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Reversion to the mean is the iron rule of the financial markets.

John C. Bogle

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John C. Bogle
Age: 89 †
Born: 1929
Born: May 8
Died: 2019
Died: January 16
Economist
Financier
Investor
Montclair Township
John Clifton Jack Bogle
Jack Bogle
Rule
Business
Mean
Reversion
Markets
Finance
Iron
Financial

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The mutual fund industry has been built, in a sense, on witchcraft.
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Fund investors are confident that they can easily select superior fund managers. They are wrong.
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If the data do not prove that indexing wins, well, the data are wrong.
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So the misplaced assumption is that we have this whole new institutional element where these [financial] institutions are looking after their own financial interests before the financial interests of the principals, princi-pals whose interests they are really bound to observe first.
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The courage to press on regardless - regardless of whether we face calm seas or rough seas, and especially when the market storms howl around us - is the quintessential attribute of the successful investor.
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If it is hard to imagine that 20% of losses on the stock market, you should never participate
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Hint: money flows into most funds after good performance, and goes out when bad performance follows.
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Corporate leaders surely have their problems, I believe that most CEOs are doing their best to hew to the ethical line. The problem is that that line has gotten blurred and that our moral standard seems to be if everybody else is doing it, it's okay. That's not good enough for me.
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I will create value for society, rather than extract it.
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But whatever the consensus on the EMH, I know of no serious academic, professional money manager, trained security analyst, or intelligent individual investor who would disagree with the thrust of EMH: The stock market itself is a demanding taskmaster. It sets a high hurdle that few investors can leap.
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Speculation leads you the wrong way. It allows you to put your emotions first, whereas investment gets emotions out of the picture.
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If you're very talented and keep winning, you'll do just fine. It may take a while. But the talent is hard to identify and talent is hard to tell from luck. There's an awful lot of luck in this business. Past performance is not helpful in judging future performance.
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I think it's gone much too far. Most of them are not worth the powder to blow them to hell.
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Capitalism is not a Ponzi scheme. Capitalism is a scheme of free markets.
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Don't look for the needle in the haystack. Just buy the haystack!
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The principal role of the mutual fund is to serve its investors.
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Your success in investing will depend in part on your character and guts, and in part on your ability to realize at the height of ebullience and the depth of despair alike that this too shall pass.
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It's amazing how difficult it is for a man to understand something if he's paid a small fortune not to understand it.
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Investing is not nearly as difficult as it looks. Successful investing involves doing a few things right and avoiding serious mistakes.
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Rely on the ordinary virtues that intelligent, balanced human beings have relied on for centuries: common sense, thrift, realistic expectations, patience, and perseverance.
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