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Originally posted August, 2002

• You've probably read those news articles that describe the financial holdings of politicians, and it's usually pretty tepid stuff, partly because they don't name names. When Politician A is described as owning "mutual funds," I want names! Well, if you're willing to dig into the actual documents that the politicians file, you'll get names a-plenty. For example, Roy's Congressman, a guy who otherwise seems pretty smart (and a CPA to boot), reports that he has between $250,000 to $500,000 invested in the Dreyfus fund. There are probably several sites that have these raw filings (Adobe Acrobat reader required), but here's one -- opensecrets.org -- that can get you started. Warning: If you like this kind of sleuthing, much time can be wasted.

Originally posted July, 2002

• Vanguard's index guru, Gus Sauter, argues for a new kind of index. You know what? Besides running a mean index fund, Sauter (or someone on his staff) can also write pretty well.

Originally posted June, 2002

• A couple of months ago, we suggested that Vanguard split itself into two separate companies, one for its index funds and one for its managed funds. For some reason, Vanguard still hasn't followed our advice. But at least on the Web, Vanguard does seem to be thinking about its actively managed funds apart from its index funds. VanguardActiveManagement.com is a new Web site that's intended for people who make decisions about corporate retirement plans. As the name implies, the site focuses exclusively on Vanguard's actively-managed funds, and it has lots of good, uncluttered information that is also relevant for individual investors.
  
  
• We think that a person's investment "risk tolerance" is ultimately impossible to measure in any meaningful way. But that doesn't keep people from trying. Check out this article on a new and allegedly ultimate system for measuring individual risk tolerance. Obligatory risk-tolerance questionnaire included at no extra cost.
  
  

Originally posted May, 2002

• It's a frequent question on the FundAlarm Discussion Board: "Where can I find a list of mutual funds that invest in a particular stock." As "Cilcia" recently pointed out on the Board, lionshares.com is a good place to start. (In the lower left-hand corner of the lionshares.com home page, type your ticker symbol, select "Mutual Fund Ownership View" from the drop-down list, and click the radio button for "by symbol". It will make sense when you get there.)

Originally posted April, 2002

• Domini Social Investments has issued a revised edition of its annual proxy voting guidelines (Adobe Acrobat viewer required). The big news is that the Domini funds will now vote against the appointment of outside auditors whose independence might be compromised by significant non-audit fees (Enron, anyone?). From McDonald's Happy Meal toys made in China, to the use of virgin rainforest paper in certain telephone books, this guide is a fascinating directory of current issues and concerns. Some of these, we guarantee, you've never heard about.

Originally posted March, 2002

• ETFConnect.com: This site, jointly sponsored by Nuveen and Wiesenberger, is probably the slickest site around for exchange-traded funds.
  
  
• We've taken a few shots at financial guru/poseur Michael Murphy, and it's nice to know we're not alone. See what Ian McDonald, of TheStreet.com, has to say. (When you get to McDonald's article, scroll down until you see the heading "The Definition of Chutzpah.")
  
  

Originally posted February, 2002

• "Beyond the Pale": An article from Kiplinger's, by Steven Goldberg, that explores the question: "What were these guys smoking?" Read a quote from Roy that is guaranteed not to get him invited to another Christmas party: "This [referring to Malcolm Fobes, of the Berskshire Focus fund] is a classic example of somebody who had no business running a mutual fund."
  
  
• "Shock therapy for Janus": Janus was one of the biggest mutual fund owners (and supporters) of the now-disgraced and discredited Enron. This article, by Lisa Gibbs of Money magazine, is a real puzzle. On the one hand, if you believe the Janus managers, they really did know about the Enron partnerships that blindsided so many other investors and have caused so much grief. On the other hand, even with that extra knowledge, the Janus managers essentially decided to go along with the crowd. So what's the point of analysis if critical judgement is suspended, especially on such a large holding?
  
  
• Hedgeindex.com: Disappointed that you can't invest in hedge funds? Don't be. As this site makes clear, most hedge fund categories have underperformed (or barely outperformed) the S&P 500 over long periods of time. Essential reading if you've been dying to use the term "convertible arbitrage" in daily conversation.
  
