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Changes under way at
DFA
You should have received proxy voting materials from
Dimensional Fund Advisors by now. You're being
asked to elect the Boards of Directors of Dimensional’s four
investment companies and to vote on proposals which are
intended to increase the funds’ abilities to attract and
retain the best Directors and enhance the funds’ operating
efficiencies in numerous ways, such as standardizing
investment restrictions across multiple funds, creating
greater flexibility in cash management for multiple funds, and
minimizing costs associated with redemptions. These proposals
will also simplify the funds’ prospectuses, making the
investment process, the investment restrictions, and the
associated risks more consistent across all of DFA's
strategies.
Yeske Buie is recommending that all of our clients vote in
favor of these changes, which we believe will enhance fund
efficiency and lower expenses, among other benefits.
For find more information and/or vote online, go to http://www.dfaus.com/special_meeting/
How
to Get Help
And don't forget that our updated client page (http://www.yebu.com/portal.htm)
offers a full list of who does what and who you should contact
for help with various issues. Contact numbers and email
links are available from that page as well.
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25 Years to Bounce
Back? Try 4 1/2
Mark Hulbert, editor of the Hulbert Financial
Digest, pointed out in the New York Times last Sunday
that the stock market recovered from the lows following
the 1929 crash in a mere 4 1/2 years, not the 25 years so
often reported. What accounts for the discrepency?
The more pessimistic analysis fails to take into account three
critical factors: dividends, deflation, and the distinction
between the Dow Jones Industrial Index and the market as
a whole. Check
it out and see what you think.
12 Reasons to
be optimistic
Economist Ed Yardeni offered up his list of 12 reasons for
optimism in the Wall Street Journal this week. Reason
#11: "Condé Nast has decided to shutter Portfolio after
two years of struggle. The introduction of the glitzy magazine
about Wall Street launched in the spring of 2007 marked the
end of the bull market. Now its demise may mark the end of the
bear market." See
the other eleven reasons.
IDTT: It's Different This
Time
Or is it? As Mark Twain
said, "history may not repeat, but it sure rhymes."
Robert Arnott and John West examine the evidence of the past
year and conclude: yes, it's different in the
short-run, but not in the long-run. And
that means it's time to be a contrarian.
Quote of the
Day
"We know that what is comfortable is rarely profitable
... and the most profitable opportunities are often the most
uncomfortable investments to make. For this reason,
contrarians form a disproportionate share of the world's
all-time greatest investors."
Robert Arnott and John West
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