has been well covered by IndexFunds.com's resident experts. In summary, the change in methodology will increase market coverage to about 85% by excluding stock holdings held by governments and company insiderWed, 20 Jun 2001 00:00:00 GMThttp://www.ifaradio.com/articles/From_Our_Canadian_Bureau_Canadian_impact_of_MSCI_index_changes_may_be_small.aspxhttp://www.ifaradio.com/articles/AMEX_and_Tokyo_Exchange_to_Cross-List_ETFs.aspxThe American Stock Exchange (AMEX) and the Tokyo Stock Exchange inked a deal today to cross-list and trade U.S. and Japanese exchange-traded funds (ETFs). The alliance is the latest move by AMEX to set up a global trading platform for ETFs. The exchange hTue, 19 Jun 2001 00:00:00 GMThttp://www.ifaradio.com/articles/AMEX_and_Tokyo_Exchange_to_Cross-List_ETFs.aspxhttp://www.ifaradio.com/articles/Barclays_Global_Investors_to_Rebalance_MSCI_iShares_Early.aspxBarclays Global Investors (BGI) says it will rebalance its iShares exchange-traded funds (ETFs) pegged to MSCI indexes by the end of August 2001. MSCI is adjusting its equity indexes for free-float weighting and broader market coverage, and will complete tThu, 14 Jun 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Barclays_Global_Investors_to_Rebalance_MSCI_iShares_Early.aspxhttp://www.ifaradio.com/articles/New_Foliofn_Tool_Allows_Advisors_to_Design_and_Subscribe_Custom_Stock_Baskets.aspxMost individual investors are at least familiar with online brokers that allow them to design or purchase ready-made baskets of securities. However, one player, Foliofn, is expanding its services to advisors and money managers. The Virginia-based company lThu, 14 Jun 2001 00:00:00 GMThttp://www.ifaradio.com/articles/New_Foliofn_Tool_Allows_Advisors_to_Design_and_Subscribe_Custom_Stock_Baskets.aspxhttp://www.ifaradio.com/articles/SP_Launches_Global_Sector_Indexes_in_Australia.aspxStandard & Poor's (S&P) will begin live dissemination of real-time global sector indexes in Australia on June 25. S&P will launch 12 sector indexes from the broad Australia S&P/ASX 200 index, which covers approximately 89% of the total market capitalizatioWed, 13 Jun 2001 00:00:00 GMThttp://www.ifaradio.com/articles/SP_Launches_Global_Sector_Indexes_in_Australia.aspxhttp://www.ifaradio.com/articles/Brokerage_Firm_Loses_Account_Churning_Arbitration_Despite_Profits.aspxA National Association of Securities Dealers (NASD) arbitration panel ruled that a brokerage firm churned an investor's account - even though the account returned a net profit of over $300,000 during an eleven-month period. Attorney James J. Eccleston sucTue, 12 Jun 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Brokerage_Firm_Loses_Account_Churning_Arbitration_Despite_Profits.aspxhttp://www.ifaradio.com/articles/From_our_European_Bureau_Is_there_any_interest_for_Nasdaq_Europe_on_the_Continent.aspxFrom our European Bureau: Is there any interest for Nasdaq Europe on the Continent?Fri, 08 Jun 2001 00:00:00 GMThttp://www.ifaradio.com/articles/From_our_European_Bureau_Is_there_any_interest_for_Nasdaq_Europe_on_the_Continent.aspxhttp://www.ifaradio.com/articles/Redemption_Rates_Not_a_Good_Tool_for_Measuring_Mutual_Fund_Holding_Periods.aspxUsing mutual fund redemption rates to determine investor holding periods isn't kosher, according to recent research by Investment Company Institute (ICI). The problem with redemption rates, which measure annual fund redemptions as a percentage of average aFri, 08 Jun 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Redemption_Rates_Not_a_Good_Tool_for_Measuring_Mutual_Fund_Holding_Periods.aspxhttp://www.ifaradio.com/articles/Standard_Poors_to_Design_Stock_Baskets_for_ETrade.aspxIn a development that underscores the growing popularity of stock baskets offered by online brokers, index provider Standard & Poor's (S&P) has inked a letter of intent with E*Trade to create custom "folios." S&P will create baskets that reflect broad marMon, 04 Jun 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Standard_Poors_to_Design_Stock_Baskets_for_ETrade.aspxhttp://www.ifaradio.com/articles/From_our_European_Bureau_Are_European_Indexes_Investor_Friendly.aspxExchange-traded funds (ETFs) have really started to take off on the European continent this year. This growth has led parts of the financial community to raise doubts about the pertinence of European indices.Mon, 04 Jun 2001 00:00:00 GMThttp://www.ifaradio.com/articles/From_our_European_Bureau_Are_European_Indexes_Investor_Friendly.aspxhttp://www.ifaradio.com/articles/State_Street_Launches_Amsterdam_ETF.aspxAn exchange-traded fund (ETF) based on the the AEX Index, a cap-weighted index comprised of 25 leading stocks traded on the Amsterdam Stock Exchange, began trading Wednesday, 5/30/2001. The new ETF, called the streetTRACKS AEX Index ETF, is managed by StatFri, 01 Jun 2001 00:00:00 GMThttp://www.ifaradio.com/articles/State_Street_Launches_Amsterdam_ETF.aspxhttp://www.ifaradio.com/articles/Cross-Listed_Equities_Arrive.aspxThe Deutsche Boerse and Eurex announced plans to cross-list 200 of the most liquid U.S. equities and derivatives. Trading is scheduled to begin in September on the Xetra platform. Thu, 31 May 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Cross-Listed_Equities_Arrive.aspxhttp://www.ifaradio.com/articles/Seven_Criteria_to_Consider_When_Selecting_International_Equity_Benchmarks.aspxI've heard the analogy that being an indexer is like seeing the world through rose-colored glasses. Passive investors are content to sit back with a broadly-diversified, low-cost portfolio - and maybe an iced tea - and accept market returns. But before thTue, 29 May 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Seven_Criteria_to_Consider_When_Selecting_International_Equity_Benchmarks.aspxhttp://www.ifaradio.com/articles/Russell_Enters_Socially_Responsible_Index_Market.aspxThe Frank Russell Company, the index provider that has over $175 billion invested in funds modeled on its U.S. indexes, is stepping into the world of socially responsible investing. Tue, 29 May 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Russell_Enters_Socially_Responsible_Index_Market.aspxhttp://www.ifaradio.com/articles/Dow_Jones_and_Russell_to_Perform_Annual_Index_Rebalancing.aspxDow Jones Indexes today announced that it will release the results of its annual update for the Dow Jones Titans index family on June 1, after the close of U.S. markets. Stocks in the Dow Jones Global Titans 50, the Dow Jones Asian Titans 50, and the Dow Fri, 25 May 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Dow_Jones_and_Russell_to_Perform_Annual_Index_Rebalancing.aspxhttp://www.ifaradio.com/articles/From_Our_Canadian_Bureau_New_iUnits_SP_500_ETF.aspxAfter a long delay, Barclays Global Investors officially announced the launch of its much anticipated fully RRSP-eligible exchange-traded fund (ETF) tracking the S&P 500 index. One might wonder why all the fuss, given the wide availability of U.S.-based ETThu, 24 May 2001 00:00:00 GMThttp://www.ifaradio.com/articles/From_Our_Canadian_Bureau_New_iUnits_SP_500_ETF.aspxhttp://www.ifaradio.com/articles/From_our_European_Bureau_The_Times_They_Are_A-Changin.aspxFrom our European Bureau: The Times They Are A-Changin'Mon, 21 May 2001 00:00:00 GMThttp://www.ifaradio.com/articles/From_our_European_Bureau_The_Times_They_Are_A-Changin.aspxhttp://www.ifaradio.com/articles/Start_Your_EnginesMSCI_to_Release_New_Index_Constituents.aspxThe starting gun is cocked and ready for the biggest overhaul of an equity index series in history. Tomorrow, May 19, at 7:00 a.m. Eastern Daylight Time, Morgan Stanley Capital International (MSCI) will release the constituents of the MSCI Provisional IndeFri, 18 May 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Start_Your_EnginesMSCI_to_Release_New_Index_Constituents.aspxhttp://www.ifaradio.com/articles/ETF_Based_on_Dow_Begins_Trading_on_European_Exchange.aspxDow Jones Indexes announced that it has licensed Paris-based Lyxor Asset Management to issue the first ETF in Europe based on the Dow Jones Industrial Average. The fund began trading today on the Euronext exchange, and has an annual expense ratio of 0.50%.Thu, 17 May 2001 00:00:00 GMThttp://www.ifaradio.com/articles/ETF_Based_on_Dow_Begins_Trading_on_European_Exchange.aspxhttp://www.ifaradio.com/articles/Vanguard_Poised_to_Move_on_VIPERs_Launch.aspxDespite a jarring legal defeat that has left the launch of its S&P 500 VIPERs in doubt, the Vanguard Group intends to move forward in launching its Total Stock Market VIPERs. Vanguard plans to commence trading on its Total Stock Market VIPERs on May 31. ThThu, 17 May 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_Poised_to_Move_on_VIPERs_Launch.aspxhttp://www.ifaradio.com/articles/Sectors_vs_Countries_Does_Globalization_Mean_You_Should_Change_Your_Views_on_Diversification.aspxFlip through the pages of the Sunday paper's business section and you'll usually be able to pick out the latest fad in portfolio risk reduction - just by reading the ads. Lately, the steady stream of advertisements for utility funds, health-care funds, andTue, 15 May 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Sectors_vs_Countries_Does_Globalization_Mean_You_Should_Change_Your_Views_on_Diversification.aspxhttp://www.ifaradio.com/articles/Vanguard_Offers_Admiral_Shares_for_Eight_More_Funds.aspxThe Vanguard Group today announced that "Admiral Shares" are now available for eight additional mutual funds within the Vanguard family. Mon, 14 May 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_Offers_Admiral_Shares_for_Eight_More_Funds.aspxhttp://www.ifaradio.com/articles/Holy_Land_Gets_Its_First_Index_Fund.aspx"Profits in the Land of the Prophets." That's the catchy slogan plastered across ads for the first-ever Israel index fund, Amidex 35, which was launched in June 1999. But can it actually be true? For many investors, Israel is not only a country of BiblicWed, 09 May 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Holy_Land_Gets_Its_First_Index_Fund.aspxhttp://www.ifaradio.com/articles/SEC_Conducts_Online_Investor_Survey.aspxThe Securities and Exchange Commission (SEC) is performing an online survey to learn more about how investors are utilizing the Internet as an information resource when making important investment decisions. Wed, 09 May 2001 00:00:00 GMThttp://www.ifaradio.com/articles/SEC_Conducts_Online_Investor_Survey.aspxhttp://www.ifaradio.com/articles/Vanguard_to_Implement_New_Online_Tools.aspxVanguard's online brokerage service is set to include "Consolidated View," a one-stop simple approach where shareholders can manage all their financial assets online. The account aggregation tool was developed by CashEdge, and allows investors to view all Mon, 07 May 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_to_Implement_New_Online_Tools.aspxhttp://www.ifaradio.com/articles/The_Creative_and_Ever-Changing_World_of_Mutual_Fund_Advertising.aspxLet me tell you a little story. Once upon a time there was a bright thirty-year old technology fund manager who was featured in Money magazine. His picture was splashed across the cover, and the headline underneath informed you that his fund had racked upFri, 04 May 2001 00:00:00 GMThttp://www.ifaradio.com/articles/The_Creative_and_Ever-Changing_World_of_Mutual_Fund_Advertising.aspxhttp://www.ifaradio.com/articles/AMEX_and_Singapore_Exchange_Begin_Trading_Cross-Listed_ETFs.aspxThe American Stock Exchange (AMEX) and the Singapore Exchange (SGX) today began trading cross-linked exchange-traded funds (ETFs) on SGX Securities Trading, a joint venture company owned equally by the two exchanges. Fri, 04 May 2001 00:00:00 GMThttp://www.ifaradio.com/articles/AMEX_and_Singapore_Exchange_Begin_Trading_Cross-Listed_ETFs.aspxhttp://www.ifaradio.com/articles/ETFs_A_Picture_of_ConcentrationMarket_Share_of_Early_Pioneers_Declines_as_Product_Offerings_Expand.aspxPioneers in any market always maintain a high market share during the first stage of product establishment and proof of viability. Once that viability is proven, however, inevitably other players will follow and the early dominance of the pioneers from a mWed, 02 May 2001 00:00:00 GMThttp://www.ifaradio.com/articles/ETFs_A_Picture_of_ConcentrationMarket_Share_of_Early_Pioneers_Declines_as_Product_Offerings_Expand.aspxhttp://www.ifaradio.com/articles/Japan_Gives_Green_Light_On_ETFs.aspx Japan has finally given the official go-ahead on exchange-traded funds (ETFs). Exchange-traded funds have experienced explosive growth in the U.S.Wed, 02 May 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Japan_Gives_Green_Light_On_ETFs.aspxhttp://www.ifaradio.com/articles/AXA_Investment_Managers_Steps_Into_ETF_Ring.aspxThree exchange-traded funds (ETFs) based on broad global and regional benchmarks began trading on Euronext yesterday. They are hitched to the following indexes:Thu, 26 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/AXA_Investment_Managers_Steps_Into_ETF_Ring.aspxhttp://www.ifaradio.com/articles/SP_PrevailsVanguard_Loses_Landmark_Lawsuit.aspxThe judgment is in. Standard & Poor's prevailed over The Vanguard Group in a closely-watched lawsuit. According to a statement released by Standard & Poor's parent company, McGraw Hill Companies, U.S. District Court Judge Alvin K. Hellerstein ruled that S&Thu, 26 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/SP_PrevailsVanguard_Loses_Landmark_Lawsuit.aspxhttp://www.ifaradio.com/articles/Why_Invest_Overseas_At_All.aspxBefore you buy an international index fund, you might ask whether it makes sense to invest overseas at all. Although this is a complicated question, it seems pretty clear that the increased diversification and opportunity provided by overseas equities arguWed, 25 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Why_Invest_Overseas_At_All.aspxhttp://www.ifaradio.com/articles/Upcoming_Retail_HOLDRs_Look_Familiar.aspxMore and more individual investors are recognizing the benefits that exchange-traded funds (ETFs) and HOLDRs offer as a cheap way to gain exposure to different sectors of the economy. However, as with traditional mutual funds, it's important to examine theMon, 23 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Upcoming_Retail_HOLDRs_Look_Familiar.aspxhttp://www.ifaradio.com/articles/Netfolio_New_Kid_on_the_Do-It-Yourself_Block.aspxWhen the mutual fund industry's key lobbying organization kicks up a fuss with the SEC about those newfangled investor-managed stock portfolios, you can bet it's because somebody's feeling threatened. Netfolio is the most recent threat. Fri, 20 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Netfolio_New_Kid_on_the_Do-It-Yourself_Block.aspxhttp://www.ifaradio.com/articles/FXI_Launches_New_Index_for_China.aspxMore news out of Asia. Yesterday we told you about the Hong Kong exchange announcement to cross-trade exchange-traded funds (ETFs) on May 2, just two days before the Singapore exchange will cross-list ETFs with the American Stock Exchange (AMEX). AdditionaFri, 20 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/FXI_Launches_New_Index_for_China.aspxhttp://www.ifaradio.com/articles/ETFs_to_Cross-Trade_in_Hong_Kong.aspxThe American Stock Exchange (AMEX) has taken another step toward its vision of a fungible global trading platform for exchange-traded funds (ETFs). Next stop: Hong Kong. Thu, 19 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/ETFs_to_Cross-Trade_in_Hong_Kong.aspxhttp://www.ifaradio.com/articles/The_Expected_Return_One-Step.aspxAfter any particularly wrenching period in the markets, I usually get a few calls and messages in the following vein: "You saw how the Nasdaq just got cut off at the knees on no fundamental news… do you still believe that the market is efficient?" To whichWed, 18 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/The_Expected_Return_One-Step.aspxhttp://www.ifaradio.com/articles/Survivorship_Bias.aspxThe above headline should be an SEC-required disclosure for advertisements of many