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Harry Markowitz - Portfolio Theory Vs. Financial Engineering, and Their Roles in Financial Crises

The first step on the index funds journey is to recognize active investor behavior. If all investors were lined up in a row, could the active investors be identified? Active investors actively engage in stock picking, time picking (market timing), manager picking, and style picking.

Step 1: Active Investors - Podcast Interview with Mark Hebner

Mark Hebner explains the Nobel Laureates. Mark suggests a higher power of non-biased information from academics who carefully analyze data and have that data peer reviewed before it is published. Mark identifies the five basic concepts of the Modern Portfolio Theory.

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Vanguard Releases Cap Gains Estimates

IndexFunds.com Staff
Tuesday, November 14, 2000

The Vanguard Group issued updated estimates of year-end capital gains distributions for its 54 equity and balanced funds.

Estimated cap gains distributions (% of net asset value) Number of funds
Over 10% of NAV 5 funds
5%-10% of NAV 11 funds
0%-4% of NAV 23 funds
No gains 15 funds
Source: The Vanguard Group

The five funds that Vanguard estimates to have capital gains distributions over 10% of their net asset value (NAV) include: Vanguard Explorer Fund, Vanguard US Growth Fund, Vanguard Windsor Fund, Vanguard Strategic Equity Fund, and Vanguard SmallCap Index Fund.

Vanguard also announced the publication of an information packet on mutual fund taxation, Taxes and Mutual Funds, which explains the basics of mutual fund taxes, how taxes can affect returns, and how to minimize the impact of taxes.

 


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