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It’s the summer of 1654. Two mathematicians in France are exchanging letters about a gambling problem.

It's Florence, around 1620. The grand duke's courtiers are arguing — again — about dice

It's 1550, and a physician in Milan has a problem. He's brilliant — one of the most famous doctors in Europe. He's also broke.

It's the year 1200. You're a merchant in Pisa, one of the busiest Ports in the Mediterranean.

It's 2010. The US economy is clawing back from the worst financial crisis since the Great Depression, the Affordable Care Act reshapes American healthcare, and Apple launches the iPad.

It's 1998. The Clinton impeachment proceedings grip Washington, the European Central Bank is established and eleven nations are selected to adopt the Euro as their single currency, and two Stanford PhD students launch a search engine called Google.

It's 1960. JFK is on the campaign trail, NASA launches America's first weather satellite, and ABC premieres The Flintstones — the first animated series created specifically for prime-time tv.

It's 1994. Nelson Mandela becomes South Africa's first democratically elected president. A former Wall Street trader named Jeff Bezos founds an online bookshop called Amazon. And Forrest Gump is packing theaters across America.

It's 1986. The Space Shuttle Challenger is lost, Halley's Comet returns for the first time in 76 years, and Top Gun is breaking box-office records across America.

It's 1964. The Vietnam War is Escalating. The Civil Rights Act becomes law. And Beatlemania is sweeping America. Meanwhile, Wall Street is booming.

It's 1969. Wall Street traders believe they can outsmart the market by reacting faster to news than anyone else.

You're running a pension fund. Thousands of retirees are counting on you to grow their savings. So you do what everyone does — you hire fund managers with the best recent track records.

It's 1976. An investor asks a simple question: How have stocks actually performed compared to bonds over the long term? Nobody knew.

It's 1965. Computers fill entire rooms. On Wall Street, armies of analysts pore over balance sheets, earnings reports, and economic data.

December 1990. William Sharpe receives the Nobel Prize in Economics at Stockholm City Hall.

Walk into any Wall Street brokerage in 1965, and you'll see the same thing: analysts hunched over charts, tracing patterns with their fingers.

It's the late 90's. The internet is transforming everything, including how American's invest.

For nearly 30 years, finance had one answer to every question about risk: beta. Market exposure. That single number supposedly explained why some stocks delivered higher returns than others.

It's 1979. Finance has a comfortable certainty: investors are rational creatures who calculate risk, weigh probabilities, and choose whatever maximizes their utility.

In 1952, investing advice boiled down to one thing: pick winning stocks. Find the next big company, put your money in, hope it soars




























Learn About an Evidence-Based Approach to Investing

Investing in U.S. Financial History: Understanding the Past to Forecast the Future by IFA Wealth Advisor Mark J. Higgins

Participation in a book contest typically requires an entrance fee. This fee is intended to cover administrative expenses and is not material in amount. Referenced 'Praise' for previous editions of the book “Index Funds: The 12-Step Recovery Program for Active Investors” is on file. It is not intended to be an endorsement or testimonial for Mark Hebner, Index Fund Advisors, Inc. (IFA), or it advisory services. 2023 New England Book Festival Winner: Business Book category. Awarded 12/20/2023. 2024 Southern California Book Festival Winner: Business/Technology. Awarded 12/21/2023. 2024 Nonfiction Authors Association Nonfiction Book Award Winner. Awarded 02/07/2024. 2024 Book Excellence Award Winner in Finance Category Awarded on 03/05/2024. 2024 Los Angeles Book Festival Winner: Best Business Book Awarded 4/18/2024. 2024 Goody Business Book Award Winner: Money/Personal Finance Book category. Awarded 11/15/2024.

IFA defines index funds as mutual or exchange-traded funds that follow a set of rules of ownership which, under normal circumstances, are held constant.
The SEC categorizes index funds as NIF or TIF:





