No. of Recommendations: 3
John Bogle's conclusion:

"In the field of investment management, nearly all of those experts whom we identify as stars prove to be comets. Rather than being eternal beacons of light, most managers live a transitory existence, illuminating the financial firmament for but a brief moment in time, only to flame out, their ashes drifting gently down to earth. Of course, some outstanding managers remain, but history tells us that they are the exception that proves the rule."

--John C. Bogle, "The Stock Market Universe: Stars, Comets, and the Sun," speech, February 15, 2001.
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