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“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
“Because bonds pay a fixed interest rate known as a coupon, when their price falls it means that their effective “yield”—the interest rate a buyer in practice receives for their money—begins to spike higher. That month, the yield of the US Treasury bond that came due in 2035 jumped from a low of 3.8 percent—when investors first feared a recession—to a high of 4.5 percent on the morning of April 9.”
― A Fabulous Debt: The Epic Story of How Bonds Built the Modern World
― A Fabulous Debt: The Epic Story of How Bonds Built the Modern World
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