Book Review: The Elements of Investing by Burton Malkiel and Charles Ellis

There is a version of investing advice that takes five hundred pages to deliver and a version that takes fifty. The Elements of Investing: Easy Lessons for Every Investor by Burton Malkiel and Charles Ellis belongs firmly to the second category, and it makes no apologies for that. Published in 2009 and updated in subsequent editions, it is a deliberately compact distillation of two careers spent studying what actually works for ordinary investors. Both authors have written longer and more comprehensive books on the same subject. This one exists because they recognized that most people will not read those books, and that the core of what matters can be said briefly without losing the substance. They are right on both counts.

Who Are Burton Malkiel and Charles Ellis?

Burton Malkiel is the Chemical Bank Chairman’s Professor of Economics Emeritus at Princeton University, where he spent the majority of his academic career. He earned his undergraduate degree from Harvard and his PhD from Princeton. He served on the President’s Council of Economic Advisers under President Gerald Ford and as dean of the Yale School of Management from 1981 to 1988. He is best known as the author of A Random Walk Down Wall Street, first published in 1973 and now in its thirteenth edition, which makes the case for low-cost index fund investing with more rigor and historical depth than almost any other book in the investment literature. He also served on the board of directors of Vanguard, the index fund company whose investment philosophy closely mirrors the principles he has spent his career advocating.

Charles Ellis was born on October 22, 1937, in Roxbury, Boston, Massachusetts. He attended Phillips Exeter Academy and then Yale College, where he earned a BA in art history in 1959. He graduated with distinction from Harvard Business School in 1963 and went on to earn a PhD from New York University. In 1972, Ellis founded Greenwich Associates, an international strategy consulting firm focused on financial institutions, which he led as managing partner for three decades. His article “The Loser’s Game,” published in 1975, won the investment profession’s Graham and Dodd Award and became the intellectual foundation for his most widely read book, Winning the Loser’s Game, which argues that active investing is a losing proposition for most investors after fees. He served as a director of the Vanguard Group from 2001 to 2009 and chaired the investment committee at Yale University alongside David Swensen. The CFA Institute recognized him as one of only twelve individuals honored for lifetime contributions to the investment profession.

Together, Malkiel and Ellis represent two of the most credentialed and most consistent advocates for passive, low-cost, long-term investing in the history of American finance. Their collaboration on this book is the natural meeting point of two parallel careers that arrived at the same conclusions by different routes.

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What the Book Is About

The Elements of Investing is organized around a small number of principles that the authors argue are sufficient, if followed consistently, to produce better long-term outcomes than the vast majority of investors achieve in practice. The book is short by design, running to fewer than two hundred pages in most editions, and it moves through its material without extended digressions or the historical and theoretical scaffolding that characterizes the authors’ longer individual works.

The core argument will be familiar to anyone who has read either author separately but is presented here in its most distilled form. Markets are largely efficient. Most active managers underperform their benchmark indexes over long periods after fees. Investment costs compound over time into enormous differences in ending wealth. Diversification reduces risk without necessarily reducing returns. And the emotional and behavioral failures that lead investors to buy high and sell low are as damaging to long-term returns as the fees they pay. The solution to all of these problems is the same: buy low-cost, broadly diversified index funds, contribute to them regularly and automatically, rebalance occasionally, and do not sell in response to market volatility.

The book covers saving, diversification, index fund selection, rebalancing, and the behavioral discipline required to stay the course through market downturns. It also addresses tax efficiency and the role of tax-advantaged retirement accounts in a long-term investment strategy.

Lessons Readers Can Take Away

The most immediately actionable lesson in the book is the authors’ emphasis on saving rate as the foundation of everything else. Malkiel and Ellis argue with characteristic directness that investment returns matter but saving behavior matters more, especially in the early stages of wealth building. The investor who saves fifteen percent of their income and earns average market returns will accumulate far more wealth than the investor who saves five percent and earns above-average returns. That is a mathematical fact that most financial media, which focuses relentlessly on investment selection and market performance, consistently obscures.

The practical implication is that before worrying about which funds to buy, what your asset allocation should be, or how to respond to current market conditions, the most important financial decision you can make is to automate a meaningful savings rate and resist reducing it when other spending pressures arise. High-yield savings accounts and automatic contribution schedules are not merely convenient. They are structurally important mechanisms for removing savings decisions from the domain of willpower and placing them in the domain of system.

