When you look at the results on an after-fee, after-tax basis over reasonably long periods of time, there's … - David F. Swensen

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All sound heard at the greatest possible distance produces one and the same effect, a vibration of the universal lyre, just as the intervening atmosphere makes a distant ridge of earth interesting to our eyes by the azure tint it imparts to it.

David F. Swensen

When you look at the results on an after-fee, after-tax basis over reasonably long periods of time, there's almost no chance that you end up beating the index fund.

Basis, Investing, Long, Looks, Periods, Reasonably

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Active management strategies demand uninstitutional behavior from institutions, creating a paradox that few can unravel. Establishing and maintaining an unconventional investment profile requires acceptance of uncomfortably idiosyncratic portfolios, which frequently appear downright imprudent in the eyes of conventional wisdom.

Acceptance, Eye, Frequently, Independent, Uncomfortably

Unless an investor has access to 'incredibly high-qualified professionals,' they should be 100 percent passive - that includes almost all individual investors and most institutional investors.

Individual, Investing, Professionals, Should, Unless

Most active mutual funds are more interested in collecting fees than in boosting returns for investors.

Fees, Funds, Investing, Mutual Fund, Return, Returns

Never underestimate the gullibility of large pools of money.

Gullibility, Money, Pool, Underestimate

A minuscule 4 percent of funds produce market-beating after-tax results with a scant 0. 6 percent (annual) margin of gain. The 96 percent of funds that fail to meet or beat the Vanguard 500 Index Fund lose by a wealth-destroying margin of 4. 8 percent per annum.

500, Annum, Fund, Gains, Investing, Wealth