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It's not a problem. Over a 50-year period, about 4% of all managers will beat the market. If you think I'm going to tell you it's impossible for my son to be in that 4%, you don't know me very well.
IF YOU COULD GIVE ALL THE NATION'S INVESTORS ONE BOOK TO READ, WHAT WOULD IT BE?
I did my best to provide that book in Bogle on Mutual Funds. I'd say, if you're really a basic investor, Bill Schultheis's The Coffeehouse Investor. And if you're more sophisticated, I'd certainly do Burton Malkiel's A Random Walk Down Wall Street.
YOU HAD A HEART TRANSPLANT IN 1996. HOW HAS IT CHANGED YOU?
It's a pretty strange thing to be given a second chance at life. I still play squash, and I can be with my wife and children and grandchildren a lot more. But has it made me a better person? Alas, I'm afraid I'm the same old, fallible fool. I try, but we are who we are.