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Lowest Cost No Load Mutual Funds and Low Cost ETFs
    Objective research proves investors should always pay the very lowest investment costs
    • Securities markets are fundamentally unpredictable. Amateurs and professionals cannot reliably predict future asset values.
    • Reducing investment expenses is the only reliable economic lever you can control. Significantly improve your net long-term risk-adjusted returns by slashing your investment costs.
    • By slashing expenses to the bone, your investments also improve. The least expensive funds increase diversification, lower risk, avoid unnecessary taxes, reduce trading costs, and require much less attention.
    Improve your net returns and increase your long-term wealth with less effort
    • Research shows that financial advisors have zero skill in picking superior investment funds. Nobody has a crystal ball. Everyone is guessing about the future.
    • When you buy funds directly, you avoid the excessive costs of advisor recommended funds. Boost your net financial performance by eliminating advisor costs.
    • The financial industry thrives on excessive product complexity and signs siren songs to capture more of your assets. A myriad of excessive fees assessed against your assets just feeds escalating industry revenue and profit year after year. Do you really want to keep feeding an irresponsible industry that just brought the global economy to the brink of disaster?
    • Stop enriching the industry and keep more for your family. Get off the financial industry's endless "do-this-do-that" and "change-this-change-that" hamster wheels for investors.
    • Investing does not have to be this difficult. Read these books and break free!
Lowest Cost No Load Mutual Funds and Low Cost ETFs
    These two inexpensive ebooks will help you in three main ways:
    • Improve your understanding of investing by summarizing what the research literature actually says does and does not work when investing.
    • Conveniently provide directories of the lowest cost, diversified no load mutual funds and ETFs available to US investors for direct investing.
      • Listing over 200 lowest cost, no load mutual funds in 30 global, international, and US stock, bond, real estate, and money market fund asset category tables
      • Listing over 200 lowest cost ETFs in 29 global, international, and US stock, bond, and real estate asset category tables
      • All these low cost funds are screened from the universe of available funds using objective factors supported by university research and discussed in these ebooks.
    • Help you to put your investing strategy on autopilot. Increase diversification, lower risks, and reduce investment costs, so that you can save a lot of money and time year after year after year.
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Lowest Cost No Load Mutual Funds and Lowest Cost ETFs
Over 350 pages combined
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Save $$$ every year with the lowest cost funds

The first edition content of these books is combined and summarized below. Over time, this original content has been expanded to over 350 pages.
To clarify the important similarities and differences between mutual funds and ETFs more cleanly, several years ago this content was been divided into separate mutual fund and ETF books of around 175 pages each, if printed.
(Note that the lists of the lowest cost mutual funds tends to be relatively stable over time with adjustments for increased price competition between mutual fund vendors. In general, once a lowest cost no load index mutual fund, always a lowest cost fund. This is very good news for long term investors, because you can stick with these lowest cost investment mutual funds for years. Also, this means that you do not have to keep re-buying these books to stay current, although I would be happy to fill your future order for the latest edition.       :^)
(Low cost ETFs tend to be another matter. Most ETFs track an underlying index and this investment structure is much younger than for index mutual funds. ETF vendor competition has driven down management fees and trading fees, but this has also caused more change in the lists over time. Nevertheless, the good news is that, if you are careful and know how to trade ETFs and you know that you should not over-trade, then the price competition trends in the ETF market are working in your favor, as well.)

Major ebook sections:

  • What really works in personal investing
  • Investment costs are your real enemy
  • Selecting the lowest cost mutual funds & ETFs
  • 200+ lowest cost mutual funds in 30 asset classes
  • 200+ lowest cost ETFs in 29 asset classes

