Thursday, March 19, 2020

Coronavirus Article #5 (from Dimensional Fund Advisors)

An Update from Dimensional’s Co-CEOs on COVID-19 Response

Being prepared for a wide range of outcomes and adapting to new information is the Dimensional way.
Given the global nature of our business, we started monitoring COVID-19 and its potential effects as the virus was spreading in Asia. In January, we began taking steps such as limiting international travel and implementing remote work arrangements in the affected areas. We also initiated an extensive level of planning and testing across our entire global organization for a range of possible scenarios, including a global pandemic. We would like to update you on measures we are taking to continue managing your investments effectively while also protecting employees and our community.

Safeguarding Our Environment

As a firm, we have taken many steps to help protect the wellbeing of our employees and anyone with whom we interact. Those steps include eliminating business travel, postponing or canceling client events, and shifting most meetings to teleconferencing. We’re well equipped given the substantial investment we’ve made in virtual capabilities over the past several years. We remain committed to engaging in meaningful conversations with clients and providing the same high level of service as we leverage technology to connect in an environment that’s safer for everyone.
Our employees globally are equipped to perform their important functions remotely. All of our teams have tested remote work capabilities, and a large portion of our employee base is already working from home. We are prepared to operate with all of our employees working from home.
Dimensional has a business continuity plan that we continually review, test, and evolve. A team responsible for that plan is meeting multiple times a day to monitor the current situation, enact necessary measures, and implement preparedness procedures across all aspects of our business.

Managing Your Investments

While the spread of the coronavirus has had a significant impact on market volatility, markets are designed to handle uncertainty—prices quickly incorporate new information and reflect expectations about a company’s future risks and opportunities, including the potential impact from a viral outbreak. Our approach is to maintain diversified exposure to securities that exhibit the desired characteristics of each strategy so that the portfolio is positioned to capture premiums when they present themselves. We adhere to that approach in all market environments.
More than 30 years ago, we made the decision to strategically locate investment functions around the world. We have 13 offices globally and currently manage portfolios out of seven of those offices (three in North America, one in Europe, two in Asia and one in Australia). Globally integrated portfolio management and trading services play important roles in our business, and our operations are designed to function in any foreseeable situation. Our business services can be performed from multiple sites around the world, and our core functions can all be accomplished remotely. With more than 1,400 employees around the world, we take a team-based approach to all business functions, and are well positioned to continue the work we conduct on behalf of clients.

Navigating Heightened Market Volatility

There is no downplaying the sharp market declines and increased volatility we’ve experienced, or the investor anxiety that understandably comes with it. Our investment philosophy has weathered a wide range of market conditions in our nearly four decades of experience. We’re confident that our approach will guide us through the current challenges as well.
While we are holding steady in our approach, we have intensified our activities in other areas. Whenever there is higher market volatility, we increase our monitoring of conditions that could affect our investment process or strategies, such as liquidity. We also review how trading markets are functioning and overall market volumes. And we are in regular communication with service providers performing critical back-office, transfer-agent, and other functions.

Our Commitment to You

As always, and especially during uncertain times, we want to be fully transparent and available to answer any and all questions. The team supporting you is well equipped to provide virtual engagements that allow us to deliver the level of service you’ve come to expect from us.
We thank you for the trust you have placed in us, and we hope you and your family remain healthy and safe.
DISCLOSURES

The information in this document is provided in good faith without any warranty and is intended for the recipient’s background information only. It does not constitute investment advice, recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorized copying, reproducing, duplicating, or transmitting of this document are strictly prohibited. Dimensional accepts no responsibility for loss arising from the use of the information contained herein.
“Dimensional” refers to the Dimensional separate but affiliated entities generally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., Dimensional Ireland Limited, DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd, Dimensional Japan Ltd., and Dimensional Hong Kong Limited. Dimensional Hong Kong Limited is licensed by the Securities and Futures Commission to conduct Type 1 (dealing in securities) regulated activities only and does not provide asset management services.
AUSTRALIA: This material is issued by DFA Australia Limited (AFS License No. 238093, ABN 46 065 937 671). This material is provided for information only. No account has been taken of the objectives, financial situation or needs of any particular person. Accordingly, to the extent this material constitutes general financial product advice, investors should, before acting on the advice, consider the appropriateness of the advice, having regard to the investor’s objectives, financial situation and needs. Any opinions expressed in this material reflect our judgement at the date of publication and are subject to change.

