|Expense Ratio (net)||1.00%|
|Last Cap Gain||0.00|
|Morningstar Risk Rating||High|
|Beta (3Y Monthly)||0.62|
|5y Average Return||N/A|
|Average for Category||N/A|
|Inception Date||Dec 29, 1999|
John Neff’s preparation and discipline gave Vanguard Windsor Fund a performance edge, writes Mark Hulbert.
Ready to Believe The Financial Times alerted me to a German study demonstrating that "smokers--a group of people who lack self-discipline--earn lower returns than nonsmokers." When I read that note, I nodded fervently.
This article was originally published in the December 2018 issue of Morningstar FundInvestor. Fund managers who tend not to invest in technology and healthcare have had a very hard time keeping up with their benchmarks and peers. At Morningstar, we dig to find out if the slump reveals fundamental flaws or newly developed ones.
A version of this article was published in the September 2018 issue of Morningstar ETFInvestor. Download a complimentary copy of Morningstar ETFInvestor by visiting the website. Hendrick Bessembinder, a professor at Arizona State University, illustrates this effect in his provocative paper, "Do Stocks Outperform Treasury Bills?" In it, he demonstrates that most U.S. stocks not only underperformed the market from 1926 through 2016, they also underperformed Treasuries.