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“Sven's actual results on the park were not quite good enough to make him a hero, and not quite bad enough to get him the sack, so he left the gentlemen of the press with something of a void. And they abhor a void. Soon the discovery that Sven was in fact a hammer-man of legendary proportions filled the void, until the media came to realise that Sven was that rare thing, a man whose astonishing success with women somehow didn't make him more interesting.”

“Publishers, theatrical managers, and critics ask not for the quality inherent in creative art, but will it meet with a good sale, will it suit the palate of the people? Alas, this palate is like a dumping ground; it relishes anything that needs no mental mastication. As a result, the mediocre, the ordinary, the commonplace represents the chief literary output.”

“People would be a lot more skeptical if they understood that there is an incredible amount of chance in the results that you observe for active managers. So the distribution of outcomes is enormously wide - but that's exactly what you'd expect by chance with lots of active managers who hold imperfectly diversified portfolios. The really good portfolios contain a lot of really lucky picks, and the really bad portfolios contain a lot of really unlucky picks as well as some really bad ones.”

“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.”

“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.”

“As a result of overdiversification, their (active managers) returns get watered down. Diversification covers up ignorance. Active managers haven't done enough research into any of their companies. If managers have 200 positions, do you think they know what's going on at any one of those companies at this moment?”

“What is the manager's job? It is to direct the resources and the efforts of the business toward opportunities for economically significant results. This sounds trite - and it is. But every analysis of actual allocation of resources and efforts in business that I have ever seen or made showed clearly that the bulk of time, work, attention, and money first goes to problems rather than to opportunities, and, secondly, to areas where even extraordinarily successful performance will have minimal impact on results.”