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— John C. Bogle"The general systems of money management today require people to pretend to do something they can't do and like something they don't. It's a funny business because on a net basis, the whole investment management business together gives no value added to all buyers combined. That's the way it has to work. Mutual funds charge two percent per year and then brokers switch people between funds, costing another three to four percentage points. The poor guy in the general public is getting a terrible product from the professionals."
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If we suppose a sufficient righteousness and intelligence in men to produce presently, from the tremendous lessons of history, an effective will for a world peace - that is to say, an effective will for a world law under a world government - for in no other fashion is a secure world peace conceivable - in what manner may we expect things to move towards this end? . . . It is an educational task, and its very essence is to bring to the minds of all men everywhere, as a necessary basis for world cooperation, a new telling and interpretation, a common interpretation, of history.
— H. G. Wells
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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.
— David F. Swensen
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