Coronavirus Article #4 (from Dimensional Fund Advisors)

US Equity Returns Following Past Downturns

Mar 18, 2020

Sudden market downturns can be unsettling. Sticking with your plan helps put you in the best position to capture a recovery.
A broad market index tracking data since 1926 in the US shows that stocks have generally delivered strong returns over one-year, three-year, and five-year periods following steep declines.
Fama/French Total US Market Research Index Returns
July 1926-December 2019
Past performance is no guarantee of future results.
DISCLOSURES
Eugene Fama and Ken French are members of the Board of Directors of the general partner of, and provide consulting services to, Dimensional Fund Advisors LP. Short-term performance results should be considered in connection with longer-term performance results. Indices are not available for direct investment. Their performance does not reflect the expenses associated with the management of an actual portfolio.
Investing risks include loss of principal and fluctuating value. There is no guarantee an investment strategy will be successful.
The issuer of this material is DFA Australia Limited (AFS Licence No.238093, ABN 46 065 937 671). This material is provided for information only. No account has been taken of the objectives, financial situation, or needs of any particular person. Accordingly, to the extent this material constitutes general financial product advice, investors should, before acting on the advice, consider the appropriateness of the advice, having regard to the investor’s objectives, financial situation, and needs. This is not an offer or recommendation to buy or sell securities or other financial products, nor a solicitation for deposits or other business, whether directly or indirectly. Any opinions expressed in this publication reflect our judgment at the date of publication and are subject to change.

Thursday, March 12, 2020

Coronavirus Article #1 (from Dimensional Fund Advisors)

