A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing
by Burton G. Malkiel
http://www.amazon.com/Random-Walk-Down-Wall-Street/dp/0393081435
I recommend this book because it covers a lot of ground for beginner investor and this is 10th edition of book which even long time investors can find something for themselves. I strongly believe this should be one of the first set of books an investor should read. If I had to pick only one book, I would pick this one.
All About Asset Allocation, Second Edition
by Richard Ferri
http://www.amazon.com/All-About-Asset-Allocation-Second/dp/0071700781
This book covers in good detail the act of building a portfolio that incorporates different asset classes. There are many books in this category which I could recommend, but this one is easily digested by an beginning investor.
Common Sense on Mutual Funds: Fully Updated 10th Anniversary Edition
by John Bogle
http://www.amazon.com/Common-Sense-Mutual-Funds-Anniversary/dp/0470138130
This is updated version of Bogle's 1999 book. He actually left the original text in and updated data, charts and provided comments of what happened in the 10 years, what worked and what didn't. As the title indicates, it is geared towards mutual funds and mutual fund investors.
Unconventional Success: A Fundamental Approach to Personal Investment
by David F. Swensen
http://www.amazon.com/Unconventional-Success-Fundamental-Approach-Investment/dp/0743228383
This book, written by Yale Endowment Manager David Swensen, has useful discussions regarding asset classes and which ones to use in a portfolio, the conflicts of interests in the industry and some model portfolios.
Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich
by Jason Zweig
http://www.amazon.com/Your-Money-Brain-Science-Neuroeconomics/dp/0743276698
This book might help an investor avoid common behavioral mistakes in investing which most everyone (beginners and seasoned alike) fall from time to time. By understanding what happens when we feel emotions like Greed, Fear, Regret, and Confidence we might (hopefully) avoid some of the costly mistakes. The earlier an investors is aware of these behavioral shortcomings, the better.
The Intelligent Portfolio: Practical Wisdom on Personal Investing from Financial Engines
by Christopher L. Jones
http://www.amazon.com/Intelligent-Portfolio-Practical-Investing-Financial/dp/0470228040
FinancialEngines.com is a company that Nobel Laureate William Sharpe has founded. This book explains the use of Monte-Carlo portfolio simulation techniques to determine the likelihood of reaching goals (retirement etc.) and success rate. Armed with this knowledge an investor can be better prepared for the future (adjust savings level, portfolio risk, lifestyle etc.)
Peter L. Bernstein Classics Boxed Set : Capital Ideas, Against the Gods, The Power of Gold
by Peter Bernstein
http://www.amazon.com/Peter-Bernstein-Classics-Boxed-Set/dp/0471736252
A classic from Financial Historian, late Peter Bernstein. This is probably not a beginner set. But, this 3-book set is important to understand how financial theories evolved and portfolio construction and management changed from complete ad-hoc to what it is today.
Note: Hard to pick a best investment book of all times. It is probably yet to be written.

Hank, while you are looking for tax efficient funds, keep a note that some funds' tax efficiency had been boosted due to accumulated losses. Those losses have largely gone and in 2011 more funds are likely to distribute capital gains incurred by trading. Don't be fazed when you get unexpected distributions.
Keep high distribution funds in retirement accounts and more growthy (less income) funds in taxable accounts. Look for low turnover funds or specifically tax-managed funds. If you are likely to be in high tax bracket, consider investing some of your money in muni-funds.

SGIIX and SGOIX have been purchased fairly recently by M* forum members for reasonable minimums in Thinkorswim and WT retirement accounts using online trades. Of course these windows of opportunity may close quickly.

