Canary Cash: Good stuff David. btw any chance of a working link to the pdf?

J. A. Saglimbeni: INTC, JNJ, MSFT, etc, all trading at low P/E...lower than the S&P...I rearely listen to mutual fund companies when it comes to select stocks

Regarded Solutions: Hi David, I wouldnt call the article by Vanguard a warning. I believe they are far more interested in pushing their funds, IMO.

J. A. Saglimbeni: Totally in agreement with RS, on this one...I stopped investing in mutual funds (for the most part) when I realized I am better than average

David Jackson: Here's another attempt at the link: http://bit.ly/ydSJjq

David Jackson: rs, note Vanguard has (VIG), and I'm generally not a fan of dismissing an argument by trying to trash the credibility of who says it.

David Jackson: Also, of all funds Vanguard is incredibly shareholder friendly, and its commentary in this case is grounded in quantitative data.

David Jackson: ja-sagmlimbeni, Question of valuation is really about P/E/G, not just P/E, right? And they might be warning for the future, not now.

J. A. Saglimbeni: Agreed, but INTC and MSFT are seeing growth ahead, and as for JNJ..I'd rather own it than the S&P index..3.6% and a div champ...

J. A. Saglimbeni: I have respect for Vanguard, as well as many fund companies (that keep their fees low), but I rather invest in their stocks...TROW

Canary Cash: Thanks David, that one worked.

J. A. Saglimbeni: David, by the way a very good read by Vanguard...highly recommended

Regarded Solutions: I use Fidelity, even like some funds, the business mod of these firms are geared for the bottom line. Not bad, just an opinion of mine