Michel Pireu Columnist

From Challenge to Judgment by Paul A Samuelson, cited by Vanguard founder John Bogle as the inspiration behind his decision to create the first index fund in 1976:

“The best money managers cannot be demonstrated to be able to deliver the goods of superior portfolio selection performance. Any jury that reviews the evidence, and there is a great deal of relevant evidence, must at least come out with the Scottish verdict*: superior investment performance is unproved.

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