“The shortest route to top quartile performance is to be in the bottom quartile of expenses. —Jack Bogle”
“I helped put two children through Harvard—my broker’s children. —Michael LeBoeuf”
“There is a crucially important difference about playing the game of investing compared to virtually any other activity. Most of us have no chance of being as good as the average in any pursuit where others practice and hone skills for many, many hours. But we can be as good as the average investor in the stock market with no practice at all.
Jeremy Siegel, Professor of Finance, Wharton School, University of Pennsylvania, and author of Stocks for the Long Run”
“If you buy an S&P 500 index fund, your investment is highly diversified and its performance will match that of 500 leading U.S. corporations' stocks. Is it possible to lose all of your money? Yes, but the odds of that happening are slim and none. If 500 leading U.S. corporations all have their stock prices plummet to zero, the value of your investment portfolio will be the least of your problems. An economic collapse of that magnitude would make the Great Depression look like Lifestyles of the Rich and Famous.”
“As an investor you can be well above average by settling for slightly less than the index returns.”
“Index investing is an investment strategy that Walter Mitty would love. It takes very little investment knowledge, no skill, practically no time or effort-and outperforms about 80 percent of all investors. It allows you to spend your time working, playing, or doing anything else while your nest egg compounds on autopilot. It's about as difficult as breathing and about as time consuming as going to a fast-food restaurant once a year.”
“Here is the crux of the strategy: Instead of hiring an expert, or spending a lot of time trying to decide which stocks or actively managed funds are likely to be top performers, just invest in index funds and forget about it!”
“Index funds outperform approximately 80 percent of all actively managed funds over long periods of time. They do so for one simple reason: rock-bottom costs. In a random market, we don't know what future returns will be. However, we do know that an investor who keeps his or her costs low will earn a higher return than one who does not. That's the indexer's edge.”
“If you don't think those miniscule costs matter, consider this: Let's assume someone puts $10,000 in a mutual fund, leaves it there 20 years, and gets an average annual return of 10 percent. If the fund had an expense ratio of 1.5 percent, the fund is worth $49,725 at the end of 20 years. However if the fund had an expense ratio of 0.5 percent, it would be worth $60,858 at the end of 20 years. Just a 1 percent difference in expenses makes an 18 percent difference in returns when compounded over 20 years.”
“William Bernstein, Ph.D., M.D., author of The Four Pillars of Investing, frequent guest columnist for Morningstar and often quoted in The Wall Street Journal: "An index fund dooms you to mediocrity? Absolutely not: It virtually guarantees you superior performance.”
“Warren Buffett, chairman of Berkshire Hathaway and investor of legendary repute: "Most investors, both institutional and individual, will find that the best way to own common stocks is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) delivered by the great majority of investment professionals.”
“Paul Farrell, columnist for CBS Marketwatch and author of The Lazy Person's Guide to Investing: "So much attention is paid to which funds are at the head of the pack today that most people lose sight of the fact that, over longer time periods, index funds beat the vast majority of their actively managed peers.”
“Burton Malkiel, professor of economics, Princeton University and author of A Random Walk Down Wall Street: "Through the past thirty years more than two-thirds of professional portfolio managers have been outperformed by the unmanaged S&P 500 Index.”
“Paul Samuelson, first American to win the Nobel Prize in Economic Science: "The most efficient way to diversify a stock portfolio is with a low fee index fund. Statistically, a broadly based stock index fund will outperform most actively managed equity portfolios.”
“Jason Zweig, senior writer and columnist at Money magazine and coauthor of the revised edition of Benjamin Graham's classic, The Intelligent Investor: "If you buy-and then hold-a total stock market index fund, it is mathematically certain that you will outperform the vast majority of all other investors in the long run. Graham praised index funds as the best choice for individual investors, as does Warren Buffett.”
“TO:email@example.com: Something's wrong! The house is shaking!
TO:firstname.lastname@example.org: Well can you turn down the volume on Star Trek:Voyager? I thought we were having an earthquake when the Enterprise hit Warp speed. Why did you let me sleep until nearly one?”
“For even now, decades after I first adopted it, English does not pierce my heart the same way that my mother tongue does. The word division weighs less than bundan, and war is easier to say than junjeng.”
“The schizophrenic... will suddenly burst out with the most incredible details of your life, things that you would never imagine anyone could know and he will tell you in the most abrupt way truths that you believed to be absolutely secret," Félix said in an interview with Caroline Laure and Vittorio Marchetti (Chaosophy). Schizophrenics aren't sunk into themselves. Associatively, they're hyperactive. The world gets cremy like a library. And schizophrenics are the most generous of scholars because they're emotionally right there, they don't just formulate, observe. They're willing to become the situated person's expectations. "The schizophrenic has lightning access to you," Félix continued. "He internalizes all the links between you, makes them part of his subjective system." This is empathy to the highest power: the schizophrenic turns into a seer, then enacts that vision through his or her becoming. But when doen empathy turn into dissolution?”
“But it has occurred to me, on occasion, that our memories of our loved ones might not be the point. Maybe the point is their memories—all that they take away with them. What if heaven is just a vast consciousness that the dead return to? And their assignment is to report on the experiences they collected during their time on earth. The hardware store their father owned with the cat asleep on the grass seed, and the friend they used to laugh with till the tears streamed down their cheeks, and the Saturdays when their grandchildren sat next to them gluing Popsicle sticks. The spring mornings they woke up to a million birds singing their hearts out, and the summer afternoons with the swim towels hung over the porch rail, and the October air that smelled like wood smoke and apple cider, and the warm yellow windows of home when they came in on a snowy night. ‘That’s what my experience has been,’ they say, and it gets folded in with the others—one more report on what living felt like. What it was like to be alive.”
“Suddenly something touches my shoulder. I spin around to find a dark shape standing right next to me. For a moment, I'm filled with a sense of panic, but then the figure steps even closer and I realize, with shock, that it's Nurse Winter. She's wearing nothing but a pair of white briefs, and she smiles as she puts her arms around my shoulders. I glance back over at her window, but there's no sign of her now. How the hell did she get over to my room so fast? I turn back to her as she pushes her bare breasts against my chest, presses her crotch against my erect penis, and starts to kiss me. It's”
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