[favorite] Boglehead quotes

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tim1999
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Re: [favorite] Boglehead quotes

Post by tim1999 »

Here's an old one that served me well:

"Maximum tolerable loss x 2 = Maximum equity allocation"
-Adrian Nenu
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FrugalInvestor
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Re: [favorite] Boglehead quotes

Post by FrugalInvestor »

One of my favorites of all time is one used often by Jack Bogle.....

"Don't just do something; stand there."

Little did I know (before a quick Google search) that it was around long before Jack first used it. In case there's at least one other Boglehead who didn't know this, here's the interesting history of this saying that is so applicable to the Boglehead philosophy.

https://quoteinvestigator.com/2014/03/22/stand-there/

From the above article:
This quip has been used by many people over the years including politician Adlai Stevenson and Hollywood star Clint Eastwood.
Have a plan, stay the course and simplify. Then ignore the noise!
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Re: [favorite] Boglehead quotes

Post by Goldfinger »

Most of these are attributable to Dr. William Bernstein:

"When you buy the market, you are hiring the aggregate judgment of the most brilliant and well-informed minds in finance."

"The market is brutally efficient and can be thought of as being smarter than even its wisest participants."

"Most brokers service customers the same way in which Bonnie and Clyde serviced banks."
"At cocktail parties lovely ladies would corner me and ask my opinion of the market, but alas, when they learned I was a bond man, they would quietly drift away." -- Sidney Homer/Salomon Bros
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Re: [favorite] Boglehead quotes

Post by fujiters »

livesoft on "MD&P just purchased X / sold Y [md&pharmacist]":

Ah, yes. But Bogleheads will help investors navigate between the day-trading Scylla and the leveraged Charybdis with ease. But that is only if they can first tie themselves to the 3-fund portfolio mast while the Sirens call "Slice-and-Dice! Slice-and-Dice!"
“The purpose of the margin of safety is to render the forecast unnecessary.” -Benjamin Graham
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Re: [favorite] Boglehead quotes

Post by grabiner »

From Equity funds for taxable accounts:
Rick Ferri wrote:Be prepared to marry forever the equity mutual funds and ETFs you buy in a taxable account because divorce is often a taxing experience.
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Re: [favorite] Boglehead quotes

Post by grabiner »

From Value of Active and Ongoing Reading of the Bogleheads Forums:

William Bernstein (Dr.) likes to say that a portfolio is a like a bar of soap--the more it's handled, the less there is!
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Re: [favorite] Boglehead quotes

Post by abuss368 »

grabiner wrote: Sun May 05, 2019 10:50 am From Equity funds for taxable accounts:
Rick Ferri wrote:Be prepared to marry forever the equity mutual funds and ETFs you buy in a taxable account because divorce is often a taxing experience.
That is a good one.
John C. Bogle: “Simplicity is the master key to financial success."
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Re: [favorite] Boglehead quotes

Post by abuss368 »

grabiner wrote: Tue Jan 14, 2020 9:35 pm From Value of Active and Ongoing Reading of the Bogleheads Forums:

William Bernstein (Dr.) likes to say that a portfolio is a like a bar of soap--the more it's handled, the less there is!
Never heard that one before! Thanks for sharing.
John C. Bogle: “Simplicity is the master key to financial success."
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Re: [favorite] Boglehead quotes

Post by whodidntante »

I can't wait to read the post from Toons where he advises someone to borrow money. :happy
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Boglehead quotes

Post by Taylor Larimore »

grabiner wrote: Fri Jun 15, 2012 9:12 pm I'd like to save some great quotes from the forum on this thread.

This was a beautiful analogy.

http://www.bogleheads.org/forum/viewtop ... 4#p1417874
retiredjg wrote:So the 3 treasury funds are more like celery soup, bean soup, and tomato soup while the Spartan US Bond Index is like minestrone soup (the other three all mixed together with some other stuff in there too). Obviously, the US Bond Index is the most diversified.
Bogleheads:

Tomorrow is the first anniversary of John Bogle's death. I intend to honor our namesake by sharing many of his greatest quotes.

