Jump to content
Sign in to follow this  
tony

Index Funds Prove Their Worth

Recommended Posts

 

I would tell them the inherent costs of virtually every index funds guarantees them they will underperform the index.

 

Inherent costs and transactions costs of virtually every ETF guarantees them they will underperform the index.

 

There are a small number of institutional index funds (which often have $1 million minimum deposits) that can generate equal or better performance than index returns.

 

 

finadvnj,

There you go again! How can an index fund have "better performance than index returns"?

Either you are joking, turning into a internet troll here or you are not very bright.

 

Consider the following quotes and studies that refute your claim that "inherent costs and transactions costs of virtually every index fund guarantees them they will underperform the index".

Just for the record, we are fully aware that .18% cost of the Vanguard TSM or the Vanguard S&P 500 will underperform the respective benchmarks by that miniscule cost. But to use this data as a total case against indexing and to imply that your strategy can beat the index is irresponsible.

 

Frequent posters on this site have read some or many of the following authors and their quotes about the advantages of index investing:

 

By William F. Sharpe

Summary: Indexed investing is a strategy designed to match a market, not beat it. Done properly, it can be cheap and tax-efficient. After costs and taxes, an indexed investor in a market can beat the average active investor. Many investment vehicles, both mutual funds and the more recently introduced exchange-traded funds, make it possible for individuals to invest some or all of their assets in indexed strategies. This talk elaborates on these points, describes some of the more attractive funds and shows how indexed investing can be used to help obtain a globally diversified portfolio.

 

Active vs. Passive Management

By Rex A. Sinquefield (DFA)

Summary: The following paper is a transcript of Rex Sinquefield's opening statement in debate with Donald Yacktman at the Schwab Institutional conference in San Francisco, October 12, 1995.

 

The Arithmetic of Active Management

By William F. Sharpe

Summary:The average actively managed dollar must underperform the average passively managed dollar, net of costs. Empirical analyses that appear to refute this principle are guilty of improper measurement.

 

Passive Versus Active Investment Management Strategies: Comparisons, Perspectives and the Relevance to Financial Advisors

By Andrei Voicu

Summary: Discussion of the differences between passive and active investment strategies. A discussion of investment selection using both passive and active strategies, addressing the advantages and disadvantages of both.

 

Improved Study Finds Index Management Usually Outperforms Active Management

By Millicent Holmes

Summary:This study seeks to improve in several ways upon previous studies examining the relative performance of index management versus active management. It concludes that index management outperforms active management in most asset classes.

To make comparisons between index management and active management as accurate as possible, the study segregated funds by style and then compared funds of the same style. This "apples to apples" comparison is the most accurate methodology. Many other studies suffer from some level of benchmark mis-specification or "size bias," as they compare all actively managed funds, which include Large-, Mid-, Small-, and Micro-cap funds to a Large-Cap Blend index, the S&P 500.

 

The Case for Active or Passive Investment Management

Summary - Point / Counterpoint. Active Management - Stephen B. Timbers / Passive Management - Weston J Wellington

 

Three Challenges of Investing

By John C Bogle

 

Quotes from experts compiled by the venerable and hero to me, Taylor Larimore, Co-Author of "Boglehead Guide to Retirement Planning"

 

"A low-cost index fund is the most sensible equity investment for the great majority of investors. My mentor, Ben Graham, took this position many years ago, and everything I have seen since convinces me of its truth." Warren Buffet

 

"Of the 355 equity funds in 1970, fully 233 of those funds have gone out of business. Only 24 oupaced the market by more than 1% a year. These are terrible odds." Jack Bogle (2007)

 

"Most investors would be better off in an index fund." Peter Lynch

 

"Only about one out of every four equity funds outperforms the stock market. That's why I'm a firm believer in the power of indexing." Charles Schwab

 

"Index funds are perhaps the most underrated stock funds in existence." "Mutual Funds for Dummies"

 

"The fund industry's dirty little secret: most actively managed funds never do as well as their benchmark." Arthur Levitt, Chairman, SEC

 

"Over the long-term the superiority of indexing is a mathematical certainty." Jason Zweig, senior writer for "Money"

 

"The media focuses on the temporarily winning active funds that score the more spectacular bull's eyes, not index funds that score every year and accumulate less flashy, but ultimately winning, scores." W. Scott Simon, author

 

"I love index funds." William Sharpe, Nobel Laurete

 