A second lesson concerns the compounding cost of investment fees, which both authors treat as one of the most important and most underappreciated factors in long-term outcomes. The arithmetic is relentless: a fund charging one percent annually versus one charging a tenth of a percent appears to differ by only nine-tenths of a percentage point in any given year. Over forty years of saving and investing, the difference in ending wealth is substantial, because every dollar paid in fees is a dollar that does not compound for the remainder of the investment horizon. The authors are explicit that this mathematics makes low-cost index funds the rational default choice for most investors regardless of market conditions.

A third lesson concerns rebalancing, which the authors present as one of the few investment behaviors that genuinely adds value without requiring any predictive skill. A portfolio that begins at a target allocation will drift as different asset classes perform differently over time. Returning periodically to the original allocation forces the investor to sell what has risen and buy what has fallen, which is the opposite of what emotional impulse recommends but precisely what evidence-based investing supports.

A fourth lesson addresses the behavioral gap between investment returns and investor returns, which both authors identify as one of the most financially consequential and least discussed phenomena in personal finance. The average investor earns substantially less than the funds they own because they buy after prices have risen and sell after they have fallen. Eliminating that behavioral error through systematic, automatic investment strategies is not merely psychologically beneficial. It is financially decisive.

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Criticisms of the Book

The most consistent criticism of The Elements of Investing is its brevity. The book covers its subject at a level of generality that some readers find insufficient. The authors acknowledge that real financial lives involve complications that a book of this scope cannot fully address, but they do not always provide clear guidance for readers dealing with student loan debt, variable income, or complex tax situations. The framework is sound but the application requires supplementary reading.

A second criticism is that the book covers ground both authors have addressed more thoroughly elsewhere. Readers who have already worked through A Random Walk Down Wall Street or Winning the Loser’s Game will find little that is new. The value of The Elements of Investing is its accessibility and concision rather than its originality, which makes it a better starting point for new readers than a meaningful addition to the library of experienced ones.

A third criticism is that some specific guidance, particularly around asset allocation and the role of bonds, reflects assumptions that have been challenged by both the extended low-rate environment following 2008 and the sharp rate increases that followed in 2022. The underlying principles remain sound, but some of the specific numbers in earlier editions aged less gracefully than the core argument.

A fourth criticism is that the book does not engage seriously with behavioral finance beyond acknowledging that emotional mistakes are costly. Readers who want a deeper understanding of why investors behave badly and what structural changes can help are better served by Thinking, Fast and Slow by Daniel Kahneman or the behavioral investing books of James Montier, both reviewed on this site.

Should You Buy This Book?

Yes, particularly for readers who are new to investing or who want the essential argument for index fund investing in the most compact and accessible format available.

The Elements of Investing does what it sets out to do: it takes two careers’ worth of investment wisdom and compresses it into a format that almost anyone will finish in a single sitting. The core principles it covers, save consistently, minimize costs, diversify broadly, rebalance systematically, and stay the course through market volatility, are sufficient to produce excellent long-term outcomes for the vast majority of investors.

For readers who want more depth, A Random Walk Down Wall Street by Malkiel and Winning the Loser’s Game by Ellis are the natural next steps. The Little Book of Common Sense Investing and Stay the Course by John Bogle, both reviewed on this site, make the same essential argument from a different perspective and complement this book well.

The book is short, inexpensive, and widely available. The investment of time and money is minimal relative to what it offers.

Final Thoughts

Malkiel and Ellis wrote The Elements of Investing because they believed that the most important things to know about investing are not complicated, and that the proliferation of complex financial products and sophisticated-sounding strategies has created a misleading impression that good investing requires expertise that ordinary people do not possess. Their book is an argument against that impression, made by two people who have spent their careers accumulating precisely that expertise and who have concluded that most of it is not what matters.

What matters, they argue, is simple: spend less than you earn, save the difference automatically, put it in low-cost broadly diversified index funds, avoid high fees, avoid emotional decisions in response to market movements, and give the whole thing enough time to compound. That is not a sophisticated strategy. It is, however, the strategy that the evidence most consistently supports, and it is the strategy that this short, honest, and well-argued book exists to recommend.

