Index funds do not trade from security to security and, thus, they tend to avoid capital gains taxes. — Burton Malkiel Copy Share Image
A blindfolded monkey throwing darts at a newspaper's financial pages could select a portfolio that would do just as well as one carefully selected… — Burton Malkiel Copy Share Image
J.P. Morgan once had a friend who was so worried about his stock holdings that he could not sleep at night. The friend asked, 'What should I do about my stocks?' Morgan replied, 'Sell down to your sleeping point' Every investor must decide the trade-off he or she is willing to make between eating well and sleeping well. High investment… — Burton Malkiel Copy Share
Index funds have regularly produced rates of return exceeding those of active managers by close to 2 percentage points. Active management as a whole… — Burton Malkiel Copy Share Image
Index funds are... tax friendly, allowing investors to defer the realization of capital gains or avoid them completely if the shares are later bequeathed. To the extent that the long-run uptrend in stock prices continues, switching from security to security involves realizing capital gains that are subject to tax. Taxes are a crucially important financial consideration because the earlier realization… — Burton Malkiel Copy Share
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… — Burton Malkiel Copy Share Image
It's not that stock prices are capricious. It's that the news is capricious. — Burton Malkiel Copy Share Image
Many of us economists who believe in efficiency do so because we view markets as amazingly successful devices for reflecting new information rapidly and,… — Burton Malkiel Copy Share Image
Historically, the stock market is like a gambling casino with the odds in your favor. Over the long pull, stocks are given something like… — Burton Malkiel Copy Share Image
