![]() Trying to beat the stock market is theoretically a zero-sum game (for every winner, there must be a loser), but after the substantial costs of investing are deducted, it becomes a loser’s game. Owning a diversified portfolio of stocks and holding it for the long term is a winner’s game. ” – Warren Buffett, Chairman of Berkshire Hathaway, 2014 Annual Shareholder Letter. Rather than listen to their siren songs, investors – large and small – should instead read Jack Bogle’s The Little Book of Common Sense Investing. ![]() In truth, their core competence is salesmanship. Most advisors, however, are far better at generating high fees than they are at generating high returns. ![]() “There are a few investment managers, of course, who are very good – though in the short run, it’s difficult to determine whether a great record is due to luck or talent. ![]()
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