re: Mutual fund or etf

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NAV = Net Asset Value, yes I'm very familiar with it, are you

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Very much so. I don't buy anything with a load everything at NAV so I don't know why you bring the load up.

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1.39 expense ratio then, still too high, and the only way you are getting I class shares (VAPIX) is if you're buying huge blocks of them, minimum initial investment is $100,000. And VAPIX is trailing the S&P over the last 3 years, btw. So GTFO

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I'm able to get into I-shares below the minimum all the time. I buy almost all institutional shares classes. And yes the strategy will match or even trail the S and P in an up market however when they get out of financials in fall of 2007 and fully into cash by fall of 2008 their is some real value there, Fees are only an issue in the absence of value.

Cheaper does not always equal better. Indexing isn't always better than active management.