What really works in personal investing

  • There is a better way to invest.
  • Low cost mutual funds and ETFs deliver better risk-adjusted returns. After costs and taxes are taken into account, investors simply keep more of their investment returns.
  • As a bonus, investors who buy the lowest cost index funds reduce risk, spend less effort, avoid sales pressure, experience far less hassle, and save more time.
  • You can invest by yourself, and you can do it better, simply by removing the industry's many hands from your investment wallet.
  • You just need truly objective information about how to invest.
  • Read Chapters 1 to 5 for some absolutely straight talk on what really works when investing.
ChapterWhat Really WorksPage
TABLE OF CONTENTS2
1INTRODUCTION7
2INVESTMENT MANAGEMENT ON AUTOPILOT11
2.1Key investment concepts11
2.2The best investment strategy15
2.315 valuable investor activities18
2.4Passive strategies are simple and superior20
2.5Passive investors are lower cost free riders22
3DIVERSIFICATION - NOW AND FOREVER28
3.1What is investment diversification?28
3.2Why is diversification valuable?29
3.3Choose whole market diversification30
3.4The cost of sub-optimal diversification31
3.5Diversification and the credit crisis33
3.6Concentrated investments can harm you35
3.7Measure your portfolio diversification39
4RISK AND RETURN - UNKNOWN UNKNOWNS43
4.1Introduction to valuation and securities risk43
4.2Securities values - snapshots in time44
4.3The confusing securities market motion picture46
4.4Efficient market pricing in the securities markets47
4.5Whole market investments versus strategy skews49
5RISK TOLERANCE AND ASSET ALLOCATION56
5.1Personal investment asset allocation56
5.2Risk tolerance drives asset allocation61
5.3Risk tolerance questionnaires63
5.4Tactical asset allocation and market timing65
5.5International versus US stock asset allocation69

Investment costs are your real enemy

  • The industry makes investing unnecessarily complicated by flooding the market with excessively expensive products and services.
  • Then, the industry gives self-interested and biased "free advice" on investment selection, which is the most expensive "free advice" you will ever get.
  • The more you let the industry take, the less your family will have. Save your money and save your time.
  • You do not have to play this game.
  • Cutting investment expenses to the bone is the most powerful strategy that you have.
  • Chapters 6 to 9 explain why.
ChapterYour Real EnemyPage
6ARE YOU WASTING YOUR TIME AND YOUR MONEY?70
6.1Passive investment strategies are more efficient70
6.2Your personal investment management wages71
6.3Losing money through the wrong financial activities74
7YOU ARE A FINANCIAL INDUSTRY PROFIT CENTER78
7.1Why let the industry help itself to your money?78
7.2The biggest personal finance story of the last 30 years82
8EXCESSIVE COSTS - MEET THE REAL ENEMY92
8.1Cut your investment costs to the bone92
8.2Excessive investment costs are a huge problem93
8.3The lifetime penalty of excessive investment costs94
Graphic 8.1Lifetime assets lost to excessive investment costs95
8.4Lower investment expenses lead to higher returns96
8.5Financial industry hands constantly in your wallet100
9HISTORICAL PERFORMANCE - USELESS AND MISUSED110
9.1Performance charts - How to lie with statistics110
9.2Do not waste time evaluating fund managers116
9.3Where's Waldo? - The superior manager illusion117
9.4Why only one Warren Buffett?119
9.5True investment skill versus luck121

