The pragmatic school of Indexing

“I was part of the pragmatic school of indexing,” Bogle wrote in 2016.

The average investor can do only as well as the stockmarket average, he concluded.
If some investors beat the market, others must be beaten by it.
After costs, most professional investors do indeed lose to it.

—The Economist, in Remembering John Bogle, patron saint of the amateur investor

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