Thursday, November 26, 2009

2009 Top 100 Chinese Real Estate Development Companies

2009年中国房地产开发企业500强之百强榜单

(Sources: http://news.dichan.sina.com.cn/2009/11/26/89879.html)

排名 企业名称
1 万科企业股份有限公司
2 中国海外发展有限公司
3 保利房地产(集团)股份有限公司
4 绿地集团
5 华润置地有限公司
6 恒大地产集团有限公司
7 世茂集团
8 碧桂园控股有限公司
9 广州富力地产股份有限公司
10 万达集团股份有限公司
11 龙湖集团
12 雅居乐地产控股有限公司
13 金地(集团)股份有限公司
14 合生创展集团有限公司
15 远洋地产控股有限公司
16 绿城中国控股有限公司
17 招商局地产控股股份有限公司
18 大华(集团)有限公司
19 金融街控股股份有限公司
20 北京首都开发股份有限公司
21 融侨集团股份有限公司
22 首创置业股份有限公司
23 SOHO中国有限公司
24 世纪金源集团
25 中信地产
26 星河湾地产控股有限公司
27 瑞安房地产有限公司
28 中华企业股份有限公司
29 越秀城建地产
30 重庆市金科实业(集团)有限公司
31 北京北辰实业股份有限公司
32 复地(集团)股份有限公司
33 新湖中宝股份有限公司
34 上置集团有限公司
35 江苏新城地产股份有限公司
36 方兴地产(中国)有限公司
37 四川蓝光和骏实业股份有限公司
38 凯德置地
39 北京万通地产股份有限公司
40 中铁置业集团有限公司
41 鸿荣源房地产开发有限公司
42 上海陆家嘴金融贸易区开发股份有限公司
43 卓越置业集团有限公司
44 珠海华发实业股份有限公司
45 北京融科智地房地产开发有限公司
46 上海中星(集团)有限公司
47 泛海建设集团股份有限公司
48 合景泰富地产控股有限公司
49 亿达集团有限公司
50 浙江省商业集团有限公司
51 厦门建发股份有限公司
52 新世界中国地产有限公司
53 建业地产股份有限公司
54 河北卓达房地产集团有限公司
55 上海城投控股股份有限公司
56 雅戈尔集团股份有限公司
57 苏宁环球股份有限公司
58 上海实业发展股份有限公司
59 沿海绿色家园有限公司
60 天津市房地产发展(集团)股份有限公司
61 鑫苑(中国)置业有限公司
62 南京栖霞建设股份有限公司
63 佳兆业集团控股有限公司
64 北京金隅股份有限公司
65 旭辉集团股份有限公司
66 青岛海尔房地产开发投资有限公司
67 荣盛房地产发展股份有限公司
68 杭州滨江房产集团股份有限公司
69 北京城建投资发展股份有限公司
70 恒盛地产控股有限公司
71 上海城投置地有限公司
72 上海建工股份有限公司
73 武汉地产开发投资集团有限公司
74 上海宝华企业集团有限公司
75 阳光100置业集团
76 上海市上投房地产有限公司
77 青岛海信房地产股份有限公司
78 北京住总集团有限责任公司
79 安徽元一集团
80 农工商房地产(集团)股份有限公司
81 宁波银亿房地产开发有限公司
82 中粮地产(集团)股份有限公司
83 上海证大房地产有限公司
84 亿城集团股份有限公司
85 中国奥园地产集团股份有限公司
86 天津泰达股份有限公司
87 深圳华侨城控股股份有限公司
88 江苏国信地产
89 盛高置地(控股)有限公司
90 湖北福星科技股份有限公司
91 上海爱家投资(集团)有限公司
92 中国宝安集团股份有限公司
93 上海新长宁(集团)有限公司
94 广东珠江投资股份有限公司
95 阳光新业地产股份有限公司
96 华远地产股份有限公司
97 中体产业集团股份有限公司
98 上海鹏欣(集团)有限公司
99 上海景瑞地产(集团)股份有限公司
100 坤和建设集团股份有限公司

  榜单说明:根据用主成份分析法对房地产上市公司的各项指标进行测算的结果,发现其第一主成分指标对企业综合实力的代表性达到70%以上。考虑到房地产开发企业500强测评研究需要收集的数据量巨大,本次测评排行中,将房地产销售收入作为第一核心测评指标,其中,对于租赁经营业务、自主开发经营业务占比较大的开发企业,加上房地产租赁经营收入和房地产其他业务收入;将房地产销售面积作为第二核心测评指标,而对于考核年度内,核心指标数据差距较小的企业,我们则通过企业提供调查表中的相应参考指标,并将所有指标数据录入测评模型进行测算,得出最终的排行结果。

