Unless an investor has access to 'incredibly high-qualified professionals,' they should be 100 percent passive - that includes … - David F. Swensen

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I don't like to sit and bask in my own awards. Awards represent artistic death to me.

David F. Swensen

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

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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

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

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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