A Transformed Investor’s Reaction to Coronavirus

March 03, 2020
The news is full of stories about the coronavirus. It’s scary. My 10-year-old son came home from school today worried about it. We don’t know how many people this will infect, nor how it will impact the world economy. This is exactly the kind of thing that would have freaked me out 20 years ago, spiked my blood pressure, and made me glad that all my money was in cash.
Back then, I would have seen this story as yet another piece of evidence for why I chose not to invest in stocks. Because I couldn’t predict the future. “Why invest when you don’t know what is going to happen tomorrow?” I would ask no one in particular.
One of the great gifts in my life has been learning that I can still invest without needing to know what is going to happen tomorrow, because I’m a long-term investor.
It’s been 20 years since Y2K, 12 years since the financial crisis, 10 years since H1N1, and six years since the Ebola outbreak. Any money I might have invested right before Y2K (which hit on the heels of the Asian financial crisis of 1997) and left through all those ups and downs would have turned out fine—as long as I was widely diversified, with low costs.1
I don’t plan on touching the money I have in the market for 20 years. So when it’s 2040 and I look back at the coronavirus story of 2020, what will I think? Honestly, I don’t know. I gave up trying to predict the future a long time ago. But based on nearly 100 years of market data, I am choosing to be a long-term investor. I believe that the reason I get a good return over decades and not months is because markets are uncertain. If they weren’t, we’d call them a savings account. For me, riding out these ups and downs is not only one of the best ways to build a portfolio, it’s the most stress-free way of living.
I might be wrong, but decades of financial science suggest it's a sensible course, and that’s good enough for me.
FOOTNOTES
  1. 1This statement assumes an investment in a broadly diversified all-equity portfolio and maintained over the specified period. Other time periods and different investments may have different results, including losses. A hypothetical dollar invested on December 1, 1999, and tracking the MSCI All Country World Index (net dividends), would have grown to $2.38 on February 29, 2020. However, performance of a hypothetical investment does not reflect transaction costs, taxes or returns that any investor actually attained and may not reflect the true costs, including management fees of an actual portfolio. Changes in any assumption may have a material impact on the hypothetical returns presented. It is not possible to invest directly in an index. MSCI index data © MSCI 2020.
DISCLOSURES
Dimensional Fund Advisors LP pays Dave Goetsch for consulting services. Dimensional Fund Advisors LP does not endorse, recommend, or guarantee the services of any advisor. The experience of the author may not be representative of the experiences of other individuals. All expressions of opinion are those of the author and are subject to change. This content is distributed for informational purposes, and it is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, products, or services.
There is no guarantee that strategies will be successful. Investing involves risks, such as fluctuating value and potential loss of investment gains and principal. Past performance or the use of an advisor is no guarantee of future results.
The information in this document is provided in good faith without any warranty and is intended for the recipient’s background information only. It does not constitute investment advice, recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorized copying, reproducing, duplicating, or transmitting of this document are strictly prohibited. Dimensional accepts no responsibility for loss arising from the use of the information contained herein.
“Dimensional” refers to the Dimensional separate but affiliated entities generally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., Dimensional Ireland Limited, DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd, Dimensional Japan Ltd., and Dimensional Hong Kong Limited. Dimensional Hong Kong Limited is licensed by the Securities and Futures Commission to conduct Type 1 (dealing in securities) regulated activities only and does not provide asset management services.
This material is issued by DFA Australia Limited (AFS License No. 238093, ABN 46 065 937 671). This material is provided for information only. No account has been taken of the objectives, financial situation or needs of any particular person. Accordingly, to the extent this material constitutes general financial product advice, investors should, before acting on the advice, consider the appropriateness of the advice, having regard to the investor’s objectives, financial situation and needs. Any opinions expressed in this material reflect our judgement at the date of publication and are subject to change.
Neither DIL nor DFAL as applicable, (each an “Issuing Entity”, as the context requires) give financial advice. You are responsible for deciding whether an investment is suitable for your personal circumstances, and we recommend that a financial advisor helps you with that decision. Information and opinions presented in this material have been obtained or derived from sources believed by the Issuing Entity to be reliable and the Issuing Entity has reasonable grounds to believe that all factual information herein is true as at the date of this document.

Coronavirus Article #2 (from Dimensional Fund Advisors)

