"The more I study and
learn about your approach, the more I grow
to appreciate its elegance...This book explains
the merits of passive 'index investing,' and
why trying to choose hot stocks is a fool's
errand."
-Matt Krantz, USA Today 5/17/05,5/20/05, 7/13/05, 10/2/05
From
emails about the IFA web site and eBook: None of the quotations below are from
advisory
clients of Index Fund Advisors. Therefore, these
statements should not be viewed as an endorsement
or recommendation of the investment advisory
services provided by Index Funds Advisors.
"The more I study and learn about your approach,
the more I grow to appreciate its elegance. So many
people are confused about how to approach volatility
when trying to save for future goals like college
and retirement. They either go into highly volatile
assets, which may not properly compensate them for
their risk. Others just settle for sickeningly low
returns. Your system really breaks the answer down
and makes it approachable. And since you've already
done the math, it saves people from having to learn
about calculating standard deviations and/or future
expected returns. It's really great that you offer
this to the public." Matt Krantz, USAToday, 5/20/05
"I was able to mention your superb web site today
during my appearance on MSNBC's "Economy Watch" program.
Your site is a great resource. It should be mandatory
reading for all investors. There would be no need
for securities fraud lawyers if all investment advisors
followed the advice you give--and you can quote me."
"Can I tell you I think your book is just
fantastic. The information, the way it is presented,
the associated references, etc are all wonderful,
as is your website. Congratulations."
"I love surfing the web. You go looking for one
thing, and you run across a new gem that's so good
it makes you forget what you're looking for."
Paul B. Farrell, www.marketwatch.com 4/26/02
"I just wanted to let you know that I enjoyed your
12 Step Program on the IFA site. In fact, I thought
it was so good -- great advice, top-notch research,
cool tools -- that I wrote about it on The Motley
Fool web site (where I work).
Dayana Yochim - 6/13/02
The Motley Fool / www.Fool.com
"Congratulations on your web site! It is easily
the most informative that I have ever seen. If the
contents are a preview of your forthcoming book, I
look forward to its publication." - W.L. 8/8/02
"Your ifa site is amazing. I have never seen such
precise info about well diversified portfolios, and
mpt." [Modern Portfolio Theory] - B.H. 2/18/03
"I very much appreciated your online book and website.
It is a fantastic resource."
K.R. 8/21/03 McKinsey and Co. Zurich,
Switzerland
"The e-book looks excellent with lots of good sound
advice and useful guidelines. I am sure that investors
would benefit from reading it. I liked the illustrating
quotes. The piece on style drifters was particularly
helpful in the context of the investment case I am
teaching (value versus growth styles and the 'temptation'
to drift from one to the other). [In my PhD--years
ago now--on UK mutual funds, there was enormous style
drift, but it didn't have a label then!!] The website
is also very interesting."
Professor XXX, School of Management, University of
Edinburgh, U.K. - 24 Apr 2003
"I think it is great what you and your
team do at IFA. I was formerly a Financial Advisor
with Merrill Lynch who became disenfranchised with
the industry due to my beliefs that a diversified
portfolio of index funds was the best advice that
I could give clients, yet was frowned upon by my boss
(not too mention it would have paid me next to nothing
to allocate client funds to index funds). Keep up
the good work. More people should understand just
what their 'advisors' are up to. Sincerely,
XXXX", 10/01/04
The more layers of skin you unpeel, the more corrupt
you realize the whole investment industry is and to
think I have wasted 13 years of my career being brainwashed.
I can see the light now. - H.M. Independant Financial
Advisor from United Kingdom, 1/09/04
"I have at various times in my career
been ranked in the top 5% for equites ('87, '91),
US Fixed Income ('00, '01) and International Debt/Currencies
('98). I was beginning to think I was pretty smart,
then I read your research; now I know I've just been
lucky." G.S. Arthur, President, Strategic Reserve,
Inc. - 3/31/04
"I've just finished the "12-step program" - of all
web-pages I've been reading, and that's quit a few,
this is the most informative and pedagogical I've
ever seen. You're definitely aware of the value of
the products you're representing and more important
- you're actually giving the investor a chance to
understand some facts. Very refreshing!" - J. S. 9/6/2001
"Just finished reading the 12 step guide
and wanted to thank you for putting this out for the
public to read. Though most of the info I have read
in bits and pieces in other places including some
of the money magazines, never to extent and so well
organized as in the 12 step guide. If more people
would read something like this and even follow just
half the advice people would be better off." - B.C.
7/8/03
"IFA's web site is the slickest I have ever seen.
It has beautiful graphics, is well-organized and is
loaded with educational materials."
"Mark, I am a Senior Investment Advisor in the Private
Client Service of a major Canadian brokerage firm.
When I saw your site I thought it was great; a real
resource... After speaking with you, it is my belief
that clients should be lining up at your door, not
for the fact you educate them on indexing, or sell
that best product, they should line up because of
your passion to help them and because you really care...
good luck with the excellent work you are doing."
"...you provide a solution that is the envy of
your peers."
"I'm a stock broker in Taiwan working
for a top tier US investment banking for over 5 years.
After reading your piece, I feel deep sympathy, especially
in the article of "broker [chats]". I've spent a couple of weeks studying
Mark's masterpiece and discussed it with my fellow
brokers trying to figure out is there any possible
way to introduce your know-how to local investors."
