100 Level

The Active vs. Passive Management Debate

Will there ever be a definitive answer to the active vs. passive management debate?  Likely not and here are possible reasons why we will never have a complete answer to which method is superior.  At the very core of the argument is lack of data, at least as it pertains to one level of the argument.  The active vs. passive argument is carried on at two levels.  One level is … [Read More...]

Five Critical Investment Decisions

    Gordon Murray and Daniel Goldie lay out five investment decisions in their book, "The Investment Answer."  While not a complete list, these five will launch a beginning investor. If investors were to follow Murray and Goldie's advice, far fewer dollars would flow from portfolios into the coffers of Wall Street.  The following decisions are found on pages 6 … [Read More...]

300 Level

Optimizing the “Swensen Six” Portfolio

To answer the question of how much the "Swensen Six" portfolio changes when placed under the optimization microscope, here is the following analysis.  The percentage changes from asset class to asset class are not as different as one might expect. This material is not available for publication elsewhere on the Internet. … [Read More...]

“Creme List” for 20 May 2011

Two major changes show up in the "Creme List" this week.  One is related to the stock that jumped into the number one position and the other is the addition of a new company that never made the list. … [Read More...]

200 Level

Core ETFs Optimized for Maximum Return

To answer my own question of what ETFs are critical to most portfolios, I put together what I call the "Essential Twelve."  The plan is to cover the U.S. Equities, Emerging and Developed International Markets.  REITs, commodities, bond, and treasury instruments are included in the following analysis. The following information is not available for publication elsewhere on the Internet. … [Read More...]

Active vs. Passive Investing: Part 11

Section Eleven of the Active vs. Passive paper poses several interesting issues.  In the first paragraph the author points out that it is the active investors who 'correct' the market.  This implies the market is efficient, even though the second paragraph implies the reverse is true.  Passive investors should be grateful there are active investors as they do help to create … [Read More...]

400 Level

Bullish Percent Index: Indicators for 24 May 2013

The following Bullish Percent Index (BPI) information is slightly mixed, but overall, the markets remain strong.  Only in one sector, Utilities, was the defensive team able to secure the ball from the offense.  Platinum members will find the following tables of interest.  Remember that our most important BPI is the NYSE and that BPI value improved slightly over the last week. BPI Markets:  All … [Read More...]

March Examination of the Madison Portfolio

The 24th of each month is the day to examine the Madison Portfolio so I will use closing prices on the business day closest to that date.  Below is the Dashboard (extracted from the TLH Spreadsheet) for the Madison. … [Read More...]