mutual funds. The reported returns of many fund families and their funds are often either misrepresentations (intentional or unintentional) of the returns earned by investorFri, 13 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Survivorship_Bias.aspxhttp://www.ifaradio.com/articles/Record_Numbers_of_Funds_Blown_Up_in_Market_Minefield.aspxYesterday, we told you that Vanguard announced plans to close and liquidate two of its funds. Could this be a harbinger of more funds throwing in the towel in coming months if the down market continues? How bad is it out there? Let's take a look. Thu, 12 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Record_Numbers_of_Funds_Blown_Up_in_Market_Minefield.aspxhttp://www.ifaradio.com/articles/Vanguard_to_close_and_liquidate_two_funds.aspxThe Vanguard Group recently announced the closing and planned liquidation of two funds, and also the re-opening of two funds to new shareholder accounts. On April 6, Vanguard said it would cease accepting new accounts and shareholder purchases for VanguardWed, 11 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_to_close_and_liquidate_two_funds.aspxhttp://www.ifaradio.com/articles/From_Our_Canadian_Bureau_Tax_Tips_for_Fund_Investors_T3s_are_only_the_beginning.aspxNow that the registered retirement savings plan (RRSP) frenzy is behind us, most of the T3 (see bottom for description of terms) and T5 slips from GICs, stocks, mutual funds, segregated funds, and other pooled investment products should have trickled in byTue, 10 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/From_Our_Canadian_Bureau_Tax_Tips_for_Fund_Investors_T3s_are_only_the_beginning.aspxhttp://www.ifaradio.com/articles/Savings_on_Capital_Gains_Ease_Losses.aspxMany index fund investors can take some comfort this tax season that they are not paying capital gains on funds reflecting lost value. Both Barclays Global Investors and the Vanguard Group report they have not needed to distribute capital gains to investorMon, 09 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Savings_on_Capital_Gains_Ease_Losses.aspxhttp://www.ifaradio.com/articles/And_The_Walls_Came_Tumbling_DownNYSE_Seeks_Unlisted_Trading_Privileges_for_ETFs.aspxLong a virulent opponent of unlisted trading privileges, the New York Stock Exchange (NYSE) has finally given in. The Big Board announced that it would be seeking unlisted trading privileges for the SPDRs S&P 500 fund (SPY), the Nasdaq 100 Trust (QQQ), andFri, 06 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/And_The_Walls_Came_Tumbling_DownNYSE_Seeks_Unlisted_Trading_Privileges_for_ETFs.aspxhttp://www.ifaradio.com/articles/AMEX_and_Singapore_Exchange_to_Cross-List_ETFs.aspxThe American Stock Exchange (AMEX) and the Singapore Exchange (SGX) today said they will begin listing and trading exchange-traded funds (ETFs) and HOLDRs on SGX Securities Trading starting May 4th. Thu, 05 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/AMEX_and_Singapore_Exchange_to_Cross-List_ETFs.aspxhttp://www.ifaradio.com/articles/ETF_TrendsVolatile_Market_Alters_the_Playing_Field.aspxDespite the sharp market downturn, and declining asset values, exchange-traded funds (ETFs) have continued to gain assets. The value of the U.S. total market as measured by the Wilshire 5000 declined in value by 22.05% over the 6-month period from SeptembeTue, 03 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/ETF_TrendsVolatile_Market_Alters_the_Playing_Field.aspxhttp://www.ifaradio.com/articles/Mutual_Fund_Tax_Bite_Can_Be_Bigger_Than_Bark.aspxApril 16 is nearly upon us. In honor of tax season, we're running an article series to help investors understand how mutual funds are taxed. In this first installment, we examine the basics with a general overview of the subject. Later this week, we'll looMon, 02 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Mutual_Fund_Tax_Bite_Can_Be_Bigger_Than_Bark.aspxhttp://www.ifaradio.com/articles/SP_500_Index_Changes_in_March.aspxRecently, we took a not-so-serious look at the prospects for front-running additions to the S&P 500 to exploit the "index effect," where demand can push up a stock's price when it enters an index. This time, let's take a look back and see what happened to Mon, 02 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/SP_500_Index_Changes_in_March.aspxhttp://www.ifaradio.com/articles/Index_and_Enhanced_Index_Funds.aspxThe purpose of including Exhibit 5 is to demonstrate that portfolio management is a sufficiently complicated task even when index funds are used. In some ways, the role of an investment committee is made more difficult, because it has to decide which assetSun, 01 Apr 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Index_and_Enhanced_Index_Funds.aspxhttp://www.ifaradio.com/articles/Individual_Investor_Group_Launches_Large_and_Mid-Cap_Indexes.aspxIndividual Investor Group announced two new additions to the America's Fastest Growing Companies index family: the LargeCap 50 and the MidCap 300. The LargeCap 50 starts off with a base of the 100 largest companies and selects the 50 with the highest earnFri, 30 Mar 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Individual_Investor_Group_Launches_Large_and_Mid-Cap_Indexes.aspxhttp://www.ifaradio.com/articles/Front_Run_The_SP_500_Vanguard_Investors_Hedge_Your_Bets.aspxIn these topsy-turvy days of volatile markets, who knows what's up or down? The Dow could be up 250 today, and down 300 tomorrow. It's a fool's game playing market direction, and every diehard index fund investor knows it. One thing we can count on, thougThu, 29 Mar 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Front_Run_The_SP_500_Vanguard_Investors_Hedge_Your_Bets.aspxhttp://www.ifaradio.com/articles/Wayne_Wagner_on_How_to_Become_a_Millionaire.aspxWayne Wagner is the co-author of Millionaire, a book with a promise that index fund investing can turn your lunch money into a million bucks given enough patience, time, and discipline. Wagner should know - in the early 1970s he helped Wells Fargo developWed, 28 Mar 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Wayne_Wagner_on_How_to_Become_a_Millionaire.aspxhttp://www.ifaradio.com/articles/Breaking_Down_the_Nasdaq_100_This_YearAn_Autopsy.aspxThus far, 2001 has been like a train wreck for the technology sector. In true rubberneck form, let's slow down for a second and take a look at the extent of the carnage. Call it a morbid fascination, but new research from the Equity Derivatives Strategy DeMon, 26 Mar 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Breaking_Down_the_Nasdaq_100_This_YearAn_Autopsy.aspxhttp://www.ifaradio.com/articles/Irrational_Pessimism_Examining_Trading_Volume_and_Market_Momentum.aspxIn an article in the October 2000 issue of the Journal of Finance, Charles M.C. Lee and Bhaskaran Swaminathan presented their findings on a study examining whether past returns and past trading volumes had predictive value in terms of future returns. One oFri, 23 Mar 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Irrational_Pessimism_Examining_Trading_Volume_and_Market_Momentum.aspxhttp://www.ifaradio.com/articles/New_Technology_iShare.aspxA new iShares exchange-traded fund (ETF) began trading on the American Stock Exchange on Monday. The Goldman Sachs Technology Index Fund (trading symbol: IGM) will track the Goldman Sachs Technology Index, and has an expense ratio of 0.50%. Tue, 20 Mar 2001 00:00:00 GMThttp://www.ifaradio.com/articles/New_Technology_iShare.aspxhttp://www.ifaradio.com/articles/Active_vs_Passive_Management_for_Small-Cap_Funds.aspx"Active management works better than passive index funds for small-cap and international funds." This notion is so widespread that it has become conventional wisdom in financial circles. I have never seen much to back it up, and have largely held an agnosMon, 19 Mar 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Active_vs_Passive_Management_for_Small-Cap_Funds.aspxhttp://www.ifaradio.com/articles/Swiss_Exchange_Launches_Broad_Market_ETF.aspxYesterday the SWX Swiss Exchange announced the launch of an exchange-traded fund (ETF) that tracks the Swiss Market Index. This broad benchmark is a cap-weighted index that contains 29 Swiss blue-chip companies which represent 80% of the total capitalizatiFri, 16 Mar 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Swiss_Exchange_Launches_Broad_Market_ETF.aspxhttp://www.ifaradio.com/articles/I_Want_to_Buy_an_SP_500_Index_Fund__Now_What.aspxBy far, the index with the most money benchmarked to it is the Standard & Poor's (S&P) 500 Index, with over a trillion dollars. The index is widely regarded as the barometer to measure the performance of large-cap U.S. companies. The stocks within the indeFri, 09 Mar 2001 00:00:00 GMThttp://www.ifaradio.com/articles/I_Want_to_Buy_an_SP_500_Index_Fund__Now_What.aspxhttp://www.ifaradio.com/articles/Vanguard_to_Offer_Free_Investment_Advice.aspxThe Vanguard Group and Financial Engines have inked an alliance that will allow retail investors of Vanguard funds to receive portfolio investment advice at no charge. Vanguard will initially offer the service in the second quarter to participants in emploTue, 06 Mar 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_to_Offer_Free_Investment_Advice.aspxhttp://www.ifaradio.com/articles/FTSE_to_Launch_Socially_Responsible_Benchmarks.aspxFTSE, the index provider jointly owned by the London Stock Exchange and the Financial Times, announced that it plans to launch a new series of indexes for socially responsible investment (SRI). Called the FTSE4Good family, the indexes will go live in June Mon, 05 Mar 2001 00:00:00 GMThttp://www.ifaradio.com/articles/FTSE_to_Launch_Socially_Responsible_Benchmarks.aspxhttp://www.ifaradio.com/articles/Technology_Sector_Down_Over_50_percent_for_the_Year_Keep_Those_Tech_Indexes_Coming.aspxAs of yesterday, the Dow Jones Technology Sector Index was down over 53% for the year, and predicting when the tech sector will actually bottom out seems to be the main hobby of financial writers and pundits these days. Amidst these unhappy times for techFri, 02 Mar 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Technology_Sector_Down_Over_50_percent_for_the_Year_Keep_Those_Tech_Indexes_Coming.aspxhttp://www.ifaradio.com/articles/Index_Fund_Popularity_Waning.aspx"One of the most popular investment products of the 1990s - passively managed index funds that mimic the movements of major market indices - may have reached a peak in their popularity," says a new report by Eaton Vance, a Boston-based investment managemenWed, 28 Feb 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Index_Fund_Popularity_Waning.aspxhttp://www.ifaradio.com/articles/MSCI_Launches_Real-Time_Indexes.aspxMorgan Stanley Capital International (MSCI) today launched over 750 global sector, regional, and country indexes that will be updated in real time. The indexes cover developed markets and Asian emerging markets, and will be updated every 60 seconds for 23 Tue, 27 Feb 2001 00:00:00 GMThttp://www.ifaradio.com/articles/MSCI_Launches_Real-Time_Indexes.aspxhttp://www.ifaradio.com/articles/Diversification_with_Inherent_Assets_in_Mind.aspxChances are, the successful individual investor keeps these basic ideas in mind for the long haul: be disciplined, save and invest as much as possible, be mindful of taxes, don't get caught up in the latest market mania fashion trend, and keep investments Mon, 26 Feb 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Diversification_with_Inherent_Assets_in_Mind.aspxhttp://www.ifaradio.com/articles/Retail_Investor_Perception_of_Exchange-Traded_Funds.aspxThe biggest players in exchange-traded funds, Barclays Global Investors (BGI) and State Street Global Advisors (SSgA), truly believe they've pioneered a tool that's perfect for index investors - low management fees, protection from taxes and turnover, and Fri, 23 Feb 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Retail_Investor_Perception_of_Exchange-Traded_Funds.aspxhttp://www.ifaradio.com/articles/ETF_Net_Asset_Value_Not_Always_Best_Indicator_of_Short-Term_Value.aspxInitially, critics of exchange-traded funds (ETFs) decried their trading at a significant premium/discount to net asset value (NAV), the underlying stock values they represent. This is a problem that regularly plagues closed-end mutual funds, where prices Thu, 22 Feb 2001 00:00:00 GMThttp://www.ifaradio.com/articles/ETF_Net_Asset_Value_Not_Always_Best_Indicator_of_Short-Term_Value.aspxhttp://www.ifaradio.com/articles/ETF_Premium_Discount_Misconceptions.aspxInitially, critics of exchange-traded funds (ETFs) decried their trading at a significant premium/discount to net asset value (NAV), the underlying stock values they represent. This is a problem that regularly plagues closed-end mutual funds, where prices Wed, 21 Feb 2001 00:00:00 GMThttp://www.ifaradio.com/articles/ETF_Premium_Discount_Misconceptions.aspxhttp://www.ifaradio.com/articles/From_Our_Canadian_Bureau_New_Canadian_ETFs.aspxYesterday, Barclays Global Investors unveiled the finishing touches on a much-anticipated line of exchange-traded funds (ETFs) for Canadian investors.Tue, 20 Feb 2001 00:00:00 GMThttp://www.ifaradio.com/articles/From_Our_Canadian_Bureau_New_Canadian_ETFs.aspxhttp://www.ifaradio.com/articles/New_Canadian_ETFs.aspxYesterday, Barclays Global Investors unveiled the finishing touches on a much-anticipated line of exchange-traded funds (ETFs) for Canadian investors. Tue, 20 Feb 2001 00:00:00 GMThttp://www.ifaradio.com/articles/New_Canadian_ETFs.aspxhttp://www.ifaradio.com/articles/Buying_Value_In_ETFs_Amidst_a_Beaten-Down_Technology_Sector.aspxYes, the Nasdaq market is down, but here's the multi-trillion dollar question: Is the market down enough? Since its high early in 2000, the Nasdaq 100 Index is down about 50%. Is this correction enough justification for the cuts in sales and estimated earnFri, 16 Feb 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Buying_Value_In_ETFs_Amidst_a_Beaten-Down_Technology_Sector.aspxhttp://www.ifaradio.com/articles/Dow_Jones_and_FTSE_Launch_Global_Sector_Indexes.aspxThe trend toward global sector investing is picking up steam. Dow Jones Indexes yesterday launched the Dow Jones Sector Titans Indexes, a new set of indexes comprised of global blue-chip companies. The sector indexes in the new family are listed in the taMon, 12 Feb 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Dow_Jones_and_FTSE_Launch_Global_Sector_Indexes.aspxhttp://www.ifaradio.com/articles/The_Next_Mutual_Fund_REvolution.aspxToo often financial innovations that affect the mutual fund industry are portrayed in a black and white fashion. They are either viewed as just a curious sideshow, or else they are quickly proclaimed to be a fundamental challenge to the health, viability oMon, 12 Feb 2001 00:00:00 GMThttp://www.ifaradio.com/articles/The_Next_Mutual_Fund_REvolution.aspxhttp://www.ifaradio.com/articles/Market_Trends_and_Investor_Behavior.aspxIt’s quiz time. I have devised the following test of “investment memory.” The period in question is the 30-year period 1970-1999. As you take this little quiz, keep in mind that the last 15 years have probably been among the greatest periods (if not the grFri, 09 Feb 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Market_Trends_and_Investor_Behavior.aspxhttp://www.ifaradio.com/articles/AMEX_and_Euronext_To_Cross-List_ETFs.aspxWell, ETF trading is going transatlantic. The American Stock Exchange (AMEX) and Euronext have announced plans to cross-list and trade U.S. and international exchange-traded funds (ETFs). Effectively, ETFs that trade on Euronext will soon be available on Thu, 08 Feb 2001 00:00:00 GMThttp://www.ifaradio.com/articles/AMEX_and_Euronext_To_Cross-List_ETFs.aspxhttp://www.ifaradio.com/articles/Wanna_Bet.aspxYou see the craziest stuff coming over all these Internet wire services we have today, but this one is truly bizarre - mostly because it's a case of fantasy mimicking reality just a little too