Selecting the lowest cost mutual funds and ETFs

  • The industry uses star ratings and historical performance charts to reel in individual investors.
  • As a means to identify superior funds beforehand, historical performance extrapolation does not work. The industry knows this, and they tell you so. Just read the legal small print in every industry contract.
  • Meaningless star ratings and deceptive performance charts cause millions of individual investors to buy expensive, advisor-sold funds that look good in the rear view mirror, but are more likely to disappoint in the future.
  • In contrast, university research shows that investment management fees, sales channel costs, asset custody fees, and trading expenses are more dominant and reliable predictors of improved net long-term investment performance.
  • Chapters 10 to 14 explain what objective statistical investment research has shown about fund screening and selection.
  • These chapters also provide practical, do-it-yourself information on how to invest in low cost no load mutual funds and ETFs.
ChapterHow to Select FundsPage
10SEVEN RATIONAL FUND SELECTION CRITERIA127
10.1Valid ways to pick mutual funds and ETFs127
10.2Never pay sales loads or 12b-1 fees131
10.3Choose funds with the lowest management fees133
10.4Choose funds with the lowest portfolio turnover137
10.5Avoid large actively managed funds139
10.6Choose mature investment funds142
10.7Avoid very small investment funds145
10.8Screen out significantly inferior fund performance147
11WHEAT FROM CHAFF - AUTOMATED FUND SCREENING151
11.1Scientific mutual fund and ETF screening151
11.2Requirements for online fund screening tools152
11.3Screening funds with Morningstar.com155
11.4Screening funds with IndexUniverse.com159
11.5Screening cash investment funds162
12BUYING MUTUAL FUNDS AND ETFS169
12.1Where to purchase investment funds169
12.2Buy mutual funds directly from fund companies170
12.3Never purchase funds through high cost channels172
12.4Too few low cost funds - Far too many high cost funds174
12.5Vanguard and Fidelity175
12.6Do your research - and do it BEFORE you buy176
12.7Implement a long-term buy-and-hold-and-hold strategy177
12.8How many investment funds to hold?178
13CASH AND BOND FUND CONSIDERATIONS179
13.1Use diversified bond index funds179
13.2Bond mutual fund fees180
13.3Scarce low-cost international bond index mutual funds182
13.4Efficient cash investments are US dollar denominated184
13.5Municipal bonds and marginal income tax rates185
14ASSET ALLOCATION, TAXES, AND EMERGENCY CASH188
14.1Where you hold different assets affects your tax bill188
14.2A tax location optimization example190
Graph 14.1Optimal tax location within a sample portfolio191
14.3Emergency cash management considerations192
200+ lowest cost
no load mutual funds
in 30 asset classes
  • 200+ lowest cost no load index mutual funds available to US investors for direct purchase
  • Listed no load funds have the lowest management fees, no sales loads, no marketing charges, and lower portfolio turnover, which is a proxy for lower trading expenses.
  • These no load mutual funds are grouped into 30 categories of the lowest cost global, international, and US stock, bond, real estate, and money market funds.
  • Easily choose a no load mutual fund portfolio that is fully diversified by asset class and geography
ChapterLowest Cost Mutual FundsPage
15LOW COST, NO LOAD MUTUAL FUNDS194
15.1Characteristics of the lowest cost, no load funds194
15.2Mutual funds purchased directly from fund companies195
15.3GLOBAL/INTERNATIONAL STOCK MUTUAL FUNDS WITH LOW COSTS196
Table 15.1International Multi-Cap Stock Mutual Funds196
Table 15.2International & Global Large-Cap Stock Mutual Funds197
Table 15.3International & Global Mid- & Small-Cap Stock Funds198
15.4US TOTAL MARKET/MULTI-CAP STOCK FUNDS WITH LOW COSTS199
Table 15.4US Total Market & Multi-Cap Stock Mutual Funds199
Table 15.5US Total Market & Multi-Cap Value/Growth Stock Funds199
15.5LOW COST US STOCK FUNDS BY MARKET CAP200
Table 15.6S&P 500 Stock Index Mutual Funds200
Table 15.7US Large Capitalization Core/Blend Stock Funds201
Table 15.8US Large Capitalization Value Stock Mutual Funds201
Table 15.9US Large Capitalization Growth Stock Mutual Funds202
Table 15.10US Middle-Capitalization Stock Mutual Funds202
Table 15.11US Small-Capitalization Stock Mutual Funds203
15.6LOW COST GLOBAL/INTERNATIONAL BOND FUNDS204
Table 15.12World and Emerging Markets Bond Mutual Funds205
15.7US TAXABLE BOND MUTUAL FUNDS WITH LOW COSTS206
