\"It must be apparent to intelligent investors that if anyone possessed the ability to do so (forecast the immediate trend of stock prices) consistently and accurately he would become a billionaire so quickly he would not find it necessary to sell his stock market guesses to the public.\"
– Weekly staff letter, August 27, 1951 David L. Babson & Company, quoted in Charles Ellis, The Investors Anthology
"; Quotation[1] = "\"Serious investors never play the market; they invest in the market.\"
Larry Swedroe
"; Quotation[2] = "\"Index funds decline in bear markets. So do managed funds. Only more so.\"
John C. Bogle, Senior Chairman, Vanguard Group, keynote speech at Intelligent Investor Conference, Philadelphia, October 3,1998";
Quotation[3] = " \"Your ultimate success or failure will depend on your ability to ignore the worries of the world long enough to allow your investments to succeed. It isn’t the head, but the stomach that determines your fate.\"
Peter Lynch, Beating the Street"; Quotation[4] = "
“The investor’s chief problem – and even his worst enemy – is likely to be himself.”
Benjamin Graham, legendary American investor, scholar, teacher and co-author of the 1934 classic, Security Analysis
"; Quotation[5] = "“The deeper one delves, the worse things look for actively managed funds.”
William Bernstein, The Intelligent Asset Allocator
"; Quotation[6] = "“Properly measured, the average actively managed dollar must underperform the average passively managed dollar - net of costs. Empirical analyses that appear to refute this principle are guilty of improper measurement.”
William F. Sharpe, Nobel Laureate in Economics, 1990, “The arithmetic of Active Management,” 1991
"; Quotation[7] = "“Active management is a little more than a gigantic con game.”
Ron Ross, Ph.D., The Unbeatable Market, 2002
"; Quotation[8] = "“Investment managers sell for the price of a Picasso (what) routinely turns out to be paint-by-number sofa art.”
Patricia C. Dunn, former CEO, Barclays Global Advisors
"; Quotation[9] = "“Market Timing is a wicked idea. Don’t try it – ever.”
Charles D. Willis, author of Winning the Loser’s Game
"; Quotation[10] = "“…most (stock pickers an market timer) should go out of business – take up plumbing, teach Greek…”
Paul A. Samuelson, Nobel Laureate, “Challenge to Judgement,” The Journal of Portfolio Management, Fall 1974, p. 17-19 1974
"; Quotation[11] = "“The market is like watching a drunk walk a tight rope. You never know what’s going to happen next..”
Arthur Cashin, CNBC Commentary, CNBC Television, November 21, 2003
"; Quotation[12] = "“Wall Street’s favorite scam is pretending that luck is skill.”
Ron Ross, PH.D. The Unbeatable Market
"; Quotation[13] = "“All the time and effort people devote to picking the right fund, the hot hand, or the great manager have, in most cases, led to no advantage.
Peter Lynch, Beating the Street
"; Quotation[14] = "“If a fund is drifting to a style that is dramatically different, your potential returns, volatility, and risk are going to change.”
Rosanne Pane, Director, S&P Fund Services Group, “Spotting Styl Creep, When a fund starts to wander, returns can suffer,” Business Week Online
"; Quotation[15] = "“Inflation is the one form of taxation that can be imposed without legislation.”
Milton Friedman, 1976 Nobel Prize for Economics
"; Quotation[16] = "“The art of taxation consists in so plucking the goose as to get the most feathers with the least hissing.”
Jean Baptiste Colbert
"; Quotation[17] = "“The probable is what usually happens.”
Aristotle, Lady Luck, The Theory of Probability by Warren Weaver
"; Quotation[18] = "“Probability is the very guide of life.”
Cicero, Lady Luck, The Theory of Probability by Warren Weaver
"; Quotation[19] = "“Odds are you don’t know what the odds are.”
- Gary Belsky and Thomas Gilovich, Why Snart People Make Big Money Mistakes.
"; Quotation[20] = "There ain’t no such thing as a free lunch.”
Acronym TANSTAAFL by Robert Heinlein, The Moon is a Harsh Mistress
"; Quotation[21] = "“Since the dawn of capitalism, there has been one golden rule: If you want to make money, you have to take risks.”
Marquis de Laplace, Theorie Analytique des Probabilities, Lady Luck, The Theory of Probability by Warren Weaver
"; Quotation[22] = "“The only thing in the world is the history you don’t know.”
Harry S. Truman
"; Quotation[23] = "“I know of no way of judging the future but by the past.”
Patrick Henry, March 23, 1775, Virginia Convention Speech
"; Quotation[24] = "“The four most dangerous words in investing are, It’s different this time.”
Sir John Templeton, legendary investor. Money Magazine
"; Quotation[25] = "“Those who forget the past are condemned to repeat it.”
George Santanya, Philosopher
"; Quotation[26] = "“History teaches everything including the future.”
Lamartine
"; Quotation[27] = "“Investment Policy (asset allocation) is the foundation upon which portfolios should be constructed and managed.”
Charles D. Ellis, Investment Policy, 1985
"; Quotation[28] = "“Diversification is your buddy.”
Merton Miller, Nobel laureate
"; Quotation[29] = "“Most people want candy, when what they really need is a balance meal.”
John J. Bowen, Jr., The Prudent Investor’s Guide to Beating Wall Street at Its Own Game
"; Quotation[30] = "“You get rewarded for taking the risk of doing badly in bad times.”
William F. Sharpe, Nobel Laureate in Economics, 1990, Investment Advisor, December 6, 2004
"; Quotation[31] = "“Most of the mutual fund investments I have are index funds, approximately 75%.”
Charles Schwab, Author, Guide to Financial Independence, Random House, Inc.
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