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Who Is Burton Malkiel?

Burton Malkiel is one of the most consequential figures in the history of American investing, not because he managed a famous fund or built a financial empire, but because he wrote a book that changed how millions of ordinary people think about the stock market. His argument, that most investors would be better served by buying a low-cost index fund than by trying to pick winning stocks or hire active managers to do it for them, was considered controversial when he first made it in 1973. Decades of evidence have since proven him right, and the index fund revolution that now moves trillions of dollars has his intellectual fingerprints all over it.

Early Life and Education

Burton Gordon Malkiel was born on August 28, 1932, in Boston, Massachusetts. He grew up during the Great Depression and World War II, a formative backdrop for anyone who would spend their career thinking seriously about risk, markets, and the limits of human prediction.

He earned his bachelor’s degree from Harvard College in 1953 and went on to complete his MBA and PhD in economics from Princeton University. Princeton would become the central institution of his academic life, and he would return there as a professor and eventually as the Chemical Bank Chairman’s Professor of Economics, a position he held for decades before being named professor emeritus.

Career in Academia and Finance

Malkiel’s career has always operated on two tracks simultaneously: rigorous academic economics and practical engagement with the financial world. That combination, the willingness to bring serious research to bear on questions that actually matter to ordinary investors, is what distinguishes his work from most academic economics.

He served as a member of the President’s Council of Economic Advisers under President Gerald Ford from 1975 to 1977, bringing his perspective on markets and monetary policy directly into the policy arena. He served as dean of the Yale School of Management from 1981 to 1988, one of the most prominent business school leadership roles in the country. He also served on the board of directors of several major corporations and financial institutions, including Vanguard, the index fund company whose philosophy aligns most closely with the investment approach Malkiel has spent his career advocating.

His association with Vanguard is particularly significant. John Bogle, the founder of Vanguard and the creator of the first index mutual fund available to individual investors, and Malkiel were intellectual allies whose work reinforced each other. Bogle built the institutional apparatus to make low-cost index investing accessible to ordinary Americans. Malkiel provided much of the theoretical and empirical foundation that explained why it worked.

Later in his career Malkiel also served as chief investment officer of Wealthfront, a robo-advisory firm, demonstrating a genuine commitment to applying his investment principles in modern technological contexts rather than simply theorizing about them from a distance.

A Random Walk Down Wall Street

Malkiel’s most important and most widely read work is A Random Walk Down Wall Street, first published in 1973 and now in its thirteenth edition. It is one of the few investment books that can genuinely claim to have changed the world in a measurable way, and it remains as relevant today as it was when it first appeared.

The title comes from the random walk hypothesis, a concept from mathematics describing a path in which each step is independent of the ones before it. Applied to financial markets, the hypothesis holds that stock prices incorporate all available information so rapidly and so completely that future price movements cannot be reliably predicted from past ones. If that is true, and Malkiel argues at length that it largely is, then the entire enterprise of stock picking and market timing is a losing game after costs.

The book covers a sweep of financial history including some of the most famous speculative manias on record, from the Dutch tulip bulb craze of the seventeenth century to the dot-com bubble, making the case that intelligent people have always been capable of convincing themselves that this time is different. It explains the theoretical underpinnings of market efficiency, evaluates the evidence for and against both technical and fundamental analysis, and arrives at a practical conclusion that remains the book’s most lasting contribution: most investors should buy and hold a diversified, low-cost index fund and ignore the noise.

Over its fifty-plus year publishing history, A Random Walk Down Wall Street has been updated through multiple market cycles including the 1987 crash, the dot-com collapse, the 2008 financial crisis, and the COVID-19 market disruption. In each case the evidence has reinforced rather than undermined the book’s central argument.

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Investment Philosophy

Malkiel’s investment philosophy can be summarized in a handful of principles that he has articulated consistently across decades of writing, teaching, and public commentary.

The first is that markets are largely efficient. Not perfectly efficient, not efficient in every corner at every moment, but efficient enough that the average investor cannot expect to consistently identify and profit from mispriced securities after accounting for the costs of attempting to do so. This is not a statement about market perfection. It is a practical observation about the extraordinary difficulty of beating a market composed of millions of sophisticated participants all trying to do the same thing.

