Letters to the Editor
To the Editors:
Ron Muhlenkamp is right on: The benefits of international investing have always been overrated (Foreign Investing: Keeping It Simple, April 2006 AAII Journal). For the 30-plus years that the EAFE index has been around, the index has returned 11.6% compared to 11.3% for the S&P 500 (19702004), but with a standard deviation of 23.5% compared to a much lower 17% for the S&P. Ibbotsons small-cap index has fared better with a 14.2% return and a lower standard deviation of 22.8%.
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