The books keep rolling in; I keep reviewing. Given that I am a generalist, perhaps this is a good task for me. Before I start for the evening, though, because I know the material relatively well, I skimmed the book, and read the parts that I thought were the most critical.

The Religious War Over Indexing

Passive investors are often passionate investors when it comes to what they think is right and wrong. For market cap or float-weighted indexers:

* The market is efficient!
* Keep expenses low!
* Don't trade fund positions!
* Fundholders buy and hold!
* Tax efficiency!
* Weight by market cap or float!

For fundamental indexers:

* The market is inefficient (in specific gameable ways).
* Keep expenses relatively low.
* Adjust internal fund positions as valuations change!
* Fundholders buy and hold!
* Relative tax efficiency!
* Weight by fundamental value!

书不停地翻进来；我一直在复习。考虑到我是个多面手，也许这对我来说是个好任务。不过，在晚上开始之前，因为我对材料比较熟悉，我浏览了一下这本书，读了我认为最关键的部分。
关于索引的宗教战争
被动投资者往往是热情的投资者，当谈到他们认为是对是错。对于市值或浮动加权指数：
*市场是有效率的！
*少花钱！
*不要交易基金头寸！
*基金持有人买入并持有！
*税收效率！
*重量按市值或浮动！
对于基本索引器：
*市场效率低下（以特定的可博弈方式）。
*保持费用相对较低。
*随着估值变化调整内部基金头寸！
*基金持有人买入并持有！
*相对税收效率！
*按基本值计算的重量！