I have become increasingly convinced that the past records of mutual fund managers are essentially worthless in predicting future success. The few examples of consistently superior performance occur no more frequently than can be expected by chance. — 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,… — Burton Malkiel Copy Share Image
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.… — Burton Malkiel Copy Share Image
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
The surest way to find an actively managed fund that will have top-quartile returns is to look for a fund that has bottom-quartile expenses. — Burton Malkiel Copy Share Image
We conclude that hedge funds are far riskier and provide much lower returns than commonly supposed. — Burton Malkiel Copy Share Image
I have become increasingly convinced that the past records of mutual fund managers are essentially worthless in predicting future success. The few examples of… — Burton Malkiel Copy Share Image
