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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.

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Here's Marty: Whitman That Is !

TedTed
in Fund Discussions
FYI: (Shareholder's Letter)
Efficient Market Theorists (EMTs) place a premium value on being ignorant about companies and the securities the companies issue. Such EMTs include most financial academics as well as promoters of Index Funds and Exchange Traded Funds (ETFs) such as John C. Bogle, founder of the Vanguard Group. For these EMTs, research is restricted to studying markets and security price fluctuations. To EMTs the study of companies and securities is someone else’s business.
For EMTs, trying to conduct research on companies and securities is a waste of time and money. They believe that passive investors should hold funds having the lowest expense ratios in the form of ETFs and Index Funds which do not have to bear the expense of having to undertake fundamental research in depth.
Regards,
Ted

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