A total return approach to generating portfolio cash flow helps balance risk and return, enabling a portfolio to meet retirees’ long-term spending needs.

Trimming an investment that has become “overgrown” can mean realizing gains and paying taxes. Not to be unexpected, this is part of being a successful, long-term investor.

DFA’s Emerging Markets Small Cap Fund (DEMSX) recently topped Bloomberg’s ‘Riskless Return Ranking’. We agree it’s a great fund, but for many reasons not captured in Bloomberg’s ranking.

Many investors wonder if index funds’ popularity has made markets less efficient, thus improving the environment for stock-picking and market timing. While index funds have grown, the majority of dollars remain invested in actively-managed strategies.

Why do so many investors attempt to beat the market each year when research clearly shows their odds of success are extremely low?