Fund Quotes - Page 37

• I'd propose that each central-city child should have an entitlement from the state to attend any school in the metropolitan area outside his own district - with per pupil funds going with him.

  James S. Coleman

  Children, School, Should Have

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• Telephones are a virtual necessity - not a luxury - and the revenues collected by this tax flow into the general fund. But this once temporary tax remains and costs American taxpayers, our small businesses and families almost $6 billion dollars a year.

  Mike Fitzpatrick

  Years, Luxury, Dollars

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• I'm the treasurer of the state of Ohio, where, when the United States credit rating was downgraded for the first time in American history, and 14 government funds around the country were downgraded, we earned the highest rating we could earn on our $4 billion investment fund.

  Josh Mandel

  Country, Government, Ohio

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• That's why I wanted to be part of this AIDS Project Los Angeles party. We help raise funds for those who are having a tough time with some very basic necessities, like shelter, food, and medical care.

  Brande Roderick

  Party, Tough Times, Hiv

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• Money is not a fund of knowledge.

  John Kluge

  "John W. Kluge, 95, RIP. Entrepreneur, Benefactor to Columbia University" by Dave Lerner, www.huffingtonpost.com. September 9, 2010.

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• You should have a fund of knowledge of something and out of that you make up you mind.

  John Kluge

  Should Have, Mind, Should

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• In addition, the oil royalties the Federal Government does not collect from big oil will starve the Land and Water Conservation Fund of critical financial resources.

  Ron Kind

  Government, Land, Oil

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• The philosophy to 'buy and hold' is a philosophy that I use to manage funds.

  Michael Lee-Chin

  Philosophy, Use, Manage

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• I'm making a case against how money managers are handling customers' money. The objective of the customer is not being met if the fund managers are diversifying their assets into hundreds of businesses. If they do this, they are typically performing close to the indexes. But that's not the way wealth is created.

  Michael Lee-Chin

  Way, Being Me, Wealth

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• On behalf of my native Japan, I am grateful to the culinary community and hospitality industry for working together to raise much-needed funds to aid the tsunami and earthquake victims.

  Masaharu Morimoto

  Grateful, Japan, Earthquakes

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• The deeper one delves, the worse things look for actively managed funds.

  William J. Bernstein

  Looks, Investing, Deeper

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• Hint: money flows into most funds after good performance, and goes out when bad performance follows.

  John C. Bogle

  Hints, Investing, Flow

  John C. Bogle (2012). “The John C. Bogle Reader”, p.1137, John Wiley & Sons

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• Surprise! The returns reported by mutual funds aren't actually earned by mutual fund investors.

  John C. Bogle

  Investing, Return, Surprise

  John C. Bogle (2010). “The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns”, p.48, John Wiley & Sons

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• The best way in my view is to just buy a low-cost index fund and keep buying it regularly over time, because you'll be buying into a wonderful industry, which in effect is all of American industry... People ought to sit back and relax and keep accumulating over time.

  Warren Buffett

  Views, People, Relax

  "CNBC Exclusive: Liz Claman Interviews Warren Buffett, Berkshire Hathaway Chairman & CEO, Live at the Company's Annual Shareholder's Meeting in Omaha, Nebraska on "Squawk on the Street"". "Squawk On The Street" with Liz Claman, www.cnbc.com. May 7, 2007.

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• I can't figure out why anyone invests in active management, so asking me about hedge funds is just an extreme version of the same question. Since I think everything is appropriately priced, my advice would be to avoid high fees. So you can forget about hedge funds.

  Eugene Fama

  Thinking, Advice, Would Be

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• 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

  Wall, Army, Dollars

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• The S&P is up 343.8 percent for 10 years. That is a four-bagger. The general equity funds are up 283 percent. So it's getting worse, the deterioration by professionals is getting worse. The public would be better off in an index fund.

  Peter Lynch

  Years, Would Be, Deterioration

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• Index funds have regularly produced rates of return exceeding those of active managers by close to 2 percentage points. Active management as a whole cannot achieve gross returns exceeding the market as a while and therefore they must, on average, underperform the indexes by the amount of these expense and transaction costs disadvantages.

  Burton Malkiel

  Average, Cost, Investing

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• 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

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• Still, I figure we shouldn't' discourage fans of actively managed funds. With all their buying and selling, active investors ensure the market is reasonably efficient. That makes it possible for the rest of us to do the sensible thing, which is to index. Want to join me in this parasitic behavior? To build a well-diversified portfolio, you might stash 70 percent of your stock portfolio into a Wilshire 5000-index fund and the remaining 30 percent in an international-index fund.

  Paul Samuelson

  Fans, Investing, Want

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• Most of the mutual fund investments I have are index funds, approximately 75%.

  Charles R. Schwab

  Investing, Mutual Fund, Investment

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• ... Any pension fund manager who doesn't have the vast majority-and I mean 70% or 80% of his or her portfolio-in passive investments is guilty of malfeasance, nonfeasance or some other kind of bad feasance!

  Merton Miller

  Mean, Majority, Investing

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• Second, they [those who disagree with market efficiency] always claim they know a man, a bank, or a fund that does do better. Alas, anecdotes are not science. And once Wharton School dissertations seek to quantify the performers, these have a tendency to evaporate into the air - or, at least, into statistically insignificant t-statistics.

  Paul Samuelson

  School, Men, Air

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• Mutual fund manager performance does not persist and the return of stock picking is zero.

  William J. Bernstein

  Zero, Return, Doe

  William J. Bernstein (2002). “The Four Pillars of Investing”, McGraw Hill Professional

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• It's bad enough that you have to take market risk. Only a fool takes on the additional risk of doing yet more damage by failing to diversify properly with his or her nest egg. Avoid the problem-buy a well-run index fund and own the whole market.

  William J. Bernstein

  Running, Eggs, Risk

  William J. Bernstein (2002). “The Four Pillars of Investing”, McGraw Hill Professional

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