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Intelligence is in constant process of forming, and its retention requires constant alertness in observing consequences, an open-minded will to learn, and courage in readjustment.

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John C. Bogle

Managed funds are astonishingly tax-inefficient.

Astonishingly, Fund, Funds, Investing, Managed, Taxes
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It's 1450 out of 1500 ETF funds that I just wouldn't touch because they're not diversified enough. Or they have some huge speculative twist to them that if you can guess the markets right you will do very well for a day or two but who can do that? Nobody.

1450, Day, Guess, Investing, Twists, Two

On balance, the financial system subracts value from society

Balance, Financial, Financial System, Subracts, System, Value

The business has some problems, substantial problems. You go fix it, you young people. That's what you're there for. Don't believe what the old generation tells you. We don't know a damn thing, including Bogle.

Believe, Fix, People, Problem, Substantial

While the apostles of the new so-called "behavioral" theory present ample evidence of how often human beings make irrational financial decisions, it remains to be seen whether these decisions lead to predictable errors that create systematic mispricings upon which rational investors can readily and economically capitalize.

Create, Decision, Errors, Investing, Investors, Present

So the misplaced assumption is that we have this whole new institutional element where these [financial] institutions are looking after their own financial interests before the financial interests of the principals, princi-pals whose interests they are really bound to observe first.

Elements, Financial, Firsts, Institutions, Looking, Pals
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