Best Wishes
Taylor
Jack Bogle's Words of Wisdom: "The great game of life is not about money; it is about doing your best to join the battle to build anew ourselves, our communities, our nation, and our world"
"Simplicity is the master key to financial success." -- Jack Bogle
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Re: [favorite] Boglehead quotes

Post by Abe »

Grt2bOutdoors wrote: Sun Apr 29, 2018 8:47 pm I'm working on my second million, the first one I lost - forum poster
I'm working on my second million; I gave up on the first one. :happy
Slow and steady wins the race.
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Re: [favorite] Boglehead quotes

Post by grabiner »

From Re: Clements: Don't Lose It. (On Controlling Emotions in Market Turmoil):
Eagle33 wrote:You have optimized your AA when you spend half your time wishing you had more equities, and the other half of your time wishing you had more bonds.
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Re: [favorite] Boglehead quotes

Post by grabiner »

From Re: Bonds won't get you anywhere! (The thread title made this quote particularly good):
WiscoTrout wrote:Stocks are what gets me to where I want to go, but bonds keep me from going elsewhere. That's why I have both.
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Re: [favorite] Boglehead quotes

Post by HappyJack »

Two of my favorites that I have seen on the site before.

Regarding unscrupulous financial advisors;
“We turn your money and our experience into our money and your experience”

Regarding Indexing:
“ If you hit an average of .300 every year over a lengthy career in the major leagues you would probably never win the batting title. But you would be guaranteed a place in the baseball Hall of Fame“
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Re: [favorite] Boglehead quotes

Post by grabiner »

From Investing is like a birthday cake (and an article in Living Well magazine:)
Rick Ferri wrote:Most birthday cakes are unique, fun, and interesting on the outside, and similar on the inside. What attracts people isn't the cake, it's the candles and the decorations. This same is true for most investment portfolios. Are you paying too much for the image of a great portfolio, or are you focused on what matters?
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Re: [favorite] Boglehead quotes

Post by 1789 »

"The illusion that we understand the past fosters overconfidence in our ability to predict the future."
Daniel Kahneman
"My conscience wants vegetarianism to win over the world. And my subconscious is yearning for a piece of juicy meat. But what do i want?" (Andrei Tarkovsky)
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Re: [favorite] Boglehead quotes

Post by oldzey »

I've always liked this one - from Clarification about the 5% "play money" thing...
livesoft wrote: Sun Aug 23, 2015 6:30 pm 5% of $20 million is still a million dollars.

Here is the livesoft rule: There is no play money. It is all real money.
"The broker said the stock was 'poised to move.' Silly me, I thought he meant up." ― Randy Thurman
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Re: [favorite] Boglehead quotes

Post by grabiner »

From Re: Vanguard's Principles for Investing Success:
arcticpineapplecorp. wrote: Wed Nov 11, 2020 7:24 pm a road map is crucial whether in investing or on vacation.
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Re: [favorite] Boglehead quotes

Post by Rowan Oak »

pkcrafter wrote: Mon May 26, 2014 10:53 pm Successful investing is counter-intuitive
There are two ways to get rich – make more or desire less
"Successful investing is all about common sense." ~ John Bogle.
“The market can stay irrational longer than you can stay solvent.” - John Maynard Keynes
Sir John Templeton - “The most dangerous words in investing are ‘this time it’s different.”
If you can't explain it to a six-year-old, don't invest in it.
If you don't know what you are doing, stop!
Keep calm. Carry on.
“the best kept secret in the investing world: Almost nothing turns out as expected.” -Harry Browne
Don't just do something, stand there - John Bogle
“The most powerful force in the universe is compound interest” – attributed to Albert Einstein
If it seems complicated, you’re doing something wrong.
Watch your pennies and your dollars will take care of themselves.
The surest way is to know the future is when it's past.
Balance in all things
Do not overwhelm yourself with financial news.
When you find yourself in a deep hole, STOP DIGGING.
There ain't no free lunch.
There ain't no magic.
Time is your most powerful ally.
Investing; the juice is worth the squeeze.
When the market goes down, you are on your own baby.
Having a good investment plan today is better than hoping for a perfect plan tomorrow
Buy the haystack at the lowest possible cost cause the needles are in there.
Boring is beautiful and simplicity is sublime! (in investing at least)
You can have only so much faith in the power of a rational argument
“Don't gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don't go up, don't buy it.”--Will Rogers
Nobody knows where the market -- bond or stocks -- will be in the next fourteen months. SO don't overthink it. And don't sweat it.
Never change your long term investment plan based on short term results.
Never use money to measure your wealth
Where are the customer's yachts?
Compound interest - the 8th wonder of the world!
Why is it "a penny for your thoughts", but someone always wants to "put their two cents in"?
Don't Believe Everything You Believe
Diversification can lower portfolio risk (volatility) in most market conditions.
Buying at the bottom and selling at the top are typically done by liars.
Don't make the same mistake once.
Don't ask a barber if you need a haircut.
The stock doesn't know you own it.
Beware of the prophet seeking profits -- Dennis Miller
"The stock market is a distraction to investing." -- John Bogle
"Truth must be repeated again and again, because error is constantly being preached around it." -- Von Goethe
"Investing is not a race horse, it’s a plow horse."
Great post. I missed it the first time around.
“If you can get good at destroying your own wrong ideas, that is a great gift.” – Charlie Munger
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Re: [favorite] Boglehead quotes

Post by Rowan Oak »

HomerJ wrote: Wed Jul 22, 2020 9:42 pm I've been investing for 30 years, and the only thing I've seen is that no one knows enough to predict anything.

