In the long run, the investor is far better served by the compounding of low-cost returns than by chasing high returns with high costs.

compoundingcostsThe Index Revolution, 2016

The hardest part of investing is not finding the best stocks. It is managing your own behavior.

behavioral-financedisciplineVarious speeches and writings, 2005

The investment management business is built on a simple and false premise: that talented professionals can systematically beat the market.

active-managementindex-investingWinning the Loser's Game, 1985

The average investor would be significantly better off if they indexed everything and stopped reading the financial press.

behavioral-financeindex-investingVarious interviews, 2010

Amateur investors can beat market professionals simply by not trying to.

amateur-investingmarket-efficiencyThe Loser's Game, Financial Analysts Journal, 1975