How to Kill a Black Swan Remy Briand and David Owyong ...
How to Kill a Black Swan Remy Briand and David Owyong ...
How to Kill a Black Swan Remy Briand and David Owyong ...
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Global Index Data<br />
Largest U.S. Index Mutual Funds Sorted By Total Net Assets In $US Millions July/August 2009<br />
Fund Name Ticker Assets Exp Ratio 3-Mo YTD<br />
Vanguard Tot Stk<br />
Vanguard 500 Index<br />
Vanguard Inst Idx<br />
Vanguard 500 Idx Adm<br />
Vanguard Tot Stk Adm<br />
Vanguard Inst Idx InstPl<br />
Vanguard Total Intl Stk<br />
Vanguard Total Bd Idx<br />
Vanguard Total Bond 2 Inv<br />
Vanguard Total Bd Idx Ad<br />
Fidelity Spar US EqIx<br />
Vanguard 500 Index Signal<br />
Vanguard Total Bd Idx In<br />
Vanguard Tot Stk Inst<br />
Fidelity U.S. Bond Index<br />
Vanguard TotBdMkt Idx Sig<br />
T. Rowe Price Eq Idx 500<br />
Vanguard Tot Stk InstPls<br />
Vanguard Eur Stk Idx<br />
Fidelity Spar 500 Adv<br />
Fidelity Spar 500 Idx<br />
Fidelity 100 Index<br />
Vanguard Mid Cap Idx<br />
Vanguard Em Mkt Idx<br />
Vanguard Gr Idx<br />
Fidelity Spar US Eq Adv<br />
Fidelity Spar Tot Mkt Ix<br />
Vanguard Inst Tot Bd Idx<br />
Vanguard SmCp Idx<br />
Vanguard Mid Cap Idx Ins<br />
Bernstein Tx-Mgd Intl<br />
Vanguard Sh-Tm Bd Idx<br />
Vanguard Inst DevMktsIdx<br />
Vanguard TotStMkt Idx Sig<br />
Vanguard Sh-Tm Bd Sgnl<br />
Fidelity Spar Intl Index<br />
Vanguard Intm Bd Idx<br />
Vanguard Eur Stk Idx Ins<br />
Vanguard ExtMktIdx<br />
Vanguard Pac Stk Idx<br />
Vanguard SmCp Idx Ins<br />
Vanguard Bal Idx<br />
Fidelity Spar Tot Mkt Adv<br />
Vanguard ExtMktIdx Instl<br />
Vanguard Val Idx<br />
Vanguard REIT Index<br />
Schwab Instl Sel S&P 500<br />
Vanguard SmCp Vl Idx<br />
VALIC I S<strong>to</strong>ck<br />
Vanguard Intm Bd Idx Adm<br />
Vanguard Bal Idx Instl<br />
Dimensional USLgCo<br />
Schwab S&P 500 In Sel<br />
Schwab S&P 500 In Inv<br />
Vanguard LongTm Bd Idx<br />
Vanguard Dev Mkts Idx<br />
Vanguard Gr Idx Instl<br />
Vanguard SmCp Gr Idx<br />
Vanguard Tx-Mgd App Adm<br />
Schwab 1000 In Inv<br />
VTSMX<br />
VFINX<br />
VINIX<br />
VFIAX<br />
VTSAX<br />
VIIIX<br />
VGTSX<br />
VBMFX<br />
VTBIX<br />
VBTLX<br />
FUSEX<br />
VIFSX<br />
VBTIX<br />
VITSX<br />
FBIDX<br />
VBTSX<br />
PREIX<br />
VITPX<br />
VEURX<br />
FSMAX<br />
FSMKX<br />
FOHIX<br />
VIMSX<br />
VEIEX<br />
VIGRX<br />
FUSVX<br />
FSTMX<br />
VITBX<br />
NAESX<br />
