A Quote by Patrick Geddes
Indexing is a successful approach to investing not because it's simple, but because it has performed so much better than the average active manager (the opposite of indexing), and the simplicity is just an added bonus.
Related Quotes
Nobody wants to be passive; indexing is not passive - much more goes into indexing than watching a stock become the next buggy whip.
I like Burton Malkiel's 'A Random Walk Down Wall Street.' He comes to the same conclusion that I do - that indexing is the way. My 'Little Book of Common Sense Investing' says pretty much the same thing.
[With] closet indexing....you're paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you have such a system, you're being played for a sucker.
Our approach has worked for us. Look at the fun we, our managers, and our shareholders are having. More people should copy us. It's not difficult, but it looks difficult because it's unconventional - it isn't the way things are normally done. We have low overhead, don't have quarterly goals and budgets or a standard personnel system, and our investing is much more concentrated than average. It's simple and common sense.
The indexing problem changes with each new book undertaken. To meet the needs of different classes of seekers and to suit various types of books, rules entirely satisfactory in one case must be varied in the next and perhaps ignored or even reversed for a third... Indexing is a highly complex intellectual process involving the use of language in a specific and somewhat artificial way, and that it is also to a considerable extent a matter of intuition, the workings of which cannot be reduced to fixed rules. It is 'knowing what but not knowing how'.
Socialist countries throughout the world love to lower retirement ages to make people prematurely dependent on the government. But we should move in the opposite direction. In the long run, indexing retirement to life expectancy will yield enormous revenues to the system, far more than a one-shot increase in the age in the current legislative cycle.
I believe that good investors are successful not because of their IQ, but because they have an investing discipline. But, what is more disciplined than a machine? A well-researched machine can make many average investors redundant, leaving behind only the really good human investors with exceptional intuition and skill.
The word passive does a disservice to investors considering their options. Indexing provides an effective means of owning the market and allows investors to participate in the returns of a basket of stocks. The basket of stocks changes over time as stocks are added or removed based on its rules.
I oppose indexing gas tax hikes to inflation.
The mind's cross indexing puts the best librarian to shame.
If you're indexing to the S&P 500, you're buying the most expensive names in the market.
The average girl would rather have beauty than brains because she knows the average man can see much better than he can think- Ladies' Home JournalI'd rather have two girls at seventeen than one at thirty-four
For the taxable investor, indexing means never having to say you're sorry.
Detailed analytical indexing is generally the hallmark of good back-of-the-book indexes.
Most ideas that are successful are ludicrously simple. Successful ideas generally have the appearance of simplicity because they seem inevitable. In terms of idea the artist is free to even surprise himself. Ideas are discovered by intuition.
Listening to as many guitar solos as possible is the best method for someone in the early stages. But saxophone solos can be helpful. They're interesting because they are all single notes, and therefore can be repeated on the guitar. If you can copy a sax solo you're playing very well, because the average saxophonist can play much better than the average guitarist.
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