"Never Smarten Up a Chump"
I ran across this really good article by Larry Swedrow recently. It's kinda weird that he quotes one of my favorite funny-men W.C. Fields, but it fits the situation. Not as good as my favorite WCF quote tho~
"A rich man is nothing but a poor man with money".
Swedroe: Passive Investing Is The Way
Girolamo Cardano was a 16th-century physician, mathematician and quintessential Renaissance man. He advised:
The greatest advantage from gambling comes from not playing at all.
Similarly, the only sure way to win the game of active investing is not to play. The winnerís game is to accept market returns by investing in low-cost, tax-efficient and passively managed funds. Paul Samuelson put it this way:
It is not easy to get rich in Las Vegas, at Churchill Downs, or at the local Merrill Lynch office.
Wall Street knows that. However, they want to make sure you donít reach that conclusion. They need you to keep playing the loserís game of active investing because it is the winnerís game for them. As author Ron Ross put it:
Wall Street does its best to follow W.C. Fieldsí advice: ďNever smarten up a chump.Ē
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.