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32. Paul Samuelson, “Proof That Properly Anticipated Prices Fluctuate Randomly,” Industrial Management Review 6 (1965): 41. 33. Eugene F. Fama, “The Behavior of Stock Market Prices,” The Journal of Business, vol. 38, no. 1. (1965): 34-105. 34. Eugene F. Fama, “Efficient Capital Markets: A Review of Theory and Empirical Work,” The Journal of Finance, vol. 25, no. 2 (1970). 35. Eugene F. Fama and Kenneth R. French, “The Cross-Section of Expected Stock Returns,” The Journal of Finance, vol. 47, no. 2 (1992). 36. Roger Ibbotson, Rex Sinquefield, “Stocks, Bonds, Bills, and Inflation, Vol. 49, No.3, (July 1976), pp.313-338. 37. Rex Sinquefield, “Active Vs. Passive Management,” (speech, San Francisco, CA, October 12, 1995), unalmed, 38. Burton Malkiel, A Random Walk Down Wall Street (New York: W. W. Norton & Company, Inc., 1973). 39. John C. Bogle, Founder and Senior Chairman, The Vanguard Group, Keynote Speech, The Fourth Annual Superbowl of Indexing, Dec. 5, 1999. 40. Friedrich von Hayek, The Road to Serfdom (Chicago: University of Chicago Press, 1994). 41. Vanguard 500 Index Inv., July 2004 to July 2014, via Morningstar, accessed July 11, 2014, f?t=VFINX 42. Eugene Fama, Kenneth French, “The Cross-Section of Expected Stock Returns,” The Journal of Finance, Vol 47, No. 2, June 1992. 43. Harry Markowitz, “Portfolio Selection,” The Journal of Finance, vol. 7, no. 1 (1952). 44. William Sharpe, “A Simplified Model for Portfolio Analysis,” Management Science, vol. 9, no. 2 (1963). 45. William Sharpe, “Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk,” The Journal of Finance, vol. 19, no. 3 (1964). 46. Ibid

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