Pasívne investovanie

Citáty

• “The stock market serves as a relocation center at which money is moved from the active to the patient.” – Warren Buffet (via The Wall Street Journal)
• “Properly measured, the average actively managed dollar must underperform the average passively managed dollar, net of costs. Empirical analyses that appear to refute this principle are guilty of improper measurement.” – William F. Sharpe, nositeľ Nobelovej ceny za ekonómiu 1990, The Arithmetic of Active Management, The Financial Analysts’ Journal Vol. 47, No. 1, January/February 1991. pp. 7-9.
• “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?