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Publications [#305701] of Edward Tower

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Journal Articles

  1. Reinker, KS; Tower, E, Index fundamentalism revisited, Journal of Portfolio Management, vol. 30 no. 4 (January, 2004), pp. 37-50+4, ISSN 0095-4918 [doi]
    (last updated on 2024/03/27)

    Abstract:
    Is there any justification for investing in managed mutual funds, or are they only for chumps, as indexing advocates argue? The authors answer the question by looking at 27 years of real fund returns for Vanguard, a company notable for its low fees on managed funds. Analysis of synthetic portfolios based on the assets of Vanguard's mutual funds indicates that whether index funds or managed funds are the superior buy depends on the time span in question, but managed funds almost always have a lower standard deviation of return than index funds.


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