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Step 4: Time Pickers “If I have noticed anything over these 60 years on Wall Street, it is that people do not succeed in forecasting what’s going to happen to the stock market.” – Benjamin Graham, Interview with Hartman L. Butler, “An Hour with Mr. Graham,” 1976

“Statistical research has shown that, to a close approximation, stock prices seem to follow a random walk with no discernible predictable patterns that investors can exploit. Such findings are now taken to be evidence of market efficiency… Only new information will move stock prices…” – Zvi Bodie, Investments, 2004

“Market timing is a wicked idea. Don’t try it—ever.” – Charles D. Ellis, Ph.D., Winning the Loser’s Game, 2002

“There are two kinds of investors, be they large or small: those who don’t know where the market is headed, and those who don’t know that they don’t know. Then again, there is a third type of investor… whose livelihood depends upon appearing to know.” – William Bernstein, Ph.D., M.D., The Intelligent Asset Allocator, 2000

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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