Illusion of Outperforming the Market
Bogle argues that for every investor who outperforms the market, another must underperform. The aggregate return of all investors, before costs, must equal the market's return.
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The book discusses powerful and well-supported case for the superiority of low-cost index fund investing as the most effective way for the vast majority of investors to achieve their long-term financial goals.
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The Intelligent Investor vs The Speculator
The investor believes that the market price is judged based on the established standards of value, while the speculator bases all their judgment on market price.
To distinguish whether you are the intelligent investor or a speculator, ask yourself whether or not you would invest in a stock...
The Investor
People who invest are those who love the risk, trade frequently and have enough confidence to think they will beat the market.
A 2011 study found out that most investors underperform, namely 82%, because they were trading instinctively rather than strategically.
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• The first, when a few forward- looking people begin to believe things will get better
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