Four Pillars of Investing - Efficient Market Theory!?!?

[Running_Man]

Don't forget the Wisdom of the crowd gave us Sanjaya

 

[fluffy]

http://en.wikipedia.org/wiki/Godwin's_law

 

[unclemick]

http://en.wikipedia.org/wiki/Godwin's_law

Sooooo - Hitler recycled dryer sheets and owned a kayak?

heh heh heh heh heh heh heh , , , - heh heh heh heh heh heh , , ,

8).

 

[heyyou]

The market may be efficient at valuing companies... But I am not. I have found that investing in a long-term diversified protfolio of indexed funds (buy/hold/rebalance) is my surest way of growing my wealth. Slow and steady!

Any time I have tried to get fancy... I wind up being the sucker that funded the wealth of someone else that is smarter than me

That works for me, too.
Bernstein is offering investment advice to the public. If some of his views are incorrect, what is the alternative investing advice? Disagreeing with one assumption is not the same as refuting his advice. Average returns minus low costs is good advice for the public. No one is required to follow that advice.
As others mentioned about risk-adjusted returns, indexing is not special in itself, it is just a cheaper and less risky path to retirement than the alternatives. This discussion seems to focus on the differences of the trees in the forest.

 

[fluffy]

Sooooo - Hitler recycled dryer sheets and owned a kayak?

heh heh heh heh heh heh heh , , , - heh heh heh heh heh heh , , ,

8).

Hitler unexpectedly turned into Sanjaya in the post above mine so Godwin's Law no longer applies