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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
  • Fidelity Denies Reuters Report It Favored Its Venture Group Over Mutual Funds
    FYI: (Reuters Report Is Linked Below)
    Fidelity Investments on Wednesday refuted a Reuters news service article that contends the Johnson family, which runs the mutual fund giant, creates a conflict of interest by also having a private venture-capital business that competes for access to stocks.
    Regards,
    Ted
    http://www.investors.com/etfs-and-funds/mutual-funds/fidelity-owners-can-make-lucrative-investments-before-their-funds-reuters-says/
    Reuters Report: Family First: How The Owners Of Fidelity Get Richer At Everyday Investors’ Expense
    http://www.reuters.com/investigates/special-report/usa-fidelity-family/
    Ted Ted in Fund Discussions
  • Question for the board for investing inherited money for daughter
    ETFs psychologically encourage trading (since you can sell them any time of day), but that doesn't mean they have to be used that way. In fact, the Vanguard ETFs are just other share classes of their "regular" funds. So VTI and VTSAX are different share classes of the same fund, and you're buying a piece of the same underlying portfolio.
    A thought on moving the money from taxable to Roth. One can only contribute cash to an IRA. So from a tax perspective, it would be better to add new money to the Roth than to sell some of the taxable investments and pay taxes on the gains.
    msf in Fund Discussions
  • Family First: How The Owners Of Fidelity Get Richer At Everyday Investors’ Expense
    FYI: The billionaire Johnson clan has a private venture capital arm that competes directly for lucrative deals with the Fidelity funds in which millions of Americans put their nest eggs. Corporate governance specialists say the arrangement poses a troubling conflict of interest.
    Regards,
    Ted
    http://www.reuters.com/investigates/special-report/usa-fidelity-family/
    Ted Ted in Fund Discussions
  • City National Rochdale EM Webinar Oct. 4 @1 ET
    @Mike
    RIMIX is a concentrated mid cap Asian EM fund whose objective is capital appreciation. It has a market cap of 3.2B invested in only six countries. Accordingly, its benchmark is the MSCI EM Asian Index.
    On the other hand, MAPIX is a large cap growth and income fund seeking total return. It has a market cap of 32B invested in 12 Asian countries. Its benchmark is the MSCi AC (All Country) Asia Pacific Index. While it is an Asian EM product like RIMIX, it is not a broadly diversified EM fund either, only a more diversified Asian one. RIMIX has no geographical allocations outside of Asia, MAPIX only piecemeal ones.
    The 30% allocation to Japan in MAPIX suits its objective of investing in both developed and emerging economies in an effort to capture that country's returns. RIMIX does not invest in Japan because it is a developed economy, not emerging, and lacks the macro characteristics the manager is seeking. MAPIX also invests in Taiwan and S. Korea, both of which MSCI identifies as emerging, but some argue -- including some at Matthews -- that if one examines their economies that they too are developed. (FTSE upgraded S. Korea to developed several years ago.) RIMIX does not invest in either country because the manager also sees them as developed but more specifically as lacking investable attributes, thereby showing a distinct investment bias right or wrong.
    As for someone not needing more than one EM fund, I suppose that appears to make sense prima facie; however, I'm skeptical and feel that investors can profit from the differences in EM funds because of how they vary in objective, market cap, geographical allocation, and so on. Each of us has to decide.
    You can see what performance differences exist by entering RIMIX in the quote box at M* and then MAPIX in the chart box that will show how the funds compare since the inception of RIMIX. Comparing the two funds Total Trailing Return under the Performance Tab gives a slightly different look. But perhaps you already know this and have reached your own conclusion. I'm not arguing for one vs. the other, in being wrong or right, but only in citing the data.
    I am interested in the webinar because the manager's other calls have been informative. Perhaps others will find it useful too in evaluating how they invest in EM.
    Where our EM returns come from is an individual preference, but it's worth pointing out the specific differences in how those returns are produced and then choose accordingly.
    Dennis Baran in Fund Discussions
  • How To Invest In A Bond Market Gone Crazy: Tom Atteberry, Manager, FPA New Income Fund Video & Text
    "This transcript has been automatically generated by Sarah Palin and may not be 100% accurate."