Howdy,
Again, a thank you to all who post the links and also start and participate in the many fine commentaries woven into the message threads.
For those who don't know; I ramble away about this and that, at least once each week.
NOTE: For those who visit MFO, this portfolio is designed for retirement, capital preservation and to stay ahead of inflation creep; if and when it returns. This is not a buy and hold portfolio, and is subject to change on any given day; based upon perceptions of market directions. All assets in this portfolio are in tax-sheltered accounts; and any fund distributions are reinvested in the fund. Gains or losses are computed from actual account values.
While looking around.....PREFACE: OTC drug alert ! It appears that, as our physical bodies are dynamic, ever changing organisms; that mine is attempting to find whether it is becoming sensitive to pollen and other near springtime cooties. I started some of this write last weekend and have since been using OTC meds and a few concoctions from the wizards cabinet to eliminate a most crappy physical feeling. Today, Tuesday; i feel a bit better. I will now attempt to assemble a few words, that in the very least; are less goofy than normal.
"Farewell....." One should suspect that the word farewell and its meaning, is tempered as to the final meaning and feeling by each user of the word. There are farewells that may be permanent, those that may be transistions and those that are much less serious in nature, and may indicate a most fleeing circumstance of a short time goodbye. Here we are at MFO and have bid farewell to FA; but the farewell is a transistion, not a real goodbye; at least for me.
We also say farewell to funds from time to time; but this does not rule a permanent goodbye, perhaps a "see you later or again".
With fund investing, farewells usually indicate a need for a change for any number of reasons; of which, a few areas may be risk vs reward; or just the plain appearance of little forward direction/trend.
My personal farewells many times involve a need to down-size activities in order to regain control of the limited amount of time that our earthly clock affords each of us. I have farewelled an investment club where the others chose not to participate fully, a monthly email newsletter attempting to express governmental/poliical interconnects with investments; including basic topics of having a budget and not being one's own worse enemy with hard earned money and to giving over of some personal tasks of homeowner and auto "Mr. Fixit". I have learned much from all of these endeavors; but there are the times when one must decide to let go of certain things and focus into other areas. My most recent farewell was to our elected federal senators and representative. I have been a writer to these folks for many years and have grown tired of the "plastic" replies and find very little real thinking taking place. I noted a farewell and that a lobby of one (me) can not compete with the "K" street crowd and finally that I hoped they, their children and grandchildren all have a most qualified investment advisor; as they all need one going forward. Yes, I still will follow political events; but focus more on our local conditions.
So, FAREWELL to FA; as I transistion to MFO.
Such are the numerous battles with investments attempting to capture a decent return and minimize the risk.
We live and invest in interesting times, eh?
Hey, I probably forgot something; and hopefully the words make some sense.
Comments and questions always welcomed.
Good fortune to you, yours and the investments.
Take care,
catch
SELLs THIS PAST WEEK:
CASH, for purchase of below FRIFX
BUYs THIS PAST WEEK:
Fidelity Real Estate Income, FRIFX
Portfolio Thoughts:
