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— William J. Bernstein"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."
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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.
— Duke of Wellington
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[What if my advisor talks only about returns, not risk?] ... It's his job to take risk into account by telling you the range of possible outcomes you face. If he won't, go get a new planner, someone who will get real.
— William Forsyth Sharpe
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