Sunday, June 7, 2009

YTD performance of India related ETFs

There are three ETFs trading in the US market that invest in India stocks. All of them performed very well this year.

iPath MSCI India Index ETN(INP) invests in 59 Giant and large stocks. The YTD return is 66.50%. It's top 10 holdings make up 58.13% of the assets. The biggest holding is Reliance Industries Ltd. at 16.99%. Infosys Technologies, Ltd. at 10.33%, ICICI Limited at 5.58%, Housing Development Finance Corporation Ltd. at 5.43%, HDFC Bank, Ltd. at 4.54%.

WisdomTree India Earnings (EPI) invests in 142 stocks. The YTD return is 66.36%. 43.92% of the assets are invested in the Giant companies. 33.28% in large companies and 20.96% in medium companies. It's top 10 holdings make up 48.77% of the assets. The single biggest holding is Reliance Industries Ltd. (18.61%). Infosys Technologies, Ltd. 7.62%, Oil & Natural Gas Corporation Ltd. 5.67%, Bharti Airtel Ltd. 4.31%, ICICI Limited 2.87%.

PowerShares India (PIN) invests in 50 stocks. The YTD return is 57.85%. 43.55% of the assets are invested in giant companies, 50.09% in large companies and 6.37% in Medium companies. It's top 10 holdings make up 55.06% of the assets. The biggest holding is also Reliance Industries Ltd. at 11.27%, Infosys Technologies, Ltd. at 9.29%, Oil & Natural Gas Corporation Ltd. at 9.05%, Hindustan Unilever Ltd. at 4.85%, Bharti Airtel Ltd. at 4.66%.























Related Posts:

YTD performance of China Related ETFs (2009/05/30)

Sunday, May 31, 2009

YTD performance of China Related ETFs (2009/05/30)

YTD performance of China Related ETFs (2009/05/30):

Two new China related ETF funds: Claymore/AlphaShares China Real Estate (TAO) and Claymore/AlphaShares China Small Cap Index ETF(HAO) performed very well so far this year with YTD return of ~ 58%. iShares FTSE/Xinhua China 25 Index Fund (FXI) returned only 28%, lagging all of the China ETF funds. The bear market fund ProShares Ultrashort FTSE/Xinhua China (FXP) last -61%, confirming the uptrend of the market.











The return of the Shanghai Composite in June for the last 18 years

How will the China related ETF funds perform in June? Here is the list of the returns of the Shanghai Composite index in June in the last 18 years. It remains to be seen if there is any correlation between the returns of the ETF funds and the the Shanghai Composite index.



Sunday, March 29, 2009

Lazy Portfolios: Quarterly Performance Update (3/27/09)

First quarter has passed, how did the Lazy Portfolios do? The table below shows the YTD performance update of the Lazy Portfolios on 3/27/09. The Total Bond portfolio continued to rank at the top. The best performing Lazy Portfolio is now the Aronson Family Portfolio (Rank 2) , moved up from rank3 in the previous performance period, although the YTD return fell from -4.67% (1/28/09) to -4.9%. Another portfolio remained relatively steady was the Margaritaville portfolio, up from -5.52% previously (1/28/09) to -5.31% now. The best performaning portfolio - Dr. Bernstein's Smart Money portfolio fell from rank2 (-4.34% on 1/28/09) to rank4. The worst performing portfolio was still the Yale Unconventional Portfolio, down -11.65% YTD. (Note: All YTD data are from Vanguard.com)


1. Total Bond Index (Rank 1) (Benchmark)
2. Aronson Family Portfolio (Rank 2)
3. Margaritaville (Rank 3)
4. Dr. Bernstein's Smart Money (Rank 4)
5. The Ultimate Buy&Hold (Rank 5)
6. Starter portfolio (Rank 6)
7. Total Stock Index (Rank 7) (Benchmark)
8. Dr Bernstein's No Brainer (Rank 8)
9. Coffeehouse (Rank 9)
10. Yale Unconventional (Rank 10)



Related Posts:
Lazy Portfolio Research:

Individual Fund Performance in the Lazy Portfolios

Lazy Portfolios: Weekly performance Update of the individual Funds (2/20/2009)

Lazy Portfolios: Weekly performance Update of the individual Funds (2/13/2009)

Lazy Portfolios: Weekly performance Update of the individual Funds (2/7/2009)


Other
Which is better? An Index Fund Portfolio or An Actively Managed Fund Portfolio?

