There’s a great desire of the priesthood in finance to want to teach the things that they know and you don’t know and that they spent a long time learning and that maybe requires a fair amount of mathematics. And it really has nothing to do with investment success.


Most analysts feel they must choose between two approaches customarily thought to be in opposition: “value” and “growth.”… In our opinion, the two approaches are joined at the hip : growth is always a component in the calculation of value.

Hedge funds

A number of smart people are involved in running hedge funds. But to a great extent their efforts are self-neutralizing, and their IQ will not overcome the costs they impose on investors. Investors, on average and over time, will do better with a low-cost index fund than with a group of funds.

Swing you bum!

The stock market is a non-called strike game. You don’t have to swing at everything – you can wait for your pitch. The problem when you’re a money manager is that your fans keep yelling, “Swing you bum!”