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| Acknowledgments | |
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| Introduction | |
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| The Holy Grail | |
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| The Quest Begins | |
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| Mutual Funds: The Evidence | |
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| When You Wish upon a Morningstar | |
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| Focus Funds | |
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| Active Management of Bond Funds | |
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| Skill versus Luck | |
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| Who Cares about the Average Fund? | |
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| With Active Managers, How Long Is Long Enough? | |
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| Advice from Professional Investors and Academics | |
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| Admissions from Industry Practitioners and the Financial Media | |
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| Pension Plans: The Evidence | |
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| Counterproductive Activity | |
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| The Value of Consultants | |
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| The Performance of Funds Offered by 401(k) Plans | |
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| Fund Selection Skills | |
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| Please Don't Do Something, Stand There | |
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| Advice from Professional Investors | |
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| Admissions from an Industry Practitioner | |
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| Hedge Funds: The Evidence | |
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| The Problems with Hedge Funds | |
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| Advice from Professional Investors and Academics | |
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| Private Equity/Venture Capital: The Evidence | |
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| Characteristics of Private Equity Returns | |
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| Bias in the Data | |
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| Advice from a Professional Investor | |
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| Individual Investors: The Evidence | |
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| Investment Returns versus Investor Returns | |
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| Advice from Professional Investors and Academics | |
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| Admissions from Industry Practitioners and the Financial Media | |
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| Behavioral Finance: The Evidence | |
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| There Is Smoke, but No Fire | |
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| The Tyranny of the Efficient Markets | |
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| Further Evidence | |
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| The Failed Quest | |
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| The Value of Behavioral Finance | |
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| Even Smart People Make Mistakes | |
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| Admissions from Industry Practitioners | |
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| Summary | |
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| Why Persistent Outperformance Is Hard to Find | |
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| The Quest for Alpha Is a Game Played on a Different Field | |
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| Successful Active Management Sows the Seeds of Its Own Destruction | |
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| Closet Indexing | |
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| Concentration and the Role of Trading Costs | |
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| The Role of Trading Costs | |
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| Drifting Out of Small Caps | |
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| Encore Performances | |
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| Who Gets the Money to Manage? | |
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| The Value of Economic and Market Forecasts | |
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| The Value of "Expert" Judgment | |
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| We All Want to Believe | |
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| The Value of Security Analysis | |
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| Buy, Sell, or Hold? | |
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| The Hurdles Are Getting Higher | |
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| Advice from Professional Investors and Academics | |
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| Admissions from Industry Practitioners and Academics | |
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| The Prudent Investor Rule | |
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| The Prudent Investor Rule | |
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| The American Law Institute | |
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| The Uniform Prudent Investor Act | |
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| Whose Interests Do They Have at Heart? | |
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| Advice from Professional Investors | |
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| Admissions from Industry Practitioners and Academics | |
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| A Triumph of Hope over Experience | |
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| The Arithmetic of Active Management | |
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| The Math Is Always the Same | |
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| The Costs of Active Investing | |
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| The Cost of Cash | |
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| An Expensive Quest | |
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| Summary | |
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| How to Play the Winner's Game | |
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| Indexing Is More than the S&P 500 Index | |
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| Does Passive Investing Produce Average Returns? | |
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| Enough | |
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| Needs versus Desires | |
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| Pascal's Wager | |
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| Conclusion | |
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| The Yale Endowment Fund | |
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| The Way to Win Is Not to Play | |
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| The Quest for the Holy Grail | |
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| The Winner's Game | |
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| Rules of Prudent Investing | |
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| Doing It Yourself | |
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| Notes | |
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| Sources of Data | |
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| About the Author | |
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| Index | |