"Indexing is for winners only." Jane Bryant Quinn, author, syndicated columnist

 

"Most people should simply have index funds so they can keep their fees low and their taxes down." Jack Meyer, CEO, Harvard Management

 

"Four years ago I was a fan of index funds. Today I am a true believer." Jonathan Clements, senior writer, Wall Street Journal

 

"We find that on average, active management reduces a portfolio's returns and increases its volatility compared with a static index." Vanguard Investment Counseling & Research Analysis

 

"They're just not going to do it (beat the market). It's just not going to happen. Daniel Kahneman, Nobel Laureate

 

"I was not always an obnoxious indexing zealot. Ten years of believing in and selling active management strategies in the brokerage industry made me this way." Rick Ferri,CFA, author, financial adviser

 

"Active portfolio management thus tends to generate lower returns and higher taxes." John Haslem, author,

 

"Indexing virtually guarantees you superior performance. Bill Bernstein, author, financial adviser

 

"Index funds save on management and marketing expenses, reduce transacton costs, defer capital gain, and control risk--and in the process beat the vast majority of actively managed mutual funds." Good & Hermansen, authors

 

"In every asset class where they are available. Index! Four of five funds will fail to meet or beat an appropriate index." Frank Armstrong, author, financial adviser

 

"With an index fund--the certainty of keeping up with the market is a very worthwhile trade-off for the possibility of beating it. Jack Brennan, CEO Vanguard

 

"Searching through a list of 234 domestic equity funds that have survived for 20 years, only 31 did better than the Vanguard 500 Index. That means the odds are really, really poor that any of us will do better than a low-cost broad index fund." Scott Burns, syndicated columnist

 

"Choosing actively managed funds is the triumph of hope over reason and experience." Larry Swedroe. author, financial adviser.

 

"It's just not true that you can't beat the market. Every year about one-third do it. Of course, each year it is a different group." Robert Stovall, investment manager

 

"Giving up the futile pursuit of beating the market is the surest way to increase your investment efficiency and enhance your financial peace of mind." Ron Ross, author and adviser.

 

"It is basically impossible to beat the market." Prof. Eugene Fama

 

"Indexing is a marvelous technique, I wasn't a true believer, I was just an ignoramus. Now I am a convert. Indexing is an extraordinarily sophisticated thing to do." Douglas Dial, former CREF portfolio manager.

 

"Simple buy-and-hold index investing is one of the best, most efficient ways to grow your money. Michael Lebouf, Ph.D., author

 

"The best plan for most of us, is to commit to buying some index funds and do nothing else." Charles Ellis, author

 

"With the market beating 91% of surviving managers since the beginning of 1982, it looks pretty efficient to me." Bill Miller, portfolio manager

 

"We should just forget about choosing fund managers and settle for index funds to mimic the market." Pat Regnier, former Morningstar analyst.

 

"Because active and passive returns are equal before cost, and because active managers bear greater cost, it follows that the after-cost return from active management MUST be lower than that from passive management." Wm Sharpe, Nobel Laurete

 

"The most efficient way to diversify a stock portfolio is with a low fee index fund." Paul Samuelson, Nobel Laurete

 

"We find that on average, active management reduces a portfolio's returns and increases its volatility compared with a static index implementation of the portfolio's asset allocation policy." Vanguard study

 

"Buy and hold. Diversify. Put your money in Index Funds." Justin Fox, Fortune senior writer

 

"Index funds save on management and marketing expenses, reduce transaction costs, defer capital-gain, and control risk--and in the process, beat the vast majority of actively manage mutual funds." Good & Hermansen, authors

 

"You should switch all your investment in stocks to index funds as soon as possible, after giving proper consideration to any tax consequences." Chandan Sengupta, author.

 

"I am somewhat skeptical about anyone's ability to consistently beat the market." Moshe Milevsky, author

 

"With an index fund--the certainty of keeping up with the market is a very worthwhile trade-off for the possibility of beating it." Jack Brennan, Vanguard CEO

 

"With a very simple and basic understanding of index funds, you can consistently beat 70% to 80% of all professionally managed index funds." Tweddell & Pierce, authors.

