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FYI: These days everybody loves exchange-traded funds. Investors are pouring billions into low-cost ETFs that track various stock, bond and other asset class indexes. Money manager friends of mine sigh and say it’s impossible to earn a buck running a portfolio these days, because ETFs let people do it so cheaply. Regards, Ted http://www.marketwatch.com/story/how-to-beat-etfs-2014-06-26/print?guid=355B2658-FD36-11E3-B93C-00212803FAD6
Another fine Arends article, and yet another inadvertent plug for active management. I hope (doubtless deluded) that the fact that his universe size is the same as PRBLX and YAFFX/YACKX is other than coincidence .
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