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The Index Revolution is Thriving

In 2006, I wrote “The Smartest Investment Book You’ll Ever Read”. It laid out the research data supporting evidence-based investing. I told investors which index funds to purchase in order to have a globally diversified portfolio at a very low cost.

In his otherwise favorable review of the book, Paul Brown of the New York Times noted what he called “endless chest thumping” and gave these extracts as examples: “The securities industry adds cost. It subtracts value.” And “Virtually all brokerage-based financial consultants and most independent financial advisers manage money using dumb money management techniques.” Events since the publication date have fully validated these observations.

A lot has transpired since 2006, including the greatest stock market crash since the Great Depression and one of the fastest recoveries. Those who followed the advice of many brokers and advisers, and fled to safety when the market crashed, missed out on the recovery.

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