Endnotes

1 See Bradley C. Johnston et al., “Comparison of Weight Loss Among Named Diet Programs in Overweight and Obese Adults,” JAMA (September 3, 2014), and Christopher D. Gardner et al., “Effect of Low-Fat vs Low-Carbohydrate Diet on 12-Month Weight Loss in Overweight Adults and the Association with Genotype Pattern or Insulin Secretion,” JAMA (February 20, 2018).

2 www.spglobal.com.

3 William F. Sharpe, “The Arithmetic of Active Management,” The Financial Analysts’ Journal (February 1991), stanford.edu.

4 Michael Cembalest, “The Agony & The Ecstasy,” J.P. Morgan Private Bank (November 30, 2022), www.privatebank.jpmorgan.com.

5 Azra Zaimovic et al., “How Many Stocks Are Sufficient for Equity Portfolio Diversification? A Review of the Literature,” Journal of Risk and Financial Management (November 15, 2021).

6 Stéphane Garelli, “Why you will probably live longer than most big companies,” IMD (December 2016) www.imd.org.

7 Warren Buffett, “Buffett: How inflation swindles the equity investor,” Fortune (May 1, 1977).

8 Barry Ritholtz, “Barry Ritholtz, Everyone Loves a Good Story,” The Washington Post (July 26, 2013), www.washingtonpost.com.

9 Morgan Housel, The Psychology of Money (Harriman House, 2020).

10 Andrea Frazzini et al., “Buffett’s Alpha,” National Bureau of Economic Research (November, 2013), www.nber.org.

11 Aizhan Anarkulova, Scott Cederburg, and Michael S. O’Doherty, “Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice,” ssrn.com (March 3, 2025).

12 Cliff Asness, “Why Not 100% Equities,” aqr.com (February 12, 2024).

13 Hendrik Bessembinder, “Do Stocks Outperform Treasury Bills?” ssrn.com (May 28, 2018).

14 Jason Zweig, “What Harry Markowitz Meant,” Jason Zweig (July 7, 2025), www.jasonzweig.com.

15 Benjamin Graham, The Intelligent Investor (Harper Business, 2006).

16 “Capital Markets Fact Book,” SIFMA Research (July 30, 2024), www.sifma.org.

17 The WFE Statistics Team, “Market Statistics – December 2024,” Focus (November, 2024), www.focus.world-exchanges.org.

18 Richard C. Koo, The Holy Grail of Macroeconomics: Lessons from Japan’s Great Recession (Wiley, 2009).

19 Joseph A. Schumpeter, Capitalism, Socialism, And Democracy: Third Edition (HarperCollins, 2008), Chapters 7–8.

20 Cliff Asness, “There Is No Size Effect: Daily Edition,” AQR (September 18, 2020), www.aqr.com.

21 “Fact, Fiction, and Momentum Investing,” The Journal of Portfolio Management, www.aqr.com.

22 “The All Weather Story,” Bridgewater (January, 2012), www.bridgewater.com.

23 “Ray Dalio Breaks Down His ‘Holy Grail’,” YouTube (April 27, 2019).

24 Leatherneck Magazine, April 2018.

25 Christine Benz, “Simplify Your Investment Plan,” Morningstar (October 9, 2017), www.morningstar.com.

26 Taylor Larimore, “The Three-fund Portfolio,” Bogleheads.org (January 1, 2012). www.bogleheads.org.

27 “John Bogle on how to create perfect asset allocation,” YouTube (June 24, 2018).

28 William F. Sharpe, “Adaptive Asset Allocation Policies,” (November, 2009), stanford.edu.

29 William Bernstein, “Riskless at Age 104,” Advisor Perspectives (March 20, 2023), www.advisorperspectives.com.

30 Matthijs de Jongh, “Shareholder Activism at the Dutch East India Company 1622–1625,” Origins of Shareholder Advocacy (Palgrave Macmillan, 2011), www.papers.ssrn.com.

31 Berkshire’s Corporate Performance vs. the S&P 500, www.berkshirehathaway.com/letters/2012ltr.pdf.

32 Ken Fisher, “Chapter 8: High Dividends for Sure Income,” The Little Book of Market Myths (John Wiley & Sons, Inc., 2013), www.kenfisher.com.

33 Disclosure: I serve as an independent trustee for Cambria ETFs mentioned in this chapter and elsewhere in this book. My role is fiduciary in nature and I do not receive compensation from the fund sponsor or advisor, related to the fund’s sales and/or performance. This discussion is intended for educational purposes and should not be interpreted as a recommendation or endorsement of any specific investment product.

34 Jesse Livermore, How to Trade in Stocks (New York, 1940), p. 20.

35 Brian K. Hurst et al., “A Century of Evidence on Trend-Following Investing,” AQR (November 1, 2017), www.aqr.com.

36 Cliff Asness, “Virtue is its Own Reward or One Man’s Ceiling is Another Man’s Floor,” AQR (May 18, 2017), www.aqr.com.

37 Elroy Dimson and David Chambers, “Keynes’ asset management: King’s College, 1921–1946: The British origins of the US endowment model,” VoxEU (October 20, 2014).

38 David Chambers et al., “Keynes, King’s and Endowment Asset Management,” in How the Financial Crisis and Great Recession Affected Higher Education (University of Chicago Press, 2015).

39 David Chambers et al., “Seventy-Five Years of Investing for Future Generations,” Financial Analysts Journal (September 27, 2020).

40 “How David Swensen Made Yale Fabulously Rich and Changed Endowments,” Bloomberg UK.

41 Jamil Baz and Christian Stracke, “Liquidity, Complexity and Scale in Private Markets,” Pimco (March 19, 2019), www.pimco.com.

42 Michael Kitces, “The Portfolio Size Effect and Using a Bond Tent to Navigate the Retirement Danger Zone,” Nerd’s Eye View (October 5, 2016), www.kitces.com.

43 Hal R. Varian, “Why Is That Dollar Bill in Your Pocket Worth Anything?” The New York Times (January 15, 2004).

44 “Vanguard LifeStrategy Funds,” www.investor.vanguard.com/investment-products/mutual-funds/life-strategy-funds.