Index Funds: The 12-Step Program for Active Investors is the treatment of choice for wayward investors. John Bogle called Hebner s book "incredibly handsome and wise," while Burton Malkiel stated that "Hebner gives good advice presented in a very appealing manner." Nobel Laureate Paul Samuelson calls it "a valuable reference," and Anders Oldenger of Seligson & Company nominated it as one of the three "All-time Greatest Investment Books," along with the writings of John Bogle and Warren Buffett.
Hebner s book addresses why an overwhelming majority of investors continue to embrace an active investing strategy, despite the extensive academic research demonstrating its ineffectiveness to beat a market index and the overall futility of such a strategy. Speculating on the next winning stock, fund manager, investment style or market timing are all akin to gambling. Below market returns in investment portfolios and pension accounts are the result of investors gambling with their hard earned money. This 12-Step Program will put active investors on the road to recovery. Each step is designed to bring investors closer to embracing a prudent and sound strategy of buying, holding, and rebalancing a risk-calibrated portfolio of passively managed, globally diverse index funds.