Here in Brooklyn, we are hunkering down for a big winter storm. I like to remind myself that we just crossed the official mid-point of winter.

Dow 14,000 rates a yawn

Back in 1999 when the Dow Jones crossed 10,000 for the first time, it was front page news. Investors were enthusiastic about the pile of money they had made amid the dot-com craze. We all know the sad story that followed.

When the Dow Jones Industrial Average crossed 14,000 last week for the first time since 2007, most of the news media responded with a yawn. This is good – the public mania for stocks that often marks the end of a bull market is nowhere to be seen.

The media is waiting for the Dow to surpass its all-time high of 14,164 before they chime in with the big coverage. But the stories will be measured because the public is still skeptical about risk after what so many experienced during the financial crisis of 2008.

But we are all impressed by records of any kind, and news of that the market has hit an all-time high may cause some people to invest anew or more heavily. However, I am not expecting a flood. I think people are aware of the political challenges in Washington and abroad and the impact that higher taxes could have on the economy. All of these things are keeping enthusiasm in check.

The time to be more concerned is when everyone gets excited about stocks and is talking about them, and as far as I can see that has not happened.

Fees – the quiet portfolio assassin

Better than worrying about the market – which in the short-term is anyone’s guess – is to take action where you can clearly benefit yourself.

I am referring specifically to the cost of investing. I think most people would be shocked if they could see how fees drag down returns over a number of years.

I mentioned in the newsletter last month that you can save a significant amount of money by investing in index funds in their 401(k) plans. Here is an online calculator that actually shows you how much bigger your portfolio would be, other things being equal, investing in index funds vs. actively managed funds.

Tally Your Mutual Fund Fees Here | Financial Security Project at Boston College

Controlling expenses is, bar none, the most effective, lowest risk way of increasing portfolio returns.