"… 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. There are a few investment managers, of course, who are very good – though in the short run, it’s difficult to determine whether a great record is due to luck or talent. Most advisors, however, are far better at generating high fees than they are at generating high returns. In truth, their core competence is salesmanship. Rather than listen to their siren songs, investors – large and small – should instead read Jack Bogle’s The Little Book of Common Sense Investing."
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Warren Buffett,
https://en.wikiquote.org/wiki/John_Bogle
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John Bogle
John Clifton "Jack" Bogle (May 8, 1929 – January 16, 2019) was an American investor and business magnate. He was the founder and chief executive of The Vanguard Group and is credited with inventing the index fund.
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