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Never Buy Another Stock Again: The Investing Portfolio that Will Preserve Your Wealth and Your Sanity by David Gaffen

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8. ETFs: A Stock By Any Other Name

“I can’t help likening the ETF—a cleverly designed financial instrument—to the renowned Purdey shotgun, supposedly the world’s best. It’s great for big-game hunting in Africa. But it’s also great for suicide.”

John Bogle, The Little Book of Common-Sense Investing

For decades, mutual funds were the asset structure that brought Wall Street home to Main Street. Sure, you could buy individual shares, but many were too frightened to engage in such a game. As a result the mutual fund—where for a fee, a manager bought a basket of stocks hoping to outperform the market—became the investment vehicle of choice for most Americans saving for college or retirement.

Mutual funds are pretty limited in terms of the type ...

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