All the fancy economists, all the people on T.V., all the posters on this board... no one knows enough. There are too many variables. No one can predict anything accurately, year after year.

No one. Not one single person.
“If you can get good at destroying your own wrong ideas, that is a great gift.” – Charlie Munger
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Re: [favorite] Boglehead quotes

Post by dominque »

"When the tide goes out, you'll quickly find out who was swimming naked" Warren Buffet.
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Re: [favorite] Boglehead quotes

Post by Stef »

"We invest in index funds because we know everything about the past but nothing about the future" - Stef/2020
66.66% USA | 13.33% Switzerland | 10% Developed Markets exUS/CH | 10% Emerging Markets
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Re: [favorite] Boglehead quotes

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"Life is 10% what happens to you and 90% how you react to it." ~Charles Swindoll
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Re: [favorite] Boglehead quotes

Post by StevieG72 »

“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful” - Warren Buffett
Fools think their own way is right, but the wise listen to others.
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Re: [favorite] Boglehead quotes

Post by Sconie »

"In economics and finance, let me pick the time period and I can prove anything." ----unknown
I know you think you understand what you thought I said but I'm not sure you realize that what you heard is not what I meant. - Alan Greenspan
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Re: [favorite] Boglehead quotes

Post by Rowan Oak »

nisiprius wrote: Wed Jul 22, 2020 7:45 am John C. Bogle said that the best investing advice he ever got is "nobody knows nothing." One of the problems you need to deal with is that you are going to be constantly bombarded with utterly confident statements that are highly unreliable as guides to the future. It is made worse by the fact that most of those statements are coming from interested parties.
“If you can get good at destroying your own wrong ideas, that is a great gift.” – Charlie Munger
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Taylor Larimore
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Re: [favorite] Boglehead quotes

Post by Taylor Larimore »

Bogleheads:

I love this conversation. It contains more good advice about investing, and in fewer words, than anywhere else I know.

Thanks to everyone who contributed!

Best wishes.
Taylor
Jack Bogle's Words of Wisdom: “It is the power of words and books—explaining and dramatizing great ideas and articulating high ideals—that is the greatest weapon in the missionary’s arsenal.”
"Simplicity is the master key to financial success." -- Jack Bogle
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Re: [favorite] Boglehead quotes

Post by FoolStreet »

grabiner wrote: Fri Jun 15, 2012 9:12 pm I'd like to save some great quotes from the forum on this thread.

This was a beautiful analogy.

http://www.bogleheads.org/forum/viewtop ... 4#p1417874
retiredjg wrote:So the 3 treasury funds are more like celery soup, bean soup, and tomato soup while the Spartan US Bond Index is like minestrone soup (the other three all mixed together with some other stuff in there too). Obviously, the US Bond Index is the most diversified.
grabiner, I've always thought about it in terms of protein, carbohydrates and fats. You need a balance of all 3 at the lowest price possible to run a well-optimized machine.

Having said that, my analogy breaks down when human nature desires a little sizzle or pizzaz. Sugar (expense ratios) are an additive that costs extra but adds no nutritional value.
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Re: [favorite] Boglehead quotes

Post by Dontwasteit »

mickeyd wrote: Thu Apr 28, 2016 12:20 pm I must have read this someplace here during the last few years.

“THE BEATINGS WILL CONTINUE UNTIL MORALE IMPROVES.”
I have a tee shirt with that saying, LOL
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Re: [favorite] Boglehead quotes

Post by core4portfolio »

When complexity doesn't work - choose simplicity.
Allocation : 80/20 (90% TSM, 10% on ARKK,XBI,XLK/individual stocks and 20% TBM) | | Need to learn fishing sooner
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Re: [favorite] Boglehead quotes

Post by VictoriaF »

Taylor frequently says that he lives in "the house that Jack has built." This is not simply a financial statement, this is not a nice turn of phrase, this is the essence of the personal finance revolution triggered by Jack Bogle's creation of index funds.

