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  • Identify the many Myths in the financial system, including the dream of “beating the market” through individual stock selection.
  • Identify the key factors to becoming better do-it-yourself investors AND identify those which are under your control, such as an optimum allocation of your investments across appropriate asset categories.
  • Accompany you each step of the way in the saving and investment process- see our User Guide.
  • Help self-investors to better control their costs, what Warren Buffett calls the financial system’s friction costs.
  • Help you better use your tax-exempt (RRSP) account.
  • Show you how to minimize your tax-related investment costs.
  • Give you access to information to help you better manage a portfolio intended to constitute an important source of retirement income.
  • Identify areas where the financial system does not adequately take into account the interests of independent investors.
  • Encourage reforms to the regulatory system.


Help us to help you become a better independent investor. Your comments are appreciated and welcomed on our commentaries or on any other aspect of the site- not only what you find but also how it is presented. In addition, we specifically ask for your input at various points throughout our site. TopOfBlogs Technorati Profile

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WELCOME to our site for the independent investor which was officially launched March 18, 2008. Become a member (it’s free) and enjoy full access to the site + receive on a preferred basis our weekly newsletters. Our site has been described as one of the few educational websites that offer the unbiased, clearly written material that busy investors need (The Globe & Mail 30 05 2008) and as a site dedicated to providing individual investors with independent, objective, free advice and information (The Gazette, Montreal 31 03 2008). See In the Media under the tab Media on our home page. MEMBERS-PLEASE NOTE: Depending on your software and internet provider, it may be necessary for you to add to your list of safe contacts in your spam filters. Otherwise, you may not receive our newsletters. Our newsletters notify our members in priority of our commentaries on current events and other topics of interest. If you miss a newsletter, it will eventually be filed on the site at a later date under Information on the home page. We are also on Twitter under DIYInvestor.

Meir Statman, What Investors Really Want
Archives - Commentaries
statmanbook0071741658.jpgWhy do you invest the way you do? You may point to all the time you spend both carefully planning your short and long term objectives as well as selecting individual securities as evidence of the objective, logical basis to your approach. Meir Statman cautions not to fool yourself; you may also be investing for all kinds of emotional or other reasons. We think you should listen carefully to what he has to say in his newly published book. The man is no slouch: Glenn Klimek Professor of Finance at the Leavey School of Business, Santa Clara University, and Visiting Professor at Tilburg University in the Netherlands, he is a recognized expert in the field of behavioral finance. We are happy to host Meir Statman on our site in connection with his book launch. Meir will discuss some of the subjects discussed in his book.
Portfolio rebalancing implementation: the nuts and bolts
News accessible to all
howtorimages.jpgIn previous commentaries we looked at various more theoretical aspects of portfolio rebalancing. We finish the series with a look at the more practical aspects of rebalancing: when and by how much to rebalance, how to minimize trading and tax costs, and in which accounts to carry it out. Properly understood, we hope you will agree that it turns out to not be as complicated as one might have thought.
Dynamic asset allocation, by James Picerno: a book review
News accessible to all
51g915plnkl._sl110_.jpgDetermining your Asset Allocation is the most important investment decision you will make as an investor. This book, by James Picerno, a well known and respected financial journalist and blogger, reviews the background and history of asset allocation in the context of modern portfolio management. It describes a current debate in portfolio management: should you fix your asset allocation using a passive market approach adjusted only to take into account your personal risk profile, or should you continuously review and actively manage your allocation based on your forecast of expected returns from the various investment asset classes.
We are not only irrational, we can be predictably irrational!
News accessible to all

irrational-exuberance.jpgOur irrational behaviours can have a costly effect on our investment decisions. We can’t stop being irrational but the good news is we can partially predict and better manage our irrational investment instincts. Charles Martineau , who recently completed a master’s degree in International Affairs (specialization in International Finance) at HEC business school in Montreal, has written this commentary on a subject that we expect to increasingly look at on our site. If you are one of the many of our readers who enjoyed Charles’s earlier contributions to our site (The Dick Davis Dividend Book Review - “We’re predisposed to fail, but not predestined” and Survey of Canadian Discount Brokers ), you will likely enjoy this commentary.

Some recent studies on rebalancing
News accessible to all
studiesimages.jpgRebalancing seems to be the new hot subject of investing. After a few years of volatile stock market returns people are suddenly very interested in learning how to better Invest in difficult times. Is rebalancing the solution? In this commentary we review four 2010 studies on rebalancing, three of the US markets and a fourth (but perhaps the most interesting) on Finnish stocks listed on the Helsinki stock exchange.
Rebalancing your investments before you drive off the road
News accessible to all
tirechangeimages.jpgA car owner who does not rebalance his tires can end up in some precarious positions. In the financial world rebalancing refers to bringing your portfolio back to its original Asset Allocation mix, again before any serious damage occurs. Most experts recommend it, but contrary to tire rebalancing, most investors hesitate to do it. We go back to the basics of rebalancing in this series of commentaries. In this first part, we look at what exactly it is (and is not), the good and bad reasons why you should do it, and why investors don’t like to do it. In follow-up commentaries we will look at some recent studies on rebalancing, and finally at the nuts and bolts of carrying out rebalancing.
The profile of the ideal fund to minimize investor costs
News accessible to all
profileimages.jpgIn the previous commentaries in this series we identified and quantified the impact of fees, expenses and other deductions facing fund investors. In the third and last commentary of this series we describe which types of funds have the profile best suited to help investors minimize these various costs and (hopefully) earn the best net (after cost) long term returns.

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  • Help you become a better independent self investor.
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  • Build on our past to earn the trust of Canadian and non-Canadian do-it-yourself investors. Our founder has several years experience with a securities regulatory agency and over a quarter century of experience with two blue chip Canadian securities issuers.
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  • The information on self investing is divided into 44 sections (and counting) which are organized under eleven main headings or topics. Click on Themes at the top of this page for a short summary of the information covered under all of the topics.
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Who should visit our site?

  • You are an independent investor looking for investment information focused on the needs of  do-it-yourself investors.
  • You are a novice in investment matters, but are considering becoming more independent in your investing.
  • You trade in reliance on a financial advisor, but wish to better use his services, or perhaps understand the other alternative trading methods.
  • Perhaps you see self investing as a retirement project, or are merely curious about the world of investing.
  • Perhaps as a result of your professional activities (institutional investor, broker, professor or journalist), you seek access to a non-industry source of objective investment information.

We intend to regularly circulate by email newsletters to our members. To access our newsletter, click here. We are also on Twitter at Our Newsletters typically contain an in-depth commentary on a timely subject. The most recent commentaries are on our home page. Older commentaries can be found in our Archives, where they can be found by scrolling through the headings or by using the Search function.