John C. Bogle
Stop trying to beat the stock market with expensive managers and hot tips. By simply owning the entire market through low-cost index funds, you will effortlessly outperform the vast majority of professional investors.
Costs dictate investment outcomes because every dollar paid in management fees, sales charges, and hidden trading expenses is directly subtracted from your total return.
Attempting to pick winning mutual funds based on past performance is futile due to reversion to the mean, which acts like a law of gravity pulling temporary market outperformers back down to earth.
Buying a simple index fund eliminates the specific risks associated with individual stocks, market sectors, and manager selection, leaving only the inherent risk of the overall stock market.