“When the mass of men are dispossessed - own nothing - they become wholly dependent upon the owners; and when those owners are in active competition to lower the cost of production the mass of men whom they exploit not only lack the power to order their own lives, but suffer from want and insecurity as well.” MenWantWellsWisdomSufferingOrderPoliticsEconomyCostMassCompetitionProductionsActiveLiberalismDependentInsecurityOwnersExploits Book:The Great Heresies Source: The Great Heresies
“Active management is a zero-sum game before cost, and the winners have to win at the expense of the losers.” GamesWinningCostManagementInvestingActiveWinnerExpensesZeroLoserZero Sum GameActive Management Author:Eugene Fama
“Index funds have regularly produced rates of return exceeding those of active managers by close to 2 percentage points. Active management as a whole cannot achieve gross returns exceeding the market as a while and therefore they must, on average, underperform the indexes by the amount of these expense and transaction costs disadvantages.” WholeAchieveReturnAmountCostManagementRateInvestingAverageActiveManagersFundExpensesGrossPercentagesDisadvantagesTransactionsIndex FundsActive Management Author:Burton Malkiel
“Year after year in Washington, budget debates seem to come down to an old, tired argument: on one side, those who want more government, regardless of the cost; on the other, those who want less government, regardless of the need....Government has a role, and an important role. Yet, too much government crowds out initiative and hard work, private charity and the private economy....Government should be active, but limited; engaged, but not overbearing.” WantNeedsShouldYearsImportantHardSeemsGovernmentSidesRolesEconomyToo MuchHard WorkCostArgumentTiredCharityCrowdsActiveDebateBudgetsEngagedInitiativeOverbearing Author:George W. Bush
“Once we had a rail station in Montgomery that connected to Columbus and went all the way up to Virginia, slave traders could transport thousands of slaves at a fraction of the cost than they could transport by boat, and certainly by foot. And that's how Montgomery became such an active slave-trading space.” WaySpaceFeetCostSlaveConnectedActiveBoatStationsTradingVirginiaTransportFractionsRailColumbusTradersMontgomerySlave Trade Author:Bryan Stevenson