"We believe that according the name 'investors' to institutions that trade actively is like calling someone who repeatably engages in one night stands a 'romantic." - Warren Buffet


"It is difficult to get a man to understand something when his salary depends upon his not understanding it." - Upton Sinclair, (1935)


  So investors shouldn't delude themselves about beating the market? "They're just not going to do it. It's just not going to happen."
- Investors Can't Beat the Market, Jan 2, 2002 - Daniel Kahneman, Nobel Laureate in Economics, 2002;



"Wall Street's favorite scam is pretending luck is skill." - Ron Ross, Ph. D. Economist - The Unbeatable Market, 2002


"Ninety-seven percent of performance variation is due to asset class structure -- Study by of 31 institutional pension funds during a range of six- to 12-year periods." - Eugene F. Fama Jr. 1997


"If you knew what was going to happen in the economy, you still wouldn't necessarily know what was going to happen in the stock market."  - Warren Buffet, Fortune Magazine, April 14th 2008


"Our favorite holding period is forever." - Warren Buffet,  1988 Annual Report of Berkshire Hathaway


"Inactivity strikes us as intelligent behavior." - Warren Buffet,  1996 Annual Report of Berkshire Hathaway


Nobody knows which company will prove a good long-term investment. Even Buffett's genius lies more in running businesses than in picking stocks. But in the investing world, that is ignored. Wall Street, with its army of brokers, analysts, and advisers funneling trillions of dollars into mutual funds, hedge funds and private equity funds, is an elaborate fraud." - Michael Lewis, "The Evolution of an Investor", Conde Naste Portfolio, December 2007


 "the deeper one delves, the worse things look for actively managed funds." - William Bernstein, The Intelligent Asset Allocator





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