Table 15.13US Taxable Broad Market Corp+Govt Bond Funds206
Table 15.14US Taxable Term-based Corp+Govt Bond Mutual Funds207
Table 15.15US Taxable Term-based Corporate Bond Mutual Funds207
Table 15.16US Taxable High-Yield Corporate Bond Mutual Funds208
Table 15.17US Taxable Ultra-Short-Term Corporate Bond Funds208
Table 15.18US Taxable Term-based Govt/Treasury Bond Funds209
Table 15.19US Taxable Inflation Protected / TIPS Bond Funds210
Table 15.20US Taxable Mortgage Bond Mutual Funds211
15.8MUNICIPAL BOND MUTUAL FUNDS WITH LOW COSTS212
Table 15.21US/National Short-Term Municipal Bond Mutual Funds212
Table 15.22US/National Intermediate-Term Municipal Bond Funds212
Table 15.23US/National Long-Term Municipal Bond Mutual Funds213
Table 15.24US/National High Yield Municipal Bond Funds214
Table 15.25US Individual State Municipal Bond Funds214
15.9REAL ESTATE/REOC/REIT FUNDS WITH LOW COSTS217
Table 15.26Real Estate/REOC/REIT Mutual Funds217
15.10MONEY MARKET MUTUAL FUNDS WITH LOW COSTS218
Table 15.27US Taxable Government Money Market Mutual Funds218
Table 15.28US Taxable Corporate Money Market Mutual Funds219
Table 15.29US/National Tax-Exempt Money Market Mutual Funds219
Table 15.30Individual State Tax-Exempt Money Market Funds220
200+ lowest cost
Exchange-Traded Funds
in 29 asset classes
  • 200+ lowest cost ETFs available to US investors for purchase via brokers
  • Chapter 16 discusses important ETF and mutual fund differences. ETFs are for experienced traders, who know how to trade.
  • Since ETFs "trade like stocks," brokerage fees apply to the buying and selling shares.
  • Listed ETFs have the lowest management fees, no marketing charges, and lower portfolio turnover, which is a proxy for lower portfolio trading expenses.
  • These ETFs are grouped into 29 categories of the lowest cost global, international, and US stock, bond, and real estate ETFs.
  • Easily choose a low cost ETF portfolio that is fully diversified by asset class and geography
ChapterLowest Cost ETFsPage
16EXCHANGE-TRADED FUNDS VERSUS MUTUAL FUNDS223
16.1What are exchange-traded funds (ETFs) and exchange-traded products (ETPs)?224
16.2ETFs are for experienced traders227
16.3Are ETF expenses really lower than mutual funds?229
16.4Economic ETF trading size considerations232
Table 16.1Discount broker ETF trading costs (%/year)234
Table 16.2Full service broker ETF trading costs (%/year)235
17LOW COST EXCHANGE-TRADED FUNDS (ETFs)237
17.1Characteristics of the lowest cost ETFs237
17.2GLOBAL/INTERNATIONAL DIVERSIFIED STOCK ETFs WITH LOW COSTS238
Table 17.1Global/World Stock ETFs238
Table 17.2International - Developed Countries Stock ETFs238
Table 17.3International - Regional Stock ETFs239
Table 17.4International - Emerging Markets Stock ETFs240
Table 17.5International - Value/Growth, Mid/Small-Cap Stock ETFs240
17.3US DIVERSIFIED STOCK ETFs WITH LOW COSTS241
Table 17.6US Broad Market Stock ETFs241
Table 17.7US Large Capitalization Blend-Core Stock ETFs241
Table 17.8US Large Capitalization Value Stock ETFs242
Table 17.9US Large Capitalization Growth Stock ETFs243
Table 17.10US Extended Market Stock ETFs (not largest cap)244
Table 17.11US Middle Capitalization Blend/Core Stock ETFs244
Table 17.12US Middle Capitalization Value Stock ETFs245
Table 17.13US Middle Capitalization Growth Stock ETFs245
Table 17.14US Small Capitalization Blend-Core Stock ETFs246
Table 17.15US Small Capitalization Value Stock ETFs246
Table 17.16US Small Capitalization Growth Stock ETFs247
17.4GLOBAL AND INTERNATIONAL DIVERSIFIED BOND ETFs WITH LOW COSTS247
Table 17.17Global - International Diversified Bond ETFs247
17.5US DIVERSIFIED BOND ETFs WITH LOW COSTS249
Table 17.18US Broad Market / Multi-Sector Bond ETFs249
Table 17.19US Short-Term Bond ETFs249
Table 17.20US Intermediate-Term Bond ETFs250
Table 17.21US Long-Term Bond ETFs251
Table 17.22US Credit/Mortgage Bond ETFs252
Table 17.23US High Yield Bond ETFs252
Table 17.24US Inflation Protected / TIPS Bond ETFs253
Table 17.25US and State Municipal Bond ETFs253
17.6REAL ESTATE/REOC/REIT ETFs WITH LOW COSTS254
Table 17.26Global - International Real Estate ETFs254
Table 17.27US Real Estate/REOC/REIT Stock ETFs255
Lowest Cost No Load Mutual Funds and Lowest Cost ETFs
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Lowest Cost No Load Mutual Funds and Lowest Cost ETFs
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Two books for the price of one!
Lowest Cost No Load Mutual Funds and Lowest Cost ETFs
Over 350 pages combined
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Depending upon your investment assets,

