In the 1960’s, Professor Eugene Fama of the University of Chicago coined the term “efficient market” to describe a world in which no investor can consistently beat the market without taking greater risk. Today, he’s a Nobel Prize-winner.

Why—in the face of such overwhelming evidence to the contrary—do investors and managers continue to believe they can ‘outperform’ markets? Two words: Fees and Overconfidence. The latter suggests investors are living in a fairy tale world where everyone is strong, good-looking and an above-average stock picker. But two of the world’s most sophisticated institutions are waking up to the fact active management has failed them. Shouldn’t you?

Facebook’s looming initial public offering will mint a new generation of Silicon Valley millionaires on a level not seen since 2004, when Google went public. In this Portland Business Journal guest column, Vista’s Dougal Williams explains why Facebook’s new rich would be wise to learn an investment lesson from their Silicon Valley neighbor.

Index funds are being embraced by an ever-increasing number of investors. But not all index funds are created equal. What makes Vanguard’s funds stand out from the crowd?