  
• All aboard the Van Wagoner express. This link will allow you to view the legal complaint in the Van Wagoner class action, which alleges overpricing of certain private placement securities (Adobe Acrobat reader required). The law firm hosting this link is Cauley Geller Bowman & Coates, one of at least two firms bringing the same suit.

Originally posted January, 2002

• Before we all get too involved with the new year, let's honor the mutual fund losers and laggards of 2001. Here, in two parts, are the 2001 "lumps of coal" from fund columnist Charles Jaffe: Part One and Part Two. If you've been following FundAlarm during the year, there should be few surprises, but it's always fun to catch up with old disasters.
  
  
• More financial losers (and some winners, too), from Fortune magazine. As a bonus, some profound quotes from Roy.

Originally posted December, 2001

• How many exchange-traded funds (ETFs) are currently being offered? Probably more than you think. Here's a list that appears to be quite comprehensive, organized according to "broad index" ETFs, "sector" ETFs, and "international" ETFs.
  
  
• It's definitely not as much fun as an X-Box, but there are few better gifts for a young person than shares of a mutual fund. This article will guide you through the different account choices.
  
  
• "Don't let an obsession with taxes divert you from your real goal." The tax-efficiency people sometimes overstate their case. This article presents the other side, quite convincingly.
  
  

Originally posted November, 2001

• The Money 100 mutual funds: Like every fund list, it's only a starting point. But it's a good one.
  
  
• One of the most common questions on the FundAlarm Discussion Board is, "What are some good mutual funds with a low initial investment?" Here's a list of 20 funds that you can buy into for $500 or less. (To view this article, you'll need a "free membership" at cbs.marketwatch.com.)
  
  
• Lipper Leaders: This is a new fund-rating system (and Web site) developed by the Lipper organization, which at one time didn't deign to market its information to mere "consumers" (as opposed to institutions). Anyhow, the Lipper Leaders are intended to eventually rival the Morningstar "stars" in the hearts and minds of individual mutual fund investors. Lipper's new ratings are based on two sound concepts, "consistent return" and "capital preservation." We've tried reading Lipper's explanations of these two concepts and, as usual with Lipper materials, we end up saying "Huh?" But Lipper data is widely carried, so you'll probably be seeing a lot of references to these "Leaders."

Originally posted October, 2001

• Many financial writers have given excellent advice in the wake of September's terrible events. This piece by columnist Scott Burns, called The Richter scale of the Heart, seems to come straight from his.
  
  
• Another good one, from James B. Stewart at SmartMoney.com
  
  
• And another (Chet Currier, Bloomberg.com)
  
  
• And one more, from Bob Kronish (Kronish Chronicle), a long-time friend of FundAlarm.

Originally posted September, 2001

• Current magazine articles on mutual funds. Consult this page regularly, and you won't need no stinkin' list of links from FundAlarm.

Originally posted August, 2001

• Janus and Fidelity couldn't have written a better letter themselves. The Investment Company Institute takes a predictable position on more frequent disclosure of mutual fund portfolios. Hint: They're against it. An academic "study" on the potential financial impact of more frequent portfolio disclosure is Appendix B of the ICI letter. (Adobe Acrobat reader required for the "study.")

Originally posted July, 2001

• Forbes magazine has again named FundAlarm a "Best of the Web" site. It's a nice little review and, this time, they didn't call us ugly.
  
  
• "Were you sweet talked by your funds?" AIM Charter, Strong Growth & Income, and Waddell & Reed Advisors Retirement Shares are the featured sweet talkers, in a Mutual Funds magazine article by Jonathan Burton. The Waddell & Reed fund is our favorite. Describing itself as geared partly for "capital stability," Retirement Shares still had an outsized stake in high-flying technology stocks in early 2000, which you might have missed if you read the shareholder reports. Cisco Systems, for example, was listed under "Industrial Machinery and Equipment," while other Internet-related stocks, such as eBay and Verisign, were found under "Business Services." The portfolio manager says that he's going to take steps to make things "a lot clearer" in the future.
  
