Jack Bogle’s Latest: Basic Math
The smartest people don’t necessarily run the best funds.
Our Friend the Beaver
In one of the older Doonesbury strips, B.D. (wearing his football helmet, as always) asks Mike the subject of his biology paper. Mike responds, “Juxtabranchial organ secretions in the higher mollusks.” Mike reciprocates the question. B.D.’s answer: “Our friend the beaver.”
Mike will surely receive the higher of the two grades. In college biology courses, a paper that uses the word “juxtrabranchial” will almost always impress a professor more than a paper that can be readily understood by third graders. Would that B.D. were a mutual fund investor rather than a college student! In that case, he rather than Mike might be the victor.
John Rekenthaler has a position in the following securities mentioned above: MORN, EMO, AMLP. Find out about Morningstar’s editorial policies.
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