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Vanguard vs Dimensional: Who has delivered higher returns?

  Vanguard and Dimensional Fund Advisors are both good fund managers — albeit with two very different methodologies. Investors should be able to achieve good outcomes with either one or the other, or a combination of the two. But which of them, Vanguard or Dimensional, delivers higher returns, on a cost- and risk-adjusted basis,...

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Charley Ellis: Why active managers extract value from investing

  For me, Charley Ellis is one of the investing world’s great consumer campions. In the mid-1970s, he became the first industry insider to acknowledge that most active fund managers fail to beat their benchmarks and that investors are far better off using...

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Something for the weekend

  SOMETHING FOR THE WEEKEND   Ah, the joys of England in August.. The sun’s shining, school’s out and the Poms are thrashing Australia at cricket. But none of those things will last for long, so let’s enjoy them while we can.. along...

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Video: Don’t assume outperformance is down to skill

“Men resist randomness, markets resist prophecy.” Maggie Mahar   The need to make sense of things is a basic human instinct. We want to feel we understand what’s happening around us. So we create our own order. We invent narratives and look for...

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Something for the weekend

  SOMETHING FOR THE WEEKEND   Each Friday I’ll be sharing with you my reads of the week. The 3rd Ashes Test Match is already over, so what better way to while away the first weekend in August?   Here in Blighty.. How...

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Where’s the evidence?

  “The fact that an opinion has been widely held is no evidence whatever that it is not utterly absurd.” Bertrand Russell Perhaps never before in history have human beings attached so much importance to evidence. Throughout the centuries, our ancestors largely did...

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4 lessons to learn from Nick Leeson

Leeson.  In so far as it’s possible to feel sorry for someone who steals the best part of a billion pounds, I confess to having just a little sympathy with Nick Leeson. The world’s most famous rogue trader was delivering the closing address...

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