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Frosty the snowman was a jolly happy soul. With a corncob pipe and a button nose and two eyes made out of coal. Frosty the snowman is a fairy tale they say. He was made of snow but the children know how he came to life one day.

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John C. Bogle

The idea that a bell rings to signal when investors should get into or out of the stock market is simply not credible. After nearly fifty years in this business, I do not know of anybody who has done it successfully and consistently. I don't even know anybody who knows anybody who has done it successfully and consistently. Yet market timing appears to be increasingly embraced by mutual fund investors and the professional managers of fund portfolios alike.

Bell, Idea, Ideas, Portfolios, Professional, Years
Same Author Quotes

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

Managed funds are astonishingly tax-inefficient.

Astonishingly, Fund, Funds, Investing, Managed, Taxes

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
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