VMCIX<br />
SNIVX<br />
VBISX<br />
VIDMX<br />
VTSSX<br />
VBSSX<br />
FSIIX<br />
VBIIX<br />
VESIX<br />
VEXMX<br />
VPACX<br />
VSCIX<br />
VBINX<br />
FSTVX<br />
VIEIX<br />
VIVAX<br />
VGSIX<br />
ISLCX<br />
VISVX<br />
VSTIX<br />
VBILX<br />
VBAIX<br />
DFLCX<br />
SWPPX<br />
SWPIX<br />
VBLTX<br />
VDMIX<br />
VIGIX<br />
VISGX<br />
VTCLX<br />
SNXFX<br />
41,529.0<br />
38,045.6<br />
32,431.0<br />
21,950.9<br />
19,374.4<br />
18,972.8<br />
17,680.6<br />
17,043.3<br />
14,441.9<br />
13,875.6<br />
13,614.5<br />
13,351.9<br />
12,534.3<br />
11,061.4<br />
9,469.6<br />
7,626.8<br />
7,408.2<br />
7,029.1<br />
6,026.5<br />
5,957.8<br />
5,298.0<br />
5,066.1<br />
4,826.4<br />
4,497.2<br />
4,450.1<br />
4,395.9<br />
4,238.4<br />
4,226.0<br />
4,222.8<br />
4,201.3<br />
4,085.8<br />
4,037.1<br />
3,725.7<br />
3,581.8<br />
3,483.3<br />
3,366.5<br />
3,265.6<br />
3,234.3<br />
3,183.6<br />
3,048.0<br />
2,793.6<br />
2,757.8<br />
2,755.1<br />
2,709.3<br />
2,651.4<br />
2,502.3<br />
2,475.6<br />
2,400.8<br />
2,377.1<br />
2,371.1<br />
2,360.6<br />
2,271.7<br />
2,251.7<br />
2,208.9<br />
2,165.6<br />
2,165.5<br />
2,154.7<br />
2,029.4<br />
1,995.5<br />
1,983.4<br />
0.19<br />
0.18<br />
0.05<br />
0.09<br />
0.09<br />
0.03<br />
0.32<br />
0.20<br />
-<br />
0.11<br />
0.10<br />
0.09<br />
0.07<br />
0.06<br />
0.32<br />
0.11<br />
0.35<br />
0.03<br />
0.27<br />
0.07<br />
0.10<br />
0.20<br />
0.22<br />
0.45<br />
0.22<br />
0.07<br />
0.10<br />
0.05<br />
0.23<br />
0.08<br />
1.12<br />
0.18<br />
0.12<br />
0.09<br />
0.10<br />
0.10<br />
0.18<br />
0.12<br />
0.25<br />
0.32<br />
0.08<br />
0.20<br />
0.07<br />
0.07<br />
0.21<br />
0.21<br />
0.10<br />
0.23<br />
0.36<br />
0.11<br />
0.08<br />
0.15<br />
0.19<br />
0.37<br />
0.18<br />
0.27<br />
0.08<br />
0.23<br />
0.10<br />
0.50<br />
7.62<br />
6.46<br />
6.48<br />
6.49<br />
7.69<br />
6.49<br />
11.47<br />
1.41<br />
1.31<br />
1.43<br />
6.50<br />
6.50<br />
1.45<br />
7.70<br />
1.71<br />
1.43<br />
6.44<br />
7.70<br />
9.14<br />
6.52<br />
6.51<br />
4.64<br />
12.40<br />
26.54<br />
9.59<br />
6.50<br />
7.66<br />
1.44<br />
13.98<br />
12.47<br />
4.78<br />
0.87<br />
8.15<br />
7.68<br />
0.89<br />
7.77<br />
0.76<br />
9.14<br />
13.50<br />
6.03<br />
14.10<br />
5.57<br />
7.67<br />
13.54<br />
4.12<br />
7.96<br />
6.30<br />
12.71<br />
6.38<br />
0.78<br />
