Saturday, April 22, 2006

Great Quote

"The stockbroker services his clients the way Bonnie aand Clyde serviced banks."

A quote from Bill Bernstein, a neurologist in Oregon who has written two books advocating the purchase of index funds.

I gave a talk to high-school students recently, and -- before invoking that quote -- had to ask: Has anyone heard of Bonnie and Clyde? Only two kids raised their hands.

I interviewed Bernstein the other day -- warm, friendly, smart, flexible. How come value stocks have done better than growth stocks? He thinks that they're a free lunch. And Mr. Buffett is one in a million.