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| Step |
Quotations |
Author
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Source or Publication
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Year
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| 1 Active Investors | "The investor's chief problem - and even his worst enemy - is likely to be himself" | Graham, Benjamin(1894-1976) Legendary American investor, scholar, teacher and co-author of the 1934 classic, Security Analysis |  | Security Analysis | 1934 |
| 1 Active Investors | "Most investors are pretty smart. Yet most investors also remain heavily invested in actively managed stock funds. This is puzzling. The temptation, of course, is to dismiss these folks as ignorant fools. But I suspect these folks know the odds are stacked against them, and yet they are more than happy to take their chances." | Clements, Jonathan, Journalist |  | The Wall Street Journal issue of February 27, 2001 | 2001 |
| 1 Active Investors | "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, The Financial Analysts' Journal Vol. 47, No. 1, January/February 1991. pp. 7-9 | 1991 |
| 1 Active Investors | "The results of this study are not good news for investors who purchase actively managed mutual funds. No investment style generates positive abnormal returns over the 1965-1998 sample period. The sample includes 4,686 funds covering 26,564 fund-years." | Davis, James L. | Mutual Fund Performance and Manger Style, Financial Analysts Journal 57 (2001): 19-27 | 2001 | |
| 1 Active Investors | "The deeper one delves, the worse things look for actively managed funds." | Bernstein, William |  | The Intelligent Asset Allocator | 2001 |
| 1 Active Investors | 4. "The sheer magnitude of the difference we discovered between the total returns earned by funds and the results captured by the average shareholder is shocking and tragic." [Funds = 5.7%, Investors = 1%] | Charles Trzcinka, Professor of Finance, Indiana University |   | What Fund Investors Really Need to Know, by Jazon Zweig Money Magazine, June 2002. (see 1.3.3) | 2002 |
| 1 Active Investors | [Most investors would] be better off in an index fund. | Peter Lynch, famous stock picker | Barron's, p. 15, April 2, 1990 | 1990 | |
| 1 Active Investors | "..the best way to own common stocks is through an index fund..." | Buffet, Warren | Berkshire Hathaway Inc. 1996 Shareholder Letter | 1997 | |
| 1 Active Investors | "Most of the mutual fund investments I have are index funds, approximately 75%." | Charles R. Schwab, author | Guide to Financial Independence, p. 90 | 2000 | |
| 1 Active Investors | "Rather than making money, 240 pension funds lost about 0.5% per year on average, over the last five years through their active management activities." | The Ambachtsheer Letter |  | The Ambachtsheer Letter | 1998, Sept. 28, |
| 1 Active Investors | "The results of this study are not good news for investors who purchase actively managed mutual funds. No investment style generates positive abnormal returns over the 1965-1998 sample period. The sample includes 4,686 funds covering 26,564 fund-years." | James L. Davis | Mutual Fund Performance and Manager Style, Financial Analysts Journal 57, p. 19-27 | 2001 | |
| 1 Active Investors | "The road to financial perdition begins with a call to your broker who claims to be able to 'beat the markets.'" | Daniel R. Solin |  | Author of Does Your Broker Owe You Money? (Perigee Books, 2006) and The Smartest Investment Book You'll Ever Read. (Perigee Books, 2006) | |
| 1 Active Investors | "If the data do not prove that indexing wins, well, the data are wrong." | John C. Bogle | The Little Book of Common Sense Investing, p. 28 | 2007 | |
| 1 Active Investors | "Hint: money flows into most funds after good performance, and goes out when bad performance follows." | John C. Bogle | The Little Book of Common Sense Investing, p. 50 | 2007 | |
| 1 Active Investors | "The investor with a portfolio of sound stocks should expect their prices to fluctuate and should neither be concerned by sizable declines nor become excited by sizable advances. He should always remember that market quotations are there for his convenience, either to be taken advantage of or to be ignored. | Benjamin Graham, The Intelligent Investor, 1949 | John C. Bogle, The Little Book on Common Sense Investing | 2007 | |
| 1 Active Investors | "the neural activity of someone whose investments are making money is indistinguishable from that of someone who is high on cocaine or morphine" | Jason Zweig | Your Money & Your Brain | 2007 | |
| 1 Active Investors | "Wall Street, with its army of brokers, analysts, and advisers funneling trillions of dollars into mutual funds, hedge funds, and private equity funds, is an elaborate fraud." | Michael Lewis | Conde Nast Portfolio, The Evolution of an Investor, December 2007, page 184 | 2007 | |
| 1 Active Investors | "It's not that stock prices are capricious. It's that the news is capricious." | Burton Malkiel, Princeton Professor of Economics and author of A Random Walk Down Wall S | |||