5.61<br />
6.54<br />
6.43<br />
6.37<br />
-1.17<br />
8.08<br />
9.69<br />
15.28<br />
7.62<br />
7.08<br />
-1.27<br />
-2.50<br />
-2.46<br />
-2.47<br />
-1.20<br />
-2.45<br />
-1.85<br />
0.71<br />
-<br />
0.73<br />
-2.45<br />
-2.47<br />
0.75<br />
-1.24<br />
1.26<br />
0.73<br />
-2.52<br />
-1.22<br />
-5.83<br />
-2.45<br />
-2.46<br />
-4.97<br />
4.50<br />
16.17<br />
4.56<br />
-2.44<br />
-1.23<br />
0.71<br />
2.30<br />
4.58<br />
-6.79<br />
1.06<br />
-5.76<br />
-1.22<br />
1.08<br />
-6.02<br />
-0.58<br />
-5.83<br />
3.90<br />
-5.61<br />
2.41<br />
0.10<br />
-1.22<br />
3.94<br />
-7.80<br />
-10.82<br />
-2.67<br />
-1.97<br />
-3.07<br />
-0.55<br />
0.07<br />
-2.37<br />
-2.51<br />
-2.59<br />
-7.34<br />
-5.72<br />
4.61<br />
6.66<br />
-0.76<br />
-1.56<br />
Total Return % Annualized Return %<br />
2008 2007 3-Yr<br />
-37.04<br />
-37.02<br />
-36.95<br />
-36.97<br />
-36.99<br />
-36.94<br />
-44.10<br />
5.05<br />
-<br />
5.15<br />
-37.03<br />
-36.97<br />
5.19<br />
-36.94<br />
3.76<br />
5.15<br />
-37.06<br />
-36.89<br />
-44.73<br />
-37.03<br />
-37.05<br />
-35.44<br />
-41.82<br />
-52.81<br />
-38.32<br />
-37.01<br />
-37.18<br />
5.05<br />
-36.07<br />
-41.76<br />
-49.04<br />
5.43<br />
-41.42<br />
-36.99<br />
5.51<br />
-41.43<br />
4.93<br />
-44.65<br />
-38.73<br />
-34.36<br />
-35.98<br />
-22.21<br />
-37.16<br />
-38.58<br />
-35.97<br />
-37.05<br />
-36.85<br />
-32.06<br />
-37.21<br />
5.01<br />
-22.10<br />
-36.78<br />
-36.73<br />
-36.88<br />
8.64<br />
-41.62<br />
-38.19<br />
-40.00<br />
-37.58<br />
-37.28<br />
5.49<br />
5.39<br />
5.48<br />
5.47<br />
5.57<br />
5.50<br />
15.52<br />
6.92<br />
-<br />
7.02<br />
5.43<br />
5.47<br />
7.05<br />
5.56<br />
5.38<br />
7.02<br />
5.18<br />
5.62<br />
13.82<br />
5.46<br />
5.43<br />
-<br />
6.02<br />
38.90<br />
12.57<br />
5.46<br />
5.57<br />
7.01<br />
1.16<br />
6.22<br />
7.37<br />
7.22<br />
11.04<br />
5.55<br />
7.28<br />
10.72<br />
7.61<br />
13.96<br />
4.33<br />
4.78<br />
1.29<br />
6.16<br />
5.60<br />
4.51<br />
0.09<br />
-16.46<br />
5.52<br />
-7.07<br />
5.13<br />
7.70<br />
6.34<br />
5.44<br />
5.50<br />
5.34<br />
6.59<br />
10.99<br />
12.73<br />
9.63<br />
6.11<br />
5.76<br />
-10.75<br />
-10.84<br />
-10.74<br />
-10.76<br />
-10.66<br />
-10.72<br />
-11.32<br />
5.99<br />
-<br />
6.08<br />
-10.80<br />
-10.78<br />
6.12<br />
-10.64<br />
5.16<br />
6.07<br />
-10.96<br />
-10.58<br />
-12.07<br />
-10.79<br />
-10.82<br />
-<br />
-12.32<br />
-6.14<br />
-8.49<br />
-10.78<br />
-10.75<br />
6.00<br />
-11.99<br />
-12.19<br />
-18.06<br />
5.83<br />
-12.23<br />
-10.68<br />
5.89<br />
-12.44<br />
5.92<br />
-11.96<br />
-11.68<br />
-13.14<br />
-11.85<br />
-3.94<br />
-10.72<br />
-11.52<br />
-12.58<br />
-16.96<br />
-10.74<br />
-12.75<br />
-11.20<br />
6.00<br />
-3.84<br />
-10.65<br />
-10.67<br />
-10.84<br />
5.14<br />
-12.38<br />
-8.34<br />
-11.50<br />
-10.66<br />
-10.72<br />
Source: Morningstar. Data as of April 30, 2009. Exp Ratio is expense ratio. YTD is year-<strong>to</strong>-date. 3-, 5-, 10- <strong>and</strong> 15-yr returns are annualized. P/E is price-<strong>to</strong>-earnings ratio.<br />
Std Dev is 3-year st<strong>and</strong>ard deviation. Yield is 12-month.<br />
5-Yr 10-Yr 15-Yr P/E Std Dev Yield<br />
-2.10<br />
-2.80<br />
-2.69<br />
-2.71<br />
-2.00<br />
-2.66<br />
2.04<br />
4.71<br />
-<br />
4.80<br />
-2.75<br />
-2.76<br />
4.84<br />
-1.98<br />
4.27<br />
4.75<br />
-2.94<br />
-1.92<br />
0.86<br />
-2.74<br />
-2.76<br />
-<br />
0.00<br />
10.56<br />
-2.26<br />
-2.73<br />
-2.05<br />
4.78<br />
-0.60<br />
0.14<br />
-3.23<br />
4.14<br />
0.83<br />
-2.05<br />
4.17<br />
0.64<br />
4.55<br />
1.00<br />
-0.46<br />
0.13<br />
-0.44<br />
0.93<br />
-2.03<br />
-0.28<br />
-2.29<br />
-0.59<br />
-2.70<br />
-0.90<br />
-3.12<br />
4.63<br />
1.04<br />
-2.66<br />
-2.67<br />
-2.85<br />
4.82<br />
0.69<br />
-2.12<br />
-0.54<br />
-2.08<br />
-2.44<br />
-1.59<br />
-2.56<br />
-2.45<br />
-2.49<br />
-1.53<br />
-2.42<br />
0.87<br />
5.44<br />
-<br />
5.51<br />
-2.58<br />
-2.54<br />
5.57<br />
-1.48<br />
5.46<br />
5.47<br />
-2.73<br />
-<br />
0.05<br />
-2.57<br />
-2.58<br />
-<br />
4.43<br />
7.84<br />
-3.50<br />
-2.57<br />
-1.69<br />
-<br />
3.27<br />
4.58<br />
0.17<br />
4.91<br />
-<br />
-1.57<br />
4.92<br />
-0.14<br />
5.85<br />
0.16<br />
1.26<br />
-0.37<br />
3.43<br />
1.59<br />
-1.68<br />
1.44<br />
-1.29<br />
5.43<br />
-2.54<br />
5.18<br />
-2.87<br />
5.91<br />
1.69<br />
-2.54<br />
-2.54<br />
-2.71<br />
6.19<br />
-<br />
-3.37<br />
4.18<br />
-1.75<br />
-2.14<br />
6.35<br />
6.38<br />
6.51<br />
6.43<br />
6.40<br />
6.53<br />
-<br />
6.28<br />
-<br />
6.32<br />
6.32<br />
6.40<br />
6.39<br />
6.45<br />
6.29<br />
