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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
- 1890 - Baring's Bank in London was declared insolvent due to its large holdings of defaulted Argentinian debt. Simultaneously an announcement was made that a consortium of international banks would guarantee Baring's debt. While a banking crisis was averted, Argentina, Brazil, and Uruguay experienced severe recessions. Source: Kris James Mitchener & Marc D. Weidenmier: The Baring Crisis and the Great Latin American Meltdown of the 1890s, NBER, 2007.
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