 

"Invest in a stock index mutual fund. What a brilliant, ingenious, common sense idea that I can't take credit for, but can religiously pass along to those of you who want to unclutter your financial lives and own a sophisticated portfolio." Bill Schultheis, author

 

"For most of us, trying to beat the market leads to disastrous results." Prof. Jeremy Siegel, author

 

"The surest way to make money in the stock market is not to work very hard at it. Don't try to outsmart the market; settle for matching it. Put most of your money in an index mutual fund." Gary Belsky, author

 

"My strongest commitment in the mutual fund arena is to index funds." Richard Young, editor

 

"I recommend that the long-term buy-and-hold portion of your equity portfolio be invested in equity mutual funds." Sheldon Jacobs, author

 

"The smartest thing people can do if they want money in the equities market is buy an index fund that is run for 30 basis points a year and forget about it." Elliot Spitzer, NY Attorney General

 

"The only consistent superior performer is the market itself and the only way to capture the superior consistency is to invest in a properly diversified portfolio of index funds." Rex Sinquefield, researcher.

 

"It's extremely difficult to beat the market." Peter Brimlow, Forbes senior editor

 

"There can be no question that indexing for most categories of taxable invesor and for most marketable conditions, will outperform conventional active management." Robert Arnott, CEO First Quadrant

 

"A passive index fund managed by a not-for-profit investment management organization represents the combination most likely to satisfy investor aspirations." David Swensen, author

 

"The S&P index benchmarks outperformed their active peer funds in all nine Morningstar style boxes over the past ten years." Gus Sauter (1-25-05)

 

"It's amazing to me that, by one estimate, only 14% of money is indexed in this country!! What a shame." Lynn O'Shaughnessy, author

 

"I continue to believe that unless you are extremely skilled (and lucky) for most investors, index funds remain the simplest and most efficient vehicle for investing in stocks." Annette Thou, author

 

"When you realize how few advisors have beaten the market over the last several decades, you may acquire the discipline to do something even better: become a long-term index fund investor." Mark Hulbert, newsletter tracker.

 

"Most investors should simply invest in index funds." Robert Rubin, Former Secretary of the Treasury

 

 

Share this post


Link to post
Share on other sites

 

 

I would tell them the inherent costs of virtually every index funds guarantees them they will underperform the index.

 

Inherent costs and transactions costs of virtually every ETF guarantees them they will underperform the index.

 

There are a small number of institutional index funds (which often have $1 million minimum deposits) that can generate equal or better performance than index returns.

 

Would you also tell prospective clients that most actively-managed funds underperform index funds?

 

Share this post


Link to post
Share on other sites

I would tell them the inherent costs of virtually every index funds guarantees them they will underperform the index.

 

Inherent costs and transactions costs of virtually every ETF guarantees them they will underperform the index.

 

 

This is sort of like me saying that I am not 6'5" tall. Technically, that is true. However, I am actually 6' 4 15/16" tall. So if being 6'5" is the standard for being tall, and I don't quite measure up to that standard, is it really correct to say that I am not tall?

 

So, yes, because of transaction costs and expenses, index funds are guaranteed to underperform their benchmarks. But by how much? In my wife's case (Vanguard Institutional TSM), by only 6 basis points. So, finadvnj, are you really being forthcoming when you say that index funds underperform their benchmarks? Isn't it true that, for all intent and purposes, index funds managed by companies like Vanguard DO hit their benchmarks?

Share this post


Link to post
Share on other sites

Hi AP,

Your latest post is wonderful! What an brilliant analogy. May I quote you on a book that I am writing? You are not just a good teacher but a great teacher!

Have a great day,

Steve

Share this post


Link to post
Share on other sites

 

 

 

I would tell them the inherent costs of virtually every index funds guarantees them they will underperform the index.

 

Inherent costs and transactions costs of virtually every ETF guarantees them they will underperform the index.

 

There are a small number of institutional index funds (which often have $1 million minimum deposits) that can generate equal or better performance than index returns.

 

Would you also tell prospective clients that most actively-managed funds underperform index funds?

 

 

Yes.

 

I would also tell them:

 

1) Many actively-managed funds outperform their index.

2) There are hundreds of different indices.

3) Wealth management, like a surgery, it is best performed by a licensed experienced professional.

 

Share this post


Link to post
Share on other sites

 

I would also tell them:

 

1) Many actively-managed funds outperform their index. Can you name a couple of those actively managed funds?

 

(2) There are hundreds of different indices. So?

 

3) Wealth management, like a surgery, it is best performed by a licensed experienced professional.

