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Burton Malkiel Transcript January 7, 2011
Old 01-22-2011, 01:16 PM   #1
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Burton Malkiel Transcript January 7, 2011

I read everything that I can get my hands of when Professor Malkiel lets it rip. I found this a very enjoyable read.

Quote:
First of all, telling someone that you can’t beat the market is like telling a six year old that Santa Claus doesn’t exist. We all want to try to do this. Look, I index most of my investments but investing is fun and I buy some individual stocks. The second reason and the more fundamental one is that, in fact, people make money selling you actively managed funds. The average actively managed fund has an expense ratio of plus to 1 percentage point a year, it’s a darn good business and that’s why you have it. And so, Wall Street in some sense wants to ensure that you tell people “this is too complicated, you can’t do it yourself”. The fact of the matter is you can do it yourself, do it very easily. And that’s one of the reasons why I wrote the book, I think you can do it yourself, you want to have some fun buying some individual stocks, go ahead, do it. But you can do it then with much less risk if the core of your portfolio is in low expense, very broadly based index funds.
Burton Malkiel on Tech | Ticker | Index Funds Advisors Blog
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Old 01-22-2011, 01:54 PM   #2
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Excellent interview. Thanks for the link. I'm glad they asked him to clarify the word "Random" in the book title, since that's something I've always been a little uncomfortable with.

Malkiel's book changed my thinking radically. He's a major contributor to my retirement. Sometimes I silently thank him when I'm boarding a plane to travel, or when I wake up and realize I can spend the day in any way I choose.

It's funny how you can owe all that to an aging professor you've never met.
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Old 01-22-2011, 06:50 PM   #3
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It's funny how you can owe all that to an aging professor you've never met.
I think a lot of people feel the same way about Jack Bogle...
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Old 01-22-2011, 07:27 PM   #4
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I think a lot of people feel the same way about Jack Bogle...
So true, so true....
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Old 01-23-2011, 12:30 AM   #5
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I think a lot of people feel the same way about Jack Bogle...
I do too. He gets thanks on the return flight.
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Old 01-23-2011, 12:36 AM   #6
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I thank them both. A Random Walk was the first investing book I read and put me onto the path towards retirement. Thank you Professor Burton. The bulk of my invested assets are with Vanguard MF's or ETF's. Thanks Mr Bogle.

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Old 01-23-2011, 08:13 AM   #7
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I was not aware of that website, thanks! And while there I thought this short article was a good, timely, concise summary too, though nothing new to this crowd...
Investing Do’s and Don’ts for 2011 and Beyond | Index Funds Advisors Blog
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