closely. Thu, 01 Feb 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Wanna_Bet.aspxhttp://www.ifaradio.com/articles/Flurry_of_Global_ETF_Launches_in_Early_2001.aspx2000 was a busy year for exchange-traded fund (ETF) launches and asset growth. According to the American Stock Exchange (AMEX), assets in ETFs listed on the exchange reached $70.3 billion, nearly doubling the 1999 year-end total of $35.9 billion. Also, theTue, 30 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Flurry_of_Global_ETF_Launches_in_Early_2001.aspxhttp://www.ifaradio.com/articles/Dunns_Law_Review_The_Life_and_Times_of_Core_and_Explore.aspxOne of the silliest bits of conventional financial wisdom is the notion that while indexing works well with the efficient U.S. large-cap market, there is benefit from active management in the "less efficient" small-cap and foreign arenas. In fact, Charles Mon, 29 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Dunns_Law_Review_The_Life_and_Times_of_Core_and_Explore.aspxhttp://www.ifaradio.com/articles/IndexFunds_Speaks_with_Michael_Petronella.aspxMichael Petronella is Managing Director at Dow Jones Indexes. He recently sat down with IndexFunds.com's, Site Editor Jim Wiandt to discuss the history of Dow Jones indexes, the free-float debate, and how Dow Jones plans to construct international country Mon, 29 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/IndexFunds_Speaks_with_Michael_Petronella.aspxhttp://www.ifaradio.com/articles/New_HOLDRS_Allow_Investment_in_Europes_Largest_Companies.aspxEurope 2001 HOLDRS began trading on the American Stock Exchange (AMEX) on January 18 under the symbol EKH. With the new HOLDRS, which stands for Holding Company Depository Receipts, investors can own interest in 50 of the largest companies in Europe in terThu, 25 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/New_HOLDRS_Allow_Investment_in_Europes_Largest_Companies.aspxhttp://www.ifaradio.com/articles/Vanguard_to_Offer_Admiral_Shares_on_Bond_Funds.aspxThe Vanguard Group today registered with the Securities and Exchange Commission (SEC) to offer Admiral Shares on 13 taxable and tax-exempt bond funds. Wed, 24 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_to_Offer_Admiral_Shares_on_Bond_Funds.aspxhttp://www.ifaradio.com/articles/ETFs_The_Growth_Story_of_2000.aspxIf S&P 500 index funds were the most notable success story from 1996-1999 and technology funds were the talk of the industry in 1998-1999, then their headline-grabbing successors in 2000 were probably index-based exchange-traded funds. After seven years ofWed, 24 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/ETFs_The_Growth_Story_of_2000.aspxhttp://www.ifaradio.com/articles/Barclays_to_Launch_Nasdaq_Biotech_Index_ETF.aspxBarclays Global Investors (BGI) is planning to launch an iShares Nasdaq Biotechnology Index Fund, an exchange-traded fund (ETF) that will hold all 76 securities in an index that contains companies primarily engaged in biomedical research to develop new treTue, 23 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Barclays_to_Launch_Nasdaq_Biotech_Index_ETF.aspxhttp://www.ifaradio.com/articles/SEC_Mandates_Disclosure_of_Mutual_Fund_After-Tax_Returns.aspxThe Securities and Exchange Commission (SEC) adopted a rule on Friday that requires fund companies to disclose after-tax returns for 1-, 5-, and 10-year periods in fund prospectuses. The SEC first proposed the new rule in June 2000. Mon, 22 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/SEC_Mandates_Disclosure_of_Mutual_Fund_After-Tax_Returns.aspxhttp://www.ifaradio.com/articles/Comparing_Mutual_Funds_to_Different_Benchmarks.aspxWhat a difference two years can make. In 1999, only 33% of mutual funds were able to beat Standard & Poor's (S&P) 500. In the year 2000, over 72% of all mutual funds managed that task. Nearly half of all funds managed to outgain the S&P 600 Small Cap indexFri, 19 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Comparing_Mutual_Funds_to_Different_Benchmarks.aspxhttp://www.ifaradio.com/articles/FRC_Study_Confirms_Investors_Chase_Fund_Returns_to_Their_Detriment.aspxBad news from Financial Research Corporation: fund investors chase returns like a mule with a carrot dangling in front of its nose - and it's hurting them in the long run. Thu, 18 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/FRC_Study_Confirms_Investors_Chase_Fund_Returns_to_Their_Detriment.aspxhttp://www.ifaradio.com/articles/Vanguard_Approval_in_Japan.aspxVanguard Investments Japan, the Japanese arm of The Vanguard Group, announced that it has been approved for membership in the Japan Securities Dealers Association. Wed, 17 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_Approval_in_Japan.aspxhttp://www.ifaradio.com/articles/MSCI_Discusses_GICS_Shift_Expanding_ETF_Market.aspxMorgan Stanley Capital International (MSCI) and Standard and Poor's (S&P) recently launched a new index classification system called the Global Industry Classification Standard (GICS). The new system is designed to make investment research and management eWed, 17 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/MSCI_Discusses_GICS_Shift_Expanding_ETF_Market.aspxhttp://www.ifaradio.com/articles/The_Price_Earnings_p_e_Debate.aspxA war has been raging lately on our discussion boards. The debate centers around p/e ratios, and how they are calculated by Morningstar. The issue is important because many investors and financial professionals use the numbers when making decisions. GeneraMon, 15 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/The_Price_Earnings_p_e_Debate.aspxhttp://www.ifaradio.com/articles/Larry_Swedroe_Talks_About_His_Latest_Book_What_Wall_Street_Doesnt_Want_You_to_Know.aspxLarry Swedroe's second book, a straight-up assessment of the true value and effectiveness of active management, is aptly named. In What Wall Street Doesn't Want You to Know, Swedroe examines many of the commonly-held myths concerning stock-picking and markWed, 10 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Larry_Swedroe_Talks_About_His_Latest_Book_What_Wall_Street_Doesnt_Want_You_to_Know.aspxhttp://www.ifaradio.com/articles/SP_Completes_Reclassification_of_US_Indexes.aspxStandard and Poor's (S&P) announced that it has finalized the new classification of its U.S. indexes, shifting to the Global Industry Classification Standard (GICS). The new system was developed by S&P and Morgan Stanley Capital International (MSCI) with tTue, 09 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/SP_Completes_Reclassification_of_US_Indexes.aspxhttp://www.ifaradio.com/articles/ETRADE_Launches_Two_New_Index_Funds.aspxE*TRADE today announced the launch of two new no-load index funds: the E*TRADE Financial Sector Index Fund and the E*TRADE Russell 2000 Index Fund. Mon, 08 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/ETRADE_Launches_Two_New_Index_Funds.aspxhttp://www.ifaradio.com/articles/From_our_Canadian_Bureau_Templeton_Growth_Gets_New_ManagerAgain_Changing_of_the_Guard_A_Non-Event.aspxIt was just this past summer when Templeton Growth saw its lead management duties handed over from Mark Holowesko to Sean Farrington - just its second manager change in the fund's 46-year history. This week, just a few short months later, it was announced Thu, 04 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/From_our_Canadian_Bureau_Templeton_Growth_Gets_New_ManagerAgain_Changing_of_the_Guard_A_Non-Event.aspxhttp://www.ifaradio.com/articles/Nuveen_to_Launch_5_Treasury_Index_ETFs_Announces_Monthly_Tax-Free_Dividends_for_Closed-End_ETFs.aspxChicago-based Nuveen Investments announced that it plans to launch the first exchange-traded funds (ETFs) that track U.S. Treasury Indexes. The new ETFs will be called Fixed Income Trust Receipts (FITRs) and will be based on Ryan Treasury Indexes of 1-yearWed, 03 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Nuveen_to_Launch_5_Treasury_Index_ETFs_Announces_Monthly_Tax-Free_Dividends_for_Closed-End_ETFs.aspxhttp://www.ifaradio.com/articles/What_Wall_Street_Doesnt_Want_You_to_Know_How_You_Can_Profit_from_the_Indexing_Revolution.aspxThis book is an excellent follow-up to Larry’s first successful title on index investing, The Only Guide to a Winning Investment Strategy You’ll Ever Need. As in his first book, the author copiously quotes and analyzes the tenants of Modern Portfolio TheorMon, 01 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/What_Wall_Street_Doesnt_Want_You_to_Know_How_You_Can_Profit_from_the_Indexing_Revolution.aspxhttp://www.ifaradio.com/articles/Is_There_Still_Value_in_the_Book-to-Market_Ratio.aspx Both of these variables produce more return dispersion than E/P and CF/P, even during the period when BtM is supposed to be less relevant (Figure 5). Unfortunately for investors in value stocks, the return difference went the wrong way during the most recMon, 01 Jan 2001 00:00:00 GMThttp://www.ifaradio.com/articles/Is_There_Still_Value_in_the_Book-to-Market_Ratio.aspxhttp://www.ifaradio.com/articles/Enhanced_Indexing.aspxThere wasn't a lot of emphasis placed on enhanced indexing during the bull market of the 1990s when investors were fed a steady diet of consecutive and unprecedented high yearly returns. However, with the recent stock sell-off, squeezing out those extra peThu, 21 Dec 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Enhanced_Indexing.aspxhttp://www.ifaradio.com/articles/Do_Indexes_Influence_Markets.aspxThere is mounting evidence that indexes, which theoretically should serve as benchmarks for economic sectors, may actually exert influence on the markets they are designed to track. A growing number of studies are examining whether indexes create or measurWed, 20 Dec 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Do_Indexes_Influence_Markets.aspxhttp://www.ifaradio.com/articles/BGI_Announces_iShares_Year-End_Income_and_Cap_Gains_Distributions.aspxListed below are the final classifications of income and capital gains for several domestic iShares exchange-traded funds (ETFs), as released today by Barclays Global Investors (BGI).Mon, 18 Dec 2000 00:00:00 GMThttp://www.ifaradio.com/articles/BGI_Announces_iShares_Year-End_Income_and_Cap_Gains_Distributions.aspxhttp://www.ifaradio.com/articles/On_ETFsAnother_View_Post_to_IndexFundscom_Discussion_Board_from_UwchlanGuy.aspxFirst, I want to emphasize that I am a very happy Vanguard investor, and would love to find a hole in this analysis. Or, for it to be right and nudge Vanguard into shaving down the differential that I am seeing.Fri, 15 Dec 2000 00:00:00 GMThttp://www.ifaradio.com/articles/On_ETFsAnother_View_Post_to_IndexFundscom_Discussion_Board_from_UwchlanGuy.aspxhttp://www.ifaradio.com/articles/Trend_Toward_Global_ETFs_Continues.aspxBarclays Global Investors (BGI) announced its plans to launch a UK-based exchange-traded fund (ETF) that tracks the new FTSE ExUK 100 Index. The FTSE ExUK 100 Index will be calculated from December 14, and a full list of the constituent companies will be aTue, 12 Dec 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Trend_Toward_Global_ETFs_Continues.aspxhttp://www.ifaradio.com/articles/Vanguard_Releases_Latest_Cap_Gains_Estimates.aspxThe Vanguard Group released updated estimates of year-end capital gains distributions for its equity and balanced funds. The estimates are updated through the end of November 2000. Mon, 11 Dec 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_Releases_Latest_Cap_Gains_Estimates.aspxhttp://www.ifaradio.com/articles/MSCI_to_Adjust_Indexes_for_Free-Float.aspxMorgan Stanley Capital International (MSCI) formally announced yesterday that it will adjust all of its equity indexes for free-float, a decision that will most likely trigger billions of dollars in stock turnover globally. Mon, 11 Dec 2000 00:00:00 GMThttp://www.ifaradio.com/articles/MSCI_to_Adjust_Indexes_for_Free-Float.aspxhttp://www.ifaradio.com/articles/iShares_SP_Global_100_First_ETF_to_List_on_NYSE.aspxTrading commenced today on the iShares S&P Global 100 exchange-traded fund (ETF). The Global 100 (ticker symbol: IOO) is the first ETF to be listed on the New York Stock Exchange (NYSE). Fri, 08 Dec 2000 00:00:00 GMThttp://www.ifaradio.com/articles/iShares_SP_Global_100_First_ETF_to_List_on_NYSE.aspxhttp://www.ifaradio.com/articles/SEC_Approves_Changes_to_Merrill_Lynch_HOLDRS.aspxA ruling handed down by the Securities and Exchange Commission (SEC) should prove to be a boon to HOLDRS investors. Thu, 30 Nov 2000 00:00:00 GMThttp://www.ifaradio.com/articles/SEC_Approves_Changes_to_Merrill_Lynch_HOLDRS.aspxhttp://www.ifaradio.com/articles/Know_Your_Prospectus.aspxI have to read a fund's "What?" before investing? A mutual fund company must inform you to read their Prospectus before investing, but what is a prospectus? Wed, 29 Nov 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Know_Your_Prospectus.aspxhttp://www.ifaradio.com/articles/From_our_Canadian_Bureau_BGI_Canada_Launches_First_Bond_ETFs.aspxTwo new bond exchange-traded funds (ETFs) managed by Barclays Global Investors Canada began trading today on the Toronto Stock Exchange (TSE). The two new Canadian ETFs are the iUnits Government of Canada 5-Year Bond Fund (iG5) and the iUnits Government ofWed, 22 Nov 2000 00:00:00 GMThttp://www.ifaradio.com/articles/From_our_Canadian_Bureau_BGI_Canada_Launches_First_Bond_ETFs.aspxhttp://www.ifaradio.com/articles/Worlds_First_Active_ETFs_Begin_Trading_in_Germany.aspxIn a development that would be unthinkable in the United States, the world's first actively-managed ETFs began trading in Germany just three months after DWS Investment filed for approval. Peering through a window that might shed some light on how such funTue, 21 Nov 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Worlds_First_Active_ETFs_Begin_Trading_in_Germany.aspxhttp://www.ifaradio.com/articles/iShares_Announces_Annual_Distributions.aspxiShares, Inc. released distributions paid to shareholders as of 8/31/2000 for its country-specific iShares based on MSCI indexes.Mon, 20 Nov 2000 00:00:00 GMThttp://www.ifaradio.com/articles/iShares_Announces_Annual_Distributions.aspxhttp://www.ifaradio.com/articles/Worlds_First_Active_ETF_to_be_Launched_in_Germany.aspxThe seemingly inevitable has come to pass. IndexFunds.com has learned that the world's first actively-managed exchange-traded funds will soon be launched in Germany. Thu, 16 Nov 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Worlds_First_Active_ETF_to_be_Launched_in_Germany.aspxhttp://www.ifaradio.com/articles/Vanguard_Releases_Cap_Gains_Estimates.aspxThe Vanguard Group issued updated estimates of year-end capital gains distributions for its 54 equity and balanced funds.Tue, 14 Nov 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_Releases_Cap_Gains_Estimates.aspxhttp://www.ifaradio.com/articles/SSB_Citi_Launches_New_Family_of_Index_Funds.aspxSSB Citi Asset Management Group, the money management division of Citigroup, announced the launch of 11 new index funds. The new offerings are the first no-load index funds ever to be introduced by SSB Citi, which has two other U.S. mutual fund brands - SmMon, 13 Nov 2000 00:00:00 GMThttp://www.ifaradio.com/articles/SSB_Citi_Launches_New_Family_of_Index_Funds.aspxhttp://www.ifaradio.com/articles/Retiring_Early_Using_Indexing_Strategies.aspxOn a recent rainy day perfect for book browsing, I found myself cruising the investing and personal finance section of my favorite super-sized 50,000-title Barnes and Noble. Years ago, I developed a rule to help my search for good investment books: ignore Thu, 09 Nov 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Retiring_Early_Using_Indexing_Strategies.aspxhttp://www.ifaradio.com/articles/From_our_Canadian_Bureau_A_Raise_for_Your_Money_Manager.aspxI bet investors take most pieces of mail regarding mutual fund unitholder votes and file them under "G" for garbage. Frankly, oftentimes the issue being voted upon has no material impact on unitholders. However, November 14, 2000 marks