Two of the most reliable habits for building long-term wealth are the exact ones recency bias loves to undermine: diversification and rebalancing.

Investment approaches based on a manager’s efforts to outguess market prices have resulted in underperformance for the vast majority of funds. When fund managers charge high fees and trade frequently, they must overcome high cost barriers as they try to outperform the market.

Technology Has Always Changed the World

Over the decades — and centuries — transformative technologies have disrupted industries, displaced workers, and reshaped the global economy. Each time, the adjustment felt significant. And each time, humanity adapted. In fact, living standards improved and more people were employed.

It was a great year in the stock market in the third quarter of 2025. You can see below that the US stocks as a whole rose over 8%, emerging markets were a star at over 10%. And US Bonds, up 2% is a great quarterly result.

Stocks turned up the volatility to 11 in April. During these sorts of ups and downs, it’s helpful to zoom out and view market returns over the longer term.

There’s no other fund company that I know of that is remotely close to that level of consistent outperformance. It tells me that their scientific statistical based evidence based investing is working very well. It’s wonderful that it shows up in such a big way.