Rather than engage in the sort of selective retention that so many investors tend to do and pretend mistakes never happened, I prefer to own them. This allows me to learn from them and, with any luck, avoid making the same errors again.

Never forget this simple truism: Forecasting is marketing, plain and simple.

Returnless risk is not how you prepare for a decent retirement.

The market is going to love it. The market always seems to applaud major mergers, even though the vast majority of them don't work out and don't increase shareholder value.

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.

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

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.