    I ... we might ... is that we ... were talking about ... the zero negative this negative interest rate policies of Europe and Japan ... forcing that ... capital is here to look for yield somewhere else which means it comes to the US ... driving our rates down to ... the demand goes up ... and appear time when our conomy is really growing better than those in the lead is this to justify the low right ... now also causes a problem for the ... Reserve Bank is it thinks about raising short-term interest rates ... it's looking to hire a short-term interest rates but long-term interest rates of decline with the two of the same ... I have the more I The typical promise once you ... grow ... Swiss constraining what the Fed can do it ... so thinking about a flat yield curve or what its implication is that he is okay if you think of a banking takes EMCD money an entrance ... lens that money up to individuals and businesses ... if the CD rate rises towards very close to the rate that they begin to lead the money out ... they no longer make a profit doing that ... the declining about lending to do so what does it say constrained lending which is what you need to get an economy to grow faster ... discussing ... current unwinding its less profitable for ... the dude lets up ... we don't have a crystal ball to the ending we just look at the imbalances and along the spine economy slows down to justify the longer term rates a half because money is coming from overseas ... I really start to run the risk of things overheating inflation being Iran to reprice thoughts ... these are bought CEOs six return ... in the media ever return hire that inflation could justify credit risk whichever one ... after readjust that means that when prices decline to get you to the law ... so we look at it and so I am I really paid for ... lending money to look says she's the US government to a really well in the U S government money for ten years and one half percent ... Deutsche think over the next ten years ... that inflation is going to be higher than one percent milk was two or three with him how his either ... that doesn't owe us make sense ... so yes did realize ok ... I can lend out money that was how far can be one of three years maybe five years ... we understand the real you accept the lower return than in the interim ... which are thinking of longer term don't really want that money to come back ... for when the imbalances gone away ... yields might be higher I can then redeployed much more attractive return ... when you begin to trade office we look at what's the role that were playing in someone's portfolio for the war of the bomb components someone's overall portfolio worst bolstered the anchor for response to the local chili cook off ... Portugal's be the protector of capital ... bill the risk Apple is really all the equities for ... real estate deal other items to my puzzle remembering lower all this ... we look at that's ok the we need to play the role the role is anemic sure this is a low volatility strategy ... because we understand they're doing ... investors into another high volatility ... investing ... and that's ... more fun to do that ... you will find Indigo that means that ... I will underperform the ... longer term and is forecast to one ... so what will happen to them as he gets if ... rates rise so it is one of low caste to reprice the bowl sponsor bills longer portfolios we've chased yield stress and and with the result is going to be ... the value of their portfolios and rock ... it will probably drop by more the in the mountains income the chair generates of the end result for them as is the Total Return becomes less than zero
    heezsafe in Fund Discussions
  • Parnassus Statement on Wells Fargo
    Here from the 6/30 report/commentary is their public explanation of why they bought it in the first place:
    We decided to buy Wells Fargo after many years of waiting for the right entry point. At the time of our purchase, the stock was trading at a slight discount to other regional banks, and at a major discount to the overall stock market. In addition, the company had just lowered guidance for important return‐on‐capital measures at its May investor day. We think the company will meet or exceed these new targets, which should provide support for the stock over our three‐year investment horizon.
    As for the quality of the company, simply put, we think Wells Fargo is the best large bank in the country. It has an enviable balance of fee income and net interest income, a widely diversified customer base and a culture that emphasizes risk management.
    AndyJ in Fund Discussions
  • Scottrade Exploring Sale
    @Junkster - can you tell me how Fidelity is providing $3,750 to your account? I'm currently in the process of transferring a rollover IRA to them and transferring a taxable account to them as well.
    I know there offer commission free trades (but no discount for TF mutual fund purchases).
    I would like to know more and speak with them again.
    Below is the definitive thread on brokerage transfer bonuses. As for Fidelity they offer $2500 for a transfer of a million dollars. If you transfer more, you can bargain with them for more of a bonus. Free trades are of no interest to me. I was originally told my bonus would be just for transferring my IRA. But now found out it will be for transferring both my IRA and small taxable account from Scottrade. They will prorate the $3750 among the two accounts based on their sizes. As for how this bonus is handled (contribution, capital gain, taxes, etc, and other matters) see below.
    https://www.bogleheads.org/forum/viewtopic.php?t=196884
    Junkster Junkster in Fund Discussions
  • John Waggoner: Expect Higher Than Average Capital-Gains Distributions This Year: Morningstar
    Interesting. I would have expected modest distributions because it seemed we got hefty distributions last year. That was a year of small growth after some hot years, so I thought those distributions would have cleared out much of the capital gains.