Wednesday, February 25, 2009

Lazy Portfolios (5): Realized and Unrealized Gain/Losses of The Individual Funds

Following the recent stock market crash, The stock and international funds suffered heavy losses. Many mutual funds frequently make year-end capital gains distributions. Lat year, many of them distributed the realized losses by the end of the year. You can also sell your funds that suffered heavy losses so you can use the realized losses to offset the realized gains (if any) for tax purpose. This is called "Tax Loss Harvesting". However, many of the funds also have some unrealized losses carried over from last year. How big the unrealized losses could be?

The realized and unrealized capital gain or loss can be found from Vanguard's website under Fund Distribution tab for each of the fund. Here are the results for the individual funds making the Lazy Portfolios.

As of 1/31/09, the US stock funds have realized capital losses of -5% to -115%. The unrealized appreciation/depreciation ranges from -2% to -275%. The worst funds that have huge total realized and unrealized losses are: Vanguard Small Cap Value Index (VISVX): -346.85%, Vanguard Small Cap Growth Index (VISGX): -288.10%, Vanguard REIT Index (VGSIX): -282.84%, Vanguard Value Index (VIVAX): -186.10%. In comparison, the Vanguard 500 Index (VFINX) and the Vanguard Total Stock Mkt Idx (VTSMX) have total losses of -11.15% and -43.80% respectly.

Most of the international funds have total losses ranged from -46% to -69%. The only international fund that carries the worst loss is the Vanguard Pacific Stock Index (VPACX), a huge loss of -315.89%.

These numbers look very scary. How many years will it take for the funds to recover the heavy losses even in good times, let alone in a worst recession of our life time?



























Related Posts:

Tuesday, February 24, 2009

Lazy Portfolios: Weekly Performance Update of The Individual Funds (2/20/09)

Following last week's heavy loss (with the stock funds down an average of -5%), this is the 2nd week that the entire stock market lost grand, with both the US and international stock markets lost an average of another 6% each. The Vanguard Total Stock Mkt Idx (VTSMX) and the Vanguard 500 Index (VFINX) are both down more than 14% YTD. The Vanguard Total Intl Stock Index (VGTSX) is down more than 17% YTD. The biggest loser of the stock funds is the REIT Index (VGSIX), down about 29%, nearly 1/3 of its value, following a -37% return last year.

The bond funds still hold up fine, especially the Vanguard High-Yield Corporate fund (VWEHX) , up > 5% YTD. Although up ~ 1% last week, the Vanguard Long-Term U.S. Treasury (VUSTX) is still the big loser among the bond funds, down -7.5% YTD.

The average YTD returns for both markets are now down -17%, comparable to a whole year return for a bear market, and we are just two months into this year. The questions are: how long this bear market will drag on? Can the lazy portfolios stand another bad bear market year? Both are the questions no one can answer now, only time can tell.


(1) The YTD and Weekly change table of the individual Vanguard funds in the lazy portfolios (2/20/2009). (Note: data from google finance)


















(2) The weekly change of the individual Vanguard funds in the lazy portfolios (2/20/2009)


















(3) The YTD return of the individual Vanguard funds in the lazy portfolios (2/20/2009).


Sunday, February 15, 2009

Lazy Portfolios: Weekly Performance Update of the Individual Funds (2/13/09)

Last week's up momentum has vanished. This week, the individual stock funds in the Lazy portfolios all lost grand, giving up most of the gains from last week. Bond funds kept steady, recovered most of the small losses from last week. The following table shows the performance changes from the last two weeks. (Note: Data from Google finance).






















Results:


(1) The YTD returns of the bond funds in the Lazy Portfolios kept steady last week with little change. The Vanguard High-Yield Corporate fund (VWEHX) is still the best performer, up 6.72% YTD. Last year's best performer, the Vanguard Long-Term U.S. Treasury (VUSTX), is the big loser among the bond funds, down -8.5% YTD.

(2) The US stock funds lost from 5 to 26%. The Vanguard REIT Index (VGSIX) is the worst YTD performer, lost a wopping 26%.

