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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 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 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, 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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