consider buying SPDR's (SPY) as that is nearly as efficient as VFINX and fee is the same as for a stock transaction.I like SPDR's very much and use them in my brokerage account (E*Trade) for the very same reason as is being discussed here.I think SPY may actually be MORE efficient than VFINX if you are dealing with large enough purchases that the commission becomes a very low percentage. The commission at E*Trade is $14.95 per trade for SPY. If you buy $10000 of SPY, the commission is only 0.15%. VFINX expenses are around 0.2% of your total account value per year.One disadvantage of SPY (at E*Trade) is that free dividend reinvestment is not available, while at Vanguard all their funds allow free dividend reinvestment.-rkm
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