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References 1. Quoted by Benjamin Graham in The Intelligent Investor (Collins Business, revised 2003), p. 54; which gives as source: Jean Strouse, Morgan: American Financier (Random House, 1999), pg. 11. 2. David Swensen, Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment (New York: The Free Press, 2000). 3. Ibid., pg. 3. 4. Robert Fernholz and Brian Shay, “Toward a Dynamic Theory of Portfolio Behavior and Stock Market Equilibrium,” Department of Statistics, Princeton University, Technical Report No. 163. Series 2 (1979). 5. “American Time Use Survey,” Bureau of Labor Statistics, June 18, 2014 http://www.bls.gov/news.release/atus.nr0.htm 6. Mark Hebner, The Speculation Blues, Index Funds: The 12-Step Recovery Program for Active Investors, pgs. 273-274. 7. Reference for Figure 1-1

i. Standard and Poor’s Index Versus Active Scorecard as of 6/30/2013, p. 5. ii. DALBAR 2014 Quantitative Analysis of Investor Behavior iii. Internal calculations performed by Index Fund Advisors per guidelines stated in www.ifabt.com iv. Bogle, John C. The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Market Returns. Hoboken, NJ: John Wiley & Sons, 2009, chapter 6, p. 60-68. v. Internal calculations performed by Index Fund Advisors using data from Morningstar Direct.

8. Ted Knutson, “When Investing Becomes a Gambling Disease,” Financial Advisor, March 3, 2014, http://www.fa-mag.com/news/ when-investing-becomes-a-gambling-disease-17052.html 9. James Montier, The Little Book of Behavioral Investing: How not to Be Your Own Worst Enemy (Hoboken: John Wiley & Sons, Inc., 2010). 10. Jason Zweig, Your Money and Your Brain (NY: Simon & Schuster, 2007

Index Funds: The 12-Step Recovery Program for Active Investors  

This book reveals the potential land mines and pitfalls of active investing and educates readers on the benefits of passive investing with i...

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