an important day forThu, 09 Nov 2000 00:00:00 GMThttp://www.ifaradio.com/articles/From_our_Canadian_Bureau_A_Raise_for_Your_Money_Manager.aspxhttp://www.ifaradio.com/articles/Borsa_Italiana_Paves_the_Way_for_ETFs.aspxBorsa Italiana, the Milan-based stock exchange, announced that it is in at least the planning stages of a move to alter its own regulations to permit the launch of Italy's first exchange-traded funds (ETFs). Wed, 08 Nov 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Borsa_Italiana_Paves_the_Way_for_ETFs.aspxhttp://www.ifaradio.com/articles/USAA_Investments_Launches_3_New_Index_Funds.aspx"The popularity of the USAA S&P 500 Index Fund demonstrates that there's a place in a balanced portfolio for indexing," said Michael J.C. Roth, President and CEO of USAA Investment Management Company. "The addition of these three index funds will complemenWed, 08 Nov 2000 00:00:00 GMThttp://www.ifaradio.com/articles/USAA_Investments_Launches_3_New_Index_Funds.aspxhttp://www.ifaradio.com/articles/Dow_Jones_Global_Titans_Index_to_be_Calculated_with_ADR_Prices.aspxDow Jones Indexes announced yesterday that it is using American Depository Receipts (ADRs) listed on the New York Stock Exchange (NYSE) to calculate intra-day real-time values for the Dow Jones Global Titans Index during U.S. trading. Tue, 07 Nov 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Dow_Jones_Global_Titans_Index_to_be_Calculated_with_ADR_Prices.aspxhttp://www.ifaradio.com/articles/FRC_Study_Examines_Future_of_ETFs.aspxWith large financial institutions launching an explosion of exchange-traded funds (ETFs) around the globe, some have questioned whether these investment products represent a threat to traditional mutual funds. Can ETFs exact a fundamental change upon the mMon, 06 Nov 2000 00:00:00 GMThttp://www.ifaradio.com/articles/FRC_Study_Examines_Future_of_ETFs.aspxhttp://www.ifaradio.com/articles/SP_Launches_Frontal_Attack_on_Vanguard_Vipers.aspxTaking its lawsuit against Vanguard to another level, Standard & Poor's requested that the Securities and Exchange Commission (SEC) hold a public hearing on Vanguard's application to launch its exchange-traded funds (ETFs). Fri, 03 Nov 2000 00:00:00 GMThttp://www.ifaradio.com/articles/SP_Launches_Frontal_Attack_on_Vanguard_Vipers.aspxhttp://www.ifaradio.com/articles/Benefits_of_ETFs_Debated_at_Asset_Allocation_Seminar.aspxAt the recent seminar in San Francisco entitled "Asset Allocation: Theories vs. Realities," representatives from the industry outlined the benefits of using exchanged-traded funds (ETFs) in portfolio management strategies. Many of the institutional investoWed, 01 Nov 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Benefits_of_ETFs_Debated_at_Asset_Allocation_Seminar.aspxhttp://www.ifaradio.com/articles/First_ETF_Launched_on_Chicago_Board_Options_Exchange.aspxThe newly-created iShares S&P 100 Index Fund began trading on the Chicago Board Options Exchange (CBOE) on 10/27/2000. The exchange-traded fund (ETF) will be managed by Barclays Global Investors (BGI) and will trade under the CBOE symbol OEF. The iShares STue, 31 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/First_ETF_Launched_on_Chicago_Board_Options_Exchange.aspxhttp://www.ifaradio.com/articles/New_ETF_to_be_Launched_in_Japan.aspxThe Osaka Securities Exchange (OSE) today inked a license agreement and memorandum of understanding with Dow Jones. The agreement covers the listing of an exchange-traded fund (ETF) based on the Dow Jones Industrial Average. Additionally, the arrangement aThu, 26 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/New_ETF_to_be_Launched_in_Japan.aspxhttp://www.ifaradio.com/articles/From_our_Canadian_Bureau_Tax_Proposal_in_Canada_Raises_Questions.aspxA controversial Canadian tax proposal has been opened for comment until Sept. 1, and the impact on your portfolio could be hugely negative. Here's the gist of the proposal: Wed, 25 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/From_our_Canadian_Bureau_Tax_Proposal_in_Canada_Raises_Questions.aspxhttp://www.ifaradio.com/articles/Salomon_Releases_ETF_Premium_Discount_Study.aspxLast Wednesday, 10/18/2000, the Salomon Smith Barney Closed-End Funds Research Group released a supplement to its larger quarterly report, "Fundamentals for Exchange-Traded Funds." As part of the supplement, Salomon analysts conducted a premium/discount stMon, 23 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Salomon_Releases_ETF_Premium_Discount_Study.aspxhttp://www.ifaradio.com/articles/Vanguard_Releases_Expense_Ratios_for_Admiral_Shares.aspxOn Tuesday, 10/17/2000, the Vanguard Group announced the expense ratios for its new class of Admiral Shares to be released in November. Initially, Vanguard will offer Admiral Shares on seven of its domestic index funds, and has plans to offer Admiral ShareFri, 20 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_Releases_Expense_Ratios_for_Admiral_Shares.aspxhttp://www.ifaradio.com/articles/Frequently_Asked_Questions_about_ETFs.aspxWhat is an ETF? What are the benefits of using ETFs? Are there any negatives? How can I buy and sell ETFs? How are ETFs created and redeemed? What ETFs are available on the market? How can I use ETFs in managing my portfolio? How much money is in ETFs and Thu, 19 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Frequently_Asked_Questions_about_ETFs.aspxhttp://www.ifaradio.com/articles/State_Street_to_Launch_European_ETFs_Based_on_MSCI_Indexes.aspxToday, State Street Global Advisors (SSgA) announced that it has entered into a license agreement with MSCI to launch exchange-traded funds (ETFs) in Europe based on MSCI indexes. The announcement is the latest move by an asset manager to release ETFs in EThu, 19 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/State_Street_to_Launch_European_ETFs_Based_on_MSCI_Indexes.aspxhttp://www.ifaradio.com/articles/J_Parsons_Interview.aspxJ. Parsons, Director of Sales for U.S. Individual Investor Business at Barclays Global Investors, talks to Jim Wiandt about how exchange-traded funds are traded.Thu, 19 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/J_Parsons_Interview.aspxhttp://www.ifaradio.com/articles/Nuveen_to_Enter_ETF_Market.aspxOn Monday, 10/16/2000, Nuveen Investments announced its plans to launch the first in a series of new exchange-traded funds (ETFs). Wed, 18 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Nuveen_to_Enter_ETF_Market.aspxhttp://www.ifaradio.com/articles/State_Street_to_Launch_First_ETF_in_Singapore.aspxToday, the Singapore Exchange (SGX) announced that it intends to sign a memorandum of understanding with State Street Global Advisors (SSgA) to develop Singapore's first indigenous exchange-traded fund (ETF). According to SGX, the new ETF will list and traWed, 18 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/State_Street_to_Launch_First_ETF_in_Singapore.aspxhttp://www.ifaradio.com/articles/Barclays_Releases_Estimates_of_iShares_Capital-Gains_Distributions.aspxBarclays Global Investors (BGI) recently released estimated capital-gains distributions for iShares, its exchange-traded funds (ETFs). The distributions were estimated as a percentage of each ETF's total net assets. The highest estimated capital gains distTue, 17 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Barclays_Releases_Estimates_of_iShares_Capital-Gains_Distributions.aspxhttp://www.ifaradio.com/articles/Betting_on_Sector_ETFs_in_a_Highly-Valued_Market.aspxAs one who sold stocks to investors in the early 1970s, I realize how misleading price/earnings multiples (P/E) can be. Although these multiples have their limitations, P/Es can be useful when making valuations. Still, other valuations should be used in coMon, 16 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Betting_on_Sector_ETFs_in_a_Highly-Valued_Market.aspxhttp://www.ifaradio.com/articles/Peter_Breen_Interview.aspxA relatively new start-up is stepping up against the established names in online investing: E*Trade, Ameritrade, Fidelity, and DLJdirect to name a few. BUYandHOLD.com is targeting the growing ranks of online investors - young couples investing for retiremeSun, 15 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Peter_Breen_Interview.aspxhttp://www.ifaradio.com/articles/AMEX_to_Begin_Trading_Options_on_iShares.aspxToday, AMEX announced that it will begin trading options on the iShares Russell 1000 Index Fund, an exchange-traded fund (ETF) managed by Barclays Global Investors (BGI). The announcement hails the first time an option will be traded on an ETF that tracks Fri, 13 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/AMEX_to_Begin_Trading_Options_on_iShares.aspxhttp://www.ifaradio.com/articles/Barclays_to_Launch_UK-based_Technology_ETF.aspxiShares, a division of Barclays Global Investors (BGI), today announced the launch of a UK-based exchange-traded fund (ETF) called the iFTSE TMT. The new iShares ETF will begin trading on the London Stock Exchange within the extraMARK on Tuesday, 10/17/200Thu, 12 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Barclays_to_Launch_UK-based_Technology_ETF.aspxhttp://www.ifaradio.com/articles/State_Street_Launches_ETFs_Based_on_Fortune_Indexes.aspxYesterday, State Street Global Advisors (SSgA) launched two exchange-traded funds (ETFs) based on the FORTUNE 500 and FORTUNE e-50 Indexes. The two funds began trading yesterday on the American Stock Exchange (AMEX) under the ticker symbols FFF (500) and FWed, 11 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/State_Street_Launches_ETFs_Based_on_Fortune_Indexes.aspxhttp://www.ifaradio.com/articles/Study_US_Investors_Waste_36_Billion_on_Wall_St_Fees.aspxIn 2000, mutual fund investors overpaid Wall Street $36 billion to manage stocks, bonds, and real estate totaling $3.7 trillion. Nearly 1% per year of assets were wasted in unnecessary fees, according to IndexFunds' comprehensive new survey of mutual fund Tue, 10 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Study_US_Investors_Waste_36_Billion_on_Wall_St_Fees.aspxhttp://www.ifaradio.com/articles/TD_Waterhouse_Releases_5_New_Index_Funds.aspxYesterday, TD Waterhouse Group announced the addition of seven house-brand no-load mutual funds to its list of mutual funds. The new funds will be available only through TD Waterhouse and require a minimum initial investment of $1,000. Five of the seven neThu, 05 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/TD_Waterhouse_Releases_5_New_Index_Funds.aspxhttp://www.ifaradio.com/articles/From_our_Canadian_Bureau_CIBC_and_Barclays_Roll_Out_New_Index.aspxThe pressure to lower fees on Canadian mutual funds and similar products just heated up. Over the past week, nine new index products were introduced covering unique pockets of the world markets not previously available to Canadian indexers.Mon, 02 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/From_our_Canadian_Bureau_CIBC_and_Barclays_Roll_Out_New_Index.aspxhttp://www.ifaradio.com/articles/The_Information_in_the_Term_Structure_An_Update.aspxPanel A of Table 4 shows that the variable maturity portfolio earns higher average returns than any of the fixed maturity portfolios. This holds for the entire 1965-1999 period as well as the two subperiods. The average return difference for the 1965-1999 Sun, 01 Oct 2000 00:00:00 GMThttp://www.ifaradio.com/articles/The_Information_in_the_Term_Structure_An_Update.aspxhttp://www.ifaradio.com/articles/Beware_of_Year-End_Capital_Gains_Distributions.aspxReady to buy a mutual fund? STOP! Buying now may increase your taxes! Fri, 29 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Beware_of_Year-End_Capital_Gains_Distributions.aspxhttp://www.ifaradio.com/articles/State_Street_to_Launch_First_Global_ETF.aspxEnding Barclays short-lived hegemony in style-based exchange-traded funds (ETFs) and launching the first global ETF, State Street Global Advisors announced the opening of 7 new funds. Continuing its surge into the ETF market, State Street was scheduled to Thu, 28 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/State_Street_to_Launch_First_Global_ETF.aspxhttp://www.ifaradio.com/articles/Gus_Fleites_Interview.aspxGus Fleites is a Principal of State Street Global Advisors (SSgA). He is responsible for the development and implementation of exchange-traded funds (ETFs) and offshore investment products. At the 2nd Annual Exchange-Traded Fund & Index Share Forum, Gus saTue, 26 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Gus_Fleites_Interview.aspxhttp://www.ifaradio.com/articles/Lee_Kranefuss_Interview.aspxLee Kranefuss, CEO of U.S. Individual Investor Business at Barclays Global Investors, recently sat down with IndexFunds.com's Jim Wiandt to discuss the proliferation of iShares and the future of exchange-traded funds (ETFs).Mon, 25 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Lee_Kranefuss_Interview.aspxhttp://www.ifaradio.com/articles/Barclays_to_Introduce_Tech-Heavy_ETF_in_UK.aspxBarclays Global Investors (BGI) announced that it plans to launch a new iShares exchange-traded fund (ETF) similar to U.S. "cubes" (QQQ) in the U.K. John Demaine, Managing Director for Product Development, said BGI has plans "to launch an iShare with a U.KFri, 22 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Barclays_to_Introduce_Tech-Heavy_ETF_in_UK.aspxhttp://www.ifaradio.com/articles/Harrowing_Tale_of_a_Plunging_Euro_and_Soaring_Oil_Prices.aspxFueled by soft European economic performance, soaring oil prices, and uncertainty about its prospects as a currency, the euro has slumped to all-time lows. Initially viewed as an embarrassment to euro diehards, the exchange rate is now causing genuine concFri, 22 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Harrowing_Tale_of_a_Plunging_Euro_and_Soaring_Oil_Prices.aspxhttp://www.ifaradio.com/articles/The_2nd_Annual_Exchange-Traded_Fund_Index_Share_ForumExclusive_IndexFundscom_Coverage.aspxThe Institute for International Research is sponsoring the 2nd Annual Exchange-Traded Fund & Index Share Forum, which will be held on Tuesday, September 26 at The Marriott Financial Center in New York City. Wed, 20 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/The_2nd_Annual_Exchange-Traded_Fund_Index_Share_ForumExclusive_IndexFundscom_Coverage.aspxhttp://www.ifaradio.com/articles/Swiss_Exchange_to_Launch_New_ETFs.aspxWhew! Working the ETF beat hasn't been easy this past week. Recently my inbox has been full of messages from our editorial staff asking me if I've heard about the latest European exchange to embrace exchange-traded funds (ETFs). State Street Global AdvisorTue, 19 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Swiss_Exchange_to_Launch_New_ETFs.aspxhttp://www.ifaradio.com/articles/REITs_Your_Home_and_the_Asset-Allocation_Decision.aspxDiversification across asset classes is an important component of an investment plan. Put very simply, diversification reduces risk by not putting all your eggs in one basket.Mon, 18 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/REITs_Your_Home_and_the_Asset-Allocation_Decision.aspxhttp://www.ifaradio.com/articles/State_Streets_German_arm_to_Launch_ETFs.aspxIn an interview that was published today on Handelsblatt.com, a Germany-based financial news Web site, the head of State Street's German arm announced that State Street Global Advisors (SSgA) plans to launch nine exchange-traded funds (ETFs) based on FrankFri, 15 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/State_Streets_German_arm_to_Launch_ETFs.aspxhttp://www.ifaradio.com/articles/Proposed_Law_to_Defer_Capital_Gains_on_Funds.aspxRepresentative Jim Saxton, a New Jersey Republican and Chairman of the Congressional Joint Economic Committee, has introduced significant legislation addressing the taxation of mutual funds. The proposed law, if enacted, would change the tax rules for manyThu, 14 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Proposed_Law_to_Defer_Capital_Gains_on_Funds.aspxhttp://www.ifaradio.com/articles/State_Street_to_Launch_New_Australian_ETFs.aspxThe