Review Detail

This reminded of classic portfolio theory and the efficiency frontier with a tangent portfolio. Craig's message was about standard deviation, but basically it can be summarized as stating that as you ride further out on the efficiency frontier in terms of risk, your ability to squeeze more return decreases. A second and separate point, which pertains to one of the questions regarding Vanguard and fees - the universe presented has tremendous survivor bias. Non-survivors correlate to high cost funds.