Mission: Improbable
When Ken French says you can’t beat the market, he means you (probably).
CFA Magazine 2005
Brain Trust
With a host of noted academics minding the store, Dimensional Fund Advisors has attracted a loyal following among fee-only advisers.
Indexing Goes Hollywood
Morningstar Indexes Yearbook: 2005 This study highlights some interesting investor trends (both good and bad). Special attention is made to the area of dollar weighted returns vs. total time weighted returns. This is standard practice when reviewing how “actual investors” faired in specific investment strategies. The report highlights and mentions the success that actual investors of DFA strategies have had on a dollar weighted return vs a time weighted return basis.
The report suggests that advisors who use DFA encourage very smart behavior among their clients, even buying more out-of-favor segments of the market and ride them up, rather than buying at the peak and riding the trend down, which is usually the case with fund investors.
