Rebalance date change
Several users expressed their concerns and confusion on our rebalance calendar. We want to emphasize that from now on:
We now officially phase out our old rebalance calendar for both SAA and TAA. All SAA, TAA and AAC portfolios are now always rebalanced on the first trading day of a month.
On the other hand, expert users can still have options to set their rebalance dates, though we strongly suggest that, based on our extensive studies, end of a month and the beginning of a month usually exhibit better performance (returns) results for a long period of time.
Investment Landscape For Retirees And Would-be Retirees: Fixed Income
As markets are in some record territories for both stocks and bonds, we want to discuss the investment environment for retirees and would-be retirees. We have discussed this several times and we believe that the current market environment warrants another discussion.
With stock markets making new record highs month after month, investors are in a good mood. Naturally, if you ask anyone who is in stock markets and going to retire soon, you probably will get a positive answer. After all, what’s not to like to see your account value gone up so much?
However, if history is any guide, for those we are retiring in or near a stock market peak, it turns out that the time from now on is awful, to say the least.
The first paragraph in the above is still applicable to today’s climate. In the latter part of the newsletter, after looking at some historical data, we further stated:
To summarize, for a retiree or soon to retire investor, retiring close to a market peak is detrimental to your financial health. This is especially true for those who only rely on strategic asset allocation portfolios, which have been the most popular method lately….
Even though it’s likely that stocks might still have 10% or 20% or even 50% to go up, we should be reminded that right now, it’s actually a BAD time to retire.
It turns out that since November 13, 2017, S&P 500 (SPY) has risen 33% and VBMFX (Vanguard total bond index fund) has returned more than 10% (total return with dividend reinvested). So our warnings seem to be a bit premature.
However, as we claimed in that newsletter and virtually in all of our newsletters, we have no crystal ball to precisely predict markets. In fact, we would again claim that no one possesses such a precise ability. Our discussions on current environment are more to provide an anchoring point to help us to be prepared for events in some future of time, albeit the precise moments of those future events can be months or even years away.
Current market environment
The following are the updated points mentioned in the 2017’s newsletter:
- The longest bull market in the US history: the current bull market has lasted 130 months, almost 11 years (since March 2009, the bear market low). It’s followed by the 113 months one that started in October 1990. It has returned more than 330%, better than the one that followed 1929’s Great Depression (325%).
- Historical high stock valuation: Buffett’s stock market capitalization over GDP ratio is higher or close to the historical high made in 2000. So based on Buffett, buying stocks at this level is like ‘playing with fire’. On the other hand, Shiller’s CAPE stands more than 31, 1.85 x of its long term average (17.01). So it’s also significantly overvalued.
- Historical low bond yields: the following chart suffices to show that the 10 year Treasury note is at a record low yield (interest) since 1950s:
Regardless how much and how accurate the above metrics are, one thing is clear, markets can not go up indefinitely, mean reversion will always happen. The following chart, courtesy of dshort.com, shows how overshoot S&P stock composite is currently:
What to do: fixed income
So it’s very likely that the returns in the coming 10 years or so are very poor for both stocks and bonds. These returns (ranging 0% or negative to 2-3% in bonds if we are lucky) are a far cry for retirees who would like to be able to derive above 4% (inflation adjusted) returns annually (see November 13, 2017: Is This A Good Time For Retirees Or Would Be Retirees? for more discussions on withdrawal rate).
We believe for retirees and would be retirees, based on the above discussion, it’s important to
- Maintain low expectation of returns in the coming years.
- This means maintain low or scale down spending expectation: you might want to decide your 4% withdrawal or spending rate based on your investment values many years ago, instead of based on the existing high levels due to the stock and/or bond price rise.
- be more tactical/active in investing strategies for both stocks and bonds. This means that you want to avoid some large interim drawdown (loss) and reinvest at lower levels. Or you want to be able to capture some returns in bond sectors and/or stock assets but avoid large loss to preserve your capital to be able to reinvest at lower levels.
