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— Duke of Wellington"Just to show you how little reliance can be placed even on what are supposed the best accounts of a battle, I mention that there are some circumstances mentioned in General -'s account which did not occur as he relates them. It is impossible to say when each important occurrence took place, or in what order."
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Which is more worthwhile earning: a large fortune or the esteem and gratitude of the nation? This question is prompted anew by the death of ex-Secretary of the Interior [Franklin K.] Lane. He remained in public service, doing most noble work, until his means became absolutely exhausted, and he died before having had the opportunity to reaccumulate any bank account.... He died leaving no estate whatsoever. Is what he did leave more to be desired, more to be coveted, than a fortune reaching into six or seven figures?
— B. C. Forbes
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While it is probably a poor idea to own actively managed funds in general, it is truly a terrible idea to own them in taxable accounts... taxes are a drag on performance of up to 4 percentage points each year... many index funds allow your capital gains to grow largely undisturbed until you sell... For the taxable investor, indexing means never having to say you're sorry.
— William J. Bernstein
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