Australian Stock Exchange (ASX) and State Street Global Advisors (SSgA), the investment management arm of Boston-based State Street Corporation, today announced that they have signed an agreement to develop the first exchange-traded funds (ETFs) availaWed, 13 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/State_Street_to_Launch_New_Australian_ETFs.aspxhttp://www.ifaradio.com/articles/Merrill_Lynch_adds_2_New_HOLDRS_to_the_Family.aspxMerrill Lynch recently launched a new Market 2000 HOLDRS (MKH), and has announced that it plans to launch a Software HOLDRS (SWH). Tue, 12 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Merrill_Lynch_adds_2_New_HOLDRS_to_the_Family.aspxhttp://www.ifaradio.com/articles/US_Trade_DeficitGood_News_or_Bad_News.aspxThe recent government announcement of the record-breaking June 2000 U.S. trade deficit of $30.62 billion was, for me, both good news and bad news. Fri, 08 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/US_Trade_DeficitGood_News_or_Bad_News.aspxhttp://www.ifaradio.com/articles/The_World_is_Your_Oyster_Authoritative_Survey_of_International_Index_Funds.aspxOne point is not up for debate: global diversification is becoming more elusive, as correlations between American and foreign markets increase. Industries like banking and telecommunications are following each other much more closely than they did a decadeThu, 07 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/The_World_is_Your_Oyster_Authoritative_Survey_of_International_Index_Funds.aspxhttp://www.ifaradio.com/articles/Indexing_on_the_Global_Stage.aspxLooking for a way to get international exposure without too much risk of getting burned? Though there's no absolutely foolproof investment strategy, some of the biggest names in investing are turning to international index funds. In 1999, according to PensThu, 07 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Indexing_on_the_Global_Stage.aspxhttp://www.ifaradio.com/articles/Whatificom_Zeroes_in_on_Savvy_Young_Online_Investors.aspxSan Francisco-based whatifi.com is urging younger investors to ask themselves, "What if I. . . ?" The new investment site has partnered with Barclays Global Fund Advisors to offer five index funds with an initial minimum investment as low as $100 a month.Wed, 06 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Whatificom_Zeroes_in_on_Savvy_Young_Online_Investors.aspxhttp://www.ifaradio.com/articles/Gus_U_Sauter_Interview.aspxGeorge U. Sauter, managing director of the Vanguard Core Management group, recently sat down with the indexfunds.com staff to discuss a number of topics - the current performance of Janus Funds, the placement of record cash inflows into the market, competiFri, 01 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Gus_U_Sauter_Interview.aspxhttp://www.ifaradio.com/articles/From_our_Bureau_of_Panic_Peddling.aspxSo what happens when the extravagantly back-tested research of two eminent economists strongly suggests that equity returns are in for a long hard road going forward? Should we stay the course, panic and sell, or stock up on canned food and bottled water?Fri, 01 Sep 2000 00:00:00 GMThttp://www.ifaradio.com/articles/From_our_Bureau_of_Panic_Peddling.aspxhttp://www.ifaradio.com/articles/Bogle_Speaks_Out_on_Social_Security.aspxUnfortunately, John Bogle isn't on the ticket for the upcoming 2000 presidential elections, but he would certainly get our vote if he was in the running. Oh well, there's always 2004. Thu, 31 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Bogle_Speaks_Out_on_Social_Security.aspxhttp://www.ifaradio.com/articles/Stock_Basket_Services_Make_the_Picking_Cheap.aspxFor better or worse, the allure and immediacy of Internet technology has granted investors new freedom and more choices for managing their money. Quick and easy online stock trading has become increasingly popular, and as the ranks of "click-and-buy" invesWed, 30 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Stock_Basket_Services_Make_the_Picking_Cheap.aspxhttp://www.ifaradio.com/articles/Bogus_Press_Release_Causes_Emulex_Stock_Plunge.aspxIn one of the most dramatic hoaxes in stock market history, a bogus press release caused the market value of networking technology provider Emulex to temporarily lose $2 billion on Friday. Mon, 28 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Bogus_Press_Release_Causes_Emulex_Stock_Plunge.aspxhttp://www.ifaradio.com/articles/ETF_Complete_Listing.aspxExchange-traded funds (ETFs) have continued their meteoric rise in popularity, with total assets in ETF securities exceeding $47 billion for the week ending 8/18/00, excluding Merrill Lynch's HOLDRs (Source: Wiesenberger). Thu, 24 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/ETF_Complete_Listing.aspxhttp://www.ifaradio.com/articles/Signs_of_Life_in_the_Internet_Sector.aspxCrash and burn, baby! Who will soon forget that memorable moment of self-immolation for the Nasdaq last Spring? The incineration throughout the trading day of April 4 was proof that for every action, there is an equal and opposite reaction - the Nasdaq sheWed, 23 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Signs_of_Life_in_the_Internet_Sector.aspxhttp://www.ifaradio.com/articles/Bridgeway_Social_Fund_to_Join_with_Calvert.aspxCalvert Group and Bridgeway Capital Management today announced a deal to request shareholder approval for a merger of the Bridgewater Social Responsibility Portfolio into the Calvert Large Cap Growth Fund. According to the terms of the agreement, Calvert wTue, 22 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Bridgeway_Social_Fund_to_Join_with_Calvert.aspxhttp://www.ifaradio.com/articles/Fidelity_Giants_Holdings_Mirror_Vanguard.aspxWhy do Fidelity's biggest funds tend to track the S&P 500 so closely? A closer look at them shows they hold many of the same stocks in the same amounts. Mon, 21 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Fidelity_Giants_Holdings_Mirror_Vanguard.aspxhttp://www.ifaradio.com/articles/Holdings_Study_Fidelity_Blue_Chip_Growth_vs_Vanguard_500.aspxThis table compares amounts of stock held in each fund. At least 58% of the holdings are absolutely identical. Periods during which data was gathered (source: Wiesenberger) do not entirely coincide.Mon, 21 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Holdings_Study_Fidelity_Blue_Chip_Growth_vs_Vanguard_500.aspxhttp://www.ifaradio.com/articles/Holdings_Study_Fidelity_Magellan_vs_Vanguard_500.aspxThis table compares amounts of stock held in each fund. At least 65% of the holdings are absolutely identical. Periods during which data was gathered (source: Wiesenberger) do not entirely coincide. Mon, 21 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Holdings_Study_Fidelity_Magellan_vs_Vanguard_500.aspxhttp://www.ifaradio.com/articles/Holdings_Study_Fidelity_Growth_Income_vs_Vanguard_500.aspxThis table compares amounts of stock held in each fund. At least 63% of the holdings are absolutely identical. Periods during which data was gathered (source: Wiesenberger) do not entirely coincide.Mon, 21 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Holdings_Study_Fidelity_Growth_Income_vs_Vanguard_500.aspxhttp://www.ifaradio.com/articles/Janus_Funds_Decline_Sparks_Debate.aspxFalling stars, whether celestial or financial, draw intense interest from observers who react variously to them. The recent disappointment of the Janus Funds after years of stellar performance has produced a strong response within the financial community aThu, 17 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Janus_Funds_Decline_Sparks_Debate.aspxhttp://www.ifaradio.com/articles/New_Fund_to_Track_the_Dow_Jones_Islamic_Index.aspxAllied Asset Advisors recently launched its new Dow Jones Islamic Index Fund in hopes of drawing Muslim and other morally concerned investors. Tue, 15 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/New_Fund_to_Track_the_Dow_Jones_Islamic_Index.aspxhttp://www.ifaradio.com/articles/Too_Many_Cooks_in_The_Kitchen.aspxBrad Barber and Terrance Odean of the Graduate School of Management, University of California at Davis, have done a series of studies on investor behavior and performance. The following summary discusses some of their studies and their main findings. Mon, 14 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Too_Many_Cooks_in_The_Kitchen.aspxhttp://www.ifaradio.com/articles/Slice_and_Dice_Primer.aspxI thought it might be instructive to post part of my reply to him here so that newcomers to the debate have a better idea of what we're talking about.Thu, 10 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Slice_and_Dice_Primer.aspxhttp://www.ifaradio.com/articles/Slice_and_Dice_vs_Total_Stock_Market.aspxPerhaps at the very heart of the schism that divides passive index investors is the slice and dice vs. total stock market debate. Namely, does it make more sense (cents?) to buy the entire market or to divide it into four sectors and buy equal amounts of eThu, 10 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Slice_and_Dice_vs_Total_Stock_Market.aspxhttp://www.ifaradio.com/articles/From_our_Canadian_Bureau_The_Retirement_Fund_Shell_Game.aspxThink Canada's only known for its hockey players? Well get a load of this hat trick. Tue, 08 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/From_our_Canadian_Bureau_The_Retirement_Fund_Shell_Game.aspxhttp://www.ifaradio.com/articles/Asset_Allocation_Is_Not_Dead.aspxA February article in the Wall Street Journal discussed the end of asset allocation. In the interim, of course, many undiversified investors have gotten a rude awakening. Fri, 04 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Asset_Allocation_Is_Not_Dead.aspxhttp://www.ifaradio.com/articles/How_You_Interpret_the_Data_Makes_All_the_Difference.aspxBusiness Week is a highly regarded publication. Unfortunately, while its reporting of the business news is excellent, the value of its investment advice is often wrongheaded. The reason is that their objective is to sell magazines and gain advertising reveThu, 03 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/How_You_Interpret_the_Data_Makes_All_the_Difference.aspxhttp://www.ifaradio.com/articles/Factor_Rotation_Size_Value_and_Market_Correlation.aspxOf all of the tidbits of financial pornography bandied about in the media by market analysts, none is more hackneyed than "rotation": "Well Lou, I think what we saw this week was a rotation out of the cucumber sector and into bagels." This is a fatuous wayWed, 02 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Factor_Rotation_Size_Value_and_Market_Correlation.aspxhttp://www.ifaradio.com/articles/Earnings_Growth_and_Stock_Returns.aspxEarnings Growth and Stock ReturnsTue, 01 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Earnings_Growth_and_Stock_Returns.aspxhttp://www.ifaradio.com/articles/Market_Volatility_and_Its_Impact_on_Diversification.aspxIn December 1968, a paper by J. Evans and S.H. Archer entitled “Diversification and the Reduction of Dispersion: An Empirical Analysis,” appeared in the Journal of Finance. Its conclusion was that an investor could construct a portfolio containing no more Tue, 01 Aug 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Market_Volatility_and_Its_Impact_on_Diversification.aspxhttp://www.ifaradio.com/articles/Hidden_Trading_Costs_ETF_Investors_Should_Know_About.aspxHow does a small investor know he is getting the best price when he buys or sells an exchange-traded fund (ETF)? The truth is that brokers may quite legally complete a trade at less-than-optimal prices and pocket the difference, and the investor may never Mon, 31 Jul 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Hidden_Trading_Costs_ETF_Investors_Should_Know_About.aspxhttp://www.ifaradio.com/articles/Magical_Run_or_a_Bunch_of_Hype.aspxBusiness Week is a respected bastion of the financial media. Like much of the mainstream media, the magazine has a penchant for publicizing trading successes. In its July 24th issue, BW printed a 4-page analysis of "Inside Wall Street" columnist Gene MarciSat, 29 Jul 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Magical_Run_or_a_Bunch_of_Hype.aspxhttp://www.ifaradio.com/articles/And_the_Rich_Get_Richer.aspxVanguard, the leader in low-fee investment funds, announced Wednesday it will offer a price break on expenses for its long-term investors and those with big money accounts. The new "Admiral" share class could save shareholders 33% in fees. Fri, 28 Jul 2000 00:00:00 GMThttp://www.ifaradio.com/articles/And_the_Rich_Get_Richer.aspxhttp://www.ifaradio.com/articles/Not_ALL_Milk_and_HoneyIndex_Fund_Managers_and_the_Not_So_Delicate_Rebalance.aspxMaybe you thought the average index fund manager had a pretty cushy job. After all, they are not out there in the front line trenches picking off portfolio stocks like the managers of active mutual funds. Talk to an index fund manager, though and he'll telWed, 26 Jul 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Not_ALL_Milk_and_HoneyIndex_Fund_Managers_and_the_Not_So_Delicate_Rebalance.aspxhttp://www.ifaradio.com/articles/Diversifying_InternationallySafe_and_Sensible.aspxYou've got a house, a broad section of the U.S. Market, and some bonds. You think you're diversified? Think again. Without a healthy allotment of international stocks, your porfolio is not as diversified as it should be. Tue, 25 Jul 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Diversifying_InternationallySafe_and_Sensible.aspxhttp://www.ifaradio.com/articles/NYSE_Looks_to_Challenge_American_Exchange_ETF_Hegemony.aspxThere are currently 58 exchange-traded funds available to investors. Their combined assets amount to some $47 billion. Every one of them trades on the American Stock Exchange (AMEX). This may soon change. The New York Stock Exchange (NYSE) today expressed Thu, 20 Jul 2000 00:00:00 GMThttp://www.ifaradio.com/articles/NYSE_Looks_to_Challenge_American_Exchange_ETF_Hegemony.aspxhttp://www.ifaradio.com/articles/Fortune_to_Create_Exchange-Traded_Funds.aspxThe latest in a procession of exchange-traded funds (ETFs) to enter the market comes from Fortune, which has licensed State Street Global Advisors (SsgA) to manage new ETFs based on the Fortune 500 and Fortune e-50 stock indexes. Wed, 19 Jul 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Fortune_to_Create_Exchange-Traded_Funds.aspxhttp://www.ifaradio.com/articles/FiveLies.aspxFive Lies About Fund Manager TalentMon, 17 Jul 2000 15:44:35 GMThttp://www.ifaradio.com/articles/FiveLies.aspxhttp://www.ifaradio.com/articles/Calvert_Group_Opens_a_Socially_Responsible_Fund_of_its_Own.aspxSocially responsible index pioneer Calvert Group recently launched the Calvert Social Index Fund (ticker symbol: CALVIN) to track the performance of the Calvert Social Index. The Calvert index aims to be the broadest-based, most rigorously screened benchmaThu, 13 Jul 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Calvert_Group_Opens_a_Socially_Responsible_Fund_of_its_Own.aspxhttp://www.ifaradio.com/articles/Investors_Flunk_Vanguard_Test.aspxMutual fund investors scored an average of 37% on a test of their fund and market savvy. The quiz, sponsored by the Vanguard Group and Money Magazine, tested investor knowledge of mutual funds basics and market fundamentals.Wed, 12 Jul 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Investors_Flunk_Vanguard_Test.aspxhttp://www.ifaradio.com/articles/Interview_with_J_Doyne_Farmer_Chaos_Theorist_Discusses_the_Markets_and_Nonlinear_Theory.aspxIndexers use the efficient market hypothesis to help explain generally why stock market averages are so hard to beat with consistency. But efficient market theory does a poor job of explaining bouts of speculation or panic - irrational investors. Mon, 10 Jul 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Interview_with_J_Doyne_Farmer_Chaos_Theorist_Discusses_the_Markets_and_Nonlinear_Theory.aspxhttp://www.ifaradio.com/articles/Are_the_Risks_of_Exchange-Traded_Funds.aspxA