Founded in 1975 and based in Valley Forge, PA The Vanguard Group has grown into a mutual fund giant with a loyal following. Known for rock bottom fees and investor focus the outfit offers over 200 funds and manages about $1.5 trillion. Its ubiquity aside Vanguard like all firms has strengths and weaknesses. Economic research [...]
As a classically trained economist with reverence for John Maynard Keynes - the father of Macroeconomics - it pains me to write this. On second thought it's not Keynesian theory that's flawed but its application by President Obama and the Democratic Congressional "leadership." Keynes theorized that in a robust economy fiscal policy ought to promote [...]
Where are US retail investors putting their money? Here's a YTD summary of mutual fund inflows/outflows: Inflow/Outflow ($million) June 2010 YTD 2010 2009 Money Market (30,818) (487,494) (378,362) US Stock (7,518) (16,984) (25,748) International Stock (328) 19,620 25,532 Balanced (706) 7,385 (3,290) Muni Bonds 1,988 19,524 72,123 Taxable Bonds 17,618 119,584 284,465 Commodities 823 [...]
"...and the young they can lose hope ‘cause they can't see beyond today." I don't think Eddie Vedder was writing about investing but he might as well have been if judging by information we received about fund flows during a recent discussion with our friends at Dodge & Cox. Although investors poured $19.6 billion into [...]
..is twofold: arrogant politicians and delusional voters.
With the fervor having subsided and the rhetoric a thing of the past it’s a good time to take a look at the specific provisions of Obama’s health care legislation. Here’s a rundown: TAX REDUCTIONS: An “eligible small employer” may claim a tax credit for premiums paid toward health care coverage for its employees beginning [...]
Jerry Seinfeld once wondered aloud, "Who are these people who get on a plane without a book? I'll tell you who they are. These are the people who want to talk to you," he quipped. To paraphrase Ayn Rand the best way to knock over a house of cards is to follow a position through [...]
To quote Henry David Thoreau the man who constantly and desperately visits the post office seeking correspondence from others "has not heard from himself in a long while." Similarly as Eddie Vedder wrote in Grievance, "For every tool they lend us...a loss of independence." Luddites we are not yet we are not blind to the [...]
With the fireworks and BBQs and family gatherings behind us and we set out on the beginning of the second half of 2010 let's not forget why we took time out to celebrate. These words and ideals are as inspiring today as they were 234 years ago when they inspired a nation. And so without [...]
A common question we hear from our clients is, "How do we teach our kids work ethic and the value of money?" There's no magic bullet or single perfect solution. We've come across many tips through the years - some silly and some useful. One that was of particular interest is using an ATM to [...]