Appendix I What Experts Say
American Association of Individual Investors: “It should come as no surprise that behavioral finance research makes a strong case for buying and holding low-cost, broadly-diversified index funds.”
Mark Balasa, CPA, CFP: “That three-pronged approach is going to beat the vast majority of the individual stock and bond portfolio—that most people have at brokerage firms. There is a certain elegance in the simplicity of it.”
Christine Benz, Morningstar Director of Personal Finance: “It’s hard to find fault with the ‘three-fund portfolio’ espoused by many Bogleheads.”
Bill Bernstein, author of The Four Pillars of Investing: “Does this [Three-Fund] portfolio seem overly simplistic, even amateurish? Get over it. Over the next few decades, the overwhelming majority of all professional investors will not be able to beat it.”
Jack Bogle: “The beauty of owning the market is that you eliminate individual stock risk, you eliminate market sector risk, and you eliminate manager risk”; and from his Common Sense on Mutual Funds, “There may be better investment strategies than owning just three broad-based index funds but the number of strategies that are worse is infinite.”
Scott Burns, financial columnist: “The odds are really, really poor that any of us will do better than a low-cost broad index fund.”
Jonathan Burton, MarketWatch: “There are plenty of ways to complicate investing, and plenty of people who stand to make money from you as a result. So just think of ...
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