Authors:
  • Yes, the investor is often his own worst enemy. Yes, the marketing colossus known as the mutual fund industry provides the weaponry which enables investors to indulge their suicidal instincts. No, the fund industry was hardly an innocent bystander in the market boom and the subsequent carnage. "We have met the enemy and he is us"... all of us.

    "The Stock Market Universe: Stars, Comets, and the Sun". Speech to Financial Analysts of Philadelphia, www.vanguard.com. February 15, 2001.