(3) The international funds lost from 3 - 13% YTD. The best performing international fund is still the Vanguard Emerging Mkts Stock Idx(VEIEX), lost only -3.36% YTD, compared with more than 10% lost with all other international funds.


















(4) The US stock funds and the international funds run into deep red this week, lost most of the gains from last week. The US stock funds were down ~ 5.53% for the week, dragged down by the Vanguard REIT Index (VGSIX) which lost more than 11% for the week. The international funds lost an average of 3.93% for the week. The best performer is the Vanguard Interm-Term Treasury fund (VFITX), up 0.73% for the week.
















Related Posts:


Saturday, February 7, 2009

Lazy Portfolios: Weekly Performance Update of the Individual Funds (2/7/2009)

Following the worst January ever, down more than 10% for many of the stock funds, how did we do this week? The following table shows the YTD performance of the individual funds that constitute the eight Lazy Portfolios as of 2/6/09 . (Note: The data were collected from Google Finance.)


Weekly Performance Update of the Individual Funds (2/7/2009)























Results:

(1) The stock and international funds are still down YTD as of 2/6/09, although this week's strong performance has reduced the loss of many stock and international funds.



















(2) The US stock funds performed better this week, up an average of 4.85%.


(3) The international funds did pretty well too, up an average of 4.5%. The Vanguard Emerging Mkts Stock Idx (VEIEX) performed the best for the week, up 7.32%.


(4) The bond funds lagged behind this week with many posted negative returns. The two bond funds that posted positive returns are: the Vanguard Inflation-Protected Secs (VIPSX) and the Vanguard High-Yield Corporate (VWEHX). The Vanguard High-Yield Corporate fund is also the best performer YTD, up 6.54%.
























Related Posts:

Lazy Portfolios (4) Detailed Analysis of the Individual Funds
Lazy Portfolios: 2009 YTD Performance Update
Lazy Portfolios (3): Surprise, Surprise, the total bond portfolio beats them all
Lazy Portfolios (2): Risk Analysis
Lazy Portfolios (1): A 10 year Performance Comparison
Which is better? An Index Fund Portfolio or An Actively Managed Fund Portfolio?


Sunday, February 1, 2009

Lazy Portfolios (4): Detailed Analysis of the Individual Funds

The eight famous Lazy Fortfolios consist of a mix of 3-11 funds from 21 individual Vanguard funds. Seven of them are bond funds, eight are stock funds including a speciality real estate fund, and six are international funds. The funds in each group are listed below:

Bond Funds:

Vanguard Short-Term Investment-Grade (VFSTX)
Vanguard Short-Term Treasury (VFISX)
Vanguard Interm-Term Treasury (VFITX)
Vanguard Long-Term U.S. Treasury (VUSTX)
Vanguard Total Bond Market Index (VBMFX)
Vanguard Inflation-Protected Secs (VIPSX)
Vanguard High-Yield Corporate (VWEHX)

Stock Funds:

Vanguard Small Cap Index (NAESX)
Vanguard Small Cap Value Index (VISVX)
Vanguard Small Cap Growth Index (VISGX)
Vanguard Extended Market Idx (VEXMX)
Vanguard Value Index (VIVAX)
Vanguard 500 Index (VFINX)
Vanguard Total Stock Mkt Idx (VTSMX)
Vanguard REIT Index (VGSIX)

International Funds:

Vanguard Emerging Mkts Stock Idx (VEIEX)
Vanguard Pacific Stock Index (VPACX)
Vanguard Developed Markets Index (VDMIX)
Vanguard European Stock Index (VEURX)
Vanguard International Value (VTRIX)
Vanguard Total Intl Stock Index (VGTSX)


Results:


The following table shows the YTD return (1/30/09) of these individual funds. (Note: data from finance.google.com)

(1) The bond funds performed better as a group, except the Vanguard Long-Term U.S. Treasury (VUSTX) fund which returned -8.49%, similar to the Vanguard Total Stock Mkt Idx (VTSMX) .















(2) The stock and international funds all performed not well for the first month of the year, returned an average of -10% YTD.















(3) The risk of the fund is normally reflected by the STD (standard deviation) of the fund. The larger the STD, the risker the fund. When compared the one year STD of the funds to the one year returns, the bond funds (with an average STD of 9.98) returned an average of -0.29%.






















(4) The stock funds with a average STD of 27.11, returned an average of -38.97% last year. However, the REIT index lost -47.82%.

