The average investor's return is significantly lower than market indices due primarily to market timing.

Mental effort, I would argue, is relatively rare. Most of the time we coast.

The concept of loss aversion is certainly the most significant contribution of psychology to behavioral economics.

You should expect little or nothing from Wall Street stock pickers who hope to be more accurate than the market in predicting the future of prices. And you should not expect much from pundits making long-term forecasts.

We don't see very far in the future, we are very focused on one idea at a time, one problem at a time, and all these are incompatible with rationality as economic theory assumes it.

The evidence is unequivocal, there's a great deal more luck than skill in people getting very rich.

If individuals are rational, there is no need to protect them against their own choices.