Hotline
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 »

Issue
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 »

News
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: Are We At the Point of Maximum Financial Risk For Bonds? (Seeking Alpha article)

StevenFromTexas (08-27-2016) wrote: mf102 Wrote: ------------------------------------------------------- > Perhaps SOLI (Sue) could set up some sort of Blind > Trust where she could not know what she has and be > forced to leave it alone. > :-) > > nero The Supreme Court might consider that cruel and unusual punishment. Read More »

3
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Re: Dividend funds

butwait (08-27-2016) wrote: Large-cap blend Vanguard Dividend Appreciation Index (VDAIX) and large-cap value High Dividend Yield Index (VHDYX) correlate relatively high at .93. Both are indexed based passively managed funds. 1-Yr Comparison Chart Dividend Appreciation Index (VDAIX) and High Dividend Yield Index (VHDYX) Observations: Dan has a "buy" rating on VDAIX, while... Read More »

8
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Re: Are We At the Point of Maximum Financial Risk For Bonds? (Seeking Alpha article)

mf102 (08-27-2016) wrote: Perhaps SOLI (Sue) could set up some sort of Blind Trust where she could not know what she has and be forced to leave it alone. :-) nero 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 »

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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 »
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