these two inexpensive ebooks could save you hundreds,

even thousands of dollars annually -- year after year after year

The Unnecessary Penalty of
Excessive Investment Expenses
  • Compared to a very low cost index fund strategy, the AVERAGE U.S. INVESTOR unnecessarily pays excessive investment costs of between 2% and 2.5% of their total portfolio assets each and every year!
  • Totaling hundreds of billions of dollars transferred to the financial industry annually, these unjustified costs consist of:
    • excessive portfolio management fees,
    • unearned advisor fees,
    • high brokerage and trading costs,
    • completely unnecessary sales loads and marketing fees,
    • excessive wrap fees and custody fees, etc.
Your Annual Savings from
Lower Investment Expenses
Investment Expense Reduction as a % of Assets
Assets in Your Investment PortfolioExpenses Reduced by 1% of assets/yearExpenses Reduced by 2% of assets/year
$10,000$100 saved every year$200 saved every year
$50,000$500 saved every year$1,000 saved every year
$100,000$1,000 saved every year$2,000 saved every year
$500,000$5,000 saved every year$10,000 saved every year
$1,000,000$10,000 saved every year$20,000 saved every year

High investment costs are predictable, while superior performance is not!

Some might think: "The table above shows my savings, but if I spend more, I will get higher returns."
  • Unfortunately, unbiased investment research simply does not support paying higher costs to get better returns.
  • The opposite is true. Higher investment costs reduce your net returns without increasing performance.
  • Advisors and trendlines cannot tell you which funds will out-perform in the future. Instead, you just transfer more of your hard-earned money to the financial industry.
  • You simply cannot buy higher investment returns by paying higher investment costs.
Quotes from these ebooks on the harm of excessive costs:
  • "Simply put, if you pay higher bond mutual fund fees, then these higher bond management expenses tend just to be a "deadweight" loss to you. ... Combined, 109 of these 111 comparisons in these four studies indicated that higher bond expenses meant lower returns to investors." (pages 181-182)
  • "(This) leads us to estimate the annual under-performance of the broker-sold funds at $4.6 billion dollars... This under-performance is before the payment of $9.8 billion in 12b-1 fees ... and the payment of other distribution fees such as loads." (page 174, on Bergstresser, et. al.)
  • "Furthermore, the inferiority of active strategies is not just a US phenomenon. Uniformly across the various countries that have SPIVA reports available on line, when the time horizon increases active strategies are increasingly inferior." (page 232, on Standard and Poors' SPIVA research reports)

If you really believe you can get better investment returns

by paying higher, rather than lower investment costs,

then you absolutely need these two ebooks!

About the Author
Written with in-depth and objective knowledge about what really works in personal finance and investing

    best personal finance software

    Larry Russell

    MBA (Stanford University)
    MA (Brandeis University)
    BS (M.I.T.)

