John C. Bogle
Stop trying to beat the stock market with expensive managers and hot tips. By owning the entire market through low-cost index funds, you can do better than many professional investors over time.
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 unreliable due to reversion to the mean, which often pulls temporary market outperformers back toward average results.
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.