Bogleheads® 12 videos

 were recorded during the 2013 National Bogleheads Reunion (Bogleheads&reg; 12), held in Philadelphia, Pennsylvania. Registration and reception began at 2 PM on Wednesday, October 16, 2013 and and the reunion concluded at noon on Friday, October 18, 2013.

Morningstar videos with Christine Benz
Christine Benz, Morningstar's director of personal finance, interviewed a number of attendees at the convention. The links are provided below.

Bogle's expectations for stocks and bonds
The Vanguard founder says investors may face lower-than-normal real returns on stocks and should hold bonds for ballast and not return.



Bogle: Be sensible about rebalancing
Investors should use wide bands to trigger rebalancing--if they need to rebalance at all, says the Vanguard founder.



Bogle: Indexing always pays off
Although investors may lean toward active management in bonds and international equities, the Vanguard founder says it's only a matter of time until indexing catches on.



Bogle: Target-date funds have a flaw
The Vanguard founder says many target-date vehicles are underallocated to equities, and investors need to consider combinations of dividends and other retirement income when setting a specific target date.



Bogle skeptical of credit-sensitive bonds, smart beta
The Vanguard founder is leery of the diversifying qualities of currently popular fixed-income investments and says smart beta strategies are "silly."



Bogle on conflicts with the fiduciary standard
The Vanguard founder urges a resolution for asset management companies that have conflicts of interest in serving both their corporate shareholders and fund shareholders.



Ferri: Why passive portfolios are better than active
Research by author Rick Ferri took the active-passive debate beyond individual investments and found passive-oriented portfolios will likely outperform active portfolios across time spans, number of holdings, and asset types.



Bernstein: How overgrazing ruins alpha
As more investors flock to the hottest alternative asset class, the more its alpha will shrink toward negative territory as expenses overwhelm the returns, warns financial specialist Bill Bernstein.