Our holdings had a +.37% move this past week. I am sure, for whomever reads this; that you are surprised to find our mish-mash of funds have any forward movement at all. And yes, we are satisfied with our risk adjusted returns YTD. If the portfolio can pull a +10 to12% for the year; you will not hear any whining from this house. The Fidelity Real Estate Income fund added may provide another avenue of some growth and even if the fund NAV goes sideways, we may gather a 4% yield. Hey, who knows; this may be a decent return for 2011.
All of us have more than enough charts, graphs and numbers to view and ponder; to hopefully aid us in being better investors. I will note a few comments here about Bob's Mutual Fund page (link just below) and at this first page you should investigate the "definitions" link, if you are not familiar with data pages to view. Clicking upon the "fund leadership" link brings up a list of 1,000 funds. A big chunk of fund names in the bright red (not good) color or the dark green (good) color are easy to look through. One quick and dirty look I take is to find how many funds on the "leader board list" have a MO of "200" or more. I won't provide a year's worth of numbers, but a few snips: April 1, 2010 = 48, May 1, 2010 = 104, June 4, 2010 = 4, July 15, 2010 = 1, Oct 1, 2010 = 26, Oct 15, 2010 = 112, Nov 15, 2010 = 155, Jan 3, 2011 = 189 and downhill from here since......Mar 14, 2011 = 8 and through April 11 the number has been between 1 and 3. No big science here; but the MO numbers can be roughly matched to broad market reference points, too; as with VTI, SP500, etc. BIG NOTE: The funds list is a real mix of fund types, and one finds a fair number in the past month in the dark green area; which is an okay indicators. HOWEVER, in spite of a fund name; one will also find that many of the funds in "dark green/happy", regardless of name, have had more focused investments in energy and commodity sectors........and this is of no surprise to us, eh???
http://customer.wcta.net/roberty/
Anyway, take a peek; as your time permits. Perhaps you will discover an algo formula that is of the visual type, with looking !!!
OK, time for my nap.
The old Funds Boat may make 5% or 25% this year. I expect some rough waters, changing winds and opposing currents; causing the most serious attention being given to a firm hand upon the rudder control.
How our boat's cargo is doing:
Week: = +.37%
YTD = +3.11%
Reference points, week / YTD:
SP-500 "SDY" = -6% / +4.1% (SP-500,dividend inclusive etf)
Nasdaq = -.3% / +4.8%
(per Google Finance)
And the cargo is:
CASH = 15%
Mixed bond funds = 78.4%
Equity funds = 6.6%
-Investment grade bond funds 12.2%
-Diversified bond funds 18.5%
-HY/HI bond funds 28.8%
-Total bond funds 14.6%
-Foreign EM/debt bond funds 4.3%
-U.S./Int'l equity/speciality funds 6.6%
This is our current list: (NOTE: I have added a speciality grouping below for a few of fund types)
---High Yield/High Income Bond funds
FAGIX Fid Capital & Income
SPHIX Fid High Income
FHIIX Fed High Income
DIHYX TransAmerica HY
DHOAX Delaware HY
---Total Bond funds
FTBFX Fid Total
PTTRX Pimco Total
---Investment Grade Bonds
DGCIX Delaware Corp. Bd
FBNDX Fid Invest grade
OPBYX Oppenheimer Core Bond
---Global/Diversified Bonds
FSICX Fid Strategic Income
FNMIX Fid New Markets
DPFFX Delaware Diversified
TEGBX Templeton Global
LSBDX Loomis Sayles
---Speciality Funds (sectors or mixed allocation)
FCVSX Fidelity Convertible Securities (bond/equity mix)
FRIRX Fidelity Real Estate Income (bond/equity mix)
FSAVX Fidelity Select Auto
FFGCX Fidelity Global Commodity
FDLSX Fidelity Select Leisure
FSAGX Fidelity Select Precious Metals
---Equity-Domestic/Foreign
CAMAX Cambiar Aggressive Value
FDVLX Fidelity Value
FSLVX Fidelity Lg. Cap Value
FLPSX Fidelity Low Price Stock