The second is that investment costs matter enormously over long periods. The difference between a fund that charges one percent annually and one that charges a tenth of a percent looks trivial in any given year. Compounded over thirty years of saving and investing, it translates into a substantial reduction in ending wealth. Minimizing fees is one of the few investment decisions that reliably and predictably improves long-term outcomes.

The third is that diversification reduces risk without necessarily reducing returns. Holding a broadly diversified portfolio, across asset classes, geographies, and sectors, smooths out the volatility associated with any individual holding without giving up the long-term growth that equity markets have historically provided.

The fourth is that most investors should keep their strategy simple. Regular contributions to a low-cost index fund, maintained through market cycles without constant adjustments in response to short-term news or performance, is not a concession to mediocrity. It is the approach that the evidence most consistently supports.

Influence and Legacy

The practical influence of Malkiel’s work is difficult to overstate. The index fund industry, which now accounts for the majority of assets in American equity mutual funds, rests in significant part on the intellectual foundation that A Random Walk Down Wall Street helped establish. The tens of millions of Americans who invest through low-cost index funds in their 401k plans and IRAs are, in a meaningful sense, beneficiaries of his arguments.

His work has influenced generations of economists, financial journalists, and investment professionals. It is regularly assigned in university finance courses and remains a standard reference for anyone trying to understand why passive investing has so thoroughly outperformed the active management industry over long periods.

Beyond the index fund argument, Malkiel’s contribution to financial literacy more broadly has been substantial. He has spent fifty years explaining difficult ideas in accessible language, engaging with evidence honestly, and maintaining intellectual consistency even when the consensus view ran against him. That combination of rigor and accessibility is rarer in financial writing than it should be.

Other Written Work

Beyond A Random Walk Down Wall Street, Malkiel has authored several other books worth noting. The Inflation Beater’s Investment Guide, published in 1980, addressed investment strategy during the high-inflation environment of that era. Global Bargain Hunting, co-authored with J.P. Morgan, examined international investing opportunities in emerging markets. The Elements of Investing, co-authored with Charles Ellis and published in 2009, distills the case for simple, low-cost, long-term investing into an accessible and concise format that is particularly useful for readers who want the essential argument without the full apparatus of A Random Walk Down Wall Street.

Where to Start

For readers new to Malkiel’s work, A Random Walk Down Wall Street is the natural starting point, and the most current edition is the right one to buy since each revision updates the evidence and engages with new market developments. The core argument has not changed across editions because the evidence supporting it has continued to accumulate, but the later editions are more comprehensive and more current in their examples.

The Elements of Investing, co-authored with Charles Ellis, whose own book Winning the Loser’s Game is reviewed on this site, is a useful companion for readers who want a shorter and more distilled version of the same principles.

Malkiel’s work pairs naturally with The Little Book of Common Sense Investing by John Bogle and Stay the Course, also by Bogle, both reviewed on this site. Together these books make the most comprehensive and most rigorously argued case for low-cost, broadly diversified, long-term index fund investing available in the accessible investment literature.

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Book Review: A Random Walk Down Wall Street by Burton Malkiel

If you could read only one book about investing and had to choose it sight unseen, the argument for A Random Walk Down Wall Street by Burton Malkiel would be difficult to beat. First published in 1973 and now in its thirteenth edition, it has remained continuously in print and continuously relevant across more than five decades of market history that have included oil shocks, Black Monday, the dot-com bubble, the 2008 financial crisis, a global pandemic, and everything in between. Its central argument has not only survived those events but has been substantially vindicated by them. That is a rare thing in financial publishing, where the shelf life of most investment books is measured in market cycles rather than generations.

Who Is Burton Malkiel?

Burton Malkiel was born in 1932 in Boston, Massachusetts. He earned his undergraduate degree from Harvard College and his MBA and PhD from Princeton University, where he spent the majority of his academic career as a professor of economics. He served as dean of the Yale School of Management from 1981 to 1988 and was a member of the President’s Council of Economic Advisers under Gerald Ford. He also served on the board of directors of several major financial institutions including Vanguard, the index fund company whose philosophy aligns closely with the argument he has made throughout his career.

