Let’s revisit Charles D. Ellis’ 1995 paper, “The Loser’s Game,” where he describes his Break-Even Return (BER) equation. Here is a review of this equation. BER = [(Turnover percentage x Transaction Cost) + Management Fee + Target Return]/Market Return It is quite easy to set up this equation in an Excel spreadsheet and play around […]
ITARR: How To Reduce Losses
Zion National Park On page 167 of Mebane T. Faber and Eric W. Richardson’s book, “The Ivy Portfolio: How to Invest Like the Top Endowments and Avoid Bear Markets” we read, “Our research has shown that returns are lower and volatility is higher when asset classes are below
Portfolio Requirements: Basic Ideas For Construction
Basic portfolio construction requires that long-term goals include diversification, a risk reduction model, and equity orientation. Here is how I outline the thinking process when putting together a portfolio of securities. Think diversification through asset allocation. Each asset class included in the Strategic
William Bernstein’s Latest E-Book: Getting Rich Slowly
William Bernstein’s latest e-Book, If You Can: How Millennials Can Get Rich Slowly, is all about regularly investing equal amounts of money using three mutual funds. Those funds are: U.S. Total Stock Market, International Total Stock Market, and U.S. Bond Market. Save 15% of
Chopin: 24 Preludes
There are many Chopin: 24 Preludes to choose from. Gregory Sokolov is the artist in this particular and most of the cuts I rate as five stars. Hence my music recommendation for this week. The following review by Scott Morrison mirrors my reaction to this recording. “Grigory
The Bells of St. Genevieve and Other Baroque Delights
The Bells of St. Genevieve and Other Baroque Delights is my classical music recording for the week. Downloading the MP3 version seems to be the only way to capture this music, but it is worth it. Below is a positive review from an Amazon reader. Based on the way
Beginner Advice: Getting Started With Portfolio Construction
Several days* ago a friend wrote and asked about setting up a portfolio where $500 would be deposited every month. What advice would I pass on to such an investor? The first bit
Useful Website: Transparent Investing
Last evening I was made aware of a useful and interesting website titled, Transparent Investing. Even if you lose track of this blog you will be able to find this site by going to the ITA Blog tab, and then scrolling down to Bookmarks. There you will find the
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