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“In boxing, where most of the guys are from lower-class backgrounds and have darker skin than most of the fans, one might fear that the athletes are being exploited. But that narrative doesn't hold up very well in the world of MMA, where 99 percent of fighters are amateurs who will never earn a dime. They aren't seeking fame and fortune. For the most part, these guys are fighting because they want to and because it gives them an opportunity to strive for something big in their lives. It gives them a chance to become their best selves.”

“Still, I figure we shouldn't' discourage fans of actively managed funds. With all their buying and selling, active investors ensure the market is reasonably efficient. That makes it possible for the rest of us to do the sensible thing, which is to index. Want to join me in this parasitic behavior? To build a well-diversified portfolio, you might stash 70 percent of your stock portfolio into a Wilshire 5000-index fund and the remaining 30 percent in an international-index fund.”