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.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now