  
• "If Fund Directors Doze, Investors Can Lose Out": A good, solid indictment of fund directors by USA Today columnist John Waggoner. Roy is quoted in the article as saying, "You'd think you'd see many more changes of managers for performance issues," to which the general counsel of the Investment Company Institute responds: "...in the vast majority of situations, directors believe it not to be appropriate to seek a change in management." Uh, yeah, that's kind of what we said, isn't it?
  
  
• "Retirement Income: Working Toward a 5 Percent Solution": The latest contribution to that never-ending inquiry: How much can you spend during retirement? This article, by financial columnist Scott Burns, summarizes another article by financial planner Wiliam Bengen, which appears in the Journal of Financial Planning.
  
  

Originally posted June, 2001

• Whoa! We're recommending an article by Jim Cramer! This one is titled "Breaking Into the Biz: How to Start Running Money," but it starts out with 10 reason why no one should ever want to run money. A really good fund manager is, by definition, crazy, and Cramer captures the essential madness well.
  
  

Originally posted May, 2001

• A month's worth of columns by syndicated mutual fund columnist Charles Jaffe.

Originally posted April, 2001

• "Robert Markman's Revised Investing Rules For the New Millennium": More yummy, edible words. Robert Markman is a widely-quoted investment advisor, who puts together funds of funds. This article will give you a taste for the foolishness that Markman was spouting, circa January, 2000. Markman might still be able to show his face in public. If it were me, I would have already found a new profession.
  
  
• Every year, the mutual fund industry holds a big March shindig in some warm place, and every year they invite someone from the SEC to verbally spank them. This year's punishment was administered, ever so gently, by Paul Roye, Director of the SEC Division of Investment Management. Roye's speech has a dull title -- Mutual Funds and Investment Management -- and the text of the speech isn't going to get you dancing, either. Fortunately, the speech has a lot of good content: A summary of major SEC fund activity last year, as well as some some issues they are looking at this year.
  
  

Originally posted March, 2001

• Here's your dog. Here's your fund. One deserves loyalty, and one doesn't. Charles Jaffe tells you why ("Love me, love my fund? Nah.")
  
  
• "Dan Yacktman's Wild Ride": Love him or hate him, his kind is definitely not the future of the asset gathering, uh, mutual fund, industry.
  
  
• Handy if your kid ever gets a weird homework assignment: Year-by-year historical returns of U.S. stocks, T-bonds, and T-bills since 1928 (but only through 1999). It's the Home page of an NYU professor. If you ask him real nice, maybe he'll update it.

Originally posted February, 2001

• Examine mutual funds after big one-day gains: Charles Jaffe's article suggests that January 3, 2001 may have provided a window on your funds, and a wake-up call.
  
  
• Bad Financial Ideas 2000: Roy makes his picks from the mutual fund world, but there are plenty of others, too. [Adobe Acrobat reader required.]
  
  

Originally posted January, 2001

• This year, Charles Jaffe's lumps of coal required two columns, but we've only been able to locate one of the columns in a free newspaper archive: Lumps
  
  
• "Mutual Fund Returns and Market Microstructure," or "Pump Me Up": An academic study that concludes yes, Virginia, there is portfolio pumping.
  
  

Originally posted August, 2000

• 403bwise.com: A very nice site for people who participate in this special type of retirement plan.
  
  

Originally posted July, 2000

• Long-time friend of FundAlarm Bob Kronish used to publish a print newsletter, and only a few people got to see it. Now he publishes the Kronish Chronicle+ on the Web, and everyone can see it. It's good stuff -- but it still may be easier to print it out and read it offline.
  
  
• Find all of the Nasdaq exchange-traded funds on one page (QQQ, SPDRs, Sector SPDRs, and iShares). You can also get quotes, charts, and track a limited number of securities.

Originally posted May, 2000

• iTulip.com, home of The Internet Stock Mania Company. Our favorite part is the 1929 New York Times headlines.
  
