Hotlines
April 18, 2019

Unicorns and New Heights

If you count dividends, which you should, the bear market we suffered through in the fourth quarter last year ended last Friday. 500 Index (VFINX) gained 24.4%, including dividends, over the 75 trading days from Christmas Eve through last week to reach a new all-time high.

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News
March 21, 2019

Seriously? Fee Wars Go From Dumb To Dumber

Today’s Wall Street Journal reports that BlackRock’s iShares unit is going mano-a-mano in the fee wars by cutting the operating expenses on its $2.5 billion (yes, that’s a “b” as in billions) minimum S&P 500 index mutual fund to just 0.0125% in an effort to compete with big-daddy Vanguard.

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Issues
April 2019 PDF

Inversion Perversion

In your April issue, we dive into Wall Street’s fixation on the yield curve and how the conversation surrounding this topic has distorted many investors’ views of where we are in the economic cycle and their prospects for further gains in the stock market.

Attempting to define what constitutes an inverted yield curve is muddled. Is it when the yield on a 3-month Treasury bill is higher than the yield on a 10-year Treasury bond? Or is it when the 2-year yield is higher than the 10-year yield? For some, it’s the narrow range between 2-year and 5-year Treasurys. In this month’s issue, we’ll tell you why we think today’s conversations about the yield curve are specious.

We’ll also examine why lower exchange-traded fund (ETF) expense ratios aren’t always better and why it’s unfortunate that investors are increasingly choosing ETF shares over traditional mutual fund shares.

Last month, we began our discussion of different retirement spending strategies, but there was still a lot of this ball of yarn to unravel. In this month’s issue, we’ll bring you the second part of this discussion and talk about even more spending strategies for those entering or already in retirement.

For the full scoop, check out your April issue—available online now.

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Guidebook Cover 2019
Order your copy of the 2019 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
ModelsMarch2019
Growth0.4%13.0%
Conservative Growth0.6%10.8%
Income1.1%9.9%
Growth Index0.7%12.8%
The average
Vanguard investor
1.2%9.6%
Past Performance »
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