Notes:
December 23, 2004
It seems that Wilshire 5000 data is once again available. Anybody know why? As a result the graph once again uses it as the benchmark portfolio. Some of you may be wondering why the returns on the model portfolio suddenly "improved" this week. The previous version of the program that tracked the portfolio's performance did not properly download the fund distributions (such as dividends and capital gains). That has been fixed and the returns are now calculated correctly. October 27, 2004
I do not know why, but it is becoming increasingly difficult to get daily updates for the Wilshire 5000 index. As a result, future comparisons with the market will use the Russell 3000 index which covers 98% of the market's total capitalization. If anybody knows why various web sites are not reporting the historical values for the Wilshire 5000 please let me know.

October 1, 2004
The model portfolio's ten no load funds for the upcomming quarter are: Royce Opportunity Instl (ROFIX), AmCent Heritage Adv (ATHAX), Vanguard Tax-Mgd SmCap R (VTMSX), Diversified Spec Eq Inv (DVPEX), Dreyfus Sm Cap Stk Indx (DISSX), ICM/Isabelle Sm Cap Inst (IZZIX), American AAdv SmCpVl Ins (AVFIX), Bridgeway Ul-Sm Co Mkt (BRSIX), Columbia Small Co Idx Z (ISCIX), and Morgan Stan Health Sci D (HCRDX).

Very important! Please read.
The predicted mutual fund returns are based upon the model developed in "Improved Forecasting of Mutual Fund Alphas and Betas" by Harry Mamaysky, Matthew Spiegel, and Hong Zhang. Dates in the table refer to the date at which the database for a particular set of estimates end. For example, a date of May 1, 2003 implies that the estimates are based on data up to (but not after) May 1, 2003.