A Quote by Merton Miller
... Any pension fund manager who doesn't have the vast majority-and I mean 70% or 80% of his or her portfolio-in passive investments is guilty of malfeasance, nonfeasance or some other kind of bad feasance!
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As a portfolio manager, when do you start advising to your clients that they have some cryptocurrency exposure? When will there be an index fund, a mutual fund of cryptocurrencies? It will happen.
There is one thing of which I can assure you. If good performance of the fund is even a minor objective, any portfolio encompassing one hundred stocks (whether the manager is handling one thousand dollars or one billion dollars) is not being operated logically. The addition of the one hundredth stock simply can't reduce the potential variance in portfolio performance sufficiently to compensate for the negative effect its inclusion has on the overall portfolio expectation.
We didn't say that 80% [of terrorists], for example, or the majority or the vast majority, are foreigners. We said the vast majority are Al-Qaeda or Al-Qaeda offshoot organizations in this region.
Still, I figure we shouldn't' discourage fans of actively managed funds. With all their buying and selling, active investors ensure the market is reasonably efficient. That makes it possible for the rest of us to do the sensible thing, which is to index. Want to join me in this parasitic behavior? To build a well-diversified portfolio, you might stash 70 percent of your stock portfolio into a Wilshire 5000-index fund and the remaining 30 percent in an international-index fund.
Unfortunately, for the vast majority of us, a vast majority of the time, we surrender our true autonomy to this illusion of agency. I'm as guilty as anybody, and I write about it in a book. I'm not condemning anybody.
I kind of dread any kind of critical response, just because it's always painful in some way. Even if it's 80 percent good, it's the 20 percent that's bad that you remember - and that's a higher number than I usually get, 80 percent would be amazing.
Al-Hallaj has a special destiny. He came at a time when worldliness, the luxury, were inundating the Islamic world. His function was to act as kind of an antithesis to this, and he paid for it with his life, and he was very happy to do so. He smiled as he went to the executioner. That was done because it shook the conscience of the Islamic peoples of that time. But the vast majority, the vast, vast, vast majority of Sufis, they have not met the destiny of al-Hallaj. They have spoken about reaching "the Truth" and there is nothing dangerous about it.
Having plead guilty, I do not believe that I am any different than the vast majority of the members of Congress.
I still have admiration for the vast majority of police officers, but there is no denying that some are guilty of mistreating the people they are supposed to serve.
Experience conclusively shows that index-fund buyers are likely to obtain results exceeding those of the typical fund manager, whose large advisory fees and substantial portfolio turnover tend to reduce investment yields. Many people will find the guarantee of playing the stock-market game at par every round a very attractive one. The index fund is a sensible, serviceable method for obtaining the market's rate of return with absolutely no effort and minimal expense.
The vast majority of Americans want a government that creates the conditions for them to have a chance to get into the middle class, the kind of growth and the kind of educational opportunities. Most people would - the vast majority of Americans would much rather have a job that pays more than a welfare check.
I like to invest in companies where I can really add value from my experience, network, etc., so checking out my portfolio of other investments, and my background, will generally give some guidance there.
Most of the money I make now comes from investments from CrunchFund. And the vast majority of that is what's called carried interest.
Cities are responsible for the vast majority of the creation of the economy. They're also places into which we pour the vast majority of resources, the vast majority of energy and the places where a huge percentage of the decisions about how systems are built and how products designed, etc., happen.
We have a broad range of investments. Anyone who invests in emerging markets around the world has investments in Russia. This is a tiny portion of our portfolio.
The vast majority of Pittsburghers don't come from any kind of serious dough.
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