1. From ABC News Program: 20/20John Stossel: "So all these [stock market]
experts are just fooling themselves?
Professor Burton
Malkiel: It's like giving up a belief in Santa Claus. Even though
you know Santa Claus doesn't exist, you kind of cling
to that belief. I'm not saying that this is a scam. They
generally believe they can do it. The evidence is, however,
that they can't."
3. "All the time
and effort people devote to picking the right fund, the
hot hand, the great manager have, in most cases, led to
no advantage." - Most individual investors would be better
off in an index mutual fund."
- Peter Lynch
4. "Empirical evidence
provides no support for the claim that active management
of small-cap portfolios is more fruitful than it is for
large-cap portfolios." Richard M. Ennis, The Small-Cap-Alpha Myth Also
see: The Big Lie, by William Bernstein
& Int'l
5. "It is basically
impossible to beat the [a] market" - Eugene Fama, number-two downloaded economist,
Interview, 1999
6. "The unambiguous conclusion of countless studies is
that beating the market is the result of luck, not skill.
...Wall Street's favorite scam is pretending that luck
is skill." - Ron Ross, The Unbeatable Market, 2002
[more]
About
Us: My Investment Portfolio
(MIP) is the web site for Erik Halvorsen, a fee-only Registered
Investment Advisor. Mr. Halvorsen provides investment advice
to individuals, trusts, corporations, non-profits, and public
and private institutions. He manages brokerage, IRA, 401k, 403b,
profit sharing, and all other investment accounts. Mr. Halvorsen
is a licensee of Index Funds Advisors, Inc. (IFA) and therefore
has numerous links to their web site on this page.
Index funds are mutual funds with clearly defined sets of rules
of ownership. There are currently 678 index funds, but the
most respected ones come from Dimensional
Fund Advisors, (DFA).
Our firm advises clients on the best mix of index funds for their
unique situation and then implements a risk-appropriate buy, hold,
and rebalance investment strategy.
Charles Schwab & Co., Inc. and Fidelity
Investments have been selected as Erik Halvorsen's and Index Funds
Advisors' primary custodians. Custodians hold, insure, and provide
reports on our clients' assets, but have no ownership in Erik
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an account is $25,000. See our low cost fee schedule. (The Price of Advice) (Prob. of Success)
Figure 1: Sample Chart from
Step 11: Risk Exposure
IFA has identified a set of 20 efficient portfolios which provide
among the highest level of returns documented over 33 years, at
each level of risk*. An investor only needs to determine where
they should be on the scale of 3 to 16 standard deviations, which
IFA has converted to portfolios numbered from 5 to 100. The starting
point for that determination is the Risk Capacity
Survey.This graph shows all the indexes used in these portfolios,
the IFA index portfolios and the NASDAQ index. All portfolio data
and index data is net of IFA fees, except the S&P 500 and
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that past results are an indication of future performance. This site
does not constitute a complete description of our investment
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solicitation or an offer to sell securities or investment advisory
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Information throughout this internet site, whether stock quotes,
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