No. of Recommendations: 22
Shiller said: "Advising people simply to hold the market is advising them to free-ride on the wisdom of others who do not follow such a strategy. If everyone followed Bogle’s advice, market prices would turn into nonsense and would provide no direction to economic activity."

Free-riding the wisdom of others who do not follow such a strategy?

We'll just sit content with the index funds and let the wisdom of the 95% of active fund managers who fail to outperform their benchmark continue practicing their wisdom at higher ER fees.

I'd prefer to call it drafting. Those racers that win the Tour de France (and other major tours) are experts at drafting. Ditto for improving gas mileage if you draft behind an 18 wheeler (at a safe distance, of course) to cut your costs by 10% (mpg).

Kudos to Bogle for teaching all of us how to draft!
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