No. of Recommendations: 3
Interesting article on Bernstein's site at

COncerning exchange traded funds (ETFs) or iShares

In all seven cases where a direct head-to-head comparison can be made, the Vanguard funds outperform the iShares. The results are highly statistically significant, with a t-stat of 2.78 for net returns and 3.44 for gross returns (p values less than 0.016 and 0.007, respectively). Pretty impressive for just seven data points. In some cases, it isn't even close; the Vanguard Small-Cap Value Index Fund beats the relevant ETF by about 80 basis points (bp) both before and after expenses.

The conclusion here should be obvious even to the most rabid early-adopter

Gosh, even Y-K-W might be impressed with that 'statistically significant' comment from Bernstein.

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