The last point means that we advocate active investing strategies. Specifically, for fixed income/bonds, we advocate our total return bond portfolios such as the one listed on Brokerage Investors page:
Latest Fixed Income Bond Fund Portfolios Performance Comparison (as of 1/24/2020):
|1Yr AR||3Yr AR||5Yr AR||10Yr AR||15Yr AR|
|Schwab Total Return Bond Plus||0.6%||9.8%||6.5%||5.8%||8.1%||7.6%|
|Fidelity Total Return Bond Plus||0.6%||9.8%||6.5%||5.8%||8.3%||7.7%|
|Etrade Total Return Bond Plus||0.6%||11.7%||6.1%||5.4%||7.8%||7.9%|
|Merrill Edge Total Return Bond Plus||1.6%||12.8%||6.8%||5.8%||8.5%||8.2%|
|Vanguard Brokerage Total Return Bond Plus||0.6%||11.7%||6.0%||4.8%||6.9%||7.4%|
|MPIQ Core ETFs Fixed Income||1.3%||13.3%||6.9%|
|TDAmeritrade Total Return Bond||1.6%||11.3%||6.6%||4.7%||6.2%||7.4%|
|PTTRX (PIMCO Total Return Instl)||1.3%||9.4%||4.7%||3.1%||4.2%||5.2%|
|DLTNX (DoubleLine Total Return Bond N)||1.1%||6.7%||4.0%||3.0%|
|VBMFX (Vanguard Total Bond Market Index Inv)||1.2%||9.7%||4.2%||2.7%||3.5%||4.1%|
If you prefer using mutual funds, you’ll need to follow a brokerage specific portfolio. For example, if you would like to invest fixed income in your Fidelity account, you’ll follow Fidelity Total Return Bond Plus.
Or you can always follow MPIQ Core ETFs Fixed Income in any brokerage account to invest bond ETFs instead.
As we are now in some sort of unprecedented situations (both extreme high stock and bond levels), we have no visibility to claim what kind of expected returns one can achieve with these active bond portfolios. However, we are confident that these portfolios will help us navigate through the current ultra low rate environment and hopefully achieve above 4% annualized returns in the coming decade.
The reasons we are optimistic on our active portfolios include
- Our candidate funds are all of stellar historical performance records. These total return bond funds will be more active and can utilize long bonds and lower credit bonds (high yield bonds, corporate bonds) when markets present opportunities. In general, these funds are likely to achieve better results in times of high volatility than an index bond fund.
- Some of candidate funds such as high yield municipal bond funds possess good momentum/trend property and thus, they can be utilized to capture bigger returns and avoid big loss in an active rotation strategy.
- There will be opportunities when markets eventually correct from high overshoot positions. In fact, markets will often undershoot in a violent correction and that will create opportunities for active momentum based strategies.
Finally, let’s look at how Schwab Total Return Bond Plus navigated through 2008-2011 period:
The portfolio moved from highly volatile LSBRX (Loomis Sayles total bond) to more stable TGMNX in 2008, still lost money in that year. It then switched to high yield muni (NHMAX) and LSBRX (more high yield corp bond exposure) in 2009. In 2010, it managed to switch to PONAX (PIMCO income fund) that had started a very good run since.
To summarize, given the current high valuation in bonds, fixed income investing should consider to adopt a more active investing strategy. This, of course, is at some expense of increased fluctuation. However, the higher returns are often able to offset the fluctuation and achieve higher risk adjusted returns in a long period of time.
In the subsequent newsletters, we will address the issue of stock investing for retirees.
Global stocks were finally hit by the fear of coronavirus outbreak in China: the epidemic disease has started to put a strain in global economy growth. Investors just begin to assess how serious this can be, as it’s still in its early development stage. Another potential worry (though investors have largely shrugged it off) is that, based on Factset, after 17% of the companies in the S&P 500 reported their Q4 earnings, so far, the blended result is worse than the expected on December 31: earnings decline -1.9% vs. expected -1.6%. As this is also in an early stage, we’ll just have to wait and see.
Regardless, in this overly extended and very overvalued market, we call for staying the course and adopting a more tactical strategy.
For more detailed asset trend scores, please refer to 360° Market Overview.
In terms of investments, even after the recent retreat, U.S. stock valuation is still at a historically high level and a bigger correction is still waiting to happen. It is thus not a good time to take excessive risk. However, we remain optimistic about U.S. economy in the long term and believe much better investment opportunities will arise in the future.
We again would like to stress for any new investor and new money, the best way to step into this kind of markets is through dollar cost average (DCA), i.e. invest and/or follow a model portfolio in several phases (such as 2 or 3 months) instead of the whole sum at one shot.
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–Thanks to those who have already contributed — we appreciate it.