TBGVX with $4.8B in AUM has an excessively high expense ratio of 1.40%. I am not interested in this fund, regardless of their hedging stance. First Eagle Overseas (SGOIX), which is reportedly available for a reasonable minimum in retirement accounts at Thinkorswim and Wellstrade, is definitely a more attractive fund in this space.
Kevin

Howdy,
I congratulate you both on being prudent and staying with your plans. It's very easy to get giddy as so many of us did back in the '90s. I remember old Art saying, that no one ever went broke taking profits.
Simple rebalancing can avoid a lot of losses. Back in the dot.com bull, let's say your target allocation was 60/30/10 but the equity portion had appreciated to 80%. When the market puked in 00', most equities about half. This means that without rebalancing, you lost 40% whereas if you had rebalanced, you would have only lost 30%. Yeah, still a lot, but when it comes to your retirement, every bit helps.
peace,
rono

vanguard.com - email
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As we often do, Rono and I agree on a number of options here. We use U.S. Global World Precious MInerals (UNWPX - we use UNWIX) and a smattering of First Eagle Gold (SGGDX) for mining stock exposure as well as some bullion. For gold and silver bullion, we use Central Fund of Canada (CEF - closed-end fund). It is taxed like a mutual fund, unlike GLD or MVG, which are taxed as collectibles and better used in retirement accounts. And Permanent Portfolio is in almost every client portfolio.
Other options include U.S. Global Resources (PSPFX - we use PIPFX), which owns all kinds of mineral plays. If you are looking into non-coal, oil, and nuclear energy, Market Vectors Global Alternative Energy (GEX) would be worth a look. We use it as a part of our green and socially responsible allocations.

