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The bet was made in 2007. A Random Walk Down Wall Street [0], considered the book that makes the case for index funds over a hand-picked portfolio, was publishe
by Zanni 3y ago
The bet was made in 2007. A Random Walk Down Wall Street [0], considered the book that makes the case for index funds over a hand-picked portfolio, was published nearly 25 years earlier (1973) and was sufficiently well-known to qualify as common sense. Though there are still plenty of investment managers that are motivated to claim otherwise.
[0] https://en.wikipedia.org/wiki/A_Random_Walk_Down_Wall_Street https://en.wikipedia.org/wiki/A_Random_Walk_Down_Wall_Street
- lelandfe 3y agoBefitting this thread’s language, even, Vanguard’s Bogle published Common Sense on Mutual Funds in ‘99.
- fspeech 3y agoAnd Buffett made much larger bets around the same time by selling puts on various stock indexes, with European style contracts and no collateral requirement. Recall collateral calls were what killed AIG.