Investors Quotes - Page 13

• But whatever the consensus on the EMH, I know of no serious academic, professional money manager, trained security analyst, or intelligent individual investor who would disagree with the thrust of EMH: The stock market itself is a demanding taskmaster. It sets a high hurdle that few investors can leap.

  John C. Bogle

  Intelligent, Investing, Serious

  10 Copy quote

• While the apostles of the new so-called "behavioral" theory present ample evidence of how often human beings make irrational financial decisions, it remains to be seen whether these decisions lead to predictable errors that create systematic mispricings upon which rational investors can readily and economically capitalize.

  John C. Bogle

  Errors, Decision, Investing

  7 Copy quote

• The efficient market theory is one of the better models in the sense that it can be taken as true for every purpose I can think of. For investment purposes, there are very few investors that shouldn't behave as if markets are totally efficient.

  Eugene Fama

  Taken, Thinking, Purpose

  "A Father of Modern Finance" by Rebecca Rolfes, www.chicagobooth.edu. 2013.

  28 Copy quote

  Show source

• Because investors are not usually penalized for adhering to conventional practices, doing so is the less professionally risky strategy, even though it virtually guarantees against superior performance.

  Seth Klarman

  Practice, Guarantees, Strategy

  4 Copy quote

• The commission of the investment sins listed above is not limited to 'the little guy.' Huge institutional investors, viewed as a group, have long underperformed the unsophisticated index-fund investor who simply sits tight for decades. A major reason has been fees: Many institutions pay substantial sums to consultants who, in turn, recommend high-fee managers. And that is a fool's game.

  Warren Buffett

  Games, Long, Guy

  "Here are the 6 things Warren Buffett considers when making an investment" by Jeremy Schwartz, www.businessinsider.com. March 14, 2015.

  8 Copy quote

  Show source

• Nothing highlights better the continuing gap between rhetoric and substance in British financial services than the failure of providers here to emulate Jack Bogle's index fund success in the United States. Every professional in the City knows that index funds should be core building blocks in any long-term investor's portfolio. Since 1976, the Vanguard index funds has produced a compound annual return of 12 percent, better than three-quarters of its peer group.

  Jonathan Davis

  Block, Cities, Long

  4 Copy quote

• I know of no long-time practitioner who regrets adhering to a value philosophy; few investors who embrace the fundamental principles ever abandon this investment approach for another

  Seth Klarman

  Regret, Philosophy, Long

  9 Copy quote

• While it is probably a poor idea to own actively managed funds in general, it is truly a terrible idea to own them in taxable accounts... taxes are a drag on performance of up to 4 percentage points each year... many index funds allow your capital gains to grow largely undisturbed until you sell... For the taxable investor, indexing means never having to say you're sorry.

  William J. Bernstein

  Sorry, Mean, Years

  5 Copy quote

• Targeting investment returns leads investors to focus on potential upside rather on downside risk ... rather than targeting a desired rate of return, even an eminently reasonable one, investors should target risk.

  Seth Klarman

  Focus, Risk, Target

  8 Copy quote

• Index funds are... tax friendly, allowing investors to defer the realization of capital gains or avoid them completely if the shares are later bequeathed. To the extent that the long-run uptrend in stock prices continues, switching from security to security involves realizing capital gains that are subject to tax. Taxes are a crucially important financial consideration because the earlier realization of capital gains will substantially reduce net returns.

  Burton Malkiel

  Running, Long, Friendly

  7 Copy quote

• Steve McClellan has drawn on an insider's lifetime view of how Wall Street really works to produce a practical and entertaining book of advice for investors. Whether you are a new or experienced investor you'll get something valuable out of it, including more than a few chuckles.

  Charles O. Rossotti

  Wall, Book, Views

  4 Copy quote

• Unless an investor has access to “incredibly high-qualified professionals,” they “should be 100 percent passive - that includes almost all individual investors and most institutional investors.

  David F. Swensen

  Investing, Individual, Should

  "Yale Gets Educated In Retirement Plans" by Dan Solin, www.huffingtonpost.com. August 23, 2016.

