Where Are the Customers' Yachts?
Paul B. Farrell explains the origin of this telling phrase - Fred Schwed's 1940 classic about Wall Street greed - and how the mutual fund industry now pulls in about $200 billion in annual fees.
"Evidence points overwhelmingly to the conclusion that active management of assets fails to produce satisfactory results for individual investors... Index funds provide a clearly superior alternative." -- David F. Swensen, Yale University, Chief Investment Officer
Paul B. Farrell explains the origin of this telling phrase - Fred Schwed's 1940 classic about Wall Street greed - and how the mutual fund industry now pulls in about $200 billion in annual fees.
<< Home