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Re: [favorite] Boglehead quotes

Post by cinghiale »

I think the following Warren Buffett quote (from his 2016 letter to shareholders) was posted here on the forum. If someone wishes to step in and take credit for posting it, please do.
"The wealthy are accustomed to feeling that it is their lot in life to get the best food, schooling, entertainment, housing, plastic surgery, sports ticket, you name it. Their money, they feel, should buy them something superior compared to what the masses receive. In many aspects of life, indeed, wealth does command top-grade products or services. For that reason, the financial 'elites' -- wealthy individuals, pension funds, college endowments and the like -- have great trouble meekly signing up for a financial product or service that is available as well to people investing only a few thousand dollars. This reluctance of the rich normally prevails even though the product at issue is -- on an expectancy basis -- clearly the best choice. My calculation, admittedly very rough, is that the search by the elite for superior investment advice has caused it, in aggregate, to waste more than $100 billion over the past decade."
And this new one. This is worth considering, given the recent increase of posts by ultra-convinced newcomers concerning the benefits of market timing or claiming to have discovered the next foolproof way to beat the benchmarks. Richard Dawkins called it his “law of adversarial debate:”
“When two incompatible beliefs are advocated with equal intensity, the truth does not necessarily lie halfway between them. One side can be simply wrong.”
"We don't see things as they are; we see them as we are." Anais Nin | | "Sometimes the first duty of intelligent men is the restatement of the obvious." George Orwell
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Re: [favorite] Boglehead quotes

Post by Rowan Oak »

Taylor Larimore wrote: Fri Nov 13, 2020 9:51 am Bogleheads:

I love this conversation. It contains more good advice about investing, and in fewer words, than anywhere else I know.
I agree, Taylor.

I've been collecting quotes from posts made by Bogleheads for the last 6 years or so. I use a note taking app that allows me to organize the quotes and topics and search by keywords (e.g. "stay the course", "asset allocation", "nisiprius"). I even set some of my favorite quotes to be sent to my email on a schedule as a reminder. It's been very helpful.
“If you can get good at destroying your own wrong ideas, that is a great gift.” – Charlie Munger
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Re: [favorite] Boglehead quotes

Post by 6bquick »

Mr.BB wrote: Fri Nov 13, 2020 5:35 am "Life is 10% what happens to you and 90% how you react to it." ~Charles Swindoll
I doubt its original, but my dad says something similar.

"A successful life is 15% doing smart things and 85% not doing dumb things"

another perennial pearl of wisdom from my father:

"education is expensive"
If your outgo exceeds your income, your upkeep will be your downfall
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Re: [favorite] Boglehead quotes

Post by Freetime76 »

I always liked this quote, in the signature of dwickenh and numerous posts:

The market is the most efficient mechanism anywhere in the world for transferring wealth from impatient people to patient people.” | — Warren Buffett
Please spell out new acronyms. Thank you.
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Re: [favorite] Boglehead quotes

Post by abuss368 »

Bonds let us sleep well. Stocks let us eat well.

Thank you Taylor!
John C. Bogle: “Simplicity is the master key to financial success."
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Re: [favorite] Boglehead quotes

Post by abuss368 »

“I live in the house that Jack built”.

Thank you Taylor!
John C. Bogle: “Simplicity is the master key to financial success."
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Re: [favorite] Boglehead quotes

Post by flaccidsteele »

If you treat money as a reward, and it will enslave you.
If you treat money as a tool, it will free you.
The US market always recovers. It’s never different this time. Retired in my 40s. Investing is a simple game of rinse and repeat
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Re: [favorite] Boglehead quotes

Post by flaccidsteele »

Money was never meant to solve happiness problems
Money solves Money problems
The US market always recovers. It’s never different this time. Retired in my 40s. Investing is a simple game of rinse and repeat
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Re: [favorite] Boglehead quotes

Post by Marseille07 »

My favorite is this one, from Mr. Bogle himself: “The reality is that we do better than the rest of the world. You don’t need currency risk, but if you want, don’t go over 20% in international"
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Re: [favorite] Boglehead quotes

Post by 6bquick »

flaccidsteele wrote: Fri Nov 13, 2020 6:56 pm Money was never meant to solve happiness problems
Money solves Money problems
Ha!! I've actually always been told the opposite (behaviorally speaking)
"Money don't fix money problems"
If your outgo exceeds your income, your upkeep will be your downfall
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Re: [favorite] Boglehead quotes

Post by Rowan Oak »

Rick Ferri wrote: Sat Mar 03, 2018 8:14 am The enemy of implimenting a good simple investment plan is the agony one puts themselves through trying to find the perfect complex investment plan, which can’t be known in advance.
“If you can get good at destroying your own wrong ideas, that is a great gift.” – Charlie Munger
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Re: [favorite] Boglehead quotes

Post by bertilak »

