September 2015 PDF

China Syndrome II

In July 2010, I led this newsletter with a story titled China Syndrome. At the time, investors were giddy over China's announcement that it would let its currency, the yuan, begin to float higher against the dollar. That year, the Shanghai market gained only 1.4%, versus an estimated 65%, and optimism about China, its growth prospects and its stock market cratered. Sound familiar? The recent focus on China, supplanting the market's focus on Greece earlier this year, has again raised the bears from their slumber. But as Jeff and I have been saying over the past month, the focus on China is over-done.

And that's not all that is over-done. Another topic that has the pundits in a panic is interest rates. In this month's issue, I explain how, despite the low yields investors face today and the expectation for rising rates in the future, bonds absolutely still have a role in balanced portfolios as volatility buffers. In the same vein, I have in-depth commentary on Vanguard's stable of bond funds, including which ones to buy and sell. I also reveal one Vanguard insider's reservations about the mutual fund giant's security game–and what you can do today to better protect your account. Finally, the list of Vanguard funds paying quarterly distributions got a lot longer. Make sure that you double-check the list so you don't buy a distribution. Read More »

August 27, 2015

Storm Before the Calm

It's been quite the week since last Thursday's Hotline. I'm going to assume that you've kept your cool, like any smart investor would, and tuned out the noise (and yes, it is noise) that accompanied heightened worries over China and the various machinations there that might or might not have an impact on our own economy and markets. Read More »

August 17, 2015

Vanguard Launches Two New Funds at Long Last

After five years of delays, cancellations, and more delays, Vanguard has finally launched a municipal bond index fund, Tax-Exempt Bond Index. The fund comes in several forms, including Investor shares (VTEBX), Admiral shares (VTEAX) and ETF shares (VTEB). And that's not all. Vanguard's new Alternative Strategies Fund (VASFX), approved for a launch in late May, is also seeing the light of day—but only for a select institutional audience as well as investors in one of Vanguard's funds-of-funds. Read More »

Most Recent Forum Threads
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Vanguard US Growth Fund

KevinLangan (09-01-2015) wrote: Vanguard's US Growth Fund is ahead of the closed Primecap Fund now by more than 6% YTD. It is beating Primecap in the 12 mo. period, rapidly closing in on the 3-yr. period, and now beating Primecap in the 5-yr. period. DW has had a "sell" on US Growth... Read More »


Re: ETF Equivalents

butwait (09-01-2015) wrote: A couple of suggestions: Advance search the forum archives. I've done that before some years ago. Plug Dan's model portfolio mutual funds into this conversion site: and share your research with the forum. ButWait Read More »


ETF Equivalents

bregoli (09-01-2015) wrote: Are there ETFs that approximate the funds in Dan's Income model and Conservative Growth model? Or, alternatively, can you approximate Dan's Income and Conservative Growth models using ETFs? Read More »

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"America's leading expert on investing in Vanguard funds"

Daniel P. Wiener is editor of The Independent Adviser for Vanguard Investors, a monthly newsletter that keeps abreast of recent developments at Vanguard, and the annual FFSA Independent Guide to the Vanguard Funds. Through his newsletter and guide book, Dan helps tens of thousands of Vanguard investors choose wisely among more than 100 Vanguard mutual funds. The Adviser is a five-time winner of the Newsletter Publishers Foundation's Editorial Excellence Award. View More »

Vanguard Funds Correlation
What's This?
Model Portfolio Performance
Models August 2015
Growth -5.9% -1.1%
Conservative Growth -5.2% -1.1%
Income -4.0% -1.0%
Growth Index -6.0% -1.8%
The average
Vanguard investor
-4.5% -2.1%
Past Performance »