Quotes

Quotes by Charles Ellis

(9)
(42) "There are three kinds of investment risk. Two can be virtually eliminated. The third, market risk, must be managed."
2001
- Winning the Loser's Game, 3rd edition
(325) "The long-term data repeatedly document that investors would benefit by switching from active performance investing to low-cost indexing."
July 1, 2014
- The Rise and Fall of Performance Investing, The Financial Analysts' Journal Vol. 70, No. 4, pp. 14-23
(297) "Market timing is a wicked idea. Don't try it — ever."
2002
- Winning the Loser's Game
(36) "Contrary to their oft articulated goal of outperforming the market averages, investment managers are not beating the market; the market is beating them."
July-Aug 1975
- "The Loser's Game," as quoted in the Financial Analysts Journal
(38) "The real purpose of investment management is not to 'beat the market,' but to do what is really right for a particular client. And making sure the manager concentrates on achieving that objective is, by default, the responsibility of the client."
1985
- Winning the Loser's Game
(39) "The average long-term experience in investing is never surprising, but the short term experience is always surprising. We now know to focus not on rate of return, but on the informed management of risk."
1985
- Investment Policy
(40) "When asked what he considered man's greatest discovery, Albert Einstein replied without hesitation: 'Compound interest!'"
1985
- Investment Policy
(41) "The average long-term experience in investing is never surprising, but the short-term experience is always surprising. We now know to focus not on rate of return, but on the informed management of risk."
- Author, Investment Policy (1985), as well as ten other books on investing
(37) "Investment Policy [asset allocation] is the foundation upon which portfolios should be constructed and managed."
1985�
- Investment Policy