An Intriguing Paradox Of The 1990s Is

We Are Like Highly Trained Athletes, Who Never Run A Race.

Perhaps There Really Are Managers Who Can Outperform The Market Consistently - Logic Would Suggest That They Exist. But They Are Remarkably Well-hidden.

Man Does Not Live By Gnp Alone.

You Could Be Disqualified For A Job [at Harvard] If You Were Either Smart Or Jewish Or Keynesian. So What Chance Did This Smart, Jewish, Keynesian Have?

Still, I Figure We Shouldn't' Discourage Fans Of Actively Managed Funds. With All Their Buying And Selling, Active Investors Ensure The Market Is Reasonably Efficient. That Makes It Possible For The Rest Of Us To Do The Sensible Thing, Which Is To Index. Want To Join Me In This Parasitic Behavior? To Build A Well-diversified Portfolio, You Might Stash 70 Percent Of Your Stock Portfolio Into A Wilshire 5000-index Fund And The Remaining 30 Percent In An International-index Fund.