In an online chat in 2013 with personal finance author Helaine Olen, University of Chicago professor Harold Pollack argued that the best financial advice can fit on an index card. In response to demand for such a card, he quickly made one and posted a picture of it online. The picture went viral and was even picked up by major newspapers. Based on this success, Olen and Pollack later coauthored a book that elaborated on the principles in the index card.
Figure E.1 reproduces Pollack’s index card. I fully agree with it, except his advice never to buy or sell an individual security. Pollack’s reasoning for avoiding individual securities is that you are unlikely to be able to consistently identify under- or overvalued securities, so there ...
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