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 the 10-month moving average.” What investor is […]
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 Asset Allocation (SAA) plan should hold a target percentage that makes it […]
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 your salary each month, and that is about it. Bernstein’s recommendations […]
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 Sokolov is a pianist who just recently ventured […]
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 I frequently listen to music (one […]
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 of advice is to read all the Beginning Investor and Critical Information posts. These can be found under Categories in the right-hand […]
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 link to the Transparent Investing (TI) […]
Living a Dream: Katherine Jenkins
One of my favorite female singers is Katherine Jenkins. Living a Dream is my CD selection for this week and I recommend downloading the MP3 version to save some money. The following Amazon review provides clues as to what to expect to hear on this recording. It is a stunning collection. I’ll likely suggest […]
Scheherazade: Music Selection for This Week
Scheherazade, composed by Nikolai Rimsky-Korsakov, is my CD recommendation for this week. While there are many options available, this particular CD also includes Capriccio Espagnol. This is a Telarc disc and I find their recording standards to be quite high. Following is one of several favorable reviews on Amazon. “The performance is one in […]
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