The Vanguard Wellington Fund: The Most Legendary Mutual Fund Of All-Time

I very rarely write about mutual funds for two reasons:

(1) Normally, the kinds of companies that are stuffed in mutual funds (Johnson & Johnson, Wells Fargo, Chevron, Procter & Gamble) are the kinds of companies that I believe I have the ability to identify on my own, and

(2) I do not like the concept of giving someone else a permanent asset override on what I own. If you have a $300,000 common stock portfolio that someone else is managing for a 1% fee, you are paying them $3,000 each year ($250 per month) for the privilege of handling your money. That figure will only go up as your assets increase. Why voluntarily give up that kind of wealth from the offset if you don’t have to?

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