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Independent Perspectives & Analysis

Fund expenses and management fees charged to investors by funds and portfolio managers can very substantially reduce the returns that actually accrue to investors (versus the pre-expenses, pre-fees returns often touted by funds and managers), thereby substantially reducing wealth accumulation over time. For this reason, Castleview seeks and prefers funds and strategies for its clients that keep fees and expenses low, all other factors (risks, returns, correlations, etc.) being equal. Wherever appropriate, we also use index funds and ETFs (exchange-traded funds) in client portfolios, since such funds as a class are able to hold their expenses to the lowest levels available in the investment world today.

The Significant Impact of Investment Expenses on Portfolio Returns

For a full discussion and explanation of this positive impact of low fees expenses on the returns to investor portfolios, we thought our clients would be interested in the following two articles from the Financial Analysts Journal. The first was written by William Sharpe, the Nobel Prize-winning economist and legendary analyst of investment markets -- known, among other things, for his creation of the widely-used Sharpe Ratio. The second article was written by John Bogle, founder of the wellknown Vanguard Group and often called the "father of index funds."

From time to time, as we seek out the best market analysis, intelligence and strategies to help us shape optimal client portfolios, we come across particularly insightful thinking on investment markets that we believe is worth sharing.  Below are some articles and viewpoints that we hope will provide our clients with valuable perspective and food for thought.


The Arithmetic of Investment Expenses

By: William F. Sharpe

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The Arithmetic of “All-In” Investment Expenses

By: John C. Bogle

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Market Wisdom

From time to time, as we seek out the best market analysis, intelligence and strategies to help us shape optimal client portfolios, we come across particularly insightful thinking on investment markets that we believe is worth sharing.  Below are some articles and viewpoints that we hope will provide our clients with valuable perspective and food for thought.

By: Howard Marks

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Putting Pullbacks in Perspective

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