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Hello, <<First Name>>

Happy Thursday.

What's the past week brought you?

More of the same?

You're not the only one.

One evening I finally got round to taking a look at alternatives to VVAL, Vanguard's soon-to-be defunct value factor fund.

I've written before in this newsletter that it's a shame just when value investing is staging something of a comeback, Vanguard is discontinuing VVAL along with three other factor funds it runs in the UK, on 23 February 2021.

Within Vanguard there are a couple of options.

The Vanguard UK Equity Income Index Fund Acc (an OEIC) or VHYL (an ETF).

Both favouring companies that pay dividends, one UK, one investing in companies worldwide.

I've grudgingly gone for VHYL, but it's not an exciting pick, and hardly, in terms of the companies that make up its constituent parts, the future.

I imagine, with, in the grand scheme of things, not a lot of funds under management, the cost of maintaining the factor funds, as opposed to its usual MO, index funds, made keeping VVAL et al going prohibitive for Vanguard.

Demand partially satiated, I decided I wanted more.

Scanning lists of value funds, doing the analysis, comparing broker fee charges, OCFs, fund holdings, etc.

Finally I hit paydirt. I'd launch an experiment. Over the next 10 years, which would win, VHYL or my top value pick (unhindered by the confines of Vanguard's Vanguard-funds-only platform. usually a blessing).

I can't pretend I'm not annoyed with Vanguard. I love that part of my portfolio, the value tilt, having formed an emotional attachment to it.

I kid myself it's based on rational analysis (and it is, it really is), but certainly the last ten years don't bear the effectiveness of a value tilt out.

When it comes down to it though, I can't discount the notion that it's because I love the underdog, the contrarian approach. Backing the 100/1 horse in the National.

And that fund?

Cape Wrath, where I will hopefully (one can but hope) be in mid-April on our annual Easter break to Durness.

Yes, after all the analysis was done and the infinitesimal part of my portfolio was earmarked for the stubborn maintenance of a true value tilt, I chose the fund cos I liked the name.

I liked the narrative it represented.

And because it's the only fund I know of that Thomas SchafferKnacker reads out on the Shipping Forecast.

And if that's not a good reason to invest in something, I don't know what is.

Last, for the preamble, how's home-schooling going in your house?

Having feasted on the goings-on at Handforth Parish Council last weekend until the tears rolled down my face, I am periodically fighting the urge to say things like:

"Read the instructions. Read them and understand them."

And:

"You have no authority here, Jude Sawyer."

Here starteth the links.
 

Dave @zudepr
New Year, New Start? Book a 1-2-1 RESET Zoom Consultation
#1 Here’s the Net Worth of the Average American Family...

The difference between the mean and median figures is remarkable (I may use this example when home-schooling).

Thanks to the readers who emailed in to tell me the source of my uptick in RESET book sales recently.

It can be tracked to a fitness coach/influencer from Runcorn, near where I grew up, who's appeared on reality TV shows and is a maths graduate. Thanks, Joe, liked your latest one re: index investing.

Also in the world of personal finance/investing this week.

‘Great day for humanity’, great day for value investment trusts (headline of the week, the post is from 9 November 2020).

The Telescopes on index investing and other options.

Their deep dives are always informative if you want to understand the way the world is going by looking at the examples of individual companies. This week's? Magnite.

The Prof on Twitter, then Packy McCormick on Twitter. That word again, narrative, it's changed for this company, as the share price demonstrates (albeit it's taken six years or so since its IPO).

Bezos.

More Bezos.

Battery power.

It seems everyone's been announcing plans to build a wind island this week.

On GME and Robinhood.

What also happened.

Whither the market (with some nice graphs).

A passionately argued piece from The Investor over on Monevator.

Banker on Wheels slows down time.

Managing sequence-of-returns risk.

Investing lessons learned.


#2 The Pandemic Has Erased Entire Categories of Friendship...

Cracking read.

Perhaps we should take a leaf out of Bhutan's book?

Israel's approach.


#3 Travel Influencers, Meet Authoritarian Regimes...

A well-written piece. Also, in comms: Clubhouse and niceness.

#4 Berry Takes Toast to Hollywood...

This guy, remember, the actor who plats the boss in The IT Crowd?

The man who's desperately seeking Clem Fandango (I know, any excuse to use this clip again).

Good luck to this talented comedian who's certainly put the miles in to get his big break.

A tremulous two bonus posts this week.

Never underestimate the power of a walk.

And:

Handforth dissected, on a Twitter thread.

Right, that's all folks. I'm off for a walk.

Have a great weekend. 

Tootle pip.

Dave @zudepr
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