You could own a hundred funds and be concentrated in one risk factor or you could own five funds and have a healthy balance of risks
Claiming that Apple’s iOS keeps Google honest is the same as if Toyota, after putting all car companies out of business, professed that Boeing keeps the market competitive.
We reach the maximum possible conclusion based on the barest minimum of evidence
Excess return peaks at about 10 months
If you had invested from 1960-1980 and beaten the market by 5% each year, you would have made less money than if you had invested from 1980-2000 and underperformed the market by 5% a year
Inaction and inertia open the gates to the destructive forces of entropy.
People spend all their time worrying about the low probability risks
It’s harder to do the things your parents once did
BlackRock’s 0.22% wasn’t particularly competitive.
Some people are Winnie the Pooh, some are Tigger, some are Eiore.
Future data can, and will, show other factors to be more powerful or explanatory.
We’re doing some work on Enron. You tell me if you could figure out how it makes money.
Protection of individual freedoms is an effective indicator of economic growth and stability.
This is a non-linear world.
The perfect storm of perfect storms
Before there is a chicken or an egg, there is Tyson.