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References

75. Swensen, Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment (New York: The Free Press, 2000). 76. Sydney P. Freedberg and Connie Humburg, “Easy Investments Beat State’s Expert Pension Planners,” St. Petersburg Times (St. Petersbug, FL), Jul. 31, 2011. 77. State Retirement Systems Data from public information, includes states that provided 11 and 24 yrs of returns for fiscal years ending 6/30, and are net of fees; Index Portfolios are net of fund fees and 0.05% Advisory Fee. See www.pension-gate.com/ states for additional disclosures. 78. Ibid. 79. State Retirement Systems Data from public information, includes states that provided 12 and 25 yrs. of returns for fiscal years ending 12/31, and are net of fees; Index Portfolios are net of fund fees and 0.05% Advisory Fee. See www.pension-gate.com/ for additional disclosures. 80. Ibid. 81. Joe Light, “Bond Funds Running Low on...Bonds,” The Wall Street Journal, May 1, 2013, http://online.wsj.com/news/articles/SB1000142 4127887324582004578456612833444212 82. S&P Indices, Research and Design, “Standard and Poor’s Indices Versus Active Funds Scorecard (SPIVA), Year-End 2011),” (2012). 83. John Bogle, Bogle Financial Markets Research Center, Remarks to the Philadelphia Chapter of the American Association of Individual Investors, November 23, 1999. 84. John Bogle, The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns (Hoboken: John Wiley & Sons, Inc., 2007). 85. Joel M. Dickson and John B. Shoven. “Taxation and Mutual Funds: An Investor Perspective,” Tax Policy and the Economy. National Bureau of Economic Research, Vol. 9: MIT Press, 1995. 86. Source: J. R. Newman (ed.) The World of Mathematics, New York: Simon and Schuster, 1956. pg. 1482.

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