Index investing outperforms active management year after year.

I don't think there is a sound UK bank now, at least, if there is one I don't know about it. The City of London is finished, the financial centre of the world is moving east. All the money is in Asia. Why would it go back to the West? You don't need London.

They wouldn't be politicians if they knew what they were doing.

Without giving specific names, most of the significant American banks, the larger banks, are bankrupt, totally bankrupt.

Acknowledge the complexity of the world and resist the impression that you easily understand it. People are too quick to accept conventional wisdom, because it sounds basically true and it tends to be reinforced by both their peers and opinion leaders, many of whome have never looked at whether the facts support the received wisdom. It's a basic fact of life that many things "everybody knows" turn out to be wrong.

If everyone thinks one way, it is likely to be wrong. If you can figure out that it is wrong, you are likely to make a lot of money.

Teach your children or your grandchildren Chinese. It is going to be the most important language of their lifetimes.