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efficiency of, 64-65, 68-70, 81, 84, 111-13 historical returns, 42, 81, 171, 229, 258-59 randomness of, 110-11 stock selection admired vs. spurned companies, 91–95 individual stocks, 89–90 market efficiency and, 81, 84 Markowitz on, xi-xv by mutual fund managers, xi-xv, 85-87 overconfidence and, 84-85 overview, 80, 97 price randomness and, 80-84 risk, 171-74 Stossel, John, 81 Student’s t-test, 86-87, 130 style drift definition, 136 fund objectives and, 137-38 historical returns, 138-41 risk exposure and, 137 style purity vs., 136, 144-145 tactical asset allocation, 146-47 of top mutual funds, 138, 142-45 Surowiecki, James, 64 surveys for risk capacity, 205, 207-15 Survivorship Bias, 122, 157 Swensen, David, xi-xiii, 51-52, 117, 125 systematic risk, 171-74, 231 T tactical asset allocation, 146, 238 Tafereel, 38-42 taxes, 154-55, 157, 161, 269 tax loss harvesting, 46, 269 technology indexes, 228

Index

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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