Unlike cheap stocks, inexpensive asset classes have a lower chance of big drawdowns (broad asset classes don't go to zero) and a higher probability of average or better returns.

You can blow on the dice all you want, but whether they come up seven is still a function of random luck.

It is important for investors to understand what they do and don't know. Learn to recognize that you cannot possibly know what is going to happen in the future, and any investment plan that is dependent on accurately forecasting where markets will be next year is doomed to failure.

If I am going to trash others for their dumb predictions, I must at least hold myself to the same sort of accountability.

Salesmen always need something to sell.

For those of you who may be unaware, [Michael] Boskin is the economist/weasel/fraud who helped to officially distort the CPI, making it more or less worthless as a measure of inflation. The Boskin Commission... was an act of cowardice. Rather than man up and say fix this, its broken, we can't afford it.

The good news is that economists are intelligent, engaging and often charming folks. The bad news is their work is often of little use to investors.