I’ve posted Entry #92 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called Should There Be a Valuation-Informed Indexing Fund?
Juicy Excerpt: But allocation changes are needed so infrequently that I don’t see much point in starting a fund. Stocks were selling at low or moderate prices for the entire time-period from 1975 through 1995. That’s 20 years in which no allocation change was needed. Stocks have been selling at high prices from 1996 through today. That’s 16 years in which no allocation change was needed. An allocation change is needed at most once every ten years or so. And there are big problems with letting a fund manager make your allocation changes for you.