- [Most importantly, Taiwan is still full of active
investors] - J.W. 6/24/03
"I love your website. Data is hard for people to
believe, but it's the only game in town. I found the
descriptions of your research fascinating. I enjoyed
the interviews."
"You have a fantastic website; tremendous information."
"Wow! What a site! This is suddenly my favorite!
So far, I've studied Steps 1 & 2 and love it."
... Again, I reiterate how happy I am that I finally
found your site. (It's like being born-again, a sinner
finding God!) I love the Active Investor Anonymous
& 12-Step Program analogies. And, I recognize
it's not totally humorous - that there are some similarities
(in personalities, Emotional Intelligence and/or tendencies)
for gamblers and Active Investors to behave in common
ways. (The need for greed, strike it big, get rich
quick!!!)" - G.L. 8/27/02
"As told you on the phone, I've spent
a lot of time on the net looking for advisors that
use asset allocation and indexing in a retail investment
strategy. IFA is the best I've found, so far. I'm
particularly impressed with the quality of your third
party validation, and the scrolling quotations are
great entertainment." -
Sincerely, X.X., CFP, Senior VP, Wealth Advisor, Morgan
Stanley - 5/29/03
"I work with a quantitative model for asset allocation
that we present for institutional and private clients.
IFA's setup seems very interesting because you
also seem to focus on asset allocation and then
implementation with the best index funds (DFA's).
We unfortunately do not have access to these index
funds here [Denmark] (the market is too small),
but there might be potential for your approach in
the UK.
I am by the way a big admirer of DFA and Eugene
Fama (I sat in on a few of his classes at U. Chicago)."
"I have recently been hired as the investment strategist
of a start-up financial planning firm. The top priority
of my role with my new firm is to develop an investment
platform for our firm to approach clients with. My
investment philosophies are centered around structured
investing and calculated risk management over the
long-tern; however, I knew that I would face a certain
degree of resistance from the other members of the
firm who were accustomed to using separate account
managers and actively managed mutual funds. Through
your website I was able to access data that enabled
me to design a presentation that almost instantly
"converted" my colleagues. I am sure that when you
designed your website that this type of service was
not your primary goal, however, I would like to commend
you on your commitment to increasing the education
of individual investors and the promotion of the real
facts of investing."
"What an incredible site you have! My hat is off
to you all!
I work for a major wire house as an investment management
analyst -- providing analysis for manager selection
and follow-up performance analysis. Yet my graduate
studies have firmly placed me in the "efficient markets
camp."
"In the course of completing my masters
degree in economics (thesis topic: "The relevancy
of growth and value style equity investing"), I found
that value and growth styles also behave in a random
manner. I used Fama/French monthly data going back
38 years). Thus, I think that you may wish to take
another look at the style section of your incredibly
great 12-step program. I believe that the case can
easily be made that the pursuit of investment gains
through style shifting is an exercise in futility."
"This "12 Step Program" is what I have been needing
for many years. The information I have read so-far
is priceless." - F.H. 7/7/02
"First, let me say how impressed I am with the Index
Funds Advisors web site. What a great and well-presented
collection of info! It takes the mystification out
of finance and investment and makes it accessible."
"A fresh-minted Series 6 & 63 IC/VC Registered
Representative (in addition to California Life, Disability
& Health Agent) I've only gotten as far as Step
3 on first visit but I've got to say it... this website
rocks. Was starting to represent Salomon Smith Barney's
mutual funds and Travelers Life & Annuity in California
and you guys have now given me one huge headache.
I suffer from that rare and today almost unknown ailment,
only doing what's in the customer's best interests
every single time. You've left me breathless and in
harsh reality jobless but with heart and soul and
tireless drive intact."
"Keep it up, a fantastic
education!"
"Thank you for taking the time to speak with me
on Monday. I was able to take away an abundance of
useful information and ideas from our conversation.
You commitment to investing your clients assets "the
right way" and promoting the truth about investing
is commendable."
"Having done quite a bit of reading in the past
year or two on books from Bernstein, Malkiel, Bogle,
and others, papers from Fama and French, and including
your excellent online book, I am convinced that your
approach to investing is far superior to anything
else offered from an advisory and planning perspective."
- E.N. 2/27/03
"I thought while I was at home over the weekend
to spend some more time reviewing (and learning from)
the IFA website. I really am impressed. I can't tell
you how many websites I've visited as a financial
adviser and consumer only to be sorely disappointed
with misinformation and more brokerage hype that,
"my manager is better than your manager" propaganda,
in addition to the "take more risk you'll get higher
returns" brainwashing that the public receives every
time they log on to one of the other guy's websites.
I am glad to finally see the academic research and
empirical evidence presented in a way that complements
and enhances Modern Portfolio Theory. I've been in
the "business" for over twenty years. I received my
Series 6 license in 1980 to begin "selling" and I
mean "selling" mutual funds and variable annuities.
Now some 20 years later after becoming a Certified
Financial Planner, a Chartered Financial Consultant,
a Certified Investment Management Analyst, and Certified
Investment Management Consultant and while currently
studying for the CFA Level I exam in May, I've become
totally immersed in MPT, and can finally say that
"I see the light." I think you refer to it as your
epiphany. ... I want to explore how we might be able
to utilize the IFA services and resources for new
and existing clients." D. R. 3/9/03
From
emails about the IFA web site and 