- January 13, 2020: Portfolio Performance: A Walk In The Past II
- January 6, 2020: Asset Outlook and Portfolio Strategies
- December 16, 2019: Q&As On Our Services
- December 9, 2019: Portfolio Constructions For Advanced Users
- December 2, 2019: Newsletter Collection Update
- November 25, 2019: Core ETFs or Core Mutual Funds Portfolios
- November 18, 2019: Introducing MyPlanIQ Asset Allocation Composite Strategy
- November 11, 2019: Market Indicator And Momentum
- November 4, 2019: Factor ETF Rotation
- October 28, 2019: Multi-factor ETFs vs. Equal Weight Multi-Factor Portfolios
- October 21, 2019: Multi-factor ETFs: Value And Momentum
- October 14, 2019: Low Volatility Factor ETFs
- October 7, 2019: Zero Commission Era Has Arrived, Is It Really That Good?
- September 30, 2019: Boosting Bond ETF Portfolio’s Return With Muni Bond ETFs
- September 23, 2019: Value ETFs
- September 16, 2019: Factor ETFs
- September 9, 2019: Momentum Factor Stock ETFs
- August 26, 2019: Employer 401k Match: Yet Another Free Lunch Not To Be Missed
- August 19, 2019: PIMCO Income Fund and Other Total Return Bond Funds Update
- August 12, 2019: Aggressive Fixed Income Portfolios?
- August 5, 2019: Long Term Investment Strategies And Short Term Market Noises
- July 29, 2019: Fixed Income Portfolios In A Lower Yield Environment
- July 22, 2019: Core Satellite Portfolios Balance Fluctuation
- July 15, 2019: Quality Stock Factor ETFs
- July 8, 2019: Surprise! Brokerages Make Most From Your Cash, Not Commissions
- July 1, 2019: Utilities Sector Review
- June 24, 2019: Asset Allocation Funds Review
- June 17, 2019: Latest Performance Comparison Among Several Advanced Strategies
- June 10, 2019: Money Market And Ultra Short Term Bond Funds
- June 3, 2019: What We Can Learn From The Seasonality Strategy
- May 20, 2019: Morningstar Portfolio Manager Awards
- May 13, 2019: Total Return Bond ETFs Review
- May 6, 2019: Global Allocation Revisited
- April 29, 2019: Asset Trend Review
- April 22, 2019: The Current State Of Fixed Income
- April 15, 2019: The Importance Of Fixed Income Returns For Retirement Spending
- April 8, 2019: Newsletter Collection Update
- April 1, 2019: S&P 500 As A Business
- March 25, 2019: Health Care Sector Review
- March 18, 2019: The Risk Of Stock Investing
- March 11, 2019: Consumer Staples Sector Review
- March 4, 2019: Global Stock Valuation Update
- February 25, 2019: ‘Bad’ Tactical Strategy
- February 11, 2019: “Best” Balanced Fund And Portfolios Revisited
- February 4, 2019: Cash And Money Market Funds: Interests And Safety
- January 28, 2019: Fixed Income Review
- January 14, 2019: Tactical Asset Allocation Portfolio Review
- January 7, 2019: Global Strategic Asset Allocation Portfolio Review
- December 17, 2018: Robinhood’s ‘Revolution’ Or Gimmick
- December 10, 2018: How Defensive Are REITs?
- December 3, 2018: Conservative Core Satellite Portfolio
- November 26, 2018: Allocation Mutual Fund Review
- November 19, 2018: Is The Recent Downtrend Sustainable?
- November 12, 2018: The Staggering Low Interest Rates From Big Banks
- November 5, 2018: The ‘Right’ Or ‘Wrong’ Decision
- October 29, 2018: Taxable Total Return Bond Plus Muni Bond Fund Based Portfolios
- October 22, 2018: DoubleLine Shiller CAPE 10 Based Fund Review
- October 15, 2018: Newsletter Collection Update
- October 8, 2018: Asset Trend Review
- October 1, 2018: Taxable vs. Tax Exempt High Yield Bonds
- September 24, 2018: High Yield Bonds In A Rising Rate Environment
- September 10, 2018: Value, Growth And Blend Stock Style Investing
- August 27, 2018: Money Market ETFs?
- August 20, 2018: How Momentum Investing Stacks Up?
- August 13, 2018: Total Return Bond ETF
- August 6, 2018: Fidelity Zero-Fee Index Funds
- July 30, 2018: Tax Efficient Portfolios
- July 23, 2018: Municipal Bond Funds And Portfolios
- July 16, 2018: A Guide To Conservative Portfolios
- July 9, 2018: Conservative Allocation Mutual Funds Based Portfolios
- July 2, 2018: Small Cap Stocks For The Long Term
- June 25, 2018: What Can We Learn From GE’s Removal From Dow Jones Index?