    Apparently a culprit is people fleeing actively managed funds generally. (This leaves the same amount of gain to be distributed among fewer shareholders.)
    msf in Fund Discussions
  • John Waggoner: Expect Higher Than Average Capital-Gains Distributions This Year: Morningstar
    FYI: Financial advisers should be aware that funds could be doling out large capital gains payouts this year, says Morningstar's Russel Kinnel.
    Regards,
    Ted
    http://www.investmentnews.com/article/20160929/FREE/160929914?template=printart
    M*: Russ Kinnel Capital Gains Video & Text:
    http://www.morningstar.com/cover/videocenter.aspx?id=771131
    Ted Ted in Fund Discussions
  • Parnassus Statement on Wells Fargo
    In the minor details department, might be worth noting that the PRBLX portfolio position in WF is an outlier in the Parnassus funds generally. Aside from PRBLX, the only P. fund that owns WF is PARNX, and it's top 25 but well down the list.
    The firm as a whole is traditionally light in banks, putting most of its fairly limited financials stake in asset managers, insurance, credit cards, etc. The only other banks anywhere in the P. stable as of last report are Capital One (PARWX, PARNX) and the small-cap regional First Horizon (PARNX, PARMX).
    Given the rest of the P funds' approach, I'd be interested in reading in some detail why Ahlsten went so heavily into WF in the first place. (I imagine WF will be a big topic in the Q3 report that should be coming out in a couple of weeks or so.) I can remember just once (in recent times, anyway) when he did another big leapfrog to a #1 position, and that was with Apple after a selloff, last year I think it was.
    P.S. Naturally it's worth factoring into thinking on the subject that P. doesn't do nearly as much "house-view" investing as say Pimco, and that the two Dodson funds are growth funds, not blend like PRBLX and PARMX.
    AndyJ in Fund Discussions
  • Consuleo Mack's WealthTrack Preview: Guest: Bruce Berkowitz, Manager, Fairholme fund
    FYI: (I will link intereview as soon as it becomes available for free, generally early Sat. morning)
    Regards,
    Ted
    September 30, 2016
    Dear WEALTHTRACK Subscriber,
    Few money managers have the conviction, wherewithal, stamina and independence to stick with positions that remain unpopular and unprofitable for years before paying off. This week’s guest is one of the few! We’ll be joined by Bruce Berkowitz, a deep value, long-term investor who rarely gives interviews. I have been interviewing him on WEALTHTRACK since 2007 and he has always generated a great deal of interest.
    Berkowitz is Founder and Portfolio Manager of the three Fairholme funds - his Flagship Fairholme fund, launched in late 1999, the Fairholme Focused Income fund started in 2009, and the Fairholme Allocation fund begun in late 2010.
    The Fairholme fund, for which he was given Morningstar’s Domestic Stock Fund Manager of the Decade Award in 2010 has delivered 10% annualized returns with dividends and distributions reinvested since inception, nearly triple the market’s total return.
    However, the last decade has been much more difficult. The fund has badly lagged the market over the past 10, 5 and 3 year periods despite having several stellar years including 2012 and 2013 when it crushed the market and led its Morningstar Large Value category, gains that were offset by a big decline in 2011 and then another subpar performance in 2014, hurting its track record. The fund, which once had over $20 billion in assets, is now a fraction of that.
    Berkowitz is famous for taking big positions in a handful of companies that are generally shunned and panned by Wall Street when he is accumulating them. He has made a fortune over the years in concentrated stakes in health care, energy and financial services. He has also poured a fortune in recent years into companies such as Florida real estate company The St. Joe Company and retailer Sears, as well as financial firms such as Fannie Mae and Freddie Mac, which have yet to pay off.
    There’s a well-known saying “Don’t fight city hall”… but Berkowitz is taking on the entire U.S. federal government. Fairholme is engaged in a multi-year lawsuit against the U.S. government over its handling of the conservatorship of the two mortgage giants, which although hugely profitable, are still under government control and paying enormous dividends to the government - but not to preferred shareholders like Fairholme. I began the interview by asking him why he is so committed to fighting this battle.