(5) Although the average STD (28.91) of the international funds was similar to that of the stock funds, the international funds performed worst (with an average return of -45.26% last year). Again proved the common notion that the international funds were generally more risky.






















Conclusion:

Although the returns of the assets in a group are generally variable, the differences of the returns among the different investment classes (bonds, stocks, international stocks) are generally greater. The asset allocation among these investment classes would be a bigger factor to determine the final return of a portfolio.





Related Posts:

Lazy Portfolios: 2009 YTD Performance Update
Lazy Portfolios (1): A 10 year Performance Comparison
Lazy Portfolios (2): Risk Analysis
Lazy Portfolios (3): Surprise, Surprise, the total bond portfolio beats them all
Which is better? An Index Fund Portfolio or An Actively Managed Fund Portfolio?

Thursday, January 29, 2009

Lazy Portfolios: 2009 YTD Performance Update

In the past 10 years (1998-2008), the Ultimate Buy&Hold portfolio performed the best. Now how did they do this year? Which one is the winner up to now?

The table below shows the YTD performance update of the Lazy Portfolios on 1/28/09. The Total Bond portfolio continued to perform well (Rank 1). The best performing Lazy Portfolio is now Dr. Bernstein's Smart Money (Rank 2) . The 10 year best performing portfolio - The Ultimate Buy&Hold - is Ranked at 6, only slightly better than the total stock market index portfolio (Ranked 7). The three portfolios performed below the markets are Dr Bernstein's No Brainer (Rank 8), the 8 year old Starter portfolio (Rank 9), and the Yale Unconventional Portfolio (Rank 10). (Note: All YTD data are from Vanguard.com)

1. Total Bond Index (Rank 1) (Benchmark)
2. Dr. Bernstein's Smart Money (Rank 2)
3. Aronson Family Portfolio (Rank 3)
4. Margaritaville (Rank 4)
5. Coffeehouse (Rank 5)
6. The Ultimate Buy&Hold (Rank 6)

7. Total Stock Index (Rank 7) (Benchmark)
8. Dr Bernstein's No Brainer (Rank 8)
9. Starter portfolio (Rank 9)
10. Yale Unconventional (Rank 10)






























Related Posts:

Lazy Portfolios (1): A 10 year Performance Comparison
Lazy Portfolios (2): Risk Analysis
Lazy Portfolios (3): Surprise, Surprise, the total bond portfolio beats them all
Which is better? An Index Fund Portfolio or An Actively Managed Fund Portfolio?



































































































Sunday, January 11, 2009

Lazy Portfolios (3): Surprise, Surprise, the Total Bond Portfolio Beats Them All

In the last post, we analyzed the asset allocation and risk associated with the 8 famous lazy portfolios, and found that the three portfolios (the Ultimate Buy & Hold, the Coffee House and Dr. Bernstein's Smart Money) with 40% /60% bond/stock allocation performed best in the last 10 years (1998-2008). We also found that the more stocks in a portfolio, the worse the total return. It strikes me that what mattered here might not be the funds the portfolios contain, but rather the stock/bond asset allocation in a portfolio.

Since the three portfolios contain different bond funds and it's not easy to compare them directly, I used the Vanguard Total Bond Index fund and Total Stock Index fund to form different sample portfolios from 100% stock to 100% bond as benchmark to do the comparison here. Surprise, surprise, the 100% bond portfolio performed better than all the Lazy Portfolios tested.


Results:

(1) The 100% bond sample portfolio (the green line in the following chart) performed the best, safely avoided the stock market crash during 2000-2002 and the most recent massive stock market crash in 2008 that pushed the economy in severe recession.





















(2) When compared to the sample portfolios of the same stock/bond asset allocation, the Lazy portfolios beat all of the sample portfolios by a wide margin.




















(3) The Ultimate Buy& Hold portfolio performed the best until 2007. The -20% return in 2008 pushed it's total return to $176,680, slightly behinds the 90% bond/10% stock portfolio ($179,242) and the 100% bond portfolio ($183,129).


















Conclusion:

Where should I invest my money now? If you want to play it safe and be really really lazy, you could put all your money in the total bond fund and forget about it. If you still want to play, the Ultimate Buy& Hold portfolio should still be a very good choice if the stock market reverses it's current downturn and becomes bullish again.


Related Posts:

Lazy Portfolios (1): A 10 year Performance Comparison
Lazy Portfolios (2): Risk Analysis
Which is better? An Index Fund Portfolio or An Actively Managed Fund Portfolio?