- June 18, 2018: The ‘Best’ Balanced Portfolio Continues To Excel
- June 11, 2018: Is 10 Year Long Enough For Portfolio Comparison?
- June 4, 2018: Action Plan: Risk Review For Investments
- May 21, 2018: Rising Rates, Consumer Staples And Stock Index
- May 14, 2018: Newsletter Collection Update
- May 7, 2018: Money Market Fund Taxonomy
- April 30, 2018: Momentum Investing Review
- April 23, 2018: Commodities In Current Environment
- April 16, 2018: Municipal Bonds As A Fixed Income Asset Class
- April 9, 2018: Exponential Or Compounding Nature In Investing
- April 2, 2018: Inside Of The Stock Chaos
- March 26, 2018: Total Return Bond Update
- March 19, 2018: Treasury Bills vs. Brokered CDs
- March 12, 2018: Defensive Conservative Portfolio Review
- March 5, 2018: Warren Buffett’s Advices
- February 26, 2018: Pros And Cons of Strategic And Tactical Portfolios In 2018
- February 12, 2018: Trend Review
- February 5, 2018: Market Selloff And Long Term Investing
- January 29, 2018: The New Addition To Our Total Return Bond Fund Candidates
- January 22, 2018: Where Are Bonds Heading?
- January 15, 2018: Tactical Portfolios Review
- January 8, 2018: Strategic Portfolios Review
- December 18, 2017: Record Highs And Risk
- December 11, 2017: Cash Return And Interest Rate Update
- December 4, 2017: Mutual Fund Star Ratings: Are They Useful?
- November 20, 2017: Thankful And Mindful
- November 13, 2017: Is This A Good Time For Retirees Or Would Be Retirees?
- November 6, 2017: Newsletter Collection Update
- October 30, 2017: Rising Interest Rates
- October 23, 2017: A Primer For Portfolios
- October 16, 2017: REITs As An Asset Class
- October 9, 2017: Conservative Portfolios Revisited
- October 2, 2017: The Role of Short Term Bond Funds
- September 25, 2017: Fees In Cash Investments
- September 18, 2017: Conservative Portfolios Review
- September 11, 2017: International Diversification Effect
- September 4, 2017: Invest And Speculate Revisited
- August 28, 2017: Total Return Bond Fund Portfolios: Where Do They Fit?
- August 21, 2017: Portfolio Performance: A Walk In The Past
- August 14, 2017: Fidelity Commission Free ETFs Update
- August 7, 2017: I Didn’t Learn Anything — Mistake vs. Temporary Underperformance
- July 31, 2017: Asset Classes And Fund Choices: A Primer
- July 24, 2017: Total Return Bond Fund Portfolios And Cash
- July 17, 2017: Long Term Stock Holding Periods For Retirement
- July 10, 2017: Half Year Asset Trend Review
- June 26, 2017: How To Beat The Best Balanced Allocation Fund
- June 19, 2017: Newsletter Collection Update
- June 12, 2017: A Mixed Bag Performance of Momentum Investing
- June 5, 2017: How To Start A New Portfolio
- May 29, 2017: Alternative Assets And Their Role In Portfolios
- May 22, 2017: Summer Seasonality And Portfolio Management
- May 15, 2017: Cash: Banking Or Investing?
