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Tuzing fórum • Zobrazit téma - in a well-diversified portfolio.
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 Předmět příspěvku: in a well-diversified portfolio.
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Mutual Fund Investors Beware – Investing Mutual Fund Investors Beware – Investing December 20 , 2013 | Author: Frank Miller | Posted in Finance
Risk-adjusted return provides a simple means of comparing similar mutual funds on a common basis. As similar mutual funds usually are not equivalent in terms of risk, simply comparing their average returns is not a valid means of selecting the best mutual fund. Similar mutual funds are those that are in the same category or asset class. In other words, compare large cap value to large cap value, technology to technology, emerging markets to emerging markets and so on. It’s important to understand that using risk-adjusted returns to compare mutual funds in different categories may be interesting, and useful in getting a feel for the relative risk of different asset classes, but it’s not a valid means of selecting mutual funds, as mutual funds in different asset classes are not alternative investments , they are complementary investments in a well-diversified portfolio.


The problem is that market timing it not illegal. The problem occurred when the mutual fund stated in it’s prospectus that it did not allow that activity while they secretly allowed privileged investors to do it anyway. For instance, large hedge funds would move millions of dollars into a mutual fund one day and sell it out the next. This gave the mutual funds increased fees while hurting the return of their regular investors. In response, the SEC has proposed a number of rule changes. One rule would require mutual funds to impose a redemption fee when a sale occurs within five days of purchase. Unfortunately, many mutual fund companies have seen this as an opportunity to impose new fees that make it harder for you to move your money elsewhere. So the SEC’s involvement has had the unintended effect of increasing costs and reducing flexibility for the average mutual fund investor.


Modigliani and Modigliani recognized that average investors did not find the Sharpe ratio intuitive and addressed this shortcoming by multiplying the Sharpe ratio by the standard deviation of the excess returns on a broad market index, such as the S&P 500 or the Wilshire 5000, for the same time period. This yields the risk-adjusted excess return. This, too, is a significant and useful statistic , as it measures the return in excess of the risk-free rate, which is the basis from which all risky investments should be measured. However, this still falls a bit short of being truly intuitive to the average investor, and excess returns are not part of the mutual fund data that is ordinarily published.


Worse, the big mutual fund ‘supermarkets’ are imposing their own redemption fees. Charles Schwab One Source has begun charging a .75% redemption fee for sales within 6 months of purchase. TD Waterhouse charges .50% for sales within 90 days of purchase. Fidelity imposes a $75 fee or .75%, whichever is greater, if the redemption is done by phone within 6 months of purchase. Interestingly, Fidelity does not impose a redemption fee on Fidelity’s own mutual funds! This begs the question–if short-term trading is so bad then why doesn’t Fidelity impose the same redemption fees on Fidelity mutual funds?


The bottom line is that redemption fees cause you to lose flexibility. Let’s say unexpected events , good or bad, cause you to need premature access to your money. Or maybe you just need to adjust your portfolio. Worse yet, what if we have another terrorist attack a few months down the road? These new fees mean you’ll have to pay a penalty to access your money.


The financial services industry’s goal is to reduce their costs and increase client retention by making it harder for you move your money elsewhere. My goal is to manage my clients’ money in such a way that protects what they’ve worked so hard to acquire without limiting their flexibility.


Frank Miller has a Debt Consolidation Blog & Finance, these are some of the articles: Spot Price Of Gold And Its Relevance In The Markets You have full permission to reprint this article provided this box is kept unchanged.

What You’ll Need To Accomplish For A Productive House Enterprise What You’ll Need To Accomplish For A Productive House Enterprise July 26, 2013 | Author: Paul Bonomaw | Posted in Business

Simply because recession seems imminent once again, our country appears to be in a depression. Employment is scarce and organizations everywhere are shutting down. Items can seem like they are not going to appear up, but you can make things work. Read on to learn how make the most of a house enterprise in these uncertain economic times.


Make sure to dress for success. Inside a house office scenario, you might really feel the want to perform within your pajamas. You want to nevertheless dress like you might be going into the workplace. By dressing up and feeling fantastic , you’ll be around the correct path to making your business as effective as possible.


If you’re great at creating graphics around the pc, begin a home company by producing graphics for companies who want your service. Neighborhood organizations often favor to work with other tiny company owners. The high quality of service supplied makes them a lot more desirable than bigger corporations. This is a large advantage that you will have more than national organizations!


Select a business name that personally resonates with you. Although you could have yet to construct the website, purchase your domain ahead of time. There are a lot of domains that price no more than $10 a year, and you have to grab them before a person gets to them. You ought to create a simple page along with your get in touch with info and place it online although you develop your web site.


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