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A three-fund portfolio is a portfolio which does not slice and dice, but uses only basic asset classes — usually a domestic stock "total market" index fund, an international stock "total market" index fund and a bond "total market" index fund. It is often recommended for and by Bogleheads attracted by "the majesty of simplicity" (Bogle's phrase), and for those who want finer control and better tax-efficiency than they would get in an all-in-one fund like a target retirement fund.
There is no magic in the number three; the phrase is shorthand for a style of portfolio construction that emphasizes simplicity, and is related to lazy portfolios. (more...)
This week in financial history
- 1918 - Franco Modigliani, an economist and pioneer of Life-cycle economics is born. He won the Nobel prize in 1985. Source: Franco Modigliani
- 1990 - Vanguard introduced international index funds to the US market, launching the Vanguard European Stock Index Fund and Vanguard Pacific Stock Index Fund.
- 1991 - The S&P MidCap 400 index was launched on this date. The S&P MidCap 400 provides investors with a benchmark for U.S. mid-sized companies. Source: S&P MidCap 400 index, factsheet
- 1977 - The Trans-Alaska pipeline began flowing oil on June 20, 1977. Source:Pipeline history
- 1720 - The price of South Sea stock peaked at £1050 on June 24, 1720. The stock would collapse at the beginning of September, with the stock falling to £190. Source: Jonathan Barron Baskin, Paul J. Miranti, Jr., A History of Corporate Finance, Cambridge University Press, pp.112 - 113.
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