    If you are unable to join us for the show on television, you can watch it on our website, WealthTrack.com, starting over the weekend. If you’d like to see it earlier, it is available to our PREMIUM subscribers right now. We also have an EXTRA interview with Berkowitz about his views on the presidential candidates. He says it is more about the team than the candidate.
    Thank you for watching. Have a great weekend and make the week ahead a profitable and productive one.
    Best Regards,
    Consuelo
    Ted Ted in Fund Discussions
  • 2016 Capital Gains Estimates
    Nuveen
    http://www.nuveen.com/Home/Documents/Default.aspx?fileId=49964
    AMG
    https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=9&cad=rja&uact=8&ved=0ahUKEwj08d2H8rLPAhVJID4KHff5C74QFghVMAg&url=https://ip.amgfunds.com/income_cap_gain_distributions&usg=AFQjCNEOsnwXZ-IV2U0VkOsy6tlfTaRBNg&sig2=DZhWnvnDgkAFLla_167f2g&bvm=bv.134052249,d.dmo
    Eaton Vance
    https://funds.eatonvance.com/tax-information.php
    First Eagle
    https://www.feim.com/sites/default/files/media/ckeditor/1/lit_forms/2016_Preliminary_Capital_Gains_and_Income_Distributions.pdf
    T.Rowe
    https://www4.troweprice.com/gis/fai/us/en/funds/tax-center.html
    Neuberger Berman
    http://www.nb.com/pages/public/en-us/tax-information.aspx
    Longleaf
    http://longleafpartners.com/sites/default/files/categories/Documents/Longleaf-Partners-Funds-Capital-Gain-Distribution-Estimate-2016.pdf
    Dimensional Funds (DFA)
    https://my.dimensional.com/tools/materials/50298/
    Doubleline
    http://www.doublelinefunds.com/wp-content/uploads/2016_DLFunds-EstimatedCapitalGains10-13-2016.pdf
    Meridian
    http://meridianfund.com/news/meridian-funds-announces-preliminary-year-end-distribution-estimates/
    Fidelity
    https://www.fidelity.com/mutual-funds/information/year-end
    Pimco
    https://www.pimco.com/resources/tax-center
    laurenduvall in Fund Discussions
  • Stewart Capital Mid Cap Fund to liquidate ("A" class)
    https://www.sec.gov/Archives/edgar/data/1376720/000139834416018968/fp0021776_497.htm
    497 1 fp0021776_497.htm
    STEWART CAPITAL MID CAP FUND
    (a series of Stewart Capital Mutual Funds)
    Supplement dated September 27, 2016 to
    the Prospectus and Statement of Additional Information dated May 1, 2016
    The Board of Trustees of Stewart Capital Mutual Funds has concluded that it is in the best interests of Stewart Capital Mid Cap Fund (the “Fund”) and the Fund’s shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on or before December 31, 2016. You will be notified in writing of the date selected (the “Redemption Date”).
    Effective immediately, the Fund will not accept any new investments and will no longer pursue its stated investment objective. The Fund will liquidate its portfolio and will invest in cash equivalents such as money market funds until all shares have been redeemed. Any required distributions of income and capital gains will be distributed as soon as practicable to shareholders and reinvested in additional shares, unless you have previously requested payment in cash. Shares of the Fund are otherwise not available for purchase.
    Prior to or on the Redemption Date, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Fund Shares” section in the Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. Please refer to the “Dividends, Distributions and Taxes” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.
    ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO THE REDEMPTION DATE WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THE REDEMPTION DATE AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. If you have questions or need assistance, please contact your financial advisor directly or the Fund at (877) 420-4440.
    This Supplement and the existing Prospectus dated May 1, 2016, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information dated May 1, 2016, have been filed with the Securities and Exchange Commission, are incorporated by reference and can be obtained without charge by visiting www.stewartcap.com or calling the Fund at (877) 420-4440.
    TheShadow TheShadow in Fund Discussions
  • Americans' Median Net Worth by Age -- How Do You Compare?
    "...your human capital declines (as you, well, decline)." Good stuff @msf.
