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Quote by Daniel Kahneman

“I don't try to be clever at all. The idea that I could see what no one else can is an illusion.”

Quote by Daniel Kahneman

Author

Daniel Kahneman

Daniel Kahneman is a renowned psychologist known for his work in behavioral economics and decision theory. Born on March 5, 1934, he is of Israeli descent and has worked and studied in Israel, the United States, and Canada. Kahneman's research has had a profound impact on modern economics, psychology, and business decision-making. more

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“I have become increasingly convinced that the past records of mutual fund managers are essentially worthless in predicting future success. The few examples of consistently superior performance occur no more frequently than can be expected by chance.”

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“Experience conclusively shows that index-fund buyers are likely to obtain results exceeding those of the typical fund manager, whose large advisory fees and substantial portfolio turnover tend to reduce investment yields. Many people will find the guarantee of playing the stock-market game at par every round a very attractive one. The index fund is a sensible, serviceable method for obtaining the market's rate of return with absolutely no effort and minimal expense.”

“We conclude that hedge funds are far riskier and provide much lower returns than commonly supposed.”

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“It's like giving up a belief in Santa Claus.”

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“... skepticism about past returns is crucial. The truth is, much as you may wish you could know which funds will be hot, you can't - and neither can the legions of advisers and publications that claim they can. That's why building a portfolio around index funds isn't really settling for average. It's just refusing to believe in magic.”

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Book:Fooled by Randomness: The Hidden Role of Chance in Life and in the Markets

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