The holiday season is off to a good start, at least for investors.

The S&P 500 index and Dow Jones Industrial Average closed the month at record highs. 500 Index (VFIAX) had its best month of the year, up 5.9% in November. SmallCap Index (VSMAX) did about twice as well, gaining 10.5%. All of Vanguard’s sector ETFs finished in positive territory.

Source: Vanguard, S&P Global and The IVA

Bond investors also had plenty to cheer about. All of Vanguard’s bond funds gained ground, with Total Bond Market Index (VBTLX) returning 1.1%. Cash held the course, with Federal Money Market (VMFXX) gaining 0.4%.

Source: U.S. Department of the Treasury and The IVA

Foreign stocks were the glaring exception to all the gains. Total International Stock Index (VTIAX) fell 0.2% on the month.

So, the average Vanguard investor gained 4.1% in November. But, well, I don’t mean to play the Grinch here, but let me offer a different take on November’s market.

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