Author Archives: Rick Lesan, CFA
A huge loss to the investment world…
John “Jack” Bogle passed away on January 16, 2019. To those who don’t know his name, he is the founder of Vanguard and the person most responsible, by far, for bringing the wisdom of index investing to us all. His … Continue reading
Posted in Ethics in Investing, Investment Philosophy, The Business of Investing
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Advice worth listening to?
I think one of the hardest issues to tackle with respect to investing is where to go for advice. I’ve long struggled with how to guide people on this issue since what needs saying is often hard to hear or … Continue reading
Posted in The Business of Investing
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The Scourge of Investment Costs
Several years ago I wrote a paper on the various costs of investing, how controllable they are for investors and how important this issue is to your long term wealth. While I encourage you to read the paper in its … Continue reading
Posted in Economics, Ethics in Investing, Investment Philosophy, The Business of Investing
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Moving Beyond the Active vs. Passive Debate
As previously discussed, the evidence is overwhelming that passive tools are superior to their active counterparts. But after we accept that truth we then need to ask: is it possible to maintain a thoroughly passive portfolio? Is it even desirable? … Continue reading
Posted in Investment Philosophy
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Active vs. Passive Investing
This is the first of two posts on this subject. Here I want to tackle why understanding this debate is not just relevant but crucial to all investors. In the follow-on post I will ask you to rethink whether active … Continue reading
Posted in Ethics in Investing, Investment Philosophy, The Business of Investing
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ETFs vs. Mutual Funds…Which is Better?
To keep this post reasonably short yet useful, I’m not going to spend time on defining or explaining the exchange traded fund (ETF). If you want to learn more, a great place to start is ETF University at etf.com, or … Continue reading
Posted in Investment Philosophy, The Business of Investing, Uncategorized
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Diversified or Di-WORSE-ifed?
Diversification is an investment term most are familiar with, and it’s an issue all investors must confront. Most simply, it’s the act of spreading risks out with the goal of improving one’s overall risk/reward ratio. But in an effort to … Continue reading
Posted in Investment Philosophy
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Some Perspective on the Upcoming Fiduciary Rule
On June 9, 2017, the Department of Labor’s Fiduciary Rule goes into effect. In short, it requires that anyone providing advice to tax-deferred or tax-free retirement accounts for a fee must put the investor’s interests before their own. While the … Continue reading
Posted in Ethics in Investing, The Business of Investing
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In case of emergency, walk, don’t run…or better yet, don’t go anywhere
Oil lower by over 50%. Greece possibly leaving the Eurozone. Hints of global deflation, especially in Europe. Russia continuing to cause problems in Eastern Ukraine. China feeling a slowdown coupled with concerns about its enormous shadow banking sector. ISIL causing … Continue reading
Posted in Investment Philosophy, Market Thoughts
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What Frontier’s strategy is…and is not
This is probably no surprise, but I thoroughly enjoy talking about investing strategies with people. I’ve realized over the years, however, that most don’t share this interest. In fact, most are happy to know as little as possible about the … Continue reading
Posted in Investment Philosophy, The Business of Investing
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