Hi paule,
I use Google Finance for a quick and dirty look. No spreadsheets set in the pc.
I do have a homemade worksheet (put together in MS Word) for our holdings by vendor where I total all of the true dollar values at the end of each business week. So, I check all vendor accts each week for the new total dollar value, write those onto the worksheet and use a handy-dandy HP caluclator to get the totals for comparing to the dollar value start at the first of the year and to also compare to the prior week ending to determine the week/YTD values you see at the Funds Boat. It really does not take too much time and I don't have to be concerned about linking our accts to some joe-blow magic, automated acct that will do all of the math. Someone else's "cloud" computer is not going to have that kind of knowledge about our private affairs.
NOW....for the below Google Finance look: At Google Finance I did "sign up" for a Google acct. to allow us to establish a "portfolio". I do not find that Google is invasive on the surface although they may keep track of everyone's accts.; they do not know whether the "portfolio" is real or test; as one may have more than one portfolio. If you look at the Google Finance page you will find the icons to create an acct, make a portfolio (I recall on the left page side). I clicked onto the "new/create) portfoio and the page then has an enter ticker at the bottom and Google matches the ticker to the fund name to add and also "add transactions data". The trans. data I enter is NOT the number of shares, BUT is the %/percentage of a particular funds holdings relative to all of our holdings SO, I did have to total the dollar values of each fund and find its percentage relative to 100%. THIS number becomes the number of shares held. SO, our full list of funds below....total 100 or 100%. NOW, obviously if all of the equity funds had big moves in 3 months and the IG grade bonds just stayed steady with no big NAV changes....the real dollar values would get out of line. SO, every 3 months at the least; I recalculate the % value of a given fund to the total cash value of our total holdings and adjust this a fewer or more shares. This is not necessary to do to just watch the daily NAVS....you could give each fund a "1" share amount and Google will still list the fund values/% changes each day. Copy/paste retained some of the format below. This is from the Monday markets close data. The "xxxxx" is the column where the number of shares would be placed.
I hope the makes some sense.....tis not very handy to describe, vs speaking directly to you and pointing a finger at a pc screen and saying now do this and that.
Summary: most of my work is old fashioned paper, pencil and calculator. This really does not take much time and I sometimes seem to get a better "feel" for money directions with this "hands on" approach, VS having a pc program dump numbers to me on the screen.
KEEP in mind, that although none of our holdings will ever move together; one does get a feel for holdings, what their "mood" tends to be.....I suppose the "intuitive" side of one's holdings. We have a fairly long list of HY/HI funds. BUT, I do know to a point that IF this sector is very happy or sad; that all of these funds will have similar reactions, so I do not really have to monitor each and every fund and treat them as one big HY/HI holding. If the sector starts to really stink, I most surely will look to find who is most happy or sad and make some decisions. NOW, this can not apply to the equity holdings, as I know the CAMAX below is not going to function in the same fashion as our Fido Select Auto or Leisure funds, UNLESS the whole global equity market is strongly traveling up or down. These do require a bit more attention. THIS is when I use Barcharts and Stockcharts.com to get a better look at particular charts and movements for a particular fund.
NOW, if I were an ETF trader; well, that would be a whole different world of watching and moving monies more often. And to note, as has been discussed many times at FA, I do rely on the active managers abilities to do some of our work.....as with the Loomis-Sayles multi sector bond fund. Some of our other bond fund holdings are in the same sectors as are already mixed within a LS style bond fund. So, in many cases with our overall portfolio, we are multi-multi sectored with some redundancy. This is okay, too; as we have spread the managers skills and investment styles around for one big BLEND of our holdings.
Ultimately, we all have our holdings dropped into the Veggie-Matic blender of funds and come out with a "taste/risk" that suits one's palate of flavor. Some like it sweet and some tend to the sour side.....all different, EH?
NOTE: I have written before, but our groups of holdings are somewhat ditated by the fact that we have several retirement accts and in some cases have only one HY choice. So, that is the forced pick of the litter for some monies.
Paule, I do hope this makes some sense.
I gotta get me butt on the road...............
Regards,
catch
Name▲▼ Symbol▲▼ Last price▲▼ Change▲▼ Shares▲▼
Cambiar Aggressive... CAMAX 15.69 -0.04 (-0.25%) xxxxx
Delaware Corporate Bond... DGCIX 5.89 +0.01 (0.17%)
Delaware High-Yield... DHOAX 4.24 +0.01 (0.24%)
Transamerica Partners... DIHYX 8.89 +0.01 (0.11%)
Delaware Diversified... DPFFX 9.24 +0.01 (0.11%)
Fidelity Capital &... FAGIX 9.84 +0.01 (0.10%)
Fidelity Investment... FBNDX 7.43 +0.01 (0.13%)
Fidelity Convertible... FCVSX 27.35 -0.02 (-0.07%)
Fidelity Select Leisure FDLSX 92.69 +0.03 (0.03%)
Fidelity Value FDVLX 74.34 +0.07 (0.09%)
Fidelity Global Cmdty... FFGCX 18.45 +0.13 (0.71%)
Federated High-Income... FHIIX 7.73 +0.01 (0.13%)
Fidelity Low-Priced... FLPSX 41.04 +0.02 (0.05%)
Fidelity New Markets... FNMIX 15.70 +0.02 (0.13%)
Fidelity Select Gold FSAGX 51.81 -0.09 (-0.17%)
Fidelity Select... FSAVX 45.38 -0.05 (-0.11%)
Fidelity Strategic... FSICX 11.23 +0.02 (0.18%)
Fidelity Large Cap Value FSLVX 11.23 +0.03 (0.27%)
Fidelity Total Bond FTBFX 10.77 +0.01 (0.09%)
Loomis Sayles Bond Instl LSBDX 14.65 +0.03 (0.21%)
Matthews Asian Growth &... MACSX 18.17 +0.07 (0.39%)
Oppenheimer Core Bond Y OPBYX 6.50 +0.01 (0.15%)
PIMCO Total Return Instl PTTRX 10.91 +0.02 (0.18%)
Fidelity High Income SPHIX 9.19 +0.01 (0.11%)
Templeton Global Bond C TEGBX 13.85 +0.01 (0.07%)