The Coronavirus and Market Declines


Feb 27, 2020
The world is watching with concern the spread of the new coronavirus. The uncertainty is being felt around the globe, and it is unsettling on a human level as well as from the perspective of how markets respond.
At Dimensional, it is a fundamental principle that markets are designed to handle uncertainty, processing information in real-time as it becomes available. We see this happening when markets decline sharply, as they have recently, as well as when they rise. Such declines can be distressing to any investor, but they are also a demonstration that the market is functioning as we would expect.
Market declines can occur when investors are forced to reassess expectations for the future. The expansion of the outbreak is causing worry among governments, companies, and individuals about the impact on the global economy. Apple announced earlier this month that it expected revenue to take a hit from problems making and selling products in China1. Australia’s prime minister has said the virus will likely become a global pandemic2, and other officials there warned of a serious blow to the country’s economy3. Airlines are preparing for the toll it will take on travel4. And these are just a few examples of how the impact of the coronavirus is being assessed.
The market is clearly responding to new information as it becomes known, but the market is pricing in unknowns, too. As risk increases during a time of heightened uncertainty, so do the returns investors demand for bearing that risk, which pushes prices lower. Our investing approach is based on the principle that prices are set to deliver positive future expected returns for holding risky assets.
We can’t tell you when things will turn or by how much, but our expectation is that bearing today’s risk will be compensated with positive expected returns. That’s been a lesson of past health crises, such as the Ebola and swine-flu outbreaks earlier this century, and of market disruptions, such as the global financial crisis of 2008–2009. Additionally, history has shown no reliable way to identify a market peak or bottom. These beliefs argue against making market moves based on fear or speculation, even as difficult and traumatic events transpire.
Dimensional also stands behind the important role financial professionals play in helping investors develop a long-term plan they can stick with in a variety of conditions. Financial professionals are trained to consider a wide range of possible outcomes, both good and bad, when helping an investor establish an asset allocation and plan. Those preparations include the possibility, even the inevitability, of a downturn. Amid the anxiety that accompanies developments surrounding the coronavirus, decades of financial science and long-term investing principles remain a strong guide.
FOOTNOTES
  1. 2Ben Doherty and Katharine Murphy, “Australia Declares Coronavirus Will Become a Pandemic as It Extends China Travel Ban,” The Guardian, February 27, 2020. https://www.theguardian.com/world/2020/feb/27/australia-declares-coronavirus-will-become-a-pandemic-as-it-extends-china-travel-ban
  2. 3Ben Butler, “Coronavirus Threatens Australian Economy Reeling from Drought and Fires,” The Guardian, February 5, 2020. https://www.theguardian.com/business/2020/feb/05/coronavirus-threatens-australian-economy-reeling-from-drought-and-fires; Ed Johnson, “Australia Says Economy to Take ‘Significant’ Hit from Virus,” Bloomberg, February 5, 2020. https://www.bloomberg.com/news/articles/2020-02-05/australia-says-economy-to-take-significant-hit-from-virus
  3. 4Alistair MacDonald and William Boston, “Global Airlines Brace for Coronavirus Impact,” The Wall Street Journal, February 26, 2020. https://www.wsj.com/articles/germanys-lufthansa-makes-cuts-as-it-braces-for-coronavirus-impact-11582712819
DISCLOSURES
The information in this document is provided in good faith without any warranty and is intended for the recipient’s background information only. It does not constitute investment advice, recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorized copying, reproducing, duplicating, or transmitting of this document are strictly prohibited. Dimensional accepts no responsibility for loss arising from the use of the information contained herein.
“Dimensional” refers to the Dimensional separate but affiliated entities generally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., Dimensional Ireland Limited, DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd, Dimensional Japan Ltd., and Dimensional Hong Kong Limited. Dimensional Hong Kong Limited is licensed by the Securities and Futures Commission to conduct Type 1 (dealing in securities) regulated activities only and does not provide asset management services.
This material is issued by DFA Australia Limited (AFS License No. 238093, ABN 46 065 937 671). This material is provided for information only. No account has been taken of the objectives, financial situation or needs of any particular person. Accordingly, to the extent this material constitutes general financial product advice, investors should, before acting on the advice, consider the appropriateness of the advice, having regard to the investor’s objectives, financial situation and needs. Any opinions expressed in this material reflect our judgement at the date of publication and are subject to change.

Coronavirus Article #3 (from Dimensional Fund Advisors)

Coronavirus and Dimensional’s Business Continuity Plan

Mar 09, 2020

Considering recent developments related to the coronavirus, we would like to make you aware of the measures we are taking. Our focus is on protecting the health and well-being of our employees, clients, and guests and ensuring we are prepared to effectively manage the investment solutions and deliver the high level of client service we offer in a range of possible scenarios. 

Dimensional has a business continuity plan that we regularly review, test, and evolve through time. A team responsible for that plan is meeting regularly to monitor the current situation, enact necessary measures, and ensure we’re implementing preparedness procedures across all aspects of our business. Given the trust you’ve placed in us, we want to offer transparency into key steps we’re taking for preparedness and continuity of service:

Increased Monitoring
Dimensional is closely monitoring information from global entities, including the World Health Organization, the Centers for Disease Control and Prevention (CDC), international health authorities, and risk management and business continuity experts. We are also engaging with a number of industry groups, including the Investment Company Institute (ICI), for idea sharing and best practices.

Additionally, when there is higher market volatility, we monitor conditions that could affect our investment process or strategies, such as liquidity, how trading markets are functioning, and overall market volumes. We are in regular communication with service providers performing critical functions such as transfer agent, mid-office and back-office.

