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Morningstar Fund Spy

Bogle vs. Bogle
In his wide-ranging interview with Morningstar, Vanguard founder John Bogle argued that there's no reason to invest outside of the United States. For one thing, he's uncomfortable with currency risk, and he said that since the largest American companies are multinational, it's better to get your foreign exposure through them than by directly investing abroad. Does Bogle really believe that? Apparently not. The January shareholder letter for Vanguard's foreign index funds--signed by Bogle and Vanguard president John Brennan--says just the opposite: "Some commentators, citing the losses suffered during the past year in Asian and emerging stock markets, have concluded that international investing is a big mistake for U.S. investors. We disagree."

The Lost Art of Letter Writing
You don't have to be Warren Buffett to write excellent shareholder letters. Indeed, one reason I own Neuberger & Berman Partners is the quality of its letters. In the latest semi-annual report, for example, managers Robert Gendelman and Michael Kassen don't use dreary phrases like "opportunistic trades were made." Instead, they tell you in detailed, lively language what they've been buying, and why.