David F. Swensen Quotes
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Unless an investor has access to “incredibly high-qualified professionals,” they “should be 100 percent passive - that includes almost all individual investors and most institutional investors.
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Jack Bogle's passionate cry of Enough! contains a thought-provoking litany of life lessons regarding our individual roles in commerce and society. Employing a seamless mix of personal anecdotes, hard evidence and all-too-often-underrated subjective admonitions, Bogle challenges each of us to aspire to become better members of our families, our professions and our communities. Rarely do so few pages provoke so much thought. Read this book.
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Active management strategies demand uninstitutional behavior from institutions, creating a paradox that few can unravel. Establishing and maintaining an unconventional investment profile requires acceptance of uncomfortably idiosyncratic portfolios, which frequently appear downright imprudent in the eyes of conventional wisdom.
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A minuscule 4 percent of funds produce market-beating after-tax results with a scant 0.6 percent (annual) margin of gain. The 96 percent of funds that fail to meet or beat the Vanguard 500 Index Fund lose by a wealth-destroying margin of 4.8 percent per annum.
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I've always viewed high-frequency trading as a tax on the rest of us.
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When you look at the results on an after-fee, after-tax basis over reasonably long periods of time, there's almost no chance that you end up beating the index fund.
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Never underestimate the gullibility of large pools of money.
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I think nobody is in a position to react to these big macro-issues. Where is the dollar going to be or what is G.D.P. growth going to be in China? For every smart person on one side of the question, there is another smart person on the other side.
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That which works is authentic. It's a practical truth. What really matters is that we find benefit, regardless of whether it's an ancient traditional approach or some new version, popular or obscure.
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Most active mutual funds are more interested in collecting fees than in boosting returns for investors.