The Independent Vanguard Adviser
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Stocks Are Expensive. Now What?
MAILBAG | The CAPE ratio of stock valuations is flashing warning signs—but history shows it’s more useful for setting expectations than timing the market.
2022's Doppelgänger
MARCH 2023 | Good news is once again back news in the market. A reminder not to judge a fund by its cover. Plus, an article roundup, a mea culpa and the IVA Factor Tracker.
Balancing Trade-Offs | Bonds 101
Investors typically think of bonds as the safe, sleepy part of their portfolio. And, for the most part, they’re exactly right—bonds can be pretty boring. Though that wasn’t the case in 2022. After enduring the worst calendar year in bonds in decades, well, no one is calling
Liquidity or Assets, Which Came First?
All things equal, does a lower share price for an ETF mean the ETF will attract more assets? Vanguard must hope so. The company recently announced that they’ll execute a 2-for-1 share split for six ETFs on March 14, 2023. The six ETFs track S&P’s mid-cap
When Good News is Bad News
Good economic data has trader worried | Municipal money market yield update |
Bond Basics | Bonds 101
For many investors, I’m sure it feels as if your life-preserver sprung an irreparable leak last year as the bond market imploded. Bonds have almost always been synonymous with the “safe” part of a balanced portfolio, and yet, their prices have been on an almost relentless decline for the
PRIMECAP’s Next Generation
Joel Fried’s retirement brings the firm’s generational handoff into focus—but PRIMECAP’s unusual structure may give it an edge.
Investing Beyond the AI Hype
2026 OUTLOOK | The market’s baseline is growth—but in an AI-driven, fully-priced world, diversification matters more than ever.
The AI Footprint in Your Vanguard Portfolio
MAILBAG | A comprehensive look at Vanguard funds tied to the AI narrative, as well as those that aren’t—and how the IVA Portfolios stack up.
Vanguard and The Vanguard Group are service marks of The Vanguard Group, Inc. We are not affiliated in any way with The Vanguard Group and receive no compensation from The Vanguard Group, Inc.
Hi, I’m Jeff DeMaso.
Welcome to the Independent Vanguard Adviser.
I’ve been a Vanguard investor for over a decade, co-editing the leading newsletter on Vanguard funds and ETFs. I’m a big Vanguard fan, but they are not perfect (nobody is). I’ll tell you the good and the bad when it comes to Vanguard.
Over two decades while working at a multi-billion-dollar investment firm, I held titles of intern to CIO (and everything in between). I’ve seen investors make avoidable mistakes time and time again. I aim to share the investment insights and advice I want my family and friends to have so that you can make meaningful investments for yours.
When investing, I believe in simplicity, diversification and spending time in the market. A simple promise: My family and I will invest in the same funds I recommend to you!
When I’m not poring over Vanguard’s most recent prospectus, you can find me chasing my toddler around the playground or trying to avoid an injury while reliving the glory days on the soccer pitch.