Mutual Funds

Fees

According to a May 2014 WSJ article, after 30 years, a $200,000 mutual fund investment (8% gross annualized return) grows to $1.4 million after paying the typical mutual fund annual fee of 1.25%. This was the average expense ratio for mutual funds for 2013 (source: Morningstar). The same investment grew to $2.0 million if annualized returns were the same but a 0.04% annual expense ratio (source: ETF.com).

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Trusteed IRAs

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Covered Call ETFs

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Credit Rating Firms

September Effect

There appears to be no convincing evidence why stocks have traditionally performed poorly during September. Despite this historical information compiled from 1896 through 2012, investors and advisors alike should avoid any “system” or market timing program. The reality is causation is not correlation.

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Hedge Fund Basics

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Joe Granville

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Charlie Munger

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U.S. Global Position

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