  

Originally posted March, 2000

• Two value investors get to vent their frustrations. The most recent shareholder letters from:
  
  • James "The Doomster" Gipson
  • Robert "Scrappy" Sanborn

Originally posted January, 2000

• "Substantially identical securities": What they are, and what they mean for wash sales.
  
  
• Web-based calculators are still clunky, but you might find something useful at FinanCenterinc.com. There are 15 mutual fund calculators, as well as calculators for "Autos," "Retirement," "IRAs," and other financial areas.
  
  
• A day in the life of Gus Sauter, manager of the Vanguard 500 Index fund. He ain't no chimp, and Brenda Buttner (TheStreet.com) shows why.

Originally posted September, 1999

• Moo-oo: According to this study, young fund managers who stray from the herd are more likely than older managers to end up as hamburger. [About 45 pages long; Adobe Acrobat reader required]
  
  

Originally posted August, 1999

• "The Dirty Secret in Money Management": Scott Burns (http://www.scottburns.com) tells why "it takes spectacular performance to attract money, but only mediocre performance to keep it." This is still a no-registration, no-fee, no-cookie Web site, and it's well worth your attention.
  
  
• John Waggoner writes a weekly mutual fund column for USA Today. This link will take you to an extensive archive of his articles. Sandra Block also writes a weekly column for USA Today ("Managing Your Money"). Most of her columns are about mutual funds, and the most recent ones are available in this archive.
  
  

Originally posted June, 1999

• Give this man a star: Bill Miller's quarterly market commentary [This link will take you to a FundAlarm page. Prior to June 13, this commentary was available on the Legg Mason site. It is no longer posted there, so we have downloaded the text from FreeEdgar, and excerpted what we think are Miller's key points.]
  
  
• SmartMoney Market Map. At first, we thought this was great. Then we decided it was interesting, but useless. We're back to thinking that it's somewhat useful, although only if you follow it on a regular basis. In any event, we're pretty sure you haven't seen anything like this anywhere else. Go with the flow. Be sure to read the instructions and view the "controls." If all else fails, just start moving your mouse.
  
  

Originally posted May, 1999

• Here at FundAlarm, we may be nuts, but at least we have company. Check out EFMoody.com, a free financial site that will leave you wondering, "Why does he do all this?"
  
  

Originally posted January, 1999

• Duh: The Investment Company Institute explains how up is down when it comes to mutual fund fees and expenses.

Originally posted November, 1998

• Undiscovered Managers.com: This is the Web site for the mutual fund family of the same name. If you love reading lengthy research papers, get ready for a good time. To get a flavor for this site, we suggest that you download the provocatively-titled "Mutual Funds and Taxes: Myths, Life Cycles and Strategies." It's actually quite good.

Originally posted October, 1998

• Everybody's doing it: The SEC report on soft dollar practices (190KB text file)
  
  
• A plug for a friend: Susan Sharin has been a friend of FundAlarm almost since its inception. She has impressed us as a knowledgeable observer of the mutual fund and investment world -- also smart, ethical, and an awesome proofreader. Susan recently started a money management firm with William Bernstein, who many FundAlarm readers know from the "Efficient Frontier" Web site. Even when it comes to friends, we can't "recommend" -- but we would encourage readers to check out this new money management service. Send Susan or Bill an e-mail, and ask for more information.

Originally posted September, 1998

• Index Funds Online: As the name says. Useful, basic information.
  
  

Originally posted July, 1998

• Outstanding Investor Digest: Some expensive information, and some good, free material, especially from fund manager Tweedy, Browne. To find the Tweedy, Browne info, scroll down the Home page.

Originally posted April, 1998

• Disciples of asset allocation sometimes overstate their case, but it remains a valuable tool for the serious investor. Efficient Frontier is an intelligent, nicely-done site -- an Online Journal of Asset Allocation, which also has some good links.

Originally posted March, 1998

• Interactive Tools and Calculators: We don't know if anybody could possibly check out all of these (we certainly haven't). But a few of the investment and financial calculators look interesting.

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