• 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.

    "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, February, 2008.
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