Acknowledgments vii
Introduction 1
CHAPTER 1 A Framework for Saving and Investing 11
CHAPTER 2 Assets, Liabilities, and Financial Planning 29
CHAPTER 3 Tax-Efficient Financial Planning and Investing 39
CHAPTER 4 Controlling Investment Costs: Money Market
and Brokerage Account Economics, Separate
Investments versus Funds 67
CHAPTER 5 How to Cut Your Fund Costs 85
CHAPTER 6 Reducing Costs with Index Funds 115
CHAPTER 7 Fund Advisory Services—or Do-It-Yourself? 153
CHAPTER 8 Some Winning Funds—and Why They Win 165
CHAPTER 9 Active Investment Management: Can You
Find a Manager Who Can Beat the Market? 173
CHAPTER 10 Reinventing the Mutual Fund: Actively
Managed Exchange-Traded Funds 189
CHAPTER 11 Improving the Efficiency of Custom Investment
Management: Some ETF Applications 203
Appendix A Sources of Additional Information
on the Internet 223
v
Appendix B Conventional Mutual Funds versus
Exchange-Traded Funds: Making Choices 229
Glossary 241
Notes 257
References 271
Index 283
About the Author 296