August 25, 2016

Two Losers? One's a Winner!

Tomorrow will bring the second estimate of second-quarter GDP growth, and given the relatively calm markets we've seen lately, it wouldn't surprise me at all to see a few fireworks if the numbers come in substantially different from the 1.2% annualized growth that the early, or 'flash', estimate came up with in late July. Revisions often take the number up—so we'll see if that holds true tomorrow. Read More »

August 2016 PDF

No Dividend Growth

In this month's issue, Jeff and I will tell you what your next best option is now that Dividend Growth is closed, plus (as promised) what to make of Vanguard's various international stock funds. Meanwhile, Vanguard raised operating expenses on its state tax-exempt money market funds during the funds' last semiannual operating period (they'll tell you they simply reversed fee waivers). My question is, if Vanguard was able to operate its funds at the fee-waived levels that were in place for the past few years, why couldn't they keep doing it? And that's not the only area where Vanguard's not being forthright with shareholders, claiming great since-inception performance for MidCap Growth, which has actually underperformed during its current managers' tenure. In any case, while we're busting myths, let's also take a look at claims that the markets are "more volatile," the future is "more uncertain" and that a flattening yield curve leads to recession. Read More »

July 18, 2016

Vanguard's Multi-Manager Strategy Takes Another Hit

Just days after posting yet another defense of its multi-manager strategy, Vanguard again trimmed managers at funds including Capital Value and International Growth. It was just last month that Vanguard trimmed the management responsibilities at Explorer Value from three to two firms by firing Sterling Capital Management, something I dealt with in the July 2016 issue of The Independent Adviser for Vanguard Investors. Read More »

Most Recent Forum Threads
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Re: Transferring accounts to your brokerage account?

butwait (08-26-2016) wrote: Vanguard mutual funds & the Vanguard Brokerage Account If you have a Vanguard Brokerage Account that can also hold Vanguard mutual funds, did you know you can use money in your settlement fund to buy Vanguard funds? Here's how it works: Add money to your settlement fund You arrange for a bank transfer... Read More »


Re: Transferring accounts to your brokerage account?

makaks (08-26-2016) wrote: Question on moving $$ from the settlement account to a Prime Money Market account in the same Brokerage account(I sold etf something); I realize funds need to be past the settlement date in settlement; has anyone tried it? I sure hope it is possible to do it; ... Read More »


Re: Transferring accounts to your brokerage account?

butwait (08-26-2016) wrote: What's money market reform? Money market reform is a new set of SEC rule amendments meant to address any potential financial instability that could be caused by money market funds. Here are the key elements: • Establishes three categories of money market funds—retail, government, and institutional. • Restricts who can invest in retail money market funds. • Continues... Read More »

Order your copy of the 2016 Independent Guide to the Vanguard Funds today

"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 July YTD
Growth 4.7% 6.6%
Conservative Growth 4.4% 6.5%
Income 3.1% 6.1%
Growth Index 3.9% 9.2%
The average
Vanguard investor
2.9% 6.4%
Past Performance »