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Reload this Page Poll - The Stock Market and Vintage Sales
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View Poll Results: Do the stock market losses play into your vintage buys?
Yes 95 25.33%
No 230 61.33%
Sometimes 50 13.33%
Voters: 375. You may not vote on this poll

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  #1  
Old 03-19-2025, 11:17 AM
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Balticfox Balticfox is offline
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Originally Posted by Peter_Spaeth View Post
So why do they attract such huge amounts of capital, if people would be better off with index funds, or a mix of index funds and bond funds?
I wasn't the one who made that argument. I would sooner trust a portfolio manager with a long above average track record to beat the market than an index selected not to beat the average but to be the average. Yes, the statistical evidence for my preference is lacking but I'd rather choose an experienced, intelligent investor to manage my portfolio than the chimpanzee who beat the market the most by throwing darts.

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Originally Posted by Peter_Spaeth View Post
Countless billions are invested in these funds.
Because every investor an edge, and every single hedge fund manager can make a very good case why his strategy will deliver the superior risk adjusted returns. Only some (a very few?) succeed though.

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Last edited by Balticfox; 03-19-2025 at 11:19 AM.
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  #2  
Old 03-19-2025, 11:40 AM
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Originally Posted by Balticfox View Post
I wasn't the one who made that argument. I would sooner trust a portfolio manager with a long above average track record to beat the market than an index selected not to beat the average but to be the average. Yes, the statistical evidence for my preference is lacking but I'd rather choose an experienced, intelligent investor to manage my portfolio than the chimpanzee who beat the market the most by throwing darts.



Because every investor an edge, and every single hedge fund manager can make a very good case why his strategy will deliver the superior risk adjusted returns. Only some (a very few?) succeed though.
Are you familiar with Eugene Fama's research or John Bogle's book?
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Last edited by Peter_Spaeth; 03-19-2025 at 11:40 AM.
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  #3  
Old 03-19-2025, 03:49 PM
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Balticfox Balticfox is offline
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Are you familiar with Eugene Fama's research or John Bogle's book?
Sadly no. I'll look them up.

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  #4  
Old 03-19-2025, 06:14 PM
Gorditadogg Gorditadogg is offline
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Originally Posted by Peter_Spaeth View Post
Are you familiar with Eugene Fama's research or John Bogle's book?
Peter, are you going for your MBA in Finance? Those are a couple big names to know if you are.

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Last edited by Gorditadogg; 03-19-2025 at 06:15 PM.
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  #5  
Old 03-19-2025, 07:13 PM
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Peter, are you going for your MBA in Finance? Those are a couple big names to know if you are.

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I read Bogle's book a long time ago, it was very enlightening, gave me a new perspective. Very short and to the point.
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  #6  
Old 03-20-2025, 12:46 AM
bk400 bk400 is offline
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I read Bogle's book a long time ago, it was very enlightening, gave me a new perspective. Very short and to the point.
+1. A Random Walk Down Wall Street by Burton Malkiel is also worth a read.
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  #7  
Old 03-20-2025, 11:56 AM
EddieP EddieP is offline
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If you want to get in the nitty gritty of evaluating and picking stocks then read “Security Analysis” by Benjamin Graham and “Common Stocks and Uncommon Profits” by Philip Fisher. Warren Buffett swears by these two books. Peter Lynch wrote a couple books back in the 1990s which also incorporate Graham’s and Fisher’s stock picking philosophies.Lynch’s books are easy reading.The Intelligent Investor by Graham is also worth reading.
Last edited by EddieP; 03-20-2025 at 12:01 PM.
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  #8  
Old 03-20-2025, 12:08 PM
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Books shmooks. All ya really need is B & B - Baseball cards and Bitcoin. Haha
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  #9  
Old 03-19-2025, 06:04 PM
Gorditadogg Gorditadogg is offline
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Originally Posted by Balticfox View Post
I wasn't the one who made that argument. I would sooner trust a portfolio manager with a long above average track record to beat the market than an index selected not to beat the average but to be the average. Yes, the statistical evidence for my preference is lacking but I'd rather choose an experienced, intelligent investor to manage my portfolio than the chimpanzee who beat the market the most by throwing darts.



Because every investor an edge, and every single hedge fund manager can make a very good case why his strategy will deliver the superior risk adjusted returns. Only some (a very few?) succeed though.
The thing about chimpanzees, though, is that you don't have to pay them very much. The results show over and over that the funds with the highest returns are the ones with the lowest fees.

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