 

Not so. You are all talk. click here for a study that backs up what I say

 

 

Share this post


Link to post
Share on other sites

Since I posted this article here is my take

 

I am amazed how threatened financial advisors and salepeople are by the words "Index Fund" and especially when one says "low cost index fund from Vanguard. I'm telling you steam comes out of their ears and fire out of their mouths. Thats all I need to see to know that Index funds are the real deal.

 

Now I am not a purest. I own active and index. And, I know that there are some active funds that do beat the index-maybe one year, maybe two years, and maybe some even three if they are lucky. But if you look at a longer time-they usually don't. Check it out.

 

If you want to take a chance on active funds you have to be well read and very involved in finances. Afterall, you have to be able to find the few that actually do consistently beat the index out of thousands of choices. You will also have to buy and sell often. Afterall, active funds can go south in a hurry if an manager leaves . If things get really hairy you might find that suddenly your active fund doesn't even exist. Its been

killed because it was such a bad fund that The company had to take it out of its misery. Your money is now in some other fund or has a new name with a whole new investment strategy. Its true becuase its happened to me with Janus Funds.

 

I say that for most folks, Index funds are the way to go. The merits outweigh any negatives the financial

industry comes up with. And its so much easier!!

Share this post


Link to post
Share on other sites

Hi AP,

Your latest post is wonderful! What an brilliant analogy. May I quote you on a book that I am writing? You are not just a good teacher but a great teacher!

Have a great day,

Steve

 

Over the past 34 years of teaching high school history and government, I have learned how effective analogies can be. By all means, go ahead and quote me!

 

By the way, tell us about the book you are writing!

 

 

Share this post


Link to post
Share on other sites

finadvnj,

 

I looked you up and I must say that you have impressive academic credentials. I'm not being sarcastic here (as usual); I respect educational achievement, and you have that in spades.

 

But just so folks won't be taken in by your arguments, some of which are couched in very careful language as to be technically true but in reality deceiving, consider the following:

 

"According to Vanguard, for the 10 years leading up to 2007, the majority of actively-managed U.S. stock funds underperformed the index they were seeking to outperform. For instance, 84% of actively-managed U.S. large blend funds underperformed their index, and 68% of actively-managed U.S. small value funds underperformed, as well. The case is even worse for actively-managed bond funds. In that case, almost 95% of actively-managed bond funds underperformed their indexes for the 10 years leading up to 2007."

 

So, yes, "many" actively-managed funds outperform, but the percentage is small. So I can only ask you:

 

1) Do you tell clients that you can predict which funds will outperform their respective benchmarks?

2) Do your recommended portfolios outperform benchmarks over time?

Share this post


Link to post
Share on other sites

finadvnj,

 

I looked you up and I must say that you have impressive academic credentials. I'm not being sarcastic here (as usual); I respect educational achievement, and you have that in spades.

 

But just so folks won't be taken in by your arguments, some of which are couched in very careful language as to be technically true but in reality deceiving, consider the following:

 

"According to Vanguard, for the 10 years leading up to 2007, the majority of actively-managed U.S. stock funds underperformed the index they were seeking to outperform. For instance, 84% of actively-managed U.S. large blend funds underperformed their index, and 68% of actively-managed U.S. small value funds underperformed, as well. The case is even worse for actively-managed bond funds. In that case, almost 95% of actively-managed bond funds underperformed their indexes for the 10 years leading up to 2007."

 

So, yes, "many" actively-managed funds outperform, but the percentage is small. So I can only ask you:

 

1) Do you tell clients that you can predict which funds will outperform their respective benchmarks?

2) Do your recommended portfolios outperform benchmarks over time?

 

 

Thank you for your feedback. See: http://www.skloff.com/biography.htm

 

 

Is Vanguard in essence saying?:

16% of actively-managed U.S. large blend funds meet or exceed their index

32% of actively-managed U.S. small value funds meet or exceed their index

 

16% is a statistically very large percentage

32% is a statistically huge percentage

 

 

1) No.

2) We say they can - not that they will.

We have exceeded our clients' risk adjusted performance expectations.

 

 

A Registered Investment Advisor, like Skloff Financial Group, is compensated by fees and prohibited from collecting commissions.

 

We would receive the same compensation for managing a portfolio of 24 (for example) index funds or managing a portfolio of 24 (for example) actively managed funds (or stocks,bonds, etc.).

 

With the clear goal of achieving the best risk adjusted performance possible relative to client risk tolerance, we will use the best vehicle available.

