“We investors as a group get precisely what we don’t pay for. So if we pay nothing, we get everything.”
It’s always risky to prescribe the best of anything. “Bestness” can’t be proved objectively unless everybody has agreed in advance to the terms—and that would take much of the fun out of it. However, after nearly half a century of studying the investment business, and being in it for much of that time, I think I’ve earned the right to have some opinions about what’s best for investors. This chapter is a sampler of those opinions.
Perhaps the most important article I’ve ever written is called “The Ultimate Buy-and-Hold Strategy,” first published in the 1990s and updated online every year since then. As I mentioned in that ...