“A minuscule 4 percent of funds produce market-beating after-tax results with a scant 0.6 percent (annual) margin of gain. The 96 percent of funds that fail to meet or beat the Vanguard 500 Index Fund lose by a wealth-destroying margin of 4.8 percent per annum.” LosesWealthResultsFailingProduceTaxesBeatsPercentGainsInvestingFundDestroyingMarginsAnnualsVanguardIndex Funds Author:David F. Swensen
“Millions of mutual-fund investors sleep well at night, serene in the belief that superior outcomes result from pooling funds with like-minded investors and engaging high-quality investment managers to provide professional insight. The conventional wisdom ends up hopelessly unwise, as evidence shows an overwhelming rate of failure by mutual funds to deliver on promises.” WellsEndsShowsNightBeliefSleepResultsQualityMillionsPromiseEvidenceInvestmentRateInvestingInsightSuperiorsManagersOutcomesFundMutualOverwhelmingInvestorsConventionalEngagingSereneHigh QualityConventional WisdomUnwiseMutual FundSleep Well Author:David F. Swensen
“When you look at the results on an after-fee, after-tax basis over reasonably long periods of time, there's almost no chance that you end up beating the index fund.” LooksLongEndsChanceResultsPeriodsTaxesBasesInvestingFundFeesLong Periods Of TimeIndex Funds Author:David F. Swensen
