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Foreword “It will fluctuate.” 1 – J.P. Morgan’s reply when asked what the stock market will do. In this volume Mark Hebner meticulously refutes the idea that individual investors can beat the market by stock selection or market timing. Some readers may react with the thought that “perhaps most investors cannot beat the market, but some can. I merely have to emulate those with superior performance.” Examples of investors with sustained superior performance include the legendary Warren Buffett and David Swensen, Yale University’s Chief Investment Officer, whose performance over decades has been widely admired and imitated by endowment and retirement plan managers, but with rare success. If you examine the words and practices of these distinguished investors, you will find their above-market performance is not due to a set of rules which can be followed by individual investors. Rather, it is due to resources and opportunities which individual investors and most institutional investors do not have. Mr. Swensen tells how he does it in his book, “Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment.” As noted in the title, Swensen’s book

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