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

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.

History is replete with examples of tech firms that were marginalized by new companies and technologies.

Salesmen always need something to sell.

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.

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.

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