    I'll take a tissue (sniff, sniff) because I resemble that statement, but I prefer to describe myself as in a state of "recline".
    Nice to think of a twenty-somethings as twillionaires. I'll remember that when next time my kids need a loan.
    bee bee in Fund Discussions
  • Dunham Alternative Strategy Fund to liquidate
    https://www.sec.gov/Archives/edgar/data/1420040/000158064216011182/dunhamaltstrat497s.htm
    497 1 dunhamaltstrat497s.htm 497
    DUNHAM FUNDS
    Dunham Alternative Strategy Fund
    Class A (DAASX)
    Class C (DCASX)
    Class N (DNASX)
    Supplement dated September 26, 2016 to the Statutory Prospectus (the “Prospectus”)
    and the Summary Prospectus both dated February 26, 2016
    This Supplement updates and supersedes any contrary information contained in the Prospectus and Summary Prospectus.
    The Board of Trustees of the Dunham Funds (the “Trust”) has approved a Plan of Liquidation for the Dunham Alternative Strategy Fund (the “Fund”) pursuant to which the Fund will be liquidated (the “Liquidation”) on or about October 28, 2016 (“Liquidation Date”). This date may be changed without notice at the discretion of the Trust’s officers.
    Suspension of Sales. Effective the close of business on September 30, 2016, the Fund will no longer sell shares to new investors or existing shareholders, including through exchanges into the Fund from other Dunham Funds. Also, as of September 30, 2016, the Fund will no longer pursue its investment objective and will invest in cash equivalents such as money market funds until all shares have been redeemed.
    Mechanics. In connection with the Liquidation, any shares of the Fund outstanding on the Liquidation Date will be automatically redeemed as of the close of business on the Liquidation Date. The proceeds of any such redemption will be equal to the net asset value of such shares after the Fund has paid or provided for all of its charges, taxes, expenses and liabilities. The distribution to shareholders of these liquidation proceeds will occur as soon as practicable, and will be made to all shareholders of the Fund of record at the time of the Liquidation. Additionally, the Fund must declare and distribute to shareholders any realized capital gains and all net investment income no later than the final Liquidation distribution. Dunham & Associates Investment Counsel, Inc., the Fund’s investment adviser (the “Adviser”), intends to distribute substantially all of the Fund’s net investment income prior to the Liquidation. The Adviser will bear all expenses in connection with the Liquidation to the extent such expenses exceed the amount of the Fund’s normal and customary fees and expenses accrued by the Fund through the Liquidation Date, provided that such accrued amounts are first applied to pay for the Fund’s normal and customary fees and expenses.
    Other Alternatives. At any time prior to the Liquidation Date, shareholders of the Fund may redeem their shares of the Fund and receive the net asset value thereof, pursuant to the procedures set forth under “HOW TO REDEEM SHARES” in the Prospectus. Shareholders may also exchange their Fund shares for shares of the same class of any other Dunham Fund, as described in and subject to any restrictions set forth under “HOW TO EXCHANGE SHARES” in the Prospectus.
    U.S. Federal Income Tax Matters. Although the Liquidation is not expected to be a taxable event for the Fund, for shares held in a taxable account, the automatic redemption of shares of the Fund on the Liquidation Date will generally be treated as any other redemption of shares (i.e., as a sale that may result in gain or loss for federal income tax purposes). Instead of waiting until the Liquidation Date, a shareholder may voluntarily redeem his or her shares prior to the Liquidation Date to the extent that the shareholder wishes to realize any such gains or losses prior thereto. See “TAX STATUS, DIVIDENDS AND DISTRIBUTIONS” in the Prospectus. Shareholders should consult their tax advisors regarding the tax treatment of the Liquidation.
    If you have any questions regarding the Liquidation, please contact the Fund at (888) 3DUNHAM (338-6426).
    Investors Should Retain This Supplement For Future Reference
    2
    TheShadow TheShadow in Fund Discussions
  • Americans' Median Net Worth by Age -- How Do You Compare?
    The paper does not express concepts clearly, giving the writers the benefit of the doubt that there are well-defined underlying concepts.
    For example, is human capital "the net present value of his or her future earnings" (p. 6, pdf p.8)? That's how I would have defined it.