 

Many academics like things that are true 80% or 90% (for example) of the time.

 

They do not like to address the 10% because it weakens their arguments.

 

"It's the net margin that matters" - Aaron Skloff (feel free to add me to the list of quoted 'experts' above)

 

There is nothing wrong with paying more for a Toyota (for example) vehicle than a General Motors (for example) vehicle if the expected out performance (net margin) is justified.

 

For some people, achieving market or sub-market performance is adequate - thus, the index fund.

Share this post


Link to post
Share on other sites

 

Is Vanguard in essence saying?:

16% of actively-managed U.S. large blend funds meet or exceed their index

32% of actively-managed U.S. small value funds meet or exceed their index

 

16% is a statistically very large percentage

32% is a statistically huge percentage

 

 

1) No.

2) We say they can - not that they will.

We have exceeded our clients' risk adjusted performance expectations.

 

For some people, achieving market or sub-market performance is adequate - thus, the index fund.

 

1) Beating more than 84% of the actively managed large blend funds is fine with me, especially if I have no assurance that I can successfully predict the other 16%.

2) So is beating 68% of actively-managed U.S. small value funds.

3) I especially like beating 95% of actively-managed bond funds (though you left out that category).

 

I like the way the averages are stacked in my favor. However, I do understand that some folks believe they can beat them. I think that's a loser's game in the long run, but to each his own.

 

 

 

 

Share this post


Link to post
Share on other sites

 

 

Is Vanguard in essence saying?:

16% of actively-managed U.S. large blend funds meet or exceed their index

32% of actively-managed U.S. small value funds meet or exceed their index

 

16% is a statistically very large percentage

32% is a statistically huge percentage

 

 

1) No.

2) We say they can - not that they will.

We have exceeded our clients' risk adjusted performance expectations.

 

For some people, achieving market or sub-market performance is adequate - thus, the index fund.

 

1) Beating more than 84% of the actively managed large blend funds is fine with me, especially if I have no assurance that I can successfully predict the other 16%.

2) So is beating 68% of actively-managed U.S. small value funds.

3) I especially like beating 95% of actively-managed bond funds (though you left out that category).

 

I like the way the averages are stacked in my favor. However, I do understand that some folks believe they can beat them. I think that's a loser's game in the long run, but to each his own.

 

 

AP and finadvnj,

I have noticed that those people who like managed funds and do well are IMO just lucky. Because their strategy cannot be replicated. In other words, if investor A makes a killing in the market and beats the heck out of all the indexes for three years in a row, investor B through Z cannot replicate what investor A has done. It’s impossible, because investor A has happened by chance to pick those funds or fund that will beat the market indexes. By the time investor B through Z catch up and purchase those ###### managed funds, they end up buying them at high prices and then when those ###### funds crash, they will sell at the low. Studies point out that this happens over and over again. The professional advisers are not immune to this flawed strategy but are often encouraged to trade because they get more money in fees.

 

Indexing not only has a strategy but answers the question of what do I invest in and why should I invest in index funds. It’s a complete package. Its simple and easy to understand and you invest in the broad economies either domestic, foreign and or bonds.

 

Finadvnj, you will never answer my question about which funds will beat the indices in the future because you can't. The most powerful advisers with all of their talent, education, time and resources cannot accurately predict the future. Those are the facts.

 

The very best that investors can do is the market averages and for heaven’s sake what is wrong with 7-8% average performance for 20-30 years. I would have had so much more money had I knew about indexing 25 years ago. Studies say that the average performance of 401ks is about 2-3% since the 1980s. The averages are more than twice that much and you can get the averages through index funds. There is no guarantee except through sales pitches that people really believe they can beat the averages. For the average investor, you are pure lucky if you beat the averages over many years. Nothing wrong with being lucky, but the problem is that most people are susceptible to sales pitches about beating the averages that they really think they will be the lucky ones. It’s a losers game, always has been and always will be for the vast majority of investors.

 

2 cents,

Steve

Share this post


Link to post
Share on other sites

 

 

 

Is Vanguard in essence saying?:

16% of actively-managed U.S. large blend funds meet or exceed their index

32% of actively-managed U.S. small value funds meet or exceed their index

 

16% is a statistically very large percentage

32% is a statistically huge percentage

 

 

1) No.

2) We say they can - not that they will.

We have exceeded our clients' risk adjusted performance expectations.