Investment Strategies
While the spread of the coronavirus is unsettling on a human level and has had an impact on the markets’ recent volatility, it has not led to any specific adjustments in our investment process. Dimensional believes that markets are designed to handle uncertainty—prices quickly incorporate information and reflect expectations about a company’s future risks and opportunities, including the potential impact from a viral outbreak. Our approach is to maintain diversified exposure to securities that exhibit the desired characteristics of each strategy, so that the portfolio is positioned to capture premiums when they present themselves. We adhere to that approach in all market environments.

More than 30 years ago, we made the decision to locate investment functions strategically around the world. We currently manage portfolios out of seven offices (three in North America, one in Europe, two in Asia and one in Australia). Globally integrated portfolio management and trading services play important roles in our business, and our operations are designed to function at the highest level in any foreseeable situation. Our core business services can be transferred to other offices and countries if necessary, with little impact to operations. With more than 1,400 employees around the world, we take a team-based approach to all business functions, and we are positioned well to continue the work we conduct on behalf of clients.

Travel and Client Meetings
Dimensional is committed to providing a safe and healthy environment for employees and clients, while maintaining the firm’s high standards in order to protect the assets we manage. As part of this effort, we have suspended all non-essential business travel for employees without prior approval. We have also encouraged employees to exercise caution regarding any plans for personal travel to areas considered higher risk. Additionally, we are advising employees who have traveled to higher-risk areas or may have been otherwise exposed to the virus to stay home for at least 14 days before returning to the office.

We have implemented additional measures out of an abundance of caution. We have canceled or postponed most client events through the end of April. In addition, we are restricting all non-essential visitors to our buildings and opting for virtual interactions.

While travel is not generally part of our investment process, it has been an important part of client service over the years. As technological advancements over the past decade have expanded the ways we interact with clients, Dimensional has made extensive investments in virtual meeting capabilities globally. Given the current situation, employees are shifting meetings from in-person to meetings via phone or video. Through this approach, we are confident we can continue to provide valuable interactions, whatever the setting. 

Dimensional Offices
Dimensional maintains a comprehensive Pandemic Preparedness and Response Plan for all its offices and facilities. This plan includes elevated cleanliness standards and targeted resources available to increase awareness and promote hygiene.

We have implemented remote work arrangements for Dimensional offices in high-risk areas including Japan, Singapore, and Hong Kong. We are prepared to expand those arrangements if necessary and are proactively testing remote work capabilities and handoffs across all of our global offices and functions. We have also taken steps to increase the number and variety of our network access points to aid in the performance, resilience, and capacity for employee remote access.

As a team, the staff at Dimensional remain focused on our work: delivering the best investment experience we can for those who have entrusted us with their assets. We are monitoring this dynamic situation closely in conjunction with public health officials and service providers in various regions around the world. We will continue to take the necessary precautions and implement the firm’s business continuity plan as conditions warrant. We take our responsibility to you seriously and are committed to building on the trust we have established with clients over nearly four decades.
DISCLOSURES
The information in this document is provided in good faith without any warranty and is intended for the recipient’s background information only. It does not constitute investment advice, recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorized copying, reproducing, duplicating, or transmitting of this document are strictly prohibited. Dimensional accepts no responsibility for loss arising from the use of the information contained herein.
“Dimensional” refers to the Dimensional separate but affiliated entities generally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., Dimensional Ireland Limited, DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd, Dimensional Japan Ltd., and Dimensional Hong Kong Limited. Dimensional Hong Kong Limited is licensed by the Securities and Futures Commission to conduct Type 1 (dealing in securities) regulated activities only and does not provide asset management services.
This material is issued by DFA Australia Limited (AFS License No. 238093, ABN 46 065 937 671). This material is provided for information only. No account has been taken of the objectives, financial situation or needs of any particular person. Accordingly, to the extent this material constitutes general financial product advice, investors should, before acting on the advice, consider the appropriateness of the advice, having regard to the investor’s objectives, financial situation and needs. Any opinions expressed in this material reflect our judgement at the date of publication and are subject to change.

