1/ I'd rather poke myself in the eye with a very sharp stick than spend time trying to scrape out a slight statistical edge by tweaking an index fund using a database screen based on a statistical factor like book value to price relationship. Avoiding boredom is valuable to me.
2/ A portion of my investment portfolio is composed of index funds and am pleased that I have the opportunity to outsource the unpleasant parts of that work to other people at a low cost, just as I outsource other boring or unpleasant tasks.
3/ What is endlessly interesting to me is this question: Will the characteristics of this business and nature of markets produce future cash flows the markets have not yet recognized? Answering this question is also what attracts me to being involved in an operating business.
You can follow @trengriffin.
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