Reprints
+ Key Considerations for Retirement Income - Everyone has the opportunity to retire by design, rather than accept default options for the unprepared. But many retirees have no formal plan. The “I’ll figure it out as I go” mentality often wins out. This becomes particularly troublesome as life expectancy advances and assets are consumed. Saving and planning aren’t as difficult as is often perceived and the long-term rewards can be gratifying via a dignified, financially independent retirement. Consider the following key elements that may impact your finances during retirement. Your ability to accommodate these seven factors with planning may be crucial to the long-term comfort of your retirement.
1) longevity, 2) asset allocation, 3) portfolio withdrawal rates, 4) living expenses and healthcare, 5) inflation, 6) which assets you should utilize first, and 7) giving up liquidity and/or ownership of assets.
+ In Their Own Worlds - Jean-Marie Eveillard and Marty Whitman met in 1990; They were two kindred spirits on a conference panel with a third portfolio manager, who was speaking about financial theories and hypotheses. "He was talking in a language that was completely different from ours," Eveillard says. "Martin and I chatted afterwards about the fact that it was good that the other was there, because we simply didn’t speak the same language as the third guy." To Eveillard and Whitman, such academic speak only applied to conventional money managers, whose goal was to keep up with a benchmark in the short tem. Eveillard and Whitman, on the other hand, didn’t give a whit about benchmarks nor the short term; they were buy-and-hold investors who bought companies they knew from the bottom up at cheap prices.
+ Investing for a Rainy Day - "Let the bad times roll" is a chilling mantra for an equity investor. Yet this defines the defensive posture of the Fairholme Fund managed by Bruce Berkowitz. "We are very focused on not losing money," says Berkowitz who was named runner-up in 2006 as Morningstar's domestic stock-fund manager of the year.
+ Brave New World or Bust - Louis-Vincent Gave and Marc Faber face off about their views for 2006 and beyond. The impetus for the debate was GaveKal's recent book, "Our Brave New World," a compact manifesto about why the economic outlook just might be different this time. Why the debt-fueled US consumption boom of the last decade hasn't yet and won't necessarily end in the oft-predicted tears. Dr. Faber is a prominent and articulate strategist making the opposite case in his books, speeches and newsletter.
+ Century Management Newsletter - Arnold Van Den Berg writes a report to point out that we are living in historic times. He indicates that this condition has existed only four times in the last 80 years. He proposes that stocks, bonds and real estate have been bid up to unsustainable levels. Each time these similar conditions occured, they created enormous opportunities for great returns.
+ Winning the Active Management Game - In "Unconventional Success: A Fundamental Approach to Personal Investment", investing legend David Swensen, chiief investment officer of Yale University, argues that the for-profit mutual fund industry has become a "colossal failure" for shareholders. In the excerpt contained, Swensen offers advice to help individual investors triumph over very daunting odds.
+ Investing in High-Quality, World-Class Businesses - Money manager interview by "The Wall Street Transcript" of The Golub Group.
