Wednesday, January 12, 2005

Great Quote

This is from Jonathan Clements' "Getting Going" column today in the WSJ on index investing. (I don't have an online subscription to provide the link.)

"Who's left that believes that markets don't work?" asks Rex Sinquefield, co-chairman of Dimensional Fund Advisors in Santa Monica, Calif. "Apparently, it's only three groups -- the North Koreans, the Cubans and the active managers."

Only a fanatical partisan of the efficiency and absolute justice of markets (only someone willing to give three cheers for capitalism) could compare trying to beat the S&P 500 Index with active investment management to being a communist. Nevertheless, a provocative quote that made me chuckle.


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