Broker is fined for pushing its own funds

Pity the poor Morgan Stanley client—his account contains mediocre mutual funds because his broker got concert tickets and dinner vouchers for selling them. The National Association of Securities Dealers has fined Morgan Stanley $2 million for handing illegal noncash sales incentives to its brokers to push the company’s “house” mutual funds. Big brokerages offer a wide array of mutual funds […]

Predicting Warren Buffett: Lessons on hindsight

Billionaire investor and businessman Warren Buffett has built an enviable investment record through his management of Berkshire Hathaway Inc. From 1965, when he took over the publicly traded company, through late September the stock grew from $18 a share to $75,700, an increase of 4,204%. That is equivalent to an annualized growth rate of almost 25% per year, well in […]

Client Letter – Q3 2003

Once again, we’ve had a great quarter!  I have included a Monthly Performance Report from DFA, which shows the quarterly performance for all of the DFA funds.  I have placed stars next to the primary DFA funds that I use in my average size portfolios.  If you take a moment to review the quarterly performance of these funds, you will […]