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Hi @Sven - The DC-10 is a wide-body type of aircraft, probably closer to the early 747s in size than the 737. It’s very unlikely SW ever used it. Suspect you meant to refer to different generations of the 737, which has grown greatly in size and capabilities over its 50 decades in service.Oh boy, we flew on Southwest 737 last summer. They switched from the long time stable DC-10 to this new plane.
per https://www.nasi.org/learn/social-security/the-role-of-benefits-in-income-and-poverty-2/#:~:text=Social%20Security%20is%20the%20sole,people%20aged%2065%20and%20older.Social Security is the sole source of income for about one in five (20 percent) people aged 65 and older. Certain subgroups are particularly reliant on Social Security. Of those age 65 and older, Social Security is the sole source of income for 40 percent of Hispanics, 33 percent of African Americans, 26 percent of Asian and Pacific Islanders, 18 percent of whites, and 20 percent of unmarried women.
I think it's a combination of structural inequity AND lack of personal responsibility.I know. But it seems irrelevant to say Americans aren't saving enough when so many have nothing left over to save after paying their bills. I often think the constant complaints posed in the media over "financial illiteracy" are really just a coded repeat of the "personal responsibility" mantra, blaming the victims of massive income inequality for their own suffering when that inequality is systemic and, largely, by design, and not primarily due to individual moral or ethical failings. Yes, people should save more and put more in their retirement plans. But there are often really good reasons they can't, and in certain cases lousy reasons. There tends to be a fixation on the lousy reasons.
That's an intuitive description of alpha, at least for funds with beta above one. Though I should have been clearer, by "market" I meant the submarket of the investible universe in which the fund operates, as opposed to the "broad market" or "market as a whole".If I own a volatile fund, I expect it to go down more than the market. But I also look for it to more than make up that underperformance on the upswing.
https://www.finra.org/sites/default/files/NoticeDocument/p017302.pdfRule 482 [see 17 CFR § 230.482(d)(3)(ii)] and Rule 34b-1 permit the inclusion of performance information in investment company sales material. If performance information is included, Rule 482 requires disclosure of the fund’s maximum sales charges and its average annual total return for the most recent one-, five- and 10-year periods, as of the most recent calendar quarter.
That is the problem in a nutshell, though. There are virtually no funds--perhaps none at all--that consistently outperform their benchmarks, especially in the large-cap U.S. stock space. Even the best funds often have lumpy performance, and many investors, including investors on this board, can't psychologically handle that lumpy performance when the fund is having a bout of significant underperformance. In fact, the lack of consistency is one reason the stats of underperformance versus the S&P 500 long-term are so high. The fund that outperforms the S&P 500 this year will very rarely be the same as the fund that outperforms it in the next. Meanwhile the fee drag of active management is consistent year after year and is utterly predictable. It is the most predictable thing about active management. Over time the outperformance of big up years can't overcome the cumulative effect of that fee drag for almost every large-cap fund. And even when the fund can overcome the fee drag many of its investors don't enjoy it because psychologically they buy and sell the fund at the wrong times, chasing its hot performance and bailing out of it at the bottom.Use the incessant annual/interim articles to help you identify which PMs/funds are the ones that consistently outperform their benchmarks.
CNN/Money, THE BEST MUTUAL FUNDS Here Are the Pros' Choices for the Next Decade, October 12, 1987.Nicholas Fund. Third ave value. Sogen international. Mutual shares. Of course Fidelity Magellan. Those are just the ones I can remember. But they come and they go.
low in our experts' esteem were index funds -- the increasingly popular vehicles that aim to match the returns of a major market barometer such as the S&P 500. Ralph Wanger, manager of the third-place Acorn Fund, was the one maverick in our survey, awarding a vote to Vanguard's $900 million no- load Index Trust, up 27.3% for the six months to July 1, compared with 27.4% for the S&P 500 that it attempts to duplicate. Says Wanger: ''At least you're assured of approximating the market averages with an index fund. The S& P 500 is one tough bogey."
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