  20 Copy quote

  Show source

• If you are predisposed to be patient, disciplined and psychologically appreciate the idea of buying bargains, then you're likely to be good at it. If you have a need for action, if you want to be involved in the new and exciting technological breakthroughs of our time, that's great, but you're not a value investor, and you shouldn't be one.

  Seth Klarman

  Ideas, Appreciate, Needs

  7 Copy quote

• Change is the investor's only certainty.

  Thomas Rowe Price, Jr.

  Certainty

  9 Copy quote

• The tax-exempt privilege is a feature always reflected in the market price of [municipal] bonds. The investor pays for it.

  Louis D. Brandeis

  Pay, Privilege, Taxes

  6 Copy quote

• What the carburetor, sparkplug and self-starter are to an automobile, initiative, private enterprise and executive ability are to industry as a whole, including the wage earner, wage payer, wage spender and wage saver, i.e., the investor. If the sparkplug and self-starter get out of commission, the car will come to a standstill.

  William J. H. Boetcker

  Self, Car, Initiative

  4 Copy quote

• We are increasing our efforts to attract the right kind of foreign investors through our various agencies.

  Hassanal Bolkiah

  Agency, Effort, Kind

  4 Copy quote

• There is not necessarily a good reason why a regulator should have to be involved in product design and marketing for rich and sophisticated investors. We recommend that such investors should be able to sign a piece of paper, which allows them to go ahead and buy unregulated products at their own risk.

  John Redwood

  Should Have, Design, Risk

  4 Copy quote

• The active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group - the "know-nothings" - must win.

  Warren Buffett

  Mean, Winning, Groups

  "Berkshire’s Corporate Performance vs. the S&P 500". "2007 Chairman’s letter" by Warren Buffett, Fanciful Figures – How Public Companies Juice Earnings, p.18, www.berkshirehathaway.com. February, 2008.

  7 Copy quote

  Show source

• Investors, of course, can, by their own behavior make stock ownership highly risky. And many do. Active trading, attempts to "time" market movements, inadequate diversification, the payment of high and unnecessary fees to managers and advisors, and the use of borrowed money can destroy the decent returns that a life-long owner of equities would otherwise enjoy. Indeed, borrowed money has no place in the investor's tool kit.

  Warren Buffett

  Long, Tools, Use

  15 Copy quote

• Any new producer starting up is to get investors' confidence. Investors are still very very wary of anything to do with the arts world.

  Ann Macbeth

  Confidence, Art, World

  4 Copy quote

• Even fans of actively managed funds often concede that most other investors would be better off in index funds. But buoyed by abundant self-confidence, these folks aren't about to give up on actively managed funds themselves. A tad delusional? I think so. Picking the best-performing funds is 'like trying to predict the dice before you roll them down the craps table,' says an investment adviser in Boca Raton, FL. 'I can't do it. The public can't do it.'

  Paul Samuelson

  Giving Up, Self Confidence, Thinking

  8 Copy quote

• The grim irony of investing, then, is that we investors as a group not only don't get what we pay for, we get precisely what we don't pay for. So if we pay for nothing, we get everything.

  John C. Bogle

  Groups, Investing, Pay

  John C. Bogle (2010). “The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns”, p.41, John Wiley & Sons

  15 Copy quote

  Show source

• Suppose it was demonstrated that one out of twenty alcoholics could learn to become a moderate social drinker. The experienced clinician would answer, 'Even if true, act as if it were false, for you will never identify that one in twenty, and in the attempt five in twenty will be ruined.' Investors should forsake the search for such tiny needles in huge haystacks.

  Paul Samuelson

  Tiny, Twenties, Investing

  17 Copy quote

• Invest in low-turnover, passively managed index funds... and stay away from profit-driven investment management organizations... The mutual fund industry is a colossal failure... resulting from its systematic exploitation of individual investors... as funds extract enormous sums from investors in exchange for providing a shocking disservice... Excessive management fees take their toll, and manager profits dominate fiduciary responsibility.

  David F. Swensen

  Responsibility, Organization, Systematic

  12 Copy quote