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A word in bold typically refers to a proper noun or subject.

A word in bold and italics cross-links to a document or to an internet site by a simple click.

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Certain books and other sources (see the tab  Information sources - books) are referred to more than once on our site. To shorten the text, we refer to these books by reference to the author (for example, Ascah, Allentuck, Betty, Bogleheads, Cadsby, Campbell, Catalano, Cunningham, De Goey, Ellis, Ferri, Mackenzie and Swensen ). The page numbers correspond to the pages of the book edition listed in the tab Information sources - books .

Consult the tab Information- Definitions for the meaning given to various words. For example: an ETF is an exchange-traded fund, and is presumed to be an index fund (invested in a broad market according to a recognized index) unless the contrary is indicated; and a fund includes both an ETF and a traditional mutual fund, and in each case whether indexed or not.

The main investment information on the site is infrequently updated. See the most recent commentaries on current events on the home page; older commentaries may be found  by clicking on Archives. Warning: the main information on the site may not reflect more recent comments on current events.

The date at the end of a section indicates the last time it was updated; however, a section may be updated on one aspect but not in its entirety.

Commas are used to separate 000s (example: 1, 000,000 to indicate “one million”).

Dates are given as day month year.

The masculine gender includes the feminine.
Last Updated ( Sunday, 14 March 2010 )
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Do you think it is possible through careful securities research, to reliably select market-beating portfolios? Wrong: the data show that although many investors do, in almost all cases this is purely the result of the randomness of the markets- in simple terms, dumb luck. William Bernstein