Picking up Nickels

Tuesday, November 14, 2006

Ben Stein: Buy index funds and lay off the marijuana

Ben Stein's How Not to Ruin Your Life column had a humorous posting yesterday: A Formula for Long-Term Happiness.

The main focus of the article is about the many advantages of investing in low cost index funds:

The data is overwhelming that even the best stock pickers do not, over long periods, beat the large indices like the Dow and the S&P 500 or larger indices like the Vanguard Total Stock Market Index.

Stein humorously adds to the discussion that successful investors also need to lay off the drugs and alcohol:

It's an amazing thing, but it's true: The men and women I know who have spent a lot of time smoking pot have, by and large, thrown their lives away in the pursuit of feeling no pain. There are exceptions, but typically they can barely get out of bed, let alone pursue a career aggressively or save in a disciplined way.

I got a good chuckle out of this article, and may have to start reading Stein's stuff on a regular basis. This article was certainly a "must read" in my book.


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