Really great opinion article in the New York Times by Steven Rattner who is is an American financier who served as lead adviser to the Presidential Task Force on the Auto Industry in 2009 for the Obama administration. Rattner writes about the difficulty of stock picking and the superiority of low cost stock market index funds in his piece entitled, "Pension Holders need a New Retirement Plan, Not Stock Tips"
HEre's a link:
http://www.nytimes.com/2016/06/21/opinion/pension-holders-need-a-new-retirement-plan-not-stock-tips.html?action=click&pgtype=Homepage&clickSource=story-heading&module=opinion-c-col-right-region®ion=opinion-c-col-right-region&WT.nav=opinion-c-col-right-regionThis is the quote from the article I like the most,
"Last November Goldman Sachs - an exceptional firm - issue six investment recommendations for 2016: buy stocks in large banks, sell yen, and so forth. In early February, Goldman abandoned five of them, after huge losses in a few short weeks.
" In this year's first quarter, the stocks rated highest by analysts fell, and the stocks rated lowest rose.
"Never, ever pick a stock or an actively managed mutual fund. Use only low-cost index funds.
