"Hebner gives us good advice presented in a very appealing manner. Index Funds remains one of the most valuable investment guides available."

—Burton G. Malkiel, Ph.D., Professor of Economics at Princeton University and Author of A Random Walk Down Wall Street, Tenth Edition, 2011

"This is an incredibly handsome and wise book. We must be near a ‘tipping point’ of passive over active. Perhaps Hebner’s book will mark the moment."

—John C. Bogle, Founder and Former CEO of The Vanguard Group and Author of Six Books Including The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns, 2007

"It is really beautiful and really well done. I plan to use it as a reference guide."

—David G. Booth, Founder and Executive Chairman of Dimensional Fund Advisors, Inc., and Benefactor of the University of Chicago Booth School of Business

"This book, published originally in the early 2000s and updated almost bi-yearly since then, is a terrific grounding in index funds, what they are, how they work, and, most importantly, how they have outpaced the market this century … and even prior to the turn into the 21st, twenty-three years ago.

A valuable addition to my business/investment book library.

Readable, thorough, and well-presented.

The book is massively illustrated with artwork that brings the author’s point out in vivid detail. Some of the drawings are even a bit whimsical, whimsy that is sometimes needed to help the reader get through the more detailed charts that dot the book.

This program for active investors will walk you through the land mines and pitfalls of active investing and show you a better way to invest.

A good launchpad for a prospective investor.

Framed as an interesting and relatable 12-step program, the book guides readers away from the pitfalls of active investing and toward the stability and simplicity of index funds.

For those seeking a long-term and stable investment strategy, beginners wanting to understand index funds, or individuals questioning the merits of active investing, Index Funds offers an informative and effective guide."

—Nonfiction Book Awards Judges

"A no-nonsense guide to disciplined investing, full of deep insights framed in compelling ways."

—Kirkus Reviews

Mark T. Hebner, a highly regarded authority on investing, is an acclaimed author and is featured in an award-winning documentary film titled Index Funds. He also appears in the new Errol Morris documentary film titled Tune Out the Noise.

Like many investors, Hebner’s conversion to passive investing was sparked by his realization that the traditional brokerage paradigm had substantially hampered his own investment success, causing him to significantly underperform an index fund by as much as $30 million. This striking revelation served as the impetus for his tireless efforts to educate and inform investors so they can make better investment decisions.

Hebner is on a mission to change the way the world invests by replacing speculation with an education. With this in mind, he leads a team of writers, artists, graphic designers, mathematicians, statisticians, and researchers to build as well as maintain ifa.com, which is considered one of the internet’s most comprehensive and creative websites on investing. Hebner’s website, book, and documentary films elegantly set forth long-term data and research that educate and empower investors to make sound investment choices.

This special twentieth anniversary and tenth edition of Index Funds: The 12-Step Recovery Program for Active Investors includes new data and research as well as a large section on the Galton board and how it applies to the stock market.

Index Funds is arguably the most artistic and data-packed book ever written on investing. It contains more than fifty-four original oil paintings created by distinguished artist Lala Ragimov. It also includes eighty-nine color charts and graphics, many of which reflect as much as ninety-four years of stock market data. Hebner’s publisher is confident that no other book on investing has achieved this level of artistic, scientific, and articulate magnificence.