 

For some people, achieving market or sub-market performance is adequate - thus, the index fund.

 

1) Beating more than 84% of the actively managed large blend funds is fine with me, especially if I have no assurance that I can successfully predict the other 16%.

2) So is beating 68% of actively-managed U.S. small value funds.

3) I especially like beating 95% of actively-managed bond funds (though you left out that category).

 

I like the way the averages are stacked in my favor. However, I do understand that some folks believe they can beat them. I think that's a loser's game in the long run, but to each his own.

 

 

AP and finadvnj,

I have noticed that those people who like managed funds and do well are IMO just lucky. Because their strategy cannot be replicated. In other words, if investor A makes a killing in the market and beats the heck out of all the indexes for three years in a row, investor B through Z cannot replicate what investor A has done. It’s impossible, because investor A has happened by chance to pick those funds or fund that will beat the market indexes. By the time investor B through Z catch up and purchase those ###### managed funds, they end up buying them at high prices and then when those ###### funds crash, they will sell at the low. Studies point out that this happens over and over again. The professional advisers are not immune to this flawed strategy but are often encouraged to trade because they get more money in fees.

 

Indexing not only has a strategy but answers the question of what do I invest in and why should I invest in index funds. It’s a complete package. Its simple and easy to understand and you invest in the broad economies either domestic, foreign and or bonds.

 

Finadvnj, you will never answer my question about which funds will beat the indices in the future because you can't. The most powerful advisers with all of their talent, education, time and resources cannot accurately predict the future. Those are the facts.

 

The very best that investors can do is the market averages and for heaven’s sake what is wrong with 7-8% average performance for 20-30 years. I would have had so much more money had I knew about indexing 25 years ago. Studies say that the average performance of 401ks is about 2-3% since the 1980s. The averages are more than twice that much and you can get the averages through index funds. There is no guarantee except through sales pitches that people really believe they can beat the averages. For the average investor, you are pure lucky if you beat the averages over many years. Nothing wrong with being lucky, but the problem is that most people are susceptible to sales pitches about beating the averages that they really think they will be the lucky ones. It’s a losers game, always has been and always will be for the vast majority of investors.

 

2 cents,

Steve

 

 

 

Of course I cannot predict the future - I am human.

 

I cannot predict what the temperature will be in Dallas, TX on August 3, 2011, but I can project that it will be higher than the national average.

 

Yet, I can make reasonable estimates based on quantitative and qualitative research.

Share this post


Link to post
Share on other sites

 

By the way, tell us about the book you are writing!

 

 

AP,

I want to greatly expand what I have already written for Dr. Dan Otter (Click here). My mission is to reach folks that normally would never look at finance or investing book. As you know, there are a gazillion investment books already on the market, most are great. I mentioned the problem in my piece that they are too professional, abstract and are unfortunately for readers already have a great interest and motivation in learning more. In taking a more personal approach as a teacher, a nonprofit worker, I want to combine what I have learned from John Bogle and other pros who follow the passive investing approach with my own experience. How Bogle thinking influenced so many people. Any author whose writes about himself or herself will run the risk of turning people off. People have their own self interests basically; they really don't want to hear about poor me. To counter this, I have lots of data going back 15 years of our portfolio and how it changed from TSAs, to managed mutual funds, to sector funds and finally to a diversified index funds. I want to include lots of charts and p ictures to make complex concepts easy to understand. For example, I think that a Google map of the United States with location of each and every company in the S&P 500 index would show people in an instant what is meant by investing in the U.S. domestic economy. P ictures of people spending money. For example, one picture of two identical houses in a typical American neighborhood, one with a two brand new Lexus’s and the other with two used Toyotas and asking the viewer which family is more likely to be setting aside money for retirement. Graphs about the difference in spending between purchasing a new car versus purchasing a used car over a working career.

 

Other chapters might include my experience working and fighting with the teachers union, as a member and alternate Chair of LAUSD's defined contributions oversight committee, letters and other articles that I have written that were either published in my union's newspaper and articles that were rejected from the Op-Ed editors from the LA Times, working with Kathy Kristoff of the LA Times over the years, my experience starting an investment club for LAUSD teachers 403bAware, and ideas for teachers on how to teach finances integrated with the curriculum.

 

It will be available in PDF format free from either a website that I create or a blog.

Ap, thanks for asking,

Steve

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

×
×
  • Create New...