Malkiel is an economist in the classical sense, someone who takes market efficiency seriously as an empirical claim rather than an ideological commitment, and his work reflects decades of careful engagement with the evidence on how markets actually behave rather than how market participants believe or hope they behave. He has published extensively in academic journals and has been a consistent and credible voice for evidence-based investing in public discourse for fifty years.

He retired from his full professorship at Princeton but has remained active as a writer, speaker, and investor. He spent time as chief investment officer of a robo-advisory firm, which reflects his genuine belief that low-cost, systematic, broadly diversified investing is not just theoretically sound but practically superior for the vast majority of investors.

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What the Book Is About

The title comes from the random walk hypothesis in mathematics and statistics, which describes a path that follows no predictable pattern because each step is independent of the ones before it. Applied to financial markets, the hypothesis holds that stock prices incorporate all available information so rapidly and so completely that future price movements cannot be reliably predicted from past movements. The next price change is, in an important sense, random from the perspective of anyone trying to predict it.

This is the efficient market hypothesis expressed in accessible language, and Malkiel makes it the foundation of the book’s central practical argument: if prices already reflect everything that is publicly known, then neither technical analysis, which attempts to predict future prices from historical price patterns, nor fundamental analysis, which attempts to identify undervalued stocks through careful study of business financials, can consistently produce returns that beat the market after accounting for the costs of the research and trading required to implement them.

The book is organized into four major sections. The first examines the history of speculative manias, from tulip bulbs in seventeenth-century Holland through the South Sea Bubble, the 1920s stock market boom, the Nifty Fifty era, the dot-com bubble, and the housing bubble of the 2000s. This historical tour is one of the most valuable sections of the book because it demonstrates with uncomfortable clarity how reliably intelligent, educated, financially sophisticated people convince themselves that this time is different, and how reliably it is not.

The second section examines the theoretical foundations of both technical and fundamental analysis and evaluates the evidence for and against each. The third section covers modern portfolio theory, the capital asset pricing model, and the practical implications of academic finance research for individual investors. The fourth and most practical section offers concrete guidance on how to construct and maintain a diversified, low-cost investment portfolio appropriate for different stages of life.

Throughout all four sections Malkiel writes with unusual clarity and an evident commitment to helping readers understand and apply the ideas rather than simply impressing them with the author’s sophistication.

Lessons Readers Can Take Away

The most important lesson in the book, and the one with the most direct practical application, is that the expected return of the average actively managed fund is the market return minus fees and trading costs. This is not an empirical observation that might change with circumstances. It is a mathematical identity. All investors collectively own the entire market. For every investor who outperforms the market in a given period, there must be another investor who underperforms by the same amount. After subtracting the costs of active management, the average active investor must underperform the index. The data on actual fund performance over long periods confirms this with remarkable consistency.

For readers building a long-term investment strategy, this lesson has an immediate and actionable implication. Low-cost index funds tracking broad market indexes like the S&P 500 or the total stock market will outperform the majority of actively managed alternatives over long periods simply by eliminating the cost drag that active management imposes. This is not a matter of passive investing being brilliant. It is a matter of the arithmetic being unavoidable.

A second lesson is about the extraordinary destructive power of investment costs over long periods. Malkiel is meticulous about illustrating how even small differences in annual expense ratios compound into enormous differences in wealth over decades. A fund charging one percent annually versus one charging a tenth of a percent does not seem like a meaningful distinction in any given year. Over thirty years of compounding the difference is staggering. Understanding this point changes how you evaluate investment products for the rest of your life.

A third lesson comes from the historical tour of speculative manias. Malkiel’s history of bubbles is not simply entertaining, though it is that. It is a practical inoculation against the most dangerous investing behavior, which is abandoning a systematic strategy in response to the compelling narrative of an exceptional moment. Every bubble in history looked different from every previous bubble to the people living through it. The argument that this time is different has been wrong consistently enough that hearing it should function as a warning rather than an invitation.

