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Robin Wigglesworth’s Followers (27)
Robin Wigglesworth
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Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever
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A Fabulous Debt: The Epic Story of How Bonds Built the Modern World
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* Note: these are all the books on Goodreads for this author. To add more, click here.
“The best long-term results come from buying a big, well-diversified portfolio of financial securities, and trading as little as possible.”
― Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever
― Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever
“Although the framing was deliberately provocative, it is undeniably true that index funds are free riders on the work done by active managers, which has an aggregate societal value—something even Jack Bogle admitted. If everyone merely invested passively, the outcome would be “chaos, catastrophe,” Bogle noted a few years before passing away. “There would be no trading. There would be no way to turn a stream of income into a pile of capital or a pile of capital into a stream of income,” Vanguard’s founder observed in 2017.20 Bogle rightly pointed out that the likelihood of such a scenario—where everyone was merely invested in an index fund—was zero.”
― Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever
― Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever
“FERNANDO IS NO APOLOGIST FOR the investment industry, arguing that despite huge strides over the past two decades there are still many mediocre money managers who spend too much time and money chasing the latest hot idea. As a result, retail investors often “get taken for a ride,” she concedes. But she worries that the now-indiscriminate shift into passive investment strategies is eroding the central role that financial markets play in the economy, with money blindly shoveled into stocks according to their size, rather than their prospects. “The stock market is supposed to be a capital allocation machine. But by investing passively you are just putting money into the past winners, rather than the future winners,” she argues. In other words, beyond the impact on markets or other investors, is the growth of index investing having a deleterious impact on economic dynamism?”
― Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever
― Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever
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