So Scott, if you don't mind my asking, how exactly is your retirement portfolio structured. Are you more than 10% invested in alternatives, and how did you decide on that particular allocation.

Howdy,
Again, a thank you to all who post the links and also start and participate in the many fine commentaries woven into the message threads.
NOTE: For those who visit MFO, this portfolio is designed for retirement, capital preservation and to stay ahead of inflation creep; if and when it returns. This is not a buy and hold portfolio, and is subject to change on any given day; based upon perceptions of market directions. All assets in this portfolio are in tax-sheltered accounts; and any fund distributions are reinvested in the fund. Gains or losses are computed from actual account values.
While looking around....."Going to do it...." Fund money allocation is not unlike those who garden, have guns or perhaps a classic auto. Now you may find the choices a bit of a strange mix; but they do have relationships. For the gardeners, at least in the frost zone states; there are days to read the seed catalogues and think through the winter months; days to ponder what veggies or flower plants to buy and place, once you are able to actually visit an open garden center and know that planting time is just around the corner; except for the gardener's black swan of a late frost that may kill off anything that has been planted. The gun owners, who also hunt have similar challenges. At the very least, one may clean and condition a gun to be ready for use for target practice or actual hunting. Practice is a requirement, if one is a hunter. Without the practice, the hunt may be a waste of time and money; except for those who also enjoy the walk about in the field or forest. For a classic auto owner (defined by one's age group) in the cold weather states; there may be any number of things to do during the winter months of storage; which follow anything else that was already done in the months of the fall, before the big sleep. All of these facets of one's life have common ties as to; study, continued practice, patience and expected outcomes based upon previous and new knowledge, as well as the black swans of these above areas; which may change one's plans on a given moment. Weather conditions for the above 3 areas would be the most common event changer that could affect all; but any number of particular and specific events may place a special circumstance for a given area. One may drive the car or go hunting or target practicing on a cold and frosty day; but not plant the garden. A more pleasant and warmer day may provide the opportunity to plant garden and flower seeds, or perhaps actually set some plants and the light rain does not matter; except that the hunter or classic car person will likely choose to skip the day for another with dry prospects. And of course, there are the days or periods (sometimes for months) when everything weather related is a big go for all 3 of the above to be happy-time. Take your best thinking with you from the list above or whatever other area helps you think and prepare; and move this over to your thinking area of the cranium for your investments. There are seasons for some investments and some investments for most all seasons. All of us attempt to determine our allowed (risk) choices. As with the above; sometimes the plants get killed by frost and have to be purchased again and planted that second time, sometimes the hunter gets caught in bad weather with no luck and extra work to clean the wet gun and sometimes the classic auto person finds themselves 100 miles from home and the safety of the garage in one of the worse rain and hail storms they have seen in years; although the weather forecast made no mention of such weather conditions pending.
Such are the numerous battles with investments attempting to capture a decent return and minimize the risk.
We live and invest in interesting times, eh?
Hey, I probably forgot something; and hopefully the words make some sense.
Comments and questions always welcomed.
Good fortune to you, yours and the investments.
Take care,
catch
SELLs THIS PAST WEEK:
NONE
BUYs THIS PAST WEEK:
NONE
Portfolio Thoughts:
Our holdings had a+.44% move this past week. WELL, the best laid plans...blah, blah, blah. Had some plans for clearing the "mold" off of our cash pile last Friday and had to venture away from any online connection at noon and did not return home until after the markets were long closed. SO, we will take another peek today, Monday, April 4 to find what stirs. Missing any Friday move is not problematic; as Friday may not be the best day to flip monies into a new direction anyway; and of all days; APRIL FOOL'S DAY ! However, this house is still looking at adding to energy, materials/chemicals and related going forward. And yes, we are satisfied with our risk adjusted returns YTD. If the portfolio can pull a +10 to 12% for the year; you will not hear any whining from this house.
The old Funds Boat may make 5% or 25% this year. I expect some rough waters, changing winds and opposing currents; causing the most serious attention being given to a firm hand upon the rudder control.
How our boat's cargo is doing:
Week: = +.44%
YTD = +2.74%
Reference points, week / YTD:
SP-500 "SDY" = +1.9% / +4.7% (SP-500,dividend inclusive etf)
Nasdaq = +1.7% / +5.2%
(per Google Finance)
And the cargo is:
CASH = 16.3%
Mixed bond funds = 78.4%
Equity funds = 5.3%
-Investment grade bond funds 12.2%
-Diversified bond funds 18.5%
-HY/HI bond funds 28.8%
-Total bond funds 14.6%
-Foreign EM/debt bond funds 4.3%
-U.S./Int'l equity funds 5.3%
This is our current list:
---High Yield/High Income Bond funds
FAGIX Fid Capital & Income
SPHIX Fid High Income
FHIIX Fed High Income
DIHYX TransAmerica HY
DHOAX Delaware HY
---Total Bond funds
FTBFX Fid Total
PTTRX Pimco Total
---Investment Grade Bonds
DGCIX Delaware Corp. Bd
FBNDX Fid Invest grade
OPBYX Oppenheimer Core Bond
---Global/Diversified Bonds
FCVSX Fidelity Convertible Securities (bond/equity)
FSICX Fid Strategic Income
FNMIX Fid New Markets
DPFFX Delaware Diversified
TEGBX Templeton Global
LSBDX Loomis Sayles
---Equity-Domestic/Foreign
CAMAX Cambiar Aggressive Value
FDVLX Fidelity Value
FSLVX Fidelity Lg. Cap Value
FSAGX Fidelity Select Metals
FSAVX Fidelity Select Auto
FDLSX Fidelity Select Leisure
FFGCX Fidelity Global Commodity
FLPSX Fidelity Low Price Stock

From WSJ
http://online.wsj.com/article/SB10001424052748703806304576239471879013988.html?mod=googlenews_wsj
Target-date fund companies are focusing on improving diversification, but that still may mean a focus on equities; they're not necessarily embracing the relative safety of cash and fixed-income investments. Still, that level of diversification is difficult for 401(k) investors to replicate on their own, and it's what can make a target-date fund a valuable tool. About 97% of the 401(k) plans managed by Fidelity Investments, covering 11 million participants, offer a target-date (also known as life cycle) fund. And 53% of eligible participants invest in such a fund.
Among defined-contribution plans managed by Vanguard Group, 79% offered a target-date fund in 2010, and 48% of eligible participants used such funds.
Counting retirement plans and other investors, a total of $306 billion was invested in target-date funds in the third quarter of 2010, up from $233 billion in the third quarter of 2009, according to the Investment Company Institute, a fund-industry trade group.

FYI:
Regards,
Ted
http://www.chicagotribune.com/business/yourmoney/sc-cons-0331-marksjarvis-20110329,0,6846851,print.column