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Strategies & Market Trends : Vanguard Mutual Funds

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To: KevRupert who started this subject	1/17/2001 9:00:15 PM
From: KevRupert	of 136

Interesting Quote (provided by author Larry S.): "I have personally tried to invest money, my client's and my own money, in every single anomaly and predictive result that academics have dreamed up. And I have yet to make a nickel on any these supposed market inefficiencies. An inefficiency ought to be an exploitable opportunity. If there's nothing investors can exploit in a systematic way, time in and time out, then it's very hard to say that information is not being properly incorporated into stock prices. Real money investment strategies don't produce the results that academic papers say they should." -Richard Roll, financial economist and principal of the portfolio management firm, Roll and Ross Asset Management, Wall Street Journal, December 28, 2000 socialize.morningstar.com

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