Managed funds are astonishingly tax-inefficient.

I think we all ought to be careful about too much generalization on this issue, even as I confess to painting with a pretty broad brush myself!

"Now you can trade the S&P 500 Index in real time" was the slogan in the newspapers for the first ETF. What kind of nut would do that?

If the data do not prove that indexing wins, well, the data are wrong.

The historical data support one conclusion with unusual force: To invest with success, you must be a long-term investor.

Fund investors are confident that they can easily select superior fund managers. They are wrong.

It's amazing how difficult it is for a man to understand something if he's paid a small fortune not to understand it.