Tuesday, January 6, 2009

Lazy Portfolios (2): Risk Analysis

In the previous post, we compared the total 10 year return of the lazy portfolios and found that the Ultimate Buy&Hold Portfolio was the winner. However, the portfolios are not created equal, since the allocation of the bond funds and stock funds are not the same in these portfolios. How much risk we would have to take in order to achieve the total return in each of these portfolios?

Historical return suggests that stocks always out-perform bonds in the long run. General assumption is that the more stocks in a portfolio, the higher return, and also the higher risk involved. So what is the bond and stock allocation in each of the portfolio and how the asset allocation corresponds to the total return in 10 years?

The table below lists the total return, bond and stock allocation of the Lazy Portfolios.

(1) The first group of the portfolios (Ultimate Buy & Hold, Coffee House and Dr. Bernstein's Smart Money) contains 40% bond funds and 60% stock funds, the highest bond allocation (40%) in the group. They can be considered to be the safest in the Lazy Portfolios.
(2) The next group of portfolios (Margaritaville, Yale unconventional, Aronson Family Portfolio) contains ~ 70% stock funds and 30% bond funds. This group can be considered the 2nd safest portfolios.
(3) Dr. Bernstein's No Brainer portfolio contains 75% stock funds. This is a relatively aggressive portfolio.
(4) The second grader's Starter Portfolio contains 90% stock funds. It can be considered as a very aggressive portfolio.
(5) The last one is the Vanguard S&P500 Index which contains 100% stock, used as comparison.
















In contrast to our general belief that more stocks, higher return, the first group of portfolio with 60% stock and 40% bond performed the best during the period studied (1998-2008). As you can see from the graph below, it looks like that the total return is inversely related to the stock allocation in these portfolios. The higher the stock allocation, the lower the total return, with the S&P500 Index performed the worst.

















Conclusion:
The first group of Lazy portfolios with 40% bond/60% Stock allocation (Ultimate Buy & Hold, Coffee House and Dr. Bernstein's Smart Money) gave the best return during the 10 year (1998-2008) studied. In this case, the higher the stock allocation, the lower total return. The Ultimate Buy&Hold portfolio gave the best return with a relatively safe asset allocation (40% bond, 60% stock), the best choice with controlled risk in the group.

Saturday, January 3, 2009

Lazy Portfolios (1): A 10 Year Performance Comparison

I was reading Paul Farrell's most recent article "Lazy Portfolios vote for a winning 2009 -Upbeat new year ahead after beating S&P 500 by 3-18 points in 2008" today and found it very interesting. In a 5 year period, the portfolios returned from 0.62% - 3.07% annually compared to -1.53% for S&P500 (see results published on Marketwatch.com Lazy Portfolios). The results didn't looked that much different in a 5 year turn and I wondered how these portfolios would really perform in a long run (e.g. for 10 year).

Each of these portfolios consist of a 3-11 low cost, no-load mutual funds from Vanguard with different percentage allocations. Assuming each portfolio started with $100,000 at the beginning of 1998, here are the final performance results for these portfolios for the past 10 years (1998-2008).
















(Note: The annual return data for each of the funds was from Vanguard.com. For funds do not have a full 10 years return, it was assumed that the money allocated was kept in cash with 0% return).

Conclusions:

1. Portfolio return compared to S&P500: The final 10 year total return of each of the Lazy Portfolio comfortably beats that of S&P500. The first place portfolio Ultimate Buy&Hold Portfolio returned 59% more than that of S&P500.





























2. Comparison of 10 year total return: The Ultimate Buy&Hold Portfolio was the winner with a final value of $161,480 (without annual rebalancing) or $176,680 (with annual rebalancing) after 10 year. The least return was obtained by the 2nd grader's starter portfolio with a final value of $128,880 (without annual rebalancing) or $132,608 (with annual rebalancing) . A difference of $32,600 without rebalancing or $44,072 with annual rebalancing.


















3. Annual rebalancing improved the final return for each portfolio.
















4. While the final winner at 2008 was the Ultimate Buy&Hold Portfolio , the S&P500 fund gave slightly better return during the .com bubble during 1998-2000.
















Related Posts:


Lazy Portfolios (2): Risk Analysis
Lazy Portfolios (3): Surprise, Surprise, the total bond portfolio beats them all
Which is better? An Index Fund Portfolio or An Actively Managed Fund Portfolio?