The Backward Art of Investing Money
统计记录显示，很少有投资者能跑赢市场，市场宏观低效而非微观低效，且多数人误解时间跨度问题；若允许个人管理社保基金，大概率收益会低于低成本指数化投资。
Each passing decade of new Wall Street experience, the statistical record shows, confirms rather than denies the verdict that few investors can beat the market. Yes, most investors and their advisors are irrationally inefficient, but this in no way guarantees investors can thereby profit from a micro-inefficient market. Economic history confirms that markets are much more macro-inefficient than they are micro-inefficient. Neither Wall Street nor its clients understand nuances of the time-horizon problem. And, if (when?) lobbyist-driven politics let us manage some of our own Social Security funds, the odds are a hundred-to-one that the retirement nest eggs we achieve will fall materially below what broad inexpensive indexing could deliver in terms of diversified risk-corrected total returns.