key risk inherent in exchange-traded funds (ETFs) is being misrepresented by its proponents, charges Mercer Bullard and the Consumer Federation of America. Sponsors of ETFs responded variously-challenging the critics' data, agreeing, or vowing to change Fri, 07 Jul 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Are_the_Risks_of_Exchange-Traded_Funds.aspxhttp://www.ifaradio.com/articles/are_the_risks_of_exchange_traded_funds_being_downplayed.aspxA key risk inherent in exchange-traded funds (ETFs) is being misrepresented by its proponents, charges Mercer Bullard and the Consumer Federation of America. Sponsors of ETFs responded variously-challenging the critics' data, agreeing, or vowing to change Fri, 07 Jul 2000 00:00:00 GMThttp://www.ifaradio.com/articles/are_the_risks_of_exchange_traded_funds_being_downplayed.aspxhttp://www.ifaradio.com/articles/Indexing_on_a_Shoestring.aspxThe biggest excuse small investors make is always lack of cash. But sit back and imagine enjoying the diversification benefits and low cost of indexing for just $50 each month. Thu, 06 Jul 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Indexing_on_a_Shoestring.aspxhttp://www.ifaradio.com/articles/The_New_Indexing.aspxOld-school indexers claim the market portfolio is the only legitimate stock investment. Tilting a portfolio toward a particular piece of the market like small company stocks or value stocks is seen as stock picking, which in turn is seen as gambling (JonatSat, 01 Jul 2000 00:00:00 GMThttp://www.ifaradio.com/articles/The_New_Indexing.aspxhttp://www.ifaradio.com/articles/Risk_Cost_of_Capital.aspxExpert from Interview with Eugene FamaSat, 01 Jul 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Risk_Cost_of_Capital.aspxhttp://www.ifaradio.com/articles/Bond_Index_FundsA_Synopsis.aspxIt is fitting that a detailed discussion about bond index funds should begin by mentioning John Bogle and Vanguard Mutual funds.Fri, 30 Jun 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Bond_Index_FundsA_Synopsis.aspxhttp://www.ifaradio.com/articles/SEC_Considers_Changing_Rules_on_Mutual_Fund_Disclosure.aspxThe Securities and Exchange Commission (SEC) is proposing to force mutual funds to disclose both pre-tax and after-tax returns.Thu, 29 Jun 2000 00:00:00 GMThttp://www.ifaradio.com/articles/SEC_Considers_Changing_Rules_on_Mutual_Fund_Disclosure.aspxhttp://www.ifaradio.com/articles/Buying_Technology_Stocks_With_Exchange_Traded_Funds.aspxThese days you can turn on the television, almost 24 hours a day, and see which market savant is buying tech stocks, who has changed their mind and is selling out of tech stocks, who is jumping into biotech stocks, and so forth. Wed, 28 Jun 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Buying_Technology_Stocks_With_Exchange_Traded_Funds.aspxhttp://www.ifaradio.com/articles/Modern_Finance_Founder_Merton_Miller_Dies.aspxEconomist Merton Miller, one of the founders of modern corporate finance and a Nobel Prize recipient, passed away on June 3 in Chicago. He was 77 years old. Mon, 26 Jun 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Modern_Finance_Founder_Merton_Miller_Dies.aspxhttp://www.ifaradio.com/articles/Does_an_Investor_Who_is_Younger_than_40_Need_Bonds.aspxWe've been seeing some interesting portfolio mixes lately. One young gentleman raved about his "diversified" portfolio and how well he was doing. He had 50% in an S&P index fund, 20% in the tech laden Janus Growth & Income, and 30% in his employers' (also Thu, 22 Jun 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Does_an_Investor_Who_is_Younger_than_40_Need_Bonds.aspxhttp://www.ifaradio.com/articles/It_Pays_to_be_Good.aspxSocially responsible mutual funds were first introduced in the early 1980s, but until recently their performance has lagged the market. The "sin stocks"- those involved in tobacco, weapons development, nuclear power, and pornography-outperformed socially rWed, 21 Jun 2000 00:00:00 GMThttp://www.ifaradio.com/articles/It_Pays_to_be_Good.aspxhttp://www.ifaradio.com/articles/Japanese_Government_Shifts_Emphasis_to_Topix.aspxThe Nikkei 225 Average has long reigned as the dominant Japanese index, but the Tokyo Stock Exchange's Topix index is quickly strengthening its reputation in status-conscious Japan. Tue, 20 Jun 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Japanese_Government_Shifts_Emphasis_to_Topix.aspxhttp://www.ifaradio.com/articles/From_the_Message_Boards_Index_Funds_Disciples_Duke_it_Out.aspxFollowing is a recent letter exchange Jim Wiandt (the Managing Editor at IndexFunds.com, pictured above left) had with Jason Zweig (The Fundamentalist at Money.com, pictured above right). It was posted to the Index Funds Seminar discussion board with ZweigFri, 16 Jun 2000 00:00:00 GMThttp://www.ifaradio.com/articles/From_the_Message_Boards_Index_Funds_Disciples_Duke_it_Out.aspxhttp://www.ifaradio.com/articles/Parade_of_iShares_Continues.aspxBarclays Global Investors continues its rollout of iShares. By mid-July, there will be over 50 domestic and international iShare funds available covering just about every broad U.S. market sector, and most of the major international markets. Wed, 14 Jun 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Parade_of_iShares_Continues.aspxhttp://www.ifaradio.com/articles/Bogle_Wins_25_Bet.aspxFive years after making the biggest bet of his life, John C. Bogle, founder of the Vanguard Group, collected $25 from Robert Markman of Markman Capital Management. Tue, 13 Jun 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Bogle_Wins_25_Bet.aspxhttp://www.ifaradio.com/articles/Standard_Poors_Sues_Vanguard.aspxTwo indexing heavyweights are sparring over the use of indexes by exchange-traded funds. Standard & Poor's parent company McGraw-Hill sued Vanguard Group June 8th over the use of its flagship S&P 500 Index. Fri, 09 Jun 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Standard_Poors_Sues_Vanguard.aspxhttp://www.ifaradio.com/articles/Recent_Portfolio_TheoryAdvice_in_a_Multifactor_World.aspxA bewildering array of new portfolio theories confront the investor as he tries to put together an investment strategy. Cochrane's paper touches on some of the more important studies, and ultimately comes to a number of conclusions that should come as no sWed, 07 Jun 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Recent_Portfolio_TheoryAdvice_in_a_Multifactor_World.aspxhttp://www.ifaradio.com/articles/No_More_Free_MoneyXcom_Ends_Rebate_Program.aspxJust six months after launching the fund that paid you to invest, x.com announced it was ending the program.Thu, 25 May 2000 00:00:00 GMThttp://www.ifaradio.com/articles/No_More_Free_MoneyXcom_Ends_Rebate_Program.aspxhttp://www.ifaradio.com/articles/Bushs_Plan_Indexing_Boon_or_Market_Disaster.aspxRepublican presidential candidate George W. Bush recently proposed a plan to partially privatize Social Security. Would the plan give a healthy boost to the stock market while shoring up retirement returns, or would it inflate the market into a dangerous bWed, 24 May 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Bushs_Plan_Indexing_Boon_or_Market_Disaster.aspxhttp://www.ifaradio.com/articles/The_Nature_of_Investment_Risk.aspxThe Nature of Investment RiskWed, 24 May 2000 00:00:00 GMThttp://www.ifaradio.com/articles/The_Nature_of_Investment_Risk.aspxhttp://www.ifaradio.com/articles/Barclays_ETFs_in_PlayCheap_to_Hold_Easy_to_Trade.aspxIn a further boon to index investors, Barclays has launched a series of funds known as iShares that have record-breaking low expense ratios. During the month of May, Barclays will commence trading of 14 new funds. Four, tracing the S&P 500, the Russell 10Fri, 19 May 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Barclays_ETFs_in_PlayCheap_to_Hold_Easy_to_Trade.aspxhttp://www.ifaradio.com/articles/Vanguard_Enters_ETF_Fray_Bogle_Not_Sure_He_Would_Have_Done_It.aspxThe Vanguard Group announced its plan to launch Exchange Traded Funds (ETFs). The funds, called Vipers, would be linked to Vanguard index funds. In a Wall Street Journal interview, Vanguard founder John Bogle said, "Anything that gets investors involved wiTue, 16 May 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_Enters_ETF_Fray_Bogle_Not_Sure_He_Would_Have_Done_It.aspxhttp://www.ifaradio.com/articles/Merrill_Lynch_broker_lost_36_MILLION_for_Clients.aspxOn May 16, 2000, Hechinger and Gasparino at the Wall Street Journal reported that Merrill Lynch & Co had been embarrassed by two of the company’s own brokers, in separate incidents, resulting in a $750,000 total fine. Merrill Lynch also agreed to pay the Tue, 16 May 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Merrill_Lynch_broker_lost_36_MILLION_for_Clients.aspxhttp://www.ifaradio.com/articles/First_ETFs_Launched_in_Europe.aspxRiding a wave of popularity in the United States, the first exchange-traded funds (ETFs) to be based in European markets were launched. The new ETFs track indexes in Germany and the United Kingdom.Fri, 12 May 2000 00:00:00 GMThttp://www.ifaradio.com/articles/First_ETFs_Launched_in_Europe.aspxhttp://www.ifaradio.com/articles/Soros_Retreat.aspxBillionaire George Soros, long an icon to active hedge fund managers, announced his withdrawal from aggressive hedge fund investing.Thu, 04 May 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Soros_Retreat.aspxhttp://www.ifaradio.com/articles/Are_Small_Cap_Index_Funds_Poised_for_a_Rebound.aspxSmall cap stocks have outperformed large cap companies this century over many longer-term periods. In recent years, however, the returns of large cap indexes have dwarfed those of small cap indexes. Does this signify the forthcoming dominance of small cap Fri, 21 Apr 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Are_Small_Cap_Index_Funds_Poised_for_a_Rebound.aspxhttp://www.ifaradio.com/articles/Comparing_Different_Tax_Sheltered_Investment_Accounts.aspxInvestors have a variety of options when looking to invest their money in tax-sheltered retirement accounts. For investors with more limited income, the traditional IRA allows for an immediate tax deductions. The more recently instituted Roth IRA is availaWed, 19 Apr 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Comparing_Different_Tax_Sheltered_Investment_Accounts.aspxhttp://www.ifaradio.com/articles/Index_Returns_Through_3-31-2000.aspxReturns are in percentages, all annualized except for 1st Quarter 2000. Example: an investor placing $100 in 3-month T-Bills in 3/31/99 would have approximately $105.20 before fees in 3/31/00. Wed, 19 Apr 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Index_Returns_Through_3-31-2000.aspxhttp://www.ifaradio.com/articles/Tax_Sheltering_Index_Funds.aspxWhile it may seem counterintuitive, your retirement fund may well be the best place to hold the riskier end of your portfolio.Wed, 19 Apr 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Tax_Sheltering_Index_Funds.aspxhttp://www.ifaradio.com/articles/Nasdaqs_Wild_Ride_Volatilitys_OK_Say_Fund_Managers.aspxInvestors should not be surprised by the Nasdaq's wild gyrations, say index fund managers. Nor should they be overly concerned. Fri, 07 Apr 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Nasdaqs_Wild_Ride_Volatilitys_OK_Say_Fund_Managers.aspxhttp://www.ifaradio.com/articles/Magellan_Finally_Dethroned.aspxThe eclipse was predicted for years. Finally on April 5 Vanguard 500 became the largest fund in the world with $107.2 billion in assets, surpassing Fidelity's Magellan Fund at $106.9 billion, according to fidelityinvestor.com. Thu, 06 Apr 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Magellan_Finally_Dethroned.aspxhttp://www.ifaradio.com/articles/Closet_Index_Funds_Investors_Dont_Ask_Funds_Dont_Tell.aspxFans of actively managed mutual funds pay handsomely to try to outperform the S&P 500. But many do not realize that some of their favorite funds resemble the S&P 500 or other index so closely that beating this benchmark by much is unlikely. When fees are fTue, 28 Mar 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Closet_Index_Funds_Investors_Dont_Ask_Funds_Dont_Tell.aspxhttp://www.ifaradio.com/articles/The_Merchants_of_Greenwich.aspxAside from my Simpsons addiction I don't watch much television. But when a friend called me up one evening and told me to catch the PBS/Nova documentary "The Trillion Dollar Bet" I knew I wasn't going to be disappointed. After all, it's not every day that Sat, 25 Mar 2000 00:00:00 GMThttp://www.ifaradio.com/articles/The_Merchants_of_Greenwich.aspxhttp://www.ifaradio.com/articles/Tracking_the_Nasdaq.aspxThe Nasdaq index is capturing everyone's interest, but there are precious few ways to invest in it. The performance of the Nasdaq has gone through the roof in the past few years. Created in 1971, it didn't reach 1000 until July 7, 1995; it took less than fFri, 17 Mar 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Tracking_the_Nasdaq.aspxhttp://www.ifaradio.com/articles/Ebank_Xcom_Pays_Customers_to_Invest.aspxOne of the best deals in indexing for the small investor could well be x.com's offer to pay investors to place their money in a reputable S&P fund.Fri, 10 Mar 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Ebank_Xcom_Pays_Customers_to_Invest.aspxhttp://www.ifaradio.com/articles/Is_Merrill_Lynch_Tipping_its_Hand_with_HOLDRS.aspxMainstream broker Merrill Lynch has introduced HOLDRS, a growing line of exchange traded index funds. They may not be for mainstream portfolios.Mon, 06 Mar 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Is_Merrill_Lynch_Tipping_its_Hand_with_HOLDRS.aspxhttp://www.ifaradio.com/articles/Wash_Sale_Rules.aspxA wash sale occurs when you sell or trade stock or securities at a loss and within 30 days before or after the sale you...Wed, 01 Mar 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Wash_Sale_Rules.aspxhttp://www.ifaradio.com/articles/Exchange_Traded_Funds_A_White_Paper.aspxThis paper reviews the history of exchange traded funds (ETFs). ETFs, with names such as Spiders and Diamonds, are investments that are both exchange-listed (like corporate equity securities) and open-ended (continuously offering shares like open-ended mutThu, 24 Feb 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Exchange_Traded_Funds_A_White_Paper.aspxhttp://www.ifaradio.com/articles/Price_War.aspxState Street Global Advisors plans to drop fees on its S&P index fund below those of Vanguard, according to a recent SEC filing. Fri, 18 Feb 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Price_War.aspxhttp://www.ifaradio.com/articles/Dow_36000.aspxThe market can be thought of as a giant tug-of-war between two teams, one of which thinks that the market is too high, the other too low. Straining at the very far right end of the rope are two fellows named James Glassman and Kevin Hassett (GH).Tue, 15 Feb 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Dow_36000.aspxhttp://www.ifaradio.com/articles/Performance_of_UK_Equity_Unit_Trusts.aspxStudies of money manager performance are the bottom line test of market efficiency. They do not claim to uncover specific types of market failure as do the 'anomalies' literature of the 1980s and the behavioural finance literature of today.Tue, 01 Feb 2000 00:00:00 GMThttp://www.ifaradio.com/articles/Performance_of_UK_Equity_Unit_Trusts.aspxhttp://www.ifaradio.com/articles/Professor_Fama_Answers_the_Critics.aspxThe earliest Fama-French research into the sources of stock returns generated controversy among academics. Many disputed the research and published their own findings. Wed, 01 Dec 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Professor_Fama_Answers_the_Critics.aspxhttp://www.ifaradio.com/articles/Hulbert_Attacks_Efficient_Market_Theory.aspxThe New York Times lends great authority to everything it publishes. It is generally thorough and conscientious. That is why it is shameful to see the dignified institution let a paid stock picking professional use it