A fourth lesson is about the relationship between risk and return over time. Malkiel explains with characteristic clarity how stocks have historically provided higher returns than bonds over long periods precisely because they are more volatile in the short term. Investors who accept short-term volatility in exchange for long-term growth are being compensated for bearing that risk. Investors who cannot tolerate volatility and sell during downturns give up the long-term premium without avoiding the short-term pain, because they typically sell after the decline and buy back after the recovery. The prescription is to match your asset allocation to your genuine risk tolerance and time horizon, not to the risk tolerance you imagine you have when markets are rising.

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Criticisms of the Book

A Random Walk Down Wall Street has been influential enough to attract serious and sustained criticism from serious people, and engaging with those criticisms honestly makes for a better understanding of both the book and the investing landscape.

The most substantive criticism is that the efficient market hypothesis, while broadly correct as a description of large, liquid, heavily analyzed markets, may be less applicable to smaller, less liquid, or less covered markets where information inefficiencies are more likely to persist. Active value investors like Warren Buffett, Charlie Munger, and the investors profiled in books like The Outsiders and 100 Baggers, have produced records that are difficult to explain purely by luck. Malkiel acknowledges this but argues that identifying in advance which active managers will outperform is itself extremely difficult, which makes the case for indexing hold even if some degree of exploitable inefficiency exists.

A second criticism is that the book’s practical guidance, while generally sound, reflects the investment products available at the time each edition was written. Earlier editions predate the explosion of low-cost ETFs and the development of Vanguard-style total market funds that have made the book’s prescriptions dramatically easier and cheaper to implement than they were in 1973. Later editions have updated accordingly, but readers should be aware of when their copy was published.

A third criticism from behavioral economists is that the efficient market hypothesis pays insufficient attention to the role of investor psychology in creating pricing anomalies. The work of Daniel Kahneman, Richard Thaler, and others has documented systematic cognitive biases that affect investor behavior in ways that can create exploitable mispricings, at least temporarily. Malkiel engages with behavioral finance to a degree but remains more committed to the efficiency view than many researchers in that field would endorse.

A fourth criticism is simply that the book is long and that some sections, particularly the more technical discussions of portfolio theory, are demanding for readers without a quantitative background. The practical guidance in the later sections is accessible to anyone, but the theoretical scaffolding that precedes it requires patience.

Should You Buy This Book?

Yes, without significant qualification, for any reader who is building a long-term investment strategy or trying to understand why the strategy they have been recommended actually makes sense.

A Random Walk Down Wall Street is the most comprehensive and most rigorously argued case for index fund investing available to a general audience. It provides the theoretical foundation, the historical evidence, the behavioral context, and the practical implementation guidance that together make a complete and coherent investment philosophy. Reading it gives you a framework for evaluating every investment product, strategy, and financial recommendation you will ever encounter, which is a durable and compounding asset in itself.

It pairs naturally with The Little Book of Common Sense Investing by John Bogle which makes a similar argument with greater brevity. Together they form the most solid possible intellectual foundation for a low-cost, broadly diversified, long-term investment approach. The Psychology of Money by Morgan Housel addresses the behavioral dimension of why executing that approach is harder than it sounds, and Thinking, Fast and Slow by Daniel Kahneman provides the cognitive science behind the systematic errors that lead investors away from evidence-based strategies.

The current edition is the right one to buy, as Malkiel has consistently updated the text to engage with new research and new market developments.

Final Thoughts

Burton Malkiel published the first edition of A Random Walk Down Wall Street more than fifty years ago. In those five decades the American stock market has experienced ten recessions, multiple crashes, technological revolutions, geopolitical upheavals, and periods of extraordinary volatility. The central argument of the book, that broadly diversified, low-cost index investing will outperform the vast majority of actively managed alternatives over long periods, has been vindicated by virtually every major study of actual fund performance conducted in the intervening years.

That is a remarkable thing to be able to say about a financial book. Most investment advice is provisional, contingent on conditions that may not persist and on assumptions that may not hold. Malkiel’s core argument rests on arithmetic, on the unavoidable mathematics of costs and market returns, that does not have the same kind of expiration date.

For anyone who takes their long-term financial health seriously, this is essential reading. It will not make investing exciting or give you a hot stock tip. What it will do is give you a clear, well-reasoned, historically grounded case for the investment approach that the evidence consistently supports, and the confidence to stick with that approach when the inevitable arguments for abandoning it appear, as they always do and always will.

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