If it is hard to imagine that 20% of losses on the stock market, you should never participate

On balance, the financial system subracts value from society

Reversion to the mean is the iron rule of the financial markets.

The principal role of the mutual fund is to serve its investors.

In the long run, investing is not about markets at all. Investing is about enjoying the returns earned by businesses.

The general systems of money management today require people to pretend to do something they can't do and like something they don't. It's a funny business because on a net basis, the whole investment management business together gives no value added to all buyers combined. That's the way it has to work. Mutual funds charge two percent per year and then brokers switch people between funds, costing another three to four percentage points. The poor guy in the general public is getting a terrible product from the professionals.

The idea that a bell rings to signal when investors should get into or out of the stock market is simply not credible. After nearly fifty years in this business, I do not know of anybody who has done it successfully and consistently. I don't even know anybody who knows anybody who has done it successfully and consistently. Yet market timing appears to be increasingly embraced by mutual fund investors and the professional managers of fund portfolios alike.