Introduction by ebook's author:
“Simply put, if you pay higher bond mutual fund fees, then these higher bond management expenses tend just to be a “deadweight” loss to you. … Combined, 109 of these 111 comparisons in these four studies indicated that higher bond expenses meant lower returns to investors.” (pages 181-182)
“(This) leads us to estimate the annual under-performance of the broker-sold funds at $4.6 billion dollars… This under-performance is before the payment of $9.8 billion in 12b-1 fees … and the payment of other distribution fees such as loads.” (page 174, on Bergstresser, et. al.)
“Furthermore, the inferiority of active strategies is not just a US phenomenon. Uniformly across the various countries that have SPIVA reports available on line, when the time horizon increases active strategies are increasingly inferior.” (page 232, on Standard and Poors’ SPIVA research reports)
“My goal is to increase your knowledge and improve your ability to manage your own financial affairs.”
“My goal is to increase your knowledge and improve your ability to manage your own personal finance and investing affairs.”
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