(866) 60-TALIS
info@talisadvisors.com
 
 

Scrolling Newsflash

"It is not easy to get rich in Las Vegas, at Churchill Downs or at the local Merrill Lynch office." Samuelson, Paul A. , Massachusetts Institute of Technology, Economist, Nobel Laureate in Economics - 1970

"The deeper one delves, the worse things look for actively managed funds." Bernstein, William The Intelligent Asset Allocator 2001

"The results of this study are not good news for investors who purchase actively managed mutual funds. No investment style generates positive abnormal returns over the 1965-1998 sample period. The sample includes 4,686 funds covering 26,564 fund-years." James L. Davis Mutual Fund Performance and Manager Style, Financial Analysts Journal 57, p. 19-27 2001

Q. So investors shouldn't delude themselves about beating the market? A. "They're just not going to do it. It's just not going to happen." Daniel Kahneman, Nobel Laureate in Economics, 2002

"This message (that attempting to beat the market is futile) can never be sold on Wall Street because it is in effect telling stock analysts to drop dead." Paul Samuelson, Ph.D., Nobel Laureate in Economics

“If there's 10,000 people looking at the stocks and trying to pick winners, one in 10,000 is going to score, by chance alone, a great coup, and that's all that's going on. It's a game, it's a chance operation, and people think they are doing something purposeful... but they're really not.” Miller, Merton Nobel Laureate and Professor of Economics, Univ. of Chicago

"Speculation is an effort, probably unsuccessful, to turn a little money into a lot. Investment is an effort, which should be successful, to prevent a lot of money from becoming a little." Schwed, Fred Jr. Where Are The Customer’s Yachts? 1940

"99% of fund managers demonstrate no evidence of skill whatsoever." Bernstein, William The Intelligent Asset Allocator 2001

"If I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what`s going to happen to the stock market." Graham, Benjamin, Legendary investor and author Security Analysis, 1934 classic

"There are two kinds of investors, be they large or small: those who don't know where the market is headed, and those who don't know that they don't know. Then again, there is a third type of investor - the investment professional, who indeed knows that he or she doesn't know, but whose livelihood depends upon appearing to know." Bernstein, William The Intelligent Asset Allocator 2001

"Most [stock pickers and market timers] should go out of business - take up plumbing, teach Greek..." Paul A. Samuelson, Nobel Laureate "Challenge to Judgement" The Journal of Portfolio Management, Fall 1974, p. 17-19


"Most fund managers don't beat the S&P 500. Or if they do, very few can keep doing it for long spells. When bear markets wreak their periodic havoc, even fewer funds remain moneymakers." 2002 Mutual Funds Guide, Forbes Magazine, Feb. 4, 2002

"People exaggerate their own skills. They are overoptimistic about their prospects and overconfident about their guesses, including which [investment] managers to pick." Professor Richard Thaler, University of Chicago Investment Titans, by Jonathan Burton, McGraw-Hill, 2001

"If your broker [or investment advisor] is not familiar with the concept of standard deviation of returns, get a new one." Bernstein, William The Intelligent Asset Allocator 1985

"Those who are ignorant of investment history are bound to repeat it. Historical investment returns and risks of various asset classes should be studied. Investment results for an asset over a long enough period (greater than 20 years) are a good guide to the future returns and risks of that asset. Further, it should be possible to approximate the future long-term return and risk of a portfolio consisting of such assets." Bernstein, William The Intelligent Asset Allocator 2001

"The four most dangerous words in investing are, It's different this time." Sir John Templeton, legendary investor. Money Magazine, Fall 2002, p. 25

"Investment planning is about structuring exposure to risk factors." Fama, Gene Jr. The Error Term 2001, Dec

"History shows that in the long run a thoughtfully designed, diversified strategy of "passive" funds typically beats all but a few active managers. It's not easy to structure and maintain such a strategy. It requires some initial research and discipline to stay the course. But it’s much easier than predicting which active managers will randomly beat this approach."Eugene Fama, Jr., DFA - 2001,CBS Marketwatch.com 2002, Jan 16
 
About Talis Advisors
“You should fire your broker and find an investment adviser. Brokerage firms would like you to think that they perform the same functions as investment advisers. Many brokers call themselves "financial consultants" or "financial advisers." But they're not the same as independent investment advisers… an investment adviser's fiduciary duty is on a higher plane, like that of a lawyer, a trustee, or the executor of an estate.” Arthur Levitt, Former SEC Chairman

