A minuscule 4 percent of funds produce market-beating after-tax results with a scant 0. 6 percent (annual) margin … - David F. Swensen

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I am looking forward to learning at the knee of Paul Ryan. He doesn't strike me as a politician. He strikes me as an economist.

David F. Swensen

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

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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.

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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.

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

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Never underestimate the gullibility of large pools of money.

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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.

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