No one's saying that at alllonginvest wrote:Maynard,Maynard F. Speer wrote: You know what they did to Galileo when he suggested it was the Earth that revolves around the Sun?
I don't think Bogle should change his advice - because it does take expertise to understand alternative investments, and if you haven't got it, you need to put quite a bit of trust in someone who does ... But, as a softener, Bogle does have this to say on Cliff Asness:
"I greatly admire Cliff Asness as well. These are guys who run large pools of capital with non-traditional investment strategies. They’re smart, savvy, can keep their perspective, and understand both sides of an issue. They’re far more knowledgeable from an investment standpoint than I am, and are great additions to my large group of heroes"
If you think that our Bogleheads Investment Philosophy is "dumb", then you should propose to change it.
But an index tracker is an inherently "dumb" investment instrument ... It just follows the market like a moth towards a lit candle ... It can be front-run by hedge funds, slapped around and have its lunch money stolen, and it'll be sit there dimly, blowing bubbles between its lips and chuckling to itself .. But it doesn't need much feeding, and makes for a simple relationship