Quotes We Live By

"The miracle of compounding returns is overwhelmed by the tyranny of compounding costs."

— Jack Bogle

"... the last bastion of gluttony – the fat 1% fee that many advisors charge."

— Rick Ferri

"It is not easy to get rich in Las Vegas, at Churchill Downs or at the local Merrill Lynch office."

— Dr. Paul Samuelson

"The important thing about an investment philosophy is that you have one you can stick with."

— David Booth

"The illusion of skill is not only an individual aberration: it is deeply ingrained in the culture of the industry. Facts that challenge such basic assumptions — and thereby threaten people’s livelihood and self-esteem — are simply not absorbed."

— Dr. Daniel Kahneman

"Market-cap indexing is the rightful king of investing—what we should all own in theory and what has delivered low-cost equity returns to the masses. The now and forever king-of-the-hill."

— Cliff Asness

"Pundits forecast not because they know, but because they are asked."

— John Kenneth Galbraith

"Wealth is the ability to fully experience life."

— Henry David Thoreau

"Wealth is a terrible master but an excellent servant."

— P.T. Barnum

"A wise person should have money in their head, not in their heart."

— Johnathan Smith

"We make more money selling advice than following it. It's one of the things we count on in the magazine business -- along with the short memory of our readers."

— Steve Jobs

"Speculation is an effort, probably unsuccessful, to turn a little money into a lot. Investment is an effort, which should be successful, to prevent a lot of money from becoming a little."

— Fred Schwed, Jr.

"Everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices."

— Dr. Merton Miller

"Investing should be more like watching paint dry or watching grass grow. If you want excitement take your money to Las Vegas."

— Dr. Paul Samuelson

"Wall Street's favorite scam is pretending luck is skill."

— Dr. Ron Ross

"Prediction is very difficult, especially if it's about the future."

— Nils Bohr

"It's amazing how difficult it is for a person to understand something if he is paid a small fortune to not understand it."

— Jack Bogle

"Everything in life, individually or socially, is a trade-off. We determine the risk levels we're willing to tolerate."

— Dr. Bill Merton

"The deeper one delves, the worse things look for actively managed funds."

— Dr. William Bernstein

"The investor’s chief problem, and often worst enemy, is likely to be himself."

— Benjamin Graham

"Time is your friend; impulse is your enemy."

— Jack Bogle

"Comparison is the thief of joy."

— Teddy Roosevelt

"... the only way an investor can get killed is by high fees and trying to outguess the market."

— Warren Buffet

"When wealth is lost, nothing is lost; when health is lost, something is lost; when character is lost, all is lost."

— Billy Graham

"Most people... delude themselves into thinking they know something the market doesn't."

— Dr. Merton Miller

"Most advisors ... are far better at generating high fees than they are high returns."

— Warren Buffet

"There are two kinds of investors be they large or small: those who don't know where the market is headed and those who don't know that they don't know."

— Dr. William Bernstein

"Personally I like the idea (fiduciary standard). I never understood why you wouldn’t want a fiduciary. That’s the heart of why people have a negative view of financial services. They…say an investment was suitable, even though it end ups being awful. Whatever you do to establish trust is good."

— David Booth

"Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves."

— Peter Lynch

Active management is a zero-sum game before cost, and the winners have to win at the expense of the losers.

- Gene Fama

I’d compare stock pickers to astrologers but I don’t want to bad mouth astrologers.

— Gene Fama

Money management has been a profession involving a lot of fakery - people saying they can beat the market, and they really can't.

- Robert Shiller

QUOTES WE LIVE BY

"The miracle of compounding returns is overwhelmed by the tyranny of compounding costs."

"... the last bastion of gluttony – the fat 1% fee that many advisors charge."

"It is not easy to get rich in Las Vegas, at Churchill Downs or at the local Merrill Lynch office."

"The important thing about an investment philosophy is that you have one you can stick with."

"The illusion of skill is not only an individual aberration: it is deeply ingrained in the culture of the industry. Facts that challenge such basic assumptions — and thereby threaten people’s livelihood and self-esteem — are simply not absorbed."

"Market-cap indexing is the rightful king of investing—what we should all own in theory and what has delivered low-cost equity returns to the masses. The now and forever king-of-the-hill."

​

"Pundits forecast not because they know, but because they are asked."

"Wealth is the ability to fully experience life."

"Wealth is a terrible master but an excellent servant."

"A wise person should have money in their head, not in their heart."

"We make more money selling advice than following it. It's one of the things we count on in the magazine business -- along with the short memory of our readers."

"Speculation is an effort, probably unsuccessful, to turn a little money into a lot. Investment is an effort, which should be successful, to prevent a lot of money from becoming a little."

"Everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices."

"Investing should be more like watching paint dry or watching grass grow. If you want excitement take your money to Las Vegas."

"Wall Street's favorite scam is pretending luck is skill."

"Prediction is very difficult, especially if it's about the future."

"It's amazing how difficult it is for a person to understand something if he is paid a small fortune to not understand it."

"Everything in life, individually or socially, is a trade-off. We determine the risk levels we're willing to tolerate."

"The deeper one delves, the worse things look for actively managed funds."

"The investor’s chief problem, and often worst enemy, is likely to be himself."

"Time is your friend; impulse is your enemy."

"Comparison is the thief of joy."

"... the only way an investor can get killed is by high fees and trying to outguess the market."

"When wealth is lost, nothing is lost; when health is lost, something is lost; when character is lost, all is lost."

"Most people... delude themselves into thinking they know something the market doesn't."

"Most advisors ... are far better at generating high fees than they are high returns."

"There are two kinds of investors be they large or small: those who don't know where the market is headed and those who don't know that they don't know."

"Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves."

Active management is a zero-sum game before cost, and the winners have to win at the expense of the losers.

​

I’d compare stock pickers to astrologers but I don’t want to bad mouth astrologers.

​

Money management has been a profession involving a lot of fakery - people saying they can beat the market, and they really can't.

​