Even for taxable clients, mutual fund managers supervised the assets in very much the same way, simply ignoring the tax impact and passing the tax liability through to largely unsuspecting fund shareholders.
约翰·博格尔

全球最大的不收费基金家族、世界第二大基金管理公司先锋基金创始人,博格金融市场研究中心总裁,人称“指数基金教父”。

Fund performance comes and goes. Costs go on forever.

基金业绩来来去去。成本永远持续下去。

Buying funds based purely on their past performance is one of the stupidest things an investor can do.

纯粹根据基金过去的表现购买基金是投资者可以做的最愚蠢的事情之一。

Even for taxable clients, mutual fund managers supervised the assets in very much the same way, simply ignoring the tax impact and passing the tax liability through to largely unsuspecting fund shareholders.

即使对于应税客户,共同基金经理也以非常相同的方式监管资产,只是忽略了税收影响,并将纳税义务转嫁给基本上毫无戒心的基金股东。

It’s 1,450 out of 1,500 ETF funds that I just wouldn’t touch because they’re not diversified enough. Or they have some huge speculative twist to them that if you can guess the markets right you will do very well for a day or two but who can do that? Nobody.

在1,500只ETF基金中,有1,450只是我不会碰的,因为它们不够多元化。或者他们有一些巨大的投机扭曲,如果你能猜对市场,你会在一两天内做得很好,但谁能做到这一点呢?没有人。

Fund investors are confident that they can easily select superior fund managers. They are wrong.

基金投资者有信心,他们可以轻松选择优秀的基金经理。他们错了。

Investor emotions plus fund industry promotions equals trouble.

投资者情绪加上基金行业的促销等于麻烦。

An investment in knowledge always pays the best interest. Learning is to the Studious, and Riches to the Careful. If a man empties his purse into his head, no man can take it away from him.

对知识的投资总是能带来最大的利益。学习是好学的人,财富是细心的人。如果一个人把钱包倒进他的头里,没有人能把它从他身边夺走。

In the long run, investing is not about markets at all. Investing is about enjoying the returns earned by businesses.

从长远来看,投资根本不与市场有关。投资就是享受企业赚取的回报。

Income earned by the sweat of your brow should be taxed at the lowest rates, not the highest. Capital gains should be taxed at a higher rate.

你额头的汗水赚取的收入应该以最低的税率征税,而不是最高的税率。资本收益应该以更高的税率征税。

Speculation leads you the wrong way. It allows you to put your emotions first, whereas investment gets emotions out of the picture.

投机把你引向错误的道路。它允许你把你的情绪放在第一位,而投资则把情绪排除在外。