6.29<br />
6.18<br />
-<br />
5.97<br />
6.30<br />
6.29<br />
-<br />
-<br />
-<br />
6.72<br />
6.32<br />
-<br />
-<br />
6.67<br />
-<br />
3.25<br />
5.49<br />
-<br />
6.37<br />
5.50<br />
-<br />
6.63<br />
6.05<br />
6.72<br />
-1.28<br />
6.80<br />
6.70<br />
-<br />
6.85<br />
6.16<br />
-<br />
-<br />
-<br />
6.13<br />
6.66<br />
6.77<br />
6.36<br />
-<br />
-<br />
7.39<br />
-<br />
6.82<br />
-<br />
-<br />
6.32<br />
11.0<br />
10.9<br />
10.9<br />
10.9<br />
11.0<br />
10.9<br />
6.7<br />
-<br />
-<br />
-<br />
11.1<br />
10.9<br />
-<br />
11.0<br />
-<br />
-<br />
11.1<br />
10.9<br />
7.4<br />
11.1<br />
11.1<br />
11.3<br />
10.6<br />
8.3<br />
12.6<br />
11.1<br />
11.1<br />
-<br />
11.5<br />
10.6<br />
7.0<br />
-<br />
8.4<br />
11.0<br />
-<br />
8.6<br />
16.5<br />
7.4<br />
11.5<br />
2.9<br />
11.5<br />
10.9<br />
11.1<br />
11.5<br />
9.6<br />
18.0<br />
10.0<br />
10.3<br />
9.4<br />
16.5<br />
10.9<br />
10.9<br />
10.0<br />
10.0<br />
9.0<br />
8.4<br />
12.6<br />
13.1<br />
10.9<br />
10.1<br />
19.26<br />
18.65<br />
18.64<br />
18.65<br />
19.27<br />
18.64<br />
23.89<br />
4.07<br />
-<br />
4.07<br />
18.67<br />
18.65<br />
4.07<br />
19.25<br />
3.71<br />
4.07<br />
18.62<br />
19.28<br />
23.98<br />
18.66<br />
18.67<br />
-<br />
22.66<br />
31.28<br />
18.87<br />
18.66<br />
19.25<br />
4.10<br />
24.60<br />
22.68<br />
22.93<br />
2.48<br />
22.57<br />
19.25<br />
2.48<br />
22.67<br />
6.66<br />
23.98<br />
23.29<br />
20.49<br />
24.60<br />
12.16<br />
19.24<br />
23.30<br />
19.59<br />
38.30<br />
18.60<br />
25.19<br />
18.76<br />
6.66<br />
12.14<br />
18.57<br />
18.58<br />
18.55<br />
11.60<br />
22.60<br />
18.87<br />
25.01<br />
19.18<br />
18.78<br />
2.68<br />
3.02<br />
3.06<br />
3.12<br />
2.77<br />
3.09<br />
3.07<br />
4.62<br />
-<br />
4.70<br />
2.98<br />
3.12<br />
4.75<br />
2.81<br />
4.50<br />
4.70<br />
2.68<br />
2.77<br />
7.79<br />
3.06<br />
3.02<br />
3.17<br />
1.91<br />
4.04<br />
1.29<br />
3.01<br />
2.60<br />
4.64<br />
1.92<br />
2.11<br />
3.95<br />
3.48<br />
5.89<br />
2.77<br />
3.56<br />
3.83<br />
4.77<br />
8.08<br />
1.62<br />
1.81<br />
2.12<br />
3.67<br />
2.63<br />
1.88<br />
4.34<br />
9.19<br />
3.01<br />
2.93<br />
3.32<br />
4.85<br />
3.82<br />
3.10<br />
3.13<br />
2.90<br />
5.65<br />
5.61<br />
1.48<br />
0.78<br />
2.45<br />
2.48<br />
52<br />
July/August 2009