Rowan Oak wrote: Fri Nov 13, 2020 11:13 pm
Rick Ferri wrote: Sat Mar 03, 2018 8:14 am The enemy of implimenting a good simple investment plan is the agony one puts themselves through trying to find the perfect complex investment plan, which can’t be known in advance.
In my case the search for a perfect complex plan is what led me, eventually, to a simple plan -- the three fund portfolio, which I am beginning to wonder if even that is too complex. Maybe two is better: Us Stock index + US Bond index. I am letting international stock drift downward. I own it but don't plan on topping it up. If it can "prove itself" by increasing its percentage allocation, I'll let that ride as well.
May neither drought nor rain nor blizzard disturb the joy juice in your gizzard. -- Squire Omar Barker (aka S.O.B.), the Cowboy Poet
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Re: [favorite] Boglehead quotes

Post by sycamore »

cinghiale wrote: Fri Nov 13, 2020 11:58 am ...
And this new one. This is worth considering, given the recent increase of posts by ultra-convinced newcomers concerning the benefits of market timing or claiming to have discovered the next foolproof way to beat the benchmarks. Richard Dawkins called it his “law of adversarial debate:”
“When two incompatible beliefs are advocated with equal intensity, the truth does not necessarily lie halfway between them. One side can be simply wrong.”
And both sides can be wrong as well!
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Re: [favorite] Boglehead quotes

Post by Carol88888 »

"The stock market is the only place where you get what you don't pay for."
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Re: [favorite] Boglehead quotes

Post by flaccidsteele »

The fastest way to double your money is to fold it, and put it back in your pocket
The US market always recovers. It’s never different this time. Retired in my 40s. Investing is a simple game of rinse and repeat
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Re: [favorite] Boglehead quotes

Post by One Ping »

Not necessarily a finance or boglehead quote, but I find it helpful to remember ...
  • “If you ever hear yourself saying, 'I think I understand this,' … that means you don't." – Richard Feynman
If you want a boglehead quote, I've always liked this one ...
  • “Many people will offer well-meaning advice. You can ignore most of it.” – Livesoft
One Ping
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Rowan Oak
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Re: [favorite] Boglehead quotes

Post by Rowan Oak »

White Coat Investor wrote: Fri Dec 07, 2018 5:00 pm While it feels exciting in the beginning of a bear market to be able to "buy stocks on sale," I assure it isn't nearly as exciting 6-30 month into it when you're down 30%+ and it feels like you've been stuffing cash down a rathole for months or even years. It's all you can do to keep buying stocks at that point knowing that it will probably pay off, someday. By that point several people in your life will have long since gone to cash and be gloating about it. Your spouse may be bemoaning the fact that you invested that $50K instead of upgrading the kitchen. Now they're starting a round of layoffs at work. The financial news is full of terrible predictions and they're leaking onto the Bogleheads forum with phrases like "Plan B" and "Money markets breaking the buck." Some Bogleheads will have already cashed out with at least part of their portfolio.

No. There's nothing exciting about a real opportunity to buy low. It's kind of scary actually. Don't get me wrong. You should still do it. But don't expect that "excited" feeling you get with a 5 or 10% drop to still be there.
“If you can get good at destroying your own wrong ideas, that is a great gift.” – Charlie Munger
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Re: [favorite] Boglehead quotes

Post by Kitty Telltales »

mickeyd wrote: Thu Apr 28, 2016 12:51 pm Taylor Larimore wrote: Your Plan reflects a reasoned guess but it is almost certain to be wrong. There is no sense worrying about small deviations from a "guess" that was not correct in the first place.
Dear Taylor,

I read your quote to my husband and he sheepishly admitted that, “There is no sense worrying about small deviations from a ‘guess’ that does not exist in the first place, so can it be wrong?”

Of course it can! Have your books been translated into German yet, so I can finally turn him into a Boglehead?
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Taylor Larimore
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Joined: Tue Feb 27, 2007 7:09 pm
Location: Miami FL

"The Bogleheads' Guide to Investing"

Post by Taylor Larimore »

KItty:

The Bogleheads Guide to Investing has become a "classic." Its most recent edition has been translated into two Chinese dialects, and more recently into Spanish. The English version is available in Kindle and audible. It will make an excellent Christmas gift!

The Bogleheads' Guide to Investing

Taylor
Jack Bogle's Words of Wisdom: "I assure you that it is with great humility that I accept the honor that this association of Bogleheads has paid to this particular Bogle by their choice of name, by their enthusiastic endorsement of my principles and value, and by their dedication in this wonderful book. Take heed of its guidance, and you will enjoy investment success.
"Simplicity is the master key to financial success." -- Jack Bogle
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