What I have described here is the very essence of simplicity: owning the entire U.S. stock market (and, for a balanced index fund, the entire U.S. bond market as well); making no effort to select the best manager; holding the asset allocation constant and making no attempt at market timing; keeping transaction activity low (and minimizing taxes as well); and eliminating the excessive costs of investing that characterize managed mutual funds. And it worked. Even if future outcomes of this approach are less successful, it’s hard to imagine that they could provide markedly inferior wealth
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