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Step 3: Stock Pickers “Active management is little more than a gigantic con game.” – Ron Ross, Ph.D. , The Unbeatable Market, 2002

“By day we write about ‘Six Funds to Buy NOW!’… By night we invest in sensible index funds. Unfortunately, pro-index fund stories don’t sell magazines.” – Anonymous, Fortune Magazine, 1999

“If there are 10,000 people looking at the stocks and trying to pick winners, well, one in 10,000 is going to score, by chance alone, a great coup, and that’s all that’s going on. It’s a game, it’s a chance operation, and people think they are doing something purposeful… but they’re really not.” – Merton Miller, Ph.D., Nobel Laureate in Economics, 1990, PBS Nova Special, “The Trillion Dollar Bet,” 2000

“Very little evidence [was found] that any individual [mutual] fund was able to do significantly better than that which we expected from mere random chance.” – Michael Jensen, Ph.D., “The Performance of Mutual Funds in the Period 1945-1964,” Journal of Finance, 1968

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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