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A Dying Banker’s Last Instructions: The Futility of Active Management

There was a great article in the NY Times this weekend about a former Wall Street banker who has a terminal form of cancer. The article details his ephiphany regarding the futility of active investment management and his work to help investors understand how they can have a positive investment experience. He suggests that investors need to answer five questions:

1) Will you go it alone or hire a professional?

2) How will you divide your assets among stocks and bonds, large and small cap stocks, and growth and value?

3) How will you divide your assets between domestic and international stocks?

4) Will you use active or passively-managed funds?

5) How will you rebalance your portfolio to ensure that you are consistently buying low and selling high?

The article makes for a great read and I highly recommend you take a few minutes.

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