- May 8, 2017: Holding Period of Long Term Timing Portfolios
- May 1, 2017: Debate on Risk vs. Volatility
- April 24, 2017: The Long Term Stock Market Timing Return Since 1871
- April 17, 2017: Risk vs. Volatility: Long Term Stock Market Returns
- April 10, 2017: Total Return Bond ETFs And Portfolios
- April 3, 2017: Quarter End Asset Trend Review
- March 27, 2017: Practical Consideration For IRAs And 401k Accounts
- March 20, 2017: Fund Fees: That’s (Still) Outrageous
- March 13, 2017: Long Term Stock Valuation Review
- March 6, 2017: Asset Classes for Retirement Investments
- February 27, 2017: Fidelity Total Bond Fund Review
- February 20, 2017: Long Term Stock Timing Based Portfolios And Their Roles
- February 13, 2017: Alternative Investment Portfolios Review
- February 6, 2017: Tax Free Municipal Bond Investments Review
- January 30, 2017: Brokerage Specific Conservative Portfolios
- January 23, 2017: Fixed Income Portfolio Review
- January 16, 2017: Long Term Trend Following Portfolio Review
- January 9, 2017: Tactical Asset Allocation Review
- January 3, 2017: Strategic Asset Allocation Review
- December 12, 2016: Enhanced Index Funds
- December 5, 2016: Review Of Broad Base Core Mutual Funds For Brokerages
- November 28, 2016: Core Index ETFs Review
- November 21, 2016: International Exposure Of U.S. Large Companies
- November 14, 2016: Asset Trends After The Election
- November 7, 2016: Rising Rate And Current Bond Trend
- October 31, 2016: Economy Power And Long Term Stock Returns
- October 24, 2016: Current Commodity Trend And Managed Futures
- October 17, 2016: Investment Mistakes And Good Or Bad Investment Strategies
- October 10, 2016: Momentum Investing Review
- October 3, 2016: Survey & Feedback
- September 26, 2016: Fixed Income Investing: Actively Managed Funds vs. Index Funds
- September 19, 2016: Stock Investing: Actively Managed Funds vs. Index Funds
- September 12, 2016: Newsletter Update
- September 5, 2016: Overvalued Markets And Long Term Timing Strategies
- August 29, 2016: Your 401K Finally Draws Attention
- August 22, 2016: Inflation Protected Securities TIPS For Current Overvalued Markets
- August 15, 2016: Risk On: Emerging Market Stocks And Small Cap Stocks
- August 8, 2016: Portfolio Construction Using Stock ETFs And Bond Mutual Funds
- August 1, 2016: Adding Value To Your Own Investments
- July 25, 2016: Tactical Asset Allocation Funds Review
- July 18, 2016: Strategic Asset Allocation & Lazy Portfolio Review
- July 11, 2016: Asset Trend Review
- June 27, 2016: Secular Cycles For Tactical And Strategic Investment Strategies
- June 20, 2016: A World of Debt
- June 13, 2016: Managed Futures For Portfolio Building
- June 6, 2016: Newsletter Summary
- May 30, 2016: Swensen Portfolio And Permanent Portfolios
- May 23, 2016: AAII Article And Some Web Changes
- May 16, 2016: The PIMCO (Dis)Advantages
- May 9, 2016: Boost Your Dull Summer Investments
- May 2, 2016: Low Cost Index Fund Investing
- April 25, 2016: Tax Free Municipal Bond Funds & Portfolios
- April 18, 2016: Asset Class Trend Review
- April 11, 2016: Construction of Sound And Conservative Portfolios
- March 28, 2016: Total Return Bond ETFs Review
- March 21, 2016: Small And Large Company Stock Performance In Different Economic Expansion Cycles
- March 14, 2016: Are Tactical And Timing Strategies Losing Steam?
- March 7, 2016: Defined Maturity Bond Fund Analysis
- February 29, 2016: Smart Strategic Asset Allocation Rebalance When Market Trend Changes
- February 22, 2016: Be Cash Smart
- February 15, 2016: Bond ETF Portfolios
- February 8, 2016: Newsletter Collection Update
- February 1, 2016: Total Return Bond Fund Portfolios In A Volatile Period
- January 25, 2016: Alternative Portfolios Review
- January 18, 2016: Strategic Asset Allocation: A Cautious Outlook
- January 11, 2016: Review Of Trend Following Tactical Asset Allocation
- January 4, 2016: What Worked And Didn’t In 2015
- December 21, 2015: Distressed Assets
- December 14, 2015: High Yield Bonds And Their Correlation With Stocks
- December 7, 2015: Diversification And Global Allocation
- November 30, 2015: Investors and Speculators Combined
- November 23, 2015: Active Stock Fund Performance Consistency
- November 16, 2015: Permanent, Risk Parity And Alternative Portfolios Review
- November 9, 2015: Broad Base Core Mutual Fund Review
- November 2, 2015: Broad Base Index Core ETFs Review
- October 26, 2015: Total Return Bond Fund Review
- October 19, 2015: Advanced Portfolio Review
- October 12, 2015: What About Commodities?
