FYI: THE NOTED PHYSICIST Lord Kelvin reportedly declared in 1900, “There is nothing new to be discovered in physics now.” In the annals of inaccurate proclamations, this one stands out. Just a few years later, Einstein published his Theory of Relativity and, in the following years, proceeded to upend many of the scientific world’s longest standing and most deeply held beliefs.
The world of personal finance witnessed a similarly inaccurate prediction 76 years later. When the newly formed Vanguard Group launched its first index fund, Edward Johnson, then the leader of Fidelity Investments, derided and dismissed this new approach to investing. He is quoted as saying, “I can’t believe that the great mass of investors are going to be satisfied with an ultimate goal of just achieving average returns.”
Regards,
Ted
https://humbledollar.com/2018/09/quality-advice/
