A Quote by Charlie Munger
The normal expectancy of the average investor - for example, the pension funds of AT&T or IBM - is 6% for a long time.
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A decade ago, I really did believe that the average investor could do it himself. I was wrong. I've come to the sad conclusion that only a tiny minority, at most one percent, are capable of pulling it off. Heck, if Helen Young Hayes, Robert Sanborn, Julian Robertson, and the nation's largest pension funds can't get it right, what chance does John Q. Investor have?
Consumer groups fought hard to provide investor protections for special entities such as pension funds, schools, and municipalities who purchase swaps. No comparable protection exists in the futures market.
Consumer groups fought hard to provide investor protections for 'special entities' such as pension funds, schools, and municipalities who purchase swaps. No comparable protection exists in the futures market.
To stabilize the nations public-employee pension systems and to prevent federal taxpayers from being billed for failed pension funds, I have introduced the Public Employee Pension Transparency Act in Congress.
To stabilize the nation's public-employee pension systems and to prevent federal taxpayers from being billed for failed pension funds, I have introduced the Public Employee Pension Transparency Act in Congress.
After World War II, there were a lot of pension funds in Europe that were fully funded, but they were pressured to hold a lot of government debt. There was a lot of inflation, and the value of all those assets fell. Those pension funds couldn't honor their promises to the people.
There is the general belief that the corporation income tax is a tax on the "rich" and on the "fat cats." But with pension funds owning 30% of American large business-and soon to own 50%-the corporation income tax, in effect, eases the load on those in top income brackets and penalizes the beneficiaries of pension funds.
Because of lower life expectancy in Scotland - something that we are working hard to improve - the average woman will get £11,000 less in pension payments than counterparts in the rest of the U.K., even though she will pay exactly the same in contributions.
In 2008, people who invested in hedge funds needed capital badly, but many of the funds would not return their money. However, I gave money back to any investor who requested it. It was the bottom of the market and a pretty tough time.
Plenty of funds have fine long-term returns despite being tax-inefficient and generally costly. But a dirty secret is this: Average, no-load fund investors do much worse than the funds - or the market.
The average life expectancy rate in some parts of Glasgow is 54. If you've ever been there, you'll realize that that's maybe a bit long.
If the investor doesn't have enough time and skill to investigate individual stocks or enough money to diversify a portfolio, the right thing to do is to invest in exchange-traded funds that give you exposure to asset classes. It does make sense for the individual investor to think in terms of holding individual asset classes.
Anyone with a pension or retirement is an investor in the stock market.
The strategy of buying what's in favor is a fool's errand, ensuring long-term underperformance. Only by standing against the prevailing winds - selectively, but resolutely - can an investor prosper over time. But for a while, a value investor typically underperforms.
I welcome each new day with a hopeful expectancy that I, too, will rise above the ordinary. For I am not content to live a merely 'normal' life or settle for an average existence. No, I am destined for more - much, much more.
It is the long-term investor...who will in practice come in for the most criticism... For it is the essence of his behavior that he should be eccentric, unconventional, and rash in the eyes of average opinion
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