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rebalancing. The 109% applied to individual mutual funds only and would not be applicable to the return shown for a portfolio of mutual funds across different asset classes. 18. Sanjay Arya, John Coumarianos, Pat Dorsey, Russel Kinnel, Don Phillips, Tricia Rothschild, “Morningstar Indexes Yearbook,” Morningstar, Inc., vol. 2 (2005).

19. Maureen Farrell, “Four Long-Term Investing Tips From Warren Buffett,” The Wall Street Journal, February 28. 2014, http://blogs.wsj. com/moneybeat/2014/02/28/four-long-term-investing-tips-fromwarren-buffett/ 20. Warren Buffett, Berkshire Hathaway Letters to Shareholders 1965-2012, (Max Olson, 2013) 21. Carol J. Loomis, “Buffet’s Big Bet,” Fortune, June 23, 2008. 22. Charles Schwab, Charles Schwab’s Guide to Financial Independence: Simple Solutions for Busy People (New York: Three Rivers Press, 1998). 23. David Swensen, Unconventional Success: A Fundamental Approach to Personal Investment (New York: Free Press, 2005). 24. Swensen, Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment. 25. David Swensen, “The Mutual Fund Merry-go-Round,” New York Times (New York, NY), Aug. 13, 2011. 26. A Half Century of Returns on Stocks & Bonds 27. Timothy M. Hatton, The New Fiduciary Standard: The 27 Prudent Investment Practices for Financial Advisers, Trustees and Plan Sponsors, (Bloomberg, 2005) pg. 33. 28. Adam Smith, Wealth of Nations (Oxford: Oxford University Press, 1993). 29. Louis Bachelier, Louis Bachelier’s Theory of Speculation, trans. Mark Davis and Alison Etheridge, (Princeton University 2006) 30. Francis Galton, “Vox Populi,” Nature, vol. 75, March 28, 1907. 31. James Surowiecki, The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations (New York: Double Day, 2005).

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