My goal is to increase your knowledge and improve
your ability to manage your own financial affairs.
  • I am an experienced financial planner, the author of extensive personal finance publications on the web, and the developer of sophisticated lifetime financial planning software. Approaching a creaky 60 years of age, I have gained expertise in economics, finance, investments, accounting, taxation, probability, statistics, and software development.
  • For 25 years, I was a manager and corporate development executive with major corporations (HP and Sun Microsystems) and with technology startups. I retired in 2001. For my own interest, I began an in-depth and systematic reading of the university research literature affecting personal finance and investing.
  • Over the past decade, I have collected and read thousands of research paper abstracts, while reading the full text of over 2,000 finance papers in their excruciating economic and statistical details.
  • Many research papers hold information that is directly relevant to individuals who want to improve their personal finances. Yet, research papers are not written for individuals, but are targeted at other academics and at financial industry research professionals.
  • To make some of this information more accessible to individuals, in 2003, I began to publish financial research summaries on my oldest investment education website, The Skilled Investor. Since 2003, I have published 1,000+ articles on a half-dozen of my personal finance websites. Some of this book has been drawn from my web articles, and links are provided in the book to help you explore my personal finance and investing websites.
  • During this time, I also became a financial advisor specializing in comprehensive lifetime financial planning. My firm, Lawrence Russell and Company, is a Registered Investment Adviser in the wonderful state of California (Certificate #133101). I have a purely fee-only advisory practice, only charging hourly or fixed fees for planning services. I do not charge percent of asset fees, and I do not sell any investment or insurance product of any kind. I will not accept financial industry compensation in any form. Payments from the industry are morally corrosive, and I will not get on that slippery slope.
  • In 2003, I also began development of a highly automated and customizable lifetime financial planning application, VeriPlan, which I designed to serve as a decision support toolset for my advisory clients.
  • In 2006, I released a standalone configuration of VeriPlan that do-it-yourself individuals can use themselves. VeriPlan is the most automated, customizable, and sophisticated do-it-yourself lifetime financial planning software available for under $60.

With these two valuable ebooks you can:

  • Easily find the lowest cost no load mutual funds and ETFs
  • Increase your net investment returns, while reducing your risk
  • Put your investments on autopilot and get on with your real life
Lowest Cost No Load Mutual Funds and Lowest Cost ETFs
Click this button to order now
Lowest Cost No Load Mutual Funds and Lowest Cost ETFs
Only $9.75
Two books for the price of one!
Lowest Cost No Load Mutual Funds and Lowest Cost ETFs
Over 350 pages combined
Immediately download both of these money-saving ebooks in Acrobat .pdf format.
Thank You Very Much For Your Order !

Ordering, Download, and Satisfaction Information

  • Sales tax is assessed for California residents and for other jurisdictions that require the payment of sales taxes on orders through the Internet.
  • These two ebooks are provided in Adobe Acrobat .pdf format and will be viewable on any computing device supporting Acrobat. The .pdf download file size is several megabytes for each book. Each book also includes an additional 40 page appendix about lifetime financial planning software.
  • Because these are downloadable electronic books and not a physical books, there are NO shipping or handling charges.
  • This is a one-time charge for these books. There are NO recurring charges of any kind.
  • When you have completed your purchase, you will be automatically taken to another web page from which you can immediately download your copy of these ebooks. The download page also provides post-sales contact information, and you should print a copy of that page for your records.
  • The investment principles discussed in this ebook apply worldwide. The lists of low cost mutual funds and ETFs were developed using screening criteria and processes discussed in these ebooks. These lists are for investors in various countries who have access to mutual fund companies domiciled in the US and to ETFs that are traded on US exchanges.
  • All of the personal finance, personal financial planning, personal investment management, and other information in these ebooks is solely for your informational and educational purposes related to your personal, private, and non-commercial use.
  • These ebooks DO NOT constitute or provide personalized financial planning advice, personalized investment advice, or any other kind of financial advice under the laws and regulations of the United States of America and its various States or of any other country in the world. If you need financial advice, you should hire a professional financial adviser.
  • In no way do these ebooks constitute a solicitation or offer to sell investment securities, investment advisory services, financial planning services, or any other kind of financial service as defined under any financial or securities law or regulation anywhere in the world.
  • If you have questions or comments, please use our contact form

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