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Evidence-Based Investing: M.D. Turned Financial Advisor Diagnoses What Ails Most Investors
Date:9/30/2008

icit, and judicious use of current best evidence in making decisions about the care of individual patients."

Explaining how this medical standard of practice can be applied to the world of investing, Brian J. Knabe, M.D., financial advisor, Savant Capital Management, Inc., said: "A doctor or surgeon could never ignore the established research in recommending a totally ineffective or even counterproductive approach for a patient. Yet the truth is that most financial advisors and brokers knowingly do this all the time for their clients. Most brokers on Wall Street believe that successful investing involves 'beating the market,' and that the best way to achieve this is through 'actively managed' investment strategies. Evidence demonstrates, however, that this assumption is without foundation. Both the method (the continuous trading of securities for short-term gains) and the goal (beating the market) add risk and expense while delivering a lower overall return compared to investing strategies that neither actively trade nor seek returns greater than the market. Though this is counter-intuitive for many people, the evidence is simply overwhelming."

Brent Brodeski, managing director, Savant Capital Management, Inc., said: "Over the last five decades, there has been a truly quantum leap forward in the understanding of how capital markets work and what specific factors drive investment return over time. High-quality research clearly demonstrates which investment approaches are most likely to succeed as well as those that involve unnecessary risk and are more likely to fail. Even though this research exists and is virtually irrefutable, most investors do not make their investment decisions based on the evidence. To the contrary, fear and greed rather than evidence drive investor decisions. It is amazing how few investors are even aware of the overwhelming body of evidence that exists regarding optimal investing."

WHITE PAPER: DIAGNOSING WHAT AILS CONVEN
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SOURCE Savant Capital Management Inc., Rockford, IL
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