Monday, August 12, 2019

Jim Parker's Coffee Break: Dealing with Volatility

Dimensional - Coffee Break with Jim Parker
Coffee Break: Dealing with Volatility
Financial markets have become a little more volatile recently. Looking for a cause, commentators variously cite US-China trade tensions or Brexit or interest rate uncertainty. Whatever the reason, these can be challenging times for investors.
While it’s pointless to speculate, one thing is certain: Constantly checking the news can make it even harder to withstand volatility. In Coffee Break this week, we share some useful long-term perspectives on dealing with the ups and downs.
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Survey after survey find the evidence is clear. Most people, in trying to avoid the effects of market volatility, tend to make it worse for themselves. They buy high, sell low, lose money in trading costs, and take more risk than they need to. In fact, most people don’t even get the capital market rate of return.
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Doing well as a long-term investor often boils down to avoiding doing something stupid, particularly when markets are volatile. https://nyti.ms/2GLRCAq

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If there is anyone worth listening to on how markets work, it’s Nobel Prize-winning financial economist Eugene Fama. Known for his work on how hard it is to outguess the market, Fama says while volatility can be unsettling, the best approach is to stay focused on your long-term goals. Check out this short video.
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Unnerved by the volatility in markets? Most people would be better off if they just didn’t look at the news, says Nobel laureate. http://bit.ly/2GMoCZv

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Increasing market volatility is essentially an expression of uncertainty. But unless you have information that no-one else is privy to, you are unlikely to get an edge by trying to time your entry and exit points. For those still anxious, Jim Parker provides seven simple lessons to help you live through the volatility:
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Unnerved by financial market volatility? Here are seven simple lessons to keep in mind during the tough times.
This section may provide links to the sites of independent third parties which contain information, articles and other material prepared by persons who are not employees or representatives of DFA Australia. These links are for your convenience only. These third parties are not affiliated with DFA Australia, and DFA Australia does not control or endorse and is not responsible for any information, opinions, representations or offers on these linked sites. DFA Australia is not responsible for the contents or accuracy of this material, and the opinions expressed in this material should not be taken to be the opinions of DFA Australia.


Monday, May 27, 2019

Coffee Break: Avoiding Stupidity

Jim Parker, from DFA Australia Limited, shares some more useful insights and links:

Dimensional - Coffee Break with Jim Parker
Coffee Break: Avoiding Stupidity
It’s often overlooked, but the difference between having a successful investment experience and an unsuccessful one often comes down not so much to acts of brilliance but to avoiding acts of stupidity.
Coffee Break this week, drawing on the findings of behavioural finance, looks at why simple discipline and avoiding rash decisions can be so important to improving your chances of a good investment outcome.
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One of the most popular quotes from Charlie Munger, the long-term partner of legendary investor Warren Buffett, is that it is remarkable how much advantage he and Buffett have achieved by consistently trying not to be stupid instead of seeking to be smart. This article from the blog Farnam St explains the difference.
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It’s nice to be brilliant, but often the best thing you can do as an investor is just avoiding doing stupid things. http://bit.ly/2M0obiZ

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Feelings and hunches are usually not a good guide to long-term investment decisions. We tend to over-rate our own competence and give too much weight to recent events. This blog post from Psychology Today lists eight common behavioural biases behind dumb money decisions.
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Why do smart people make dumb mistakes with their money? Here are eight common behavioural biases. http://bit.ly/2WrHu9e

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Although markets are awash with randomness, there are vital and often simple cues that investors choose to ignore. A common one is overlooking signal for noise. In other words, people get distracted by headlines and miss the long-term returns available through discipline. Here are eight reasons stupidity is so common.
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What are the major factors driving stupid investment decisions? Here are eight common reasons people go astray. http://bit.ly/2HTcatN
This section may provide links to the sites of independent third parties which contain information, articles and other material prepared by persons who are not employees or representatives of DFA Australia. These links are for your convenience only. These third parties are not affiliated with DFA Australia, and DFA Australia does not control or endorse and is not responsible for any information, opinions, representations or offers on these linked sites. DFA Australia is not responsible for the contents or accuracy of this material, and the opinions expressed in this material should not be taken to be the opinions of DFA Australia.