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FT Guide to Exchange Traded Funds and Index Funds, 2nd Edition by David Stevenson

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10

Putting it all together

I can calculate the motions of the heavenly bodies but not the movements of the stock market.

Isaac Newton in the 1600s after he had been wiped out in a stock market crash

Usually, you know a hot sector after the fact, not before.

Marshall Blume, Finance Professor at the University of Pennsylvania’s Wharton School

Portfolios, like stock markets, are very strange creatures indeed.

I constantly fret over the health of mine – it is my other child, that constantly causes me limitless grief and anxiety, interspersed with the odd moment of euphoria. What makes my behaviour towards my portfolio even more inexcusable is that I also constantly break all the rules advanced by behavioural investment gurus like James Montier ...

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