- October 5, 2015: Core Satellite Portfolios In A 401k Account
- September 28, 2015: Risk Managed Strategic Asset Allocation Portfolios Revisited
- September 21, 2015: Quest For The Best Investment Strategy
- September 14, 2015: Core Satellite Portfolios In Market Turmoil
- September 7, 2015: Market Rout Creates An Opportunity to Reposition Your Portfolios
- August 31, 2015: Review of Asset Allocation Funds and Portfolios
- August 24, 2015: Market Rout And Your Portfolios
- August 17, 2015: ETF or Mutual Fund Based Portfolios
- August 10, 2015: Updated Newsletter Collection
- August 3, 2015: Slippery Asset Trends
- July 27, 2015: Performance Dispersion Among Momentum Based Portfolios
- July 20, 2015: Global Balanced Portfolio Benchmarks
- July 13, 2015: Pain in Tactical Portfolios
- July 6, 2015: Fixed Income Total Return Bond Funds In Strategic Asset Allocation Portfolios
- June 29, 2015: Core ETF Commission Free Portfolios
- June 22, 2015: Secular Asset Trends
- June 15, 2015: Giving Up Bonds?
- June 1, 2015: Summer Blues?
- May 26, 2015: Cash, Bonds and Stocks In A Rising Rate Environment
- May 18, 2015: Portfolio Update
- May 11, 2015: Pain in Fixed Income?
- May 4, 2015: The Balanced Stock and Long Term Treasury Bond Portfolios
- April 27, 2015: Long Term Treasury Bond Behavior
- April 20, 2015: 529 College Savings Plan Rebalance Policy Change
- April 13, 2015: Total Return Bond Funds As Smart Cash
- April 6, 2015: The Low Return Environment
- March 30, 2015: Brokerage Specific Core Mutual Fund Portfolios 2
- March 23, 2015: Investment Arithmetic for Long Term Investments
- March 16, 2015: Brokerage Specific Core Mutual Fund Portfolios
- March 9, 2015: Newsletter Collection Update
- March 2, 2015: Total Return Bond ETFs
- February 23, 2015: Why Is Global Tactical Asset Allocation Not Popular?
- February 16, 2015: Where Are Permanent Portfolios Going?
- February 9, 2015: How Have Asset Allocation Funds Done?
- February 2, 2015: Risk Management Everywhere
- January 26, 2015: Composite Portfolios Review
- January 19, 2015: Fixed Income Investing Review
- January 12, 2015: How Does Trend Following Tactical Asset Allocation Strategy Deliver Returns
- January 5, 2015: When Forecast Fails
- December 22, 2014: Long Term Asset Returns: How Long Is Long?
- December 15, 2014: Beaten Down Assets
- December 8, 2014: Implementing Core Asset Portfolios In a Brokerage
- December 1, 2014: Two Key Issues of Investment Strategies
- November 24, 2014: Holiday Readings
- November 17, 2014: Retirement Spending Portfolios Update
- November 10, 2014: Fixed Income Or Cash
- November 3, 2014: Asset Trend Review
- October 27, 2014: Investment Loss, Mistakes And Market Cycles
- October 20, 2014: Strategic Portfolios With Managed Volatility
- October 13, 2014: Embrace Volatility
- October 6, 2014: Tips For 401k Open Enrollment
- September 29, 2014: What Can We Learn From Bill Gross’ Departure From PIMCO?
- September 22, 2014: Why Total Return Bond Funds?
- September 15, 2014: Equity And Total Return Bond Fund Composite Portfolios
- September 8, 2014: Momentum Based Portfolios Review
- September 1, 2014: Risk & Diversification: Mint.com Interview
- August 25, 2014: Remember Risk
- August 18, 2014: Consistency, The Most Important Edge In Investing: Tactical Case
- August 11, 2014: What To Do In Overvalued Stock Markets
- August 4, 2014: Is This The Peak Or Correction?
- July 28, 2014: Stock Musings
- July 21, 2014: Permanent Portfolios & Four Pillar Foundation Based Framework
- July 14, 2014: Composite Portfolios Review
- July 7, 2014: Portfolio Behavior During Market Corrections
- June 30, 2014: Half Year Brokerage ETF and Mutual Fund Portfolios Review
- June 23, 2014: Newsletter Collection Update
- June 16, 2014: There Are Always Lottery Winners
- June 9, 2014: The Arithmetic of Investment Mistakes
- June 2, 2014: Tips On Portfolio Rebalance
- May 26, 2014: In Praise Of Low Cost Core Asset Class Based Portfolios
- May 19, 2014: Consistency, The Most Important Edge In Investing: Strategic Case
- May 12, 2014: How To Handle An Elevated Overvalued Market
- May 5, 2014: Asset Allocation Funds Review
- April 28, 2014: Now The Economy Backs To The ‘Old Normal’, Should Our Investments Too?
- April 21, 2014: Total Return Bond Investing In The Current Market Environment