as cover for misleading, simplistic, sTue, 14 Sep 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Hulbert_Attacks_Efficient_Market_Theory.aspxhttp://www.ifaradio.com/articles/Putting_Theory_Into_Practice.aspxWhen David Booth, '71, and Rex Sinquefield, '72, left successful, established careers to form their own company with an untried idea, people thought they were crazy. Not just because they were walking away from good jobs with established firms, but becauseWed, 01 Sep 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Putting_Theory_Into_Practice.aspxhttp://www.ifaradio.com/articles/The_Inevitable_An_Index_Fund_for_the_Internet_Sector.aspxInvestec Guinness Flight Global Asset Management launched the much awaited no-load Guinness Flight internet.com(TM) Index Fund today, July 30th, 1999. It will be the first index fund tracking the Internet sector. Investors seeking to overweight this industFri, 30 Jul 1999 00:00:00 GMThttp://www.ifaradio.com/articles/The_Inevitable_An_Index_Fund_for_the_Internet_Sector.aspxhttp://www.ifaradio.com/articles/Fidelitys_New_Fund_of_Funds.aspxOn July 6, 1999, Fidelity Investments announced a new Four-in-One Index Fund touting it as the "fund of funds". It is a no-load well-diversified balanced fund that invests in both domestic and international equities, and U.S. bonds. The fund's low expense Sat, 10 Jul 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Fidelitys_New_Fund_of_Funds.aspxhttp://www.ifaradio.com/articles/Leader_of_the_Pack-The_DFA_Funds.aspx the firm takes a more academic approach to determining the benchmarks for its funds, most of which are small-cap- or value-oriented. Thu, 08 Jul 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Leader_of_the_Pack-The_DFA_Funds.aspxhttp://www.ifaradio.com/articles/Random_Drift_and_Asset_Allocation.aspxA doubling of the price-earnings ratio occurs when r-g is cut in half. If r-g is 6%, then the P/E ratio for a stock or index is 16.7. If r-g is 3%, then the P/E ratio is 33.3.Thu, 01 Jul 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Random_Drift_and_Asset_Allocation.aspxhttp://www.ifaradio.com/articles/Are_TIPS_Tops_Among_Bond_Funds.aspxIn her June 21, 1999 Wall Street Journal article, "Discovering Inflation-Indexed Bond Funds," Karen Damato takes a look at bond funds specializing in a recent innovation of the U.S. Treasury - inflation-indexed bonds, more commonly known as TIPS (Treasury Thu, 24 Jun 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Are_TIPS_Tops_Among_Bond_Funds.aspxhttp://www.ifaradio.com/articles/Funds_vs_Indexes_Data_are_Misleading.aspxMr. Clements examines the reasons why actively-managed diversified U.S. stock funds have been trailing the Standard & Poor's 500 Stock Index's gain while international funds have been able to beat Morgan Stanley's Europe, Australasia, and Far East (EAFE) ITue, 15 Jun 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Funds_vs_Indexes_Data_are_Misleading.aspxhttp://www.ifaradio.com/articles/Monkey_Business.aspx"At first glance, the professional money managers seem to be providing real value to their followers. On closer examination, it seems that buying their favorites is no better than throwing darts," writes Woolley. If the pros can't beat the market, then indMon, 14 Jun 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Monkey_Business.aspxhttp://www.ifaradio.com/articles/Interview_with_Eugene_Fama.aspxEugene F. Fama is on the Board of Directors of Dimensional Fund Advisors. He is a member of their investment committee and serves as an investment strategist. Professor Fama received his Ph.D. from the University of Chicago in 1964 and he also holds an MBATue, 01 Jun 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Interview_with_Eugene_Fama.aspxhttp://www.ifaradio.com/articles/The_Equity_Premium_and_Stock_Market_Valuations_Conference_Day_1.aspxTop investment economists gathered in early May at UCLA's Anderson School of Business to exchange ideas and data on the latest in investment theory. Many papers were densely packed with advanced statistics, but presenters tackled questions of fundamental iFri, 07 May 1999 00:00:00 GMThttp://www.ifaradio.com/articles/The_Equity_Premium_and_Stock_Market_Valuations_Conference_Day_1.aspxhttp://www.ifaradio.com/articles/100_Ways_to_Beat_the_Market.aspxSince I'm always looking for ways to beat the market (not that I always succeed, mind you), this new gem caught my eye. Two other books by this author have helped me in the past, so I'm naturally interested in any new ones. Sat, 01 May 1999 00:00:00 GMThttp://www.ifaradio.com/articles/100_Ways_to_Beat_the_Market.aspxhttp://www.ifaradio.com/articles/Are_Day_Traders_Trading_One_Evil_for_Another.aspxAre individual investors really making a change when they transfer funds from Fidelity Magellan to an online discount broker?Tue, 27 Apr 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Are_Day_Traders_Trading_One_Evil_for_Another.aspxhttp://www.ifaradio.com/articles/John_Bogle_on_Indexing_and_the_State_of_the_Market.aspxJack Bogle, Chairman of The Vanguard Group and the father of index investing, doesn't like to predict market trends, but he is flatly warning investors not to depend on outsized returns from big stocks. He has little financial incentive to make such a statThu, 22 Apr 1999 00:00:00 GMThttp://www.ifaradio.com/articles/John_Bogle_on_Indexing_and_the_State_of_the_Market.aspxhttp://www.ifaradio.com/articles/Geniuses_Gone.aspxTHE BRILLIANT MUTUAL FUND MANAGERS OF YORE ARE NEARLY EXTINCT. THE LESS BRILLIANT ARE IN DANGER OF LOSING THEIR JOBS. BECAUSE IN TODAY`S HOT MARKET, INDEX FUNDS ARE GOLDEN.Mon, 22 Mar 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Geniuses_Gone.aspxhttp://www.ifaradio.com/articles/Even_Enhanced_Index_Funds_Trail_the_Market.aspxEnhanced index funds should be in the best position to at least modestly outperform index funds. All a fund manager has to do is stick to the majority of stocks in an index and then overweight a small number to try to eke out enhanced returns. And in princSat, 20 Mar 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Even_Enhanced_Index_Funds_Trail_the_Market.aspxhttp://www.ifaradio.com/articles/Schwab_Backs_Indexing.aspxThe largest US discount brokerage firm released a study that emphasizes indexing as the core of an optimal long-term equity portfolio. The study by the Schwab Center Investment Research at Charles Schwab & Co. disputes the benefits of an all-actively managTue, 16 Mar 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Schwab_Backs_Indexing.aspxhttp://www.ifaradio.com/articles/Smart_Timing.aspxPHILADELPHIA, PENN. - Market timing is viewed almost as skeptically as stock picking by many indexers. But officials at new money manager Aexpert Advisory, Inc. insist they have a unique timing strategy. It involves artificial intelligence techniques to swMon, 15 Mar 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Smart_Timing.aspxhttp://www.ifaradio.com/articles/Mining_Fools_Gold.aspxThe authors' paper urges investors to view all "foolproof" investment strategies and trading rules with some degree of skepticism. They remind readers of the pitfalls of data mining and how to avoid them. Their analysis subscribes to The Random Walk TheoryMon, 15 Mar 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Mining_Fools_Gold.aspxhttp://www.ifaradio.com/articles/Consumer_Reports_Endorses_Indexing_Confusedly.aspxConsumer Reports, the non-profit consumer advocate magazine, recommends an investment philosophy that is remarkably similar to indexing in its lead article "Mutual Funds: Which way is Up?" of its March issue. Mon, 01 Mar 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Consumer_Reports_Endorses_Indexing_Confusedly.aspxhttp://www.ifaradio.com/articles/Vanguard_Lowers_but_Still_Defends_Entry_Fees.aspxVALLEY FORGE, PENN. - Index fund giant Vanguard Group lowered entry fees for a mid-cap and two small-cap funds. The Vanguard Mid-Cap Index Fund removed its .25% entry fee entirely, while the Small-Cap Growth and the Small-Cap Value Funds halved their entryMon, 01 Mar 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguard_Lowers_but_Still_Defends_Entry_Fees.aspxhttp://www.ifaradio.com/articles/Business_Week_Lauds_Indexing.aspxBusiness Week's courageous February 22 articles on index indexing, are obligatory reading for any retail investor. Tapping a strong array of data surrounding indexing, Business Week writes convincingly and elegantly about the key issues in indexing.Mon, 22 Feb 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Business_Week_Lauds_Indexing.aspxhttp://www.ifaradio.com/articles/Islamic_Index_Tracks_Value_through_Morality.aspxBAHRAIN — As with any form of investment, indexing is affected by cultural and religious values. A new example is than Dow Jones' new Islamic Market Index, which helps Islamic investors and banks participate in equities. Mon, 15 Feb 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Islamic_Index_Tracks_Value_through_Morality.aspxhttp://www.ifaradio.com/articles/Small_Cap_Growth_Indexing_and_the_Multifactor_Threestep.aspxUnless you've just spent the last decade looking for Elvis, you know that indexing most asset classes will beat most active managers. From time to time a majority of active managers in a given asset class will beat indexing, but this usually doesn't last vFri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Small_Cap_Growth_Indexing_and_the_Multifactor_Threestep.aspxhttp://www.ifaradio.com/articles/The_Grand_Infatuation.aspxTroll the latest reincarnation of the office water-cooler-investor internet chat rooms and discussion boards-and you'll find abundant evidence of romantic disaster in the making. No, I'm not suggesting that these forums are hotbeds of amorous intrigue, butFri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/The_Grand_Infatuation.aspxhttp://www.ifaradio.com/articles/The_Slippery_Slope_of_Fund_Expenses.aspxInvestors not infrequently founder on the shoals of incorrect assumptions. Among the most prominent are the existence of money manager skill and a simple faith that past asset class returns are precisely predictive of future returns. Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/The_Slippery_Slope_of_Fund_Expenses.aspxhttp://www.ifaradio.com/articles/Foreword.aspxThe simple case for index funds is part theory, part practice, and part arithmetic. Theory says that since (a) gross returns earned by investors as a group must equal the gross returns earned by the total stock market, (b) net returns - after advisory feesFri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Foreword.aspxhttp://www.ifaradio.com/articles/Testimonials_To_Indexing_From_Leading_Investment_Experts.aspxJohn C. Bogle is one of the most respected leaders in the mutual fund industry and is Chairman of the Vanguard Group of Investment Companies, the second largest mutual fund family in the world. Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Testimonials_To_Indexing_From_Leading_Investment_Experts.aspxhttp://www.ifaradio.com/articles/Will_Active_Mutual_Funds_Continue_To_Underperform_The_Market_In_The_Future.aspxAttempts to predict the future are not very profitable expenditures of time or money. But there are a number of reasons why it can be expected that a large majority of actively-managed mutual funds will continue to underperform the market in the future.Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Will_Active_Mutual_Funds_Continue_To_Underperform_The_Market_In_The_Future.aspxhttp://www.ifaradio.com/articles/An_Interview_with_Professor_P_Raghavendra_Rau_Assistant_Professor_of_Finance_at_Purdue_University.aspxThe clever and clear study "A Rose.com by Any Other Name" suggests there may be inefficiencies, especially in markets of great fluctuation. It does not suggest that these inefficiencies are easy to spot. Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/An_Interview_with_Professor_P_Raghavendra_Rau_Assistant_Professor_of_Finance_at_Purdue_University.aspxhttp://www.ifaradio.com/articles/Common_Sense_on_Mutual_Funds.aspxEven the smallest library of every serious index investor should contain Common Sense on Mutual Funds, the latest book by John Bogle of The Vanguard Group. Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Common_Sense_on_Mutual_Funds.aspxhttp://www.ifaradio.com/articles/Exclusive_Interview_Prof_William_Sharpe.aspxPALO ALTO, CALIF. - Few individuals have advanced theoretical underpinnings of index investing more than Professor William Sharpe, STANCO 25 Professor of Finance at Stanford University and Nobel Laureate in economics. Few individuals are doing more to makeFri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Exclusive_Interview_Prof_William_Sharpe.aspxhttp://www.ifaradio.com/articles/Rydex_on_a_Wild_Ride_in_98.aspxRydex is proof that smaller index fund groups can still thrive. Securities Data Publishing rated it the fastest growing fund family in 1998, during which time it grew from $1.7 Billion to $4.1 Billion under management. It achieved this by bringing out creaFri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Rydex_on_a_Wild_Ride_in_98.aspxhttp://www.ifaradio.com/articles/SPDRs_and_Diamonds.aspxMutual funds are not the only way to invest in domestic indexes. Increasingly popular are so-called SPDRs or Standard & Poor's Depository Receipts, which track indexes just like a fund but trade like a stock on the American Stock Exchange. Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/SPDRs_and_Diamonds.aspxhttp://www.ifaradio.com/articles/Exchange-Traded_Indexed_Securities.aspxExchange-traded funds (ETFs) are increasing in popularity, as they are often responsible for approximately 50% of the daily trade volume on the American Stock Exchange (AMEX).Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Exchange-Traded_Indexed_Securities.aspxhttp://www.ifaradio.com/articles/Index_Mutual_Funds_How_to_Simplify_Your_Life_and_Beat_the_Pros.aspxI am very busy and don't have time to pour over investment books all day. But, as a beginning indexer, I have a lot to learn. That's where this book came in handy. I was able to read it in a few days in the few minutes I have to sit down and read.Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Index_Mutual_Funds_How_to_Simplify_Your_Life_and_Beat_the_Pros.aspxhttp://www.ifaradio.com/articles/Mutual_Funds_For_Dummies.aspxI wouldn't call myself a dummy. But, between me and my husband, I was the ignorant one when it came to mutual funds. He handles our investments, and he always keeps me informed, but I never really cared to know more than I had to.Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Mutual_Funds_For_Dummies.aspxhttp://www.ifaradio.com/articles/Dow_36000_Fact_or_Fiction.aspxIn a sequence of op-eds in the Wall Street Journal, an article in the Atlantic Monthly, and a book, James Glassman and Kevin Hassett of the American Enterprise Institute argue that the stock market is undervalued, possibly by a factor of three or more. TheFri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Dow_36000_Fact_or_Fiction.aspxhttp://www.ifaradio.com/articles/The_Coffeehouse_Investor.aspxDo you ever wonder if financial journalists have real lives? No, really. Each month, Money Magazine, Kiplinger's and all the rest boldly announce the mutual funds you should buy now.Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/The_Coffeehouse_Investor.aspxhttp://www.ifaradio.com/articles/Bonds_Index_Funds_Just_As_Compelling.aspxGrowing fears of an overvalued stock market have brought bonds back into the limelight. But investors' dilemma still remains which bond fund to invest in. Bond index funds, with their relatively low fees (around 0.2% compared to over 1% charged by active mFri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Bonds_Index_Funds_Just_As_Compelling.aspxhttp://www.ifaradio.com/articles/Does_the_Index_Effect_boost_Index_Performance.aspxAs indexing gains wider acceptance among the investment community, it might affect security prices in the future. This effect is likely to be most acute for large-cap stocks (S&P 500 Index funds) that have attracted most of the index investments in the recFri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Does_the_Index_Effect_boost_Index_Performance.aspxhttp://www.ifaradio.com/articles/Hedge_Fund_Strategy_Indices.aspxHedge Fund Research, a full service financial consulting firm specializing in alternative investments, recently launched indices for a number of hedge fund strategies (available on Bloomberg, Bridge and at www.hfr.com). The indices capture the core, non-leFri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Hedge_Fund_Strategy_Indices.aspxhttp://www.ifaradio.com/articles/How_Indexes_are_created.aspxNot all indexes are created in the same way. How they are put together can affect investor returns. Three methods primarily used to construct indexes are:Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/How_Indexes_are_created.aspxhttp://www.ifaradio.com/articles/Indexing_the_Multinationals.aspxDow Jones & Co. Inc. recently launched the Global Titans Index, a 50-stock capitalization-weighted index comprising the world's largest multinational companies. The index represents a well-diversified global portfolio that has delivered marginally better rFri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Indexing_the_Multinationals.aspxhttp://www.ifaradio.com/articles/International_Active_Managers_Crush_the_EAFE_or_The_Japan_Effect.aspxIn principle, international indexing should beat active international funds even more than domestic indices beat active domestic funds. That is because international expense ratios and transaction costs are even higher as a percentage of assets.Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/International_Active_Managers_Crush_the_EAFE_or_The_Japan_Effect.aspxhttp://www.ifaradio.com/articles/Malaysian_WEBS_A_Lesson_in_Risk_and_Some_Recent_Developments.aspxWEBS are not immune to political and economic turmoil. Many investors were surprised when in September of 1998 Malaysia's central bank introduced exchange controls to prevent capital from leaving the country and stabilize the exchange rate of the MalaysianFri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Malaysian_WEBS_A_Lesson_in_Risk_and_Some_Recent_Developments.aspxhttp://www.ifaradio.com/articles/Small_Caps_Undervalued.aspxSmall-cap indexing works best when small stock returns exceed those of large stocks. Should there be a resurgence of the small-caps, investors would be better off investing in small-cap index funds rather than an actively managed portfolio of small stocks.Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Small_Caps_Undervalued.aspxhttp://www.ifaradio.com/articles/The_Inefficient_Markets_Argument_for_Passive_Investing_by_Dr_Steven_Thorley.aspxConventional wisdom justifies an indexing strategy based on the assumption that markets are efficient. The large-cap sector, considered informationally efficient, has accounted for an astounding majority of the indexed investments. Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/The_Inefficient_Markets_Argument_for_Passive_Investing_by_Dr_Steven_Thorley.aspxhttp://www.ifaradio.com/articles/Barclays_Global_Investors_recently_filed_with_the_SEC_to_offer_51_open-end_domestic_index_funds.aspxA 1998 report commissioned by Barclays Global Investors and conducted by PricewaterhouseCoopers reaffirms the growing knowledge that passive management leads to higher returns than active management. It concludes that indexing has saved institutional invesFri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Barclays_Global_Investors_recently_filed_with_the_SEC_to_offer_51_open-end_domestic_index_funds.aspxhttp://www.ifaradio.com/articles/Want_to_Day_Trade_the_Indexes.aspxWith the huge success of WEBS, Barclays Global Investors recently filed with the SEC to offer 51 open-end domestic index funds. They are revolutionary new products for index investors allowing them to day trade almost all U.S. indexes.Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Want_to_Day_Trade_the_Indexes.aspxhttp://www.ifaradio.com/articles/WEBS_Flexible_Way_to_Span_the_Globe.aspxIndex investors have had limited options in foreign investing, but in the past two years WEBS (World Equity Benchmark Shares) have changed this situation dramatically. WEBS are country-specific indexes (17 so far) that trade like stocks. Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/WEBS_Flexible_Way_to_Span_the_Globe.aspxhttp://www.ifaradio.com/articles/Index_Mutual_Funds_Profiting_from_an_Investment_Revolution.aspxAre you an indexer? According to the new book Index Mutual Funds: Profiting from an Investment Revolution, it takes more than just owning an index fund to qualify. Indexers have a good understanding of the many advantages that index funds offer. This knFri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Index_Mutual_Funds_Profiting_from_an_Investment_Revolution.aspxhttp://www.ifaradio.com/articles/Index_Your_Way_to_Investment_Success.aspxAmong indexing books, Index your Way to Investment Success has the most comprehensive description of how to build an investment plan. It presents a simple investment strategy and then describes ways to enhance the strategy in hopes of higher return. Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Index_Your_Way_to_Investment_Success.aspxhttp://www.ifaradio.com/articles/IndexFundscom_Selected_Top_Web_Site.aspxForbes magazine, in their first "Interactive Money Guide," has chosen IndexFunds.com as one the top 250 Web Sites on the Internet. The Fall 1999 issue covers sites on investing, banking, home buying, cars, collectibles, travel, sports, and more.Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/IndexFundscom_Selected_Top_Web_Site.aspxhttp://www.ifaradio.com/articles/Indexing_Basics_Your_Questions_Answered.aspxWhat is indexing? Why index? What is an index fund? How do index funds differ from other mutual funds? How does indexing work? Why don't index investors try to beat the market? What is an Exchange-Traded Fund (ETF)? What can an index fund track?Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Indexing_Basics_Your_Questions_Answered.aspxhttp://www.ifaradio.com/articles/Model_PortfoliosSummary_of_all_Models.aspxModel Portfolios - Summary of all ModelsFri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Model_PortfoliosSummary_of_all_Models.aspxhttp://www.ifaradio.com/articles/Returns_Data_1973-1998.aspxThe following table shows the returns for major asset classes since 1973. Investors can use this data is to determine the relative risk and return characteristics of the asset classes.Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Returns_Data_1973-1998.aspxhttp://www.ifaradio.com/articles/Returns_for_CRSP_Market_Cap_Deciles.aspxThe following charts show the total returns for the CRSP (Center for Research in Security Prices, University of Chicago) market cap deciles and the S&P 500 Index. The CRSP deciles are created by taking all of the NYSE stocks (excluding ADR's REIT's, foreigFri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Returns_for_CRSP_Market_Cap_Deciles.aspxhttp://www.ifaradio.com/articles/Style_Drift_Illustrated.aspxActively-managed funds often start out as one kind of animal and slowly evolve into something totally different over time. For investors who care about developing asset class portfolios with funds that stay true to their style, this "style drift" is an unwFri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Style_Drift_Illustrated.aspxhttp://www.ifaradio.com/articles/The_Size_Effect_Over_Different_Time_Periods.aspxIt is widely accepted (although there is ongoing debate) that small company stocks outperform large company stocks over time due to their higher risks.Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/The_Size_Effect_Over_Different_Time_Periods.aspxhttp://www.ifaradio.com/articles/New_York_Institute_of_Finance_Guide_to_Mutual_Funds_2000.aspxMutual Funds are undoubtedly one of the great financial inventions of all time. Fund investors can get broad diversification and professional management at much lower cost and greater convenience than would be possible otherwise. However, with more than 12Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/New_York_Institute_of_Finance_Guide_to_Mutual_Funds_2000.aspxhttp://www.ifaradio.com/articles/Should_You_Invest_In_Growth_Value_or_Both.aspxThere is a big debate going on in the academic community about where the return premium on value stocks comes from. Note that the debate is not whether their is a premium, but rather its cause.Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Should_You_Invest_In_Growth_Value_or_Both.aspxhttp://www.ifaradio.com/articles/The_Only_Guide_to_a_Winning_Investment_Strategy_Youll_Ever_Need.aspxThere are many books touting themselves as "The Only Book You Will Ever Need!" Unlike many of the others, though, this one actually comes close to living up to the claim. Fri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/The_Only_Guide_to_a_Winning_Investment_Strategy_Youll_Ever_Need.aspxhttp://www.ifaradio.com/articles/Winning_With_Index_Mutual_Funds.aspxYou get what you pay for, right? Well, according to the recent book Winning with Index Mutual Funds, on Wall Street nothing could be further from the truth. Most investors end up paying too much in fees for too little in performance. The answer for mostFri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Winning_With_Index_Mutual_Funds.aspxhttp://www.ifaradio.com/articles/Beware_the_Claims_of_the_Stock_Picking_Gurus.aspxIt's easy to dismiss the outrageousness of the claims made by someone like Wade Cook. Even if you don't know that Cook has been in trouble with securities regulators and courts for many years now, your common sense tells you that five and six digit returnsFri, 01 Jan 1999 00:00:00 GMThttp://www.ifaradio.com/articles/Beware_the_Claims_of_the_Stock_Picking_Gurus.aspxhttp://www.ifaradio.com/articles/Twenty-Five_Years_of_Indexing.aspxA report commissioned by Barclays Global Investors concludes that indexing has saved institutional investors worldwide as much as $105 billion since its inception 25 years ago. The report, entitled "Twenty-Five Years of Indexing," was conducted by PricewatThu, 06 Aug 1998 00:00:00 GMThttp://www.ifaradio.com/articles/Twenty-Five_Years_of_Indexing.aspxhttp://www.ifaradio.com/articles/How_the_Really_Smart_Money_Invests.aspxSuppose you made a list of the smartest people alive in finance. What would you give to know how these titans invest their own money?Mon, 06 Jul 1998 00:00:00 GMThttp://www.ifaradio.com/articles/How_the_Really_Smart_Money_Invests.aspxhttp://www.ifaradio.com/articles/Engineering_Portfolios_for_Better_Returns.aspxThis isn't surprising. An active manager's primary directive, hardwired into his psyche, is to pick winners. Value investing is about investing in earnings-distressed companies. Picking the big potential earners from the value stock universe is similar to Fri, 01 May 1998 00:00:00 GMThttp://www.ifaradio.com/articles/Engineering_Portfolios_for_Better_Returns.aspxhttp://www.ifaradio.com/articles/Barclays_Global_Investors_predicts_70-80_percent_levels_of_passive_management_in_pension_funds.aspxBarclays Global Investors, with �295 billion assets under management, the world` s largest quantitative fund manager, has predicted that levels of 70%-80% passive management would be supportable.Wed, 18 Mar 1998 00:00:00 GMThttp://www.ifaradio.com/articles/Barclays_Global_Investors_predicts_70-80_percent_levels_of_passive_management_in_pension_funds.aspxhttp://www.ifaradio.com/articles/Vanguards_Sauter_Comments_on_Major_Index_Fund_Events.aspxDid large capitalization stocks such as those in the S&P 500 Index earn their high returns in recent years by earnings growth? Are index investors tilting the market? Tue, 09 Dec 1997 00:00:00 GMThttp://www.ifaradio.com/articles/Vanguards_Sauter_Comments_on_Major_Index_Fund_Events.aspxhttp://www.ifaradio.com/articles/An_Interview_with_Eugene_Fama.aspxEugene Fama grew up in Boston, a third generation Italian-American. While an undergraduate at Tufts University, he excelled in athletics and majored in French-an inauspicious beginning for a future giant in the field of economics. Sat, 01 Feb 1997 00:00:00 GMThttp://www.ifaradio.com/articles/An_Interview_with_Eugene_Fama.aspxhttp://www.ifaradio.com/articles/An_Interview_with_Merton_Miller.aspxMerton Miller's illustrious academic career started at Harvard, from which he graduated in 1943. He spent the next few years in Washington, D.C., working at the US Treasury and the Federal Reserve. He earned his Ph.D. from Johns Hopkins in 1952.Sat, 01 Feb 1997 00:00:00 GMThttp://www.ifaradio.com/articles/An_Interview_with_Merton_Miller.aspxhttp://www.ifaradio.com/articles/An_Interview_with_Rex_Sinquefield.aspxAn Interview with Rex Sinquefield Sat, 01 Feb 1997 00:00:00 GMThttp://www.ifaradio.com/articles/An_Interview_with_Rex_Sinquefield.aspxhttp://www.ifaradio.com/articles/Statement_on_Risk_Disclosure_by_Mutual_Funds.aspxFinancial Economists Roundtable - The Need for Information about Mutual Fund RisksWed, 18 Sep 1996 00:00:00 GMThttp://www.ifaradio.com/articles/Statement_on_Risk_Disclosure_by_Mutual_Funds.aspxhttp://www.ifaradio.com/articles/Can_you_get_past_the_bouncer.aspxDFA sells a very useful mix of targeted index funds. Unfortunately, it`s a hassle to buy them. Can you get past the bouncer?Mon, 01 Jan 1996 00:00:00 GMThttp://www.ifaradio.com/articles/Can_you_get_past_the_bouncer.aspxhttp://www.ifaradio.com/articles/Active_vs_Passive_Management.aspxWith respect to market behavior there are, at the extremes, two views. At one extreme is the well-known efficient market hypothesis which says that the prices are always fair and quickly reflective of information. In such a world neither professional invesThu, 12 Oct 1995 00:00:00 GMThttp://www.ifaradio.com/articles/Active_vs_Passive_Management.aspxhttp://www.ifaradio.com/articles/Active_vs_Passive_Management_1.aspxWith respect to market behavior there are, at the extremes, two views. At one extreme is the well-known efficient market hypothesis which says that the prices are always fair and quickly reflective of information. In such a world neither professional invesSun, 01 Oct 1995 00:00:00 GMThttp://www.ifaradio.com/articles/Active_vs_Passive_Management_1.aspxhttp://www.ifaradio.com/articles/A_Work_of_Art_CRSPs_Database.aspxIn 1959, Louis Engel, a vice president at the firm then known as Merrill Lynch, Pierce, Fenner & Smith, telephoned James H. Lorie, '47 Ph.D., (then professor of business administration, now professor emeritus since 1991) and asked whether anyone knew how wWed, 01 Mar 1995 00:00:00 GMThttp://www.ifaradio.com/articles/A_Work_of_Art_CRSPs_Database.aspxhttp://www.ifaradio.com/articles/Coming_Full_Circle.aspxFor Sinquefield, CRSP was a major factor in the decision to come to the GSB. "Basically, financial economics would still be in its nascent stages if it weren't for a database like CRSP," he says. "Academics simply wouldn't have been able to do the researchWed, 01 Mar 1995 00:00:00 GMThttp://www.ifaradio.com/articles/Coming_Full_Circle.aspxhttp://www.ifaradio.com/articles/Darts_and_the_Dow.aspxHow good are the experts? Not very, according to a short-term experiment for the report.Sun, 20 Dec 1992 00:00:00 GMThttp://www.ifaradio.com/articles/Darts_and_the_Dow.aspxhttp://www.ifaradio.com/articles/Burton_Malkiel_John_Stossel-Picking_Stocks_with_Darts.aspxFor people who have never dabbled in it, the stock market can be very intimidating. So many companies to choose from, so much money to be made or lost. So if you want to try your luck, what is the soundest way to choose stocks? Many people, of course, turnFri, 27 Nov 1992 00:00:00 GMThttp://www.ifaradio.com/articles/Burton_Malkiel_John_Stossel-Picking_Stocks_with_Darts.aspx