    But in the spreadsheet (Figure 12, p. 17, pdf p. 19), human capital is shown to be the present value of future savings. Put a savings rate of 0% into column D, and your human capital comes out as 0. So I guess if you're not going to save anything, you might as well not work, even if you could bring in a half million bucks a year, as in the spreadsheet example?
    Getting back to bee's question about reading the chart. First, remember that it is illustrative. The only thing it's designed to show is that as you get older, your human capital declines (as you, well, decline). Consequently, even if your financial assets don't grow, they grow as a percentage of your total. That's all you can read into this chart.
    Second, the value of human capital (as muddled through above) is not your annual salary, but your lifetime future earnings reduced to present value. Take your hypothetical person earning $25K at age 25, with salary expected to grow to $100K at age 60. Suppose that this is the last year he plans to work.
    At age 25, the human capital (using 3% discount rate) is worth somewhere around $1.2M. (With 0% discount, you'd get a bit over $2M.) At age 60, the human capital is worth around $100K (one final year's earnings). The youngster has a lot more, not less, human capital than the senior about to retire.
    I agree with the paper's idea of reducing future income (e.g. future wages) to NPV and increasing equity allocation accordingly. Beyond that, I'd look closely at every assumption and calculation (and figure label, e.g. there are two Figure 10s) in the paper.
    I would apply the same idea to Social Security - another income stream that one can reduce to present value and use to increase equity allocations.
    msf in Fund Discussions
  • Americans' Median Net Worth by Age -- How Do You Compare?
    Hi Bee,
    I likely am greatly overconfident in my contribution here since I'm running naked now. I did not and do not intend to read the referenced article.
    Just as DanHardy implies, the Human Capital chart that you culled from the article is just too, too simplistic. Perhaps it is representative as a gross average, but there must be a host of significant exceptions. So many exceptions that the curve itself is a distortion of reality.
    For example, as I aged, I collected human capital through study and experience without really increasing my wealth. Life is not a smooth function of time. Successes and failures happen abruptly. Even represented as a percentage, financial assets and human capital are not necessarily a well behaved trade off. Learning benefits often exceed financial rewards. Life is a very non-linear, uncertain process.
    I don't plan to research any such perceived relationship. Life is too short.
    Best Wishes.
    MJG in Fund Discussions
  • Americans' Median Net Worth by Age -- How Do You Compare?
    Why stop at human capital? Why not include:
    Legal capital
    Social capital
    Infrastructure capital
    Environmental capital
    Health care capital
    Educational capital
    Nutritional capital
    Financial Markets & systems capital
    DanHardy in Fund Discussions
  • Americans' Median Net Worth by Age -- How Do You Compare?
    Check out this article:
    Thanks for the article. If I am reading this chart correctly.
    image
    The chart illustrates that a 25 year old has 9x as much human capital as financial assets. A 40 year old has an equal amount of human capital as financial assets and at 60 year old should have financial assets equal about 9X their human capital. This chart seems like a pretty good way to gauge where a worker needs to be in the process of using human capital to accumulate financial assets which I assume is the intent of this chart.
    I'll assume we're equating human capital (income producing activities moment by moment) to accumulated financial wealth.
    As a simple example, if human capital at 25 years old is say, "$50K", then by 40 years old financial assets should equal "$50K". A 25 year old has 15 years to save some of his/her human capital each year to reach this goal at age 40. This amounts to investing about $2100 / yr with an average return of 4%. Seems very achievable.
    If at age 60 your human capital is say "$100K", your financial assets should equal "$900K". A 40 year old has 20 years to invest some of his/her human capital each year to reach this goal at age 60. This would amount to investing about $25,500 / yr with an average return of 4%. This seems a bitt more challenging especially when things like college tuition, weddings, and elderly parents (or unemployed kids) are siphoning off some of your human capital.
    bee bee in Fund Discussions
  • Americans' Median Net Worth by Age -- How Do You Compare?

    Human capital is not a part of one's net worth... Regardless, if accurate, these numbers are embarrassing...

    Human capital technically may not be part pf net worth, but it is critical to include it in any evaluation of how a person is doing financially. Check out this article:
    https://www.ubs.com/content/dam/WealthManagementAmericas/documents/your-wealth-and-life-Q4-2015-personal-strategies-for-wealth-management.pdf
    MOZART325 in Fund Discussions