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— William J. Bernstein"Mutual fund manager performance does not persist and the return of stock picking is zero."
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... Any pension fund manager who doesn't have the vast majority-and I mean 70% or 80% of his or her portfolio-in passive investments is guilty of malfeasance, nonfeasance or some other kind of bad feasance!
— Merton Miller
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Index funds eliminate the risks of individual stocks, market sectors, and manager selection. Only stock market risk remains.
— John C. Bogle
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