No. of Recommendations: 3
My favorite quote: "Before the deduction of the costs of investing, beating the stock market is a zero-sum game. After the costs of investing, beating the stock market is a LOSER'S game.

Even more so for bonds!

Back that statement up. Why is it more so far bonds. Costs are costs, it doesn't matter the market: index funds, ETFs, bonds, stocks, commodities, FOREX. If one understand the costs of their system and thus is managing their costs why are bonds pickers worse off then stock pickers or indexers? Big claim, it deserves more than a line, show us the data. Please don't just point to the low fees of passive management because that is only half the equation.

Bonds are not nearly as liquid as equities and thus have higher transaction costs, so the transactional cost of trying to beat the bond market is higher than the transactional cost of trying to beat the stock market.
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