“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.” PastChanceRecordsExamplePerformancesInvestingConvincedExpectedSuperiorsManagersFundMutualConsistentlyWorthlessPredictingFuture SuccessMutual FundSuperior Performance Author:Burton Malkiel
“An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.” EnoughRecordsLowsBottomCommittedAvailableManagersFallenFundEquityPensionFootnotes Author:Warren Buffett