 "John Bogle, founder of Vanguard Group")
Retail investors should pay homage to John Bogle (1929-2019) who passed away last week. About 45 years ago, Bogle introduced and popularised index funds and thereby revolutionised investing.
Bogle’s insights seem simple enough in hindsight. He built on the Efficient Market Hypothesis. The EMH states it is hard to outperform consistently, in a market where information dissemination is efficient, and a large number of participants have equal access to info and trading platforms.
Most stock pickers in efficient markets fail to match index returns consistently. Very few money managers beat indices consistently even three years in a row, and just a handful
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