Jack Bogle and Vanguard are responsible for a trillion dollars of wealth transfer out of the pockets of Wall Street and the finance industry and into the pockets of individual investors in the form of fees that they didn't have to pay.
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The best business to be in is one where you can raise prices without losing customers, and yet few businesses qualify. Most businesses are competitive enough that if they raise prices, they lose significant volume.
Charlie Munger — Berkshire Hathaway Annual Meeting
The biggest investing errors come not from companies that fail, but from companies that succeed in ways you didn't anticipate. You prepare for the future by studying how the past was different from what people expected.
Morgan Housel — The Psychology of Money
Whenever demand for risk is growing faster than the desire to hedge, however, things have often been left to spiral.
Bryce Elder