“A miniscule 4 percent of funds produce market-beating after-tax results with a scant 0.6 percent (annual) margin of gain. The 96 percent of funds that fail to meet or beat the Vanguard 500 Index Fund lose by a wealth-destroying margin of 4.8% per annum.” – David Swensen, investičný riaditeľ, Yale University Endowment Fund, v The Little Book on Common Sense Investing od John C. Bogle, 2007.
”I can’t recall ever once having seen the name of a market timer on Forbes‘ annual list of the richest people in the world. If it were truly possible to predict corrections, you’d think somebody would have made billions by doing it.” – Peter Lynch, bývalý manažér fondov Fidelity (via http://seekingalpha.com/article/190050-stop-trying-to-time-the-market) .
”Before you attempt to beat the odds, be sure you could survive the odds beating you.” – zdroj neznámy.
”All the statistical evidence is that indexing works. There is no evidence that good performers stay at the top. Yes, there will be Warren Buffets in the future. But I don’t know who they are, and you don’t, either. You can’t predict that from the past. Indexing will beat two-thirds of the market.” – Burton Malkiel, profesor ekonómie na Princeton University, bývalý dekan Yale School of Management (via The Guardian).
Q: “You’re a champion of indexing, so I’m interested in hearing you comment on the argument that indexing doesn’t fare as well in volatile markets.” A: “…And every time I get the same results: 60 percent to two-thirds of funds—of active funds—each year are beaten by the index, and those that win in one year are not necessarily the ones that win in the next year. Yeah, there are a couple of Warren Buffetts around, and there will probably be a couple in the future, but it’s like looking for a needle in a haystack. The general result is that indexing fares well in quiet markets, in volatile markets, in any kind of market. So I do not think that active can do better in volatile markets. It simply isn’t true.” – Burton Malkiel, profesor ekonómie na Princeton University, bývalý dekan Yale School of Management (http://www.indexuniverse.com/hot-topics/7578–malkiel-systemic-risks-lurk-in-developed-world.html?start=2)
“…The controversy stems from the empirical finding that mutual funds do not seem to be good market timers and there are investors who use mutual fund cash holdings as a contrarian indicator: a move by mutual fund managers into (away from) cash is considered a bullish (bearish) sign.” – Aswath Damodaran, profesor finančnej ekonómie na New York University Stern School of Business, v Damodaran, Aswath, Into the Abyss: What If Nothing is Risk Free?
“…I mean my co-author Gene Fama and I just finished a paper where we were trying to do exactly that-can we find among all of the US public equity fund managers-can we identify some superior ability in that pool? We failed and I’d like to think that I am at least as good as the typical random person who is spending the weekend looking at Morningstar-we have all the data, we have all the powerful computers-we couldn’t figure out how to do it? So our best estimate turns out that we can’t find them in that bucket…” - Kenneth French, profesor finančnej ekonómie na Tuck School of Business na Dartmouth College (Zdroj: http://www.dimensional.com/famafrench/2009/06/identifying-superior-managers.html)
“Investing should be dull. It shouldn’t be exciting. Investing should be more like watching paint dry or grass grow. If you want excitement, take $800 and go to Las Vegas… It is not easy to get rich in Las Vegas, at Churchill Downs, or at the local Merrill Lynch office.” – Paul Samuelson, nositeľ Nobelovej ceny za ekonómiu
“They [structured products] are horrible investments for retail investors…Simple portfolios of bonds, stocks or the S&P 500 will beat structured products 99.5 percent of the time because of the heavy profit built into the pricing.” – Craig McCann, bývalý ekonóm americkej SEC- obdoba dohľadu nad finančným trhom(Via: http://www.indexingblog.com/)
“When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing.” – Chuck Prince, bývalý CEO banky Citigroup v júly 2007, niekoľko mesiacov pred tým ako sa banka dostala do problémov. V novembri 2007 odstúpil. (Zdroj: Financial Times.)
“Stock prices have reached what looks like a permanently high plateau … I expect to see the stock market a good deal higher within the next few months.” – Irving Fisher, slávny americký ekonóm, 17.10.1929 – tesne pred krachom na Wall Street, ktorý odštartoval Veľkú hospodársku krízu.
“I don’t believe in picking individual stocks or assets. As for actively-managed funds, I never saw the point of paying someone large fees for sub-standard returns… Never invest your money as though you are gambling at the casino. Buying and selling individual stocks is a waste of time.” – Nouriel Roubini, profesor ekonómie na Stern School of Business na New York University. (Zdroj: The Times.)
“[Gold] gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. It has no utility. Anyone watching from Mars would be scratching their head.” – Warren Buffet (Zdroj: Wikiquote.org)
“V budúcnosti teda budeme vedieť predvídať, kedy prídu krízy a s akými dosahmi?”“V súčasnosti niet na to teoreticky overeného nástroja a ani neviem, či sa nejaký niekedy vytvorí… Mnohí tušia, že bublina, na ktorej sa vezú, raz rupne. Ale dúfajú, že z nej ešte vyťažia a tým ju ďalej nafukujú. Pozitívny nástroj, ktorý by nám dal predpovede, kedy presne kríza prepukne, nemáme. Prirovnal by som to k seizmológii: Viete, že tam a tam raz musí prísť k zemetraseniu, ale neviete, či zajtra, alebo o desať rokov. Obávam sa, že predpovedať vývoj ekonomiky na viac ako desať rokov je sotva možné.” – Pavol Brunovský, profesor finančnej a ekonomickej matematiky na Univerzite Komenského v Bratislave (Trend 50-51/2010).
“October. This is one of the peculiarly dangerous months to speculate in stocks in. The others are July, January, September, April, November, May, March, June, December August and February.” – Mark Twain in Pudd’nhead Wilson
Q: “Are markets more efficient than when you started?”
A: “Considerably more efficient… The commodities markets used to trend pretty heavily — long-term trends — but those don’t really exist anymore.” – James Simons, zakladateľ investičnej spolčnosti Renaissance Technologies, známej svojim hedgovým fondom Medallion. (Zdroj: http://chinese-school.netfirms.com/abacus-hedge-funds-Jim-Simons.html)
“The fact is that the clients of most traditional mutual funds would be considerably better off if the fund employees just shut their firms down, re-allocated their client’s money to low-cost index funds, and found other work to do.” – Henry Blodget, bývalý prominentný analytik na Wall Street, odsúdený za zavádzajúce analýzy technologických spoločností v časoch internetovej bubliny, dnes CEO portálu Business Insider. (Zdroj: http://www.businessinsider.com/david-swensen-mutual-funds-2011-8#comment-4e483fceecad042b1100002b#ixzz1V2eCSNyb)