William Sharpe
Presented at the Spring President's Forum, Monterey Institute of International Studies, May 1, 2002
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After costs and taxes, an indexed investor in a market can beat the average active investor.
Hal Varian
New York Times, 3rd May 2007
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An investor who bought a value-weighted portfolio of stocks in the New York Stock Exchange and American Stock Exchange in 1926 and held them until 2002 would have earned an average annual return of about 10 percent.
By contrast, an individual who bought in 1926 but moved his dollars in and out of the market in the same pattern as the average dollar invested in the market would have earned a return of only 8.6 percent a year.
Geoff Colvin
Wall Street Week, Fortune, June 20th 2003
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I'm the guy who said that a blindfolded chimpanzee throwing darts at the stock pages could select stocks as well as the experts.
