Internet Outsider: Why I Don’t Own Google, Part 1: “Third–and here’s the most interesting and, probably, annoying part–I believe that the best investment strategy for most investors is not to buy and sell stocks at all, but simply to allocate assets to low-cost passive funds. I didn’t use to believe this. When I worked on Wall Street, it seemed inconceivable to me that the massive amount of energy, brainpower, and money expended on buying ‘good’ stocks and selling ‘bad’ ones was usually wasted. In the years since leaving the business, however, I have looked at the evidence, and I have been startled and disappointed to realize how conclusive it is.”