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A blindfolded monkey throwing darts at a newspaper's financial pages could select a portfolio that would do just as well as one carefully selected by experts.
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The stock market is not a casino, but if you move in and out of stocks every time they move a point or two, the market will be a casino.
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The only investors who should not diversify are those who are right 100% of the time.
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The evidence is overwhelming that active managers as a group cannot beat the market after fees.
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Most investors would be better off in an index fund. Rarely does one find a manager who is consistently superior.