Grant's Conference: John Bogle On Why You Must Index [SLIDES]VW Staff
John Bogle's presentation from Grant’s Spring Conference titled, "Resolved: The cost of investing is the determining factor in the success of investing."
The Low-Cost Proposition
1. Gross Market Return: Shared by Investors as a Group—“Zero-Sum Game”
2. Costs of Investing: A) Shared by Active Investors—High (2%) B) Shared by Index Investors—Low (0.05%)
3. Therefore: Low-Cost Investors Must Earn Higher Net Returns.
Q.E.D . . .
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