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Multi-period returns (net of maximum advisory fee) - Period ending April 8, 2008
Talis Portfolio Model
Year-to-Date
1 Year
3 Years
5 Years
10 Years 10 Yr Annualized Standard Deviation
Talis 20/80 (Equity/Fixed) Portfolio
-0.29
1.11
5.08
6.00
5.34
2.89
Talis 40/60 (Equity/Fixed) Portfolio
-0.86
-0.90
7.35
9.85
6.95
5.61
Talis 60/40 (Equity/Fixed) Portfolio
-1.44
-2.88
9.56
13.53
8.36
8.54
Talis 80/20 (Equity/Fixed) Portfolio
-2.02
-4.82
11.73
17.05
9.58
11.54
Talis 100% Equity Portfolio
-2.60
-6.73
13.86
20.43
10.62
14.58

Benchmark Index
Year-to-Date
1 Year
3 Years
5 Years
10 Years
10 Yr Annualized Standard Deviation
S&P 500
-5.04
-4.68
8.23
10.62
3.89
14.75
Russell 2000
-6.12
-10.95
8.62
13.76
5.33
19.90
Russell 3000 Value
-4.22
-9.49
8.26
12.91
6.04
13.77
MSCI EAFE
-3.96
-1.78
16.25
20.42
6.66
14.78
Lehman Intermediate Bond
2.24
7.56
5.00
4.05
5.77
3.16
3 Month US Treasury
0.99
4.28
4.37
3.19
3.70
0.53


5 Year Annualized Return (net of maximum advisory fee) - Period ending April 8, 2008
multi-period2007-Q4

Annual Return (adjusted for maximum advisory fee) - 1999-2007
 
Talis DFA Portfolios
Benchmark Index
 
Talis 20/80
Talis 40/60
Talis 60/40
Talis 80/20
Talis 100
S&P 500
Russell 2K
MSCI EAFE
3 Mo UST
1999
7.00
10.88
14.73
18.55
22.32
21.04
21.26
26.96
4.83
2000
4.03
2.56
1.05
-0.48
-2.03
-9.10
-3.03
-14.17
6.19
2001
4.45
3.95
3.41
2.84
2.24
-11.89
2.49
-21.44
4.44
2002
3.99
1.07
-1.99
-5.19
-8.54
-22.10
-20.48
-15.94
1.79
2003
11.78
21.91
31.76
41.30
50.47
28.69
47.25
38.59
1.16
2004
5.88
10.76
15.47
20.07
24.56
10.88
18.32
20.25
1.33
2005
3.29
5.79
8.29
10.79
13.29
4.91
4.55
13.54
3.07
2006
7.45
11.72
15.95
20.14
24.31
15.80
18.37
26.34
4.85
2007
4.76
4.51
4.24
3.94
3.61
5.49
-1.56
11.17
5.00

 

Returns Disclosure
Returns for periods of less than 1 year are actual. Returns for periods greater than one year are annualized.

Performance data represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Returns include reinvestment of dividends and capital gains. Return is net of fund expenses and the maximum advisory fee.

This document contains illustrations of returns for the types of portfolios we design for clients. Our investment philosophy is based on Modern Portfolio Theory (MPT). The tenets of MPT provide for a passive, long-term, buy and hold strategy implemented through globally diversified portfolios. Mutual funds representing asset classes where academic research has demonstrated higher expected returns for the level of risk taken are combined into a single portfolio. Portfolios are constructed with low correlations between components to provide diversification for the purpose of reducing the risk caused by volatility. Portfolios should be regularly rebalanced to maintain agreed upon asset allocations. The portfolio models may or may not be the actual allocation determined to be appropriate for individual clients. Clients with the allocations shown may have different results based on capital flows, timing of rebalancing decisions, advisory fees charged, or other factors.

Sources and descriptions of data: All performance data supplied by Dimensional Fund Advisors, Inc. and Morningstar, Inc. Information is from sources deemed reliable but its accuracy cannot be guaranteed.

Annualized standard deviation is presented as an approximation by multiplying the monthly number by the square root of the number of periods in a year. Please note that the number computed from annual data may differ materially from this estimate.


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Our contact information:
Talis Advisory Services, LLC
6205 Chapel Hill Blvd.
Suite 400
Plano, TX 75093
(972) 378-1795

info@talisadvisors.com
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