A Question So Important that it Should Be Hard to Think about Anything Else

@inproceedings{Bogle2008AQS,
  title={A Question So Important that it Should Be Hard to Think about Anything Else},
  author={John C. Bogle},
  year={2008}
}
While the simple investment principles espoused 60 years ago by Benjamin Graham remain valid today, investment strategies have become far more active, as the financial sector has come to play a dominant role in our economy. Mutual funds have become less diversified; their portfolio turnover has risen sixfold; and investors now hold fund shares for dramatically shorter periods. Fund expense ratios have risen sharply, a manifestation of the soaring costs of the U.S. financial sector, estimated at… 

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