Notes: Jack doesn't know anybody that knows anybody that can time the market. In the long run, the stock market is all about the returns of American business. Don't try timing each stock.
Notes: The bond market is the simplest thing in the world. There is a 91% chance that the bond yield will be what you buy in for. NEVER be in the market or out.
Notes: Never time the market. People who try to time the market should have their heads examined. "All cash today, all stocks tomorrow" is bad. Jack does not believe in gold (later he says the same for bitcoin) as it has no internal rate of return (IRR). But he does mention in another video that a full proof diversified portfolio has a 5% gold position for if shit really hits the fan (nuclear war, etc.). Gold/bitcoin you are just betting that you can sell it for more than you bought it for = "SPECULATION".
Notes: Don't pay attention to the bloody stock market. The stock market is a giant distraction to the business of investing.
Notes: Every time someone is buying, someone else is selling. Trading just enriches the brokers.
Notes: Vanguard no loads, cost advantage. Low cost provider + customer service. ... other brokerages hated vanguard's index funds because they are so simple.
Notes: Bogle on vanguard at 3 Trillion assets under management: never in it for the size, but for the fun, challenge, the battle.
Notes: The press will give us an explanation as to why they went up or down (stocks/market) without any knowledge.
Notes: Jack tried to get the SEC/Labor departments to make all financial advisors/mutual funds a fiduciary business less than a sales and marketing business as it is now.
Notes: Activity is costly. The less active you are, the better you do.
Notes: Jack makes fun of trading the S&P 500 all day as an ETF. "What idiot would want to do that". (The index fund settles at the end of the day and is not tradable during the day, Jack recommends the index fund over its ETF equivalent).
Notes: "I am not a trader, I'm a long term investor." ... what would any financial advisor tell its client that they are putting the client's interest first (while selling them products).
Notes: "I don't like new products, I don't like hot products, so you can imagine what I think about hot new products." (In response to smart beta and other buzz words)
Notes: Financial industry has unfortunately earned government oversight. When there is no problem the government doesn't need to do anything, but there is a problem with the financial industry, so it needs oversight. There is a disclosure problem, and information problem, and over charge of interest rates on the consumer side problem, etc.
Notes: USA is the best place to own stocks due to extensive shareholder protections, etc. China and India are emerging, but the US is still a great place to own stocks. This is not only due to shareholder protections, but due to technology, invention, and they get half of their earnings outside of the US as well.
Notes: If you think you know more than the market go ahead (sarcastically), but I am not smart enough. I'm willing to take the return of the US stock and bond market and NOT pick stocks. And NEVER PEEK!