Founder and retired CEO of the Vanguard group
I was a runner for a little brokerage firm here in Philadelphia, delivering securities from one little brokerage firm to another. One of the other runners looked at me and he said, "Bogle, I'm gonna tell you everything you need to know about the investment business." And I said, "What's that, Ray?" And he said, "Nobody knows nuthin'." And it turns out, Ray was right. People say there are great performers out there, but it's a lot of randomness. None of us are smarter than the markets.
We went through our archives for nearly a decade of collected wisdom that still holds up.