If the data do not prove that indexing wins, well, the data are wrong.

Speculation leads you the wrong way. It allows you to put your emotions first, whereas investment gets emotions out of the picture.

Don't look for the needle in the haystack. Just buy the haystack!

On balance, the financial system subracts value from society

We are facing incredible challenges in the economy of the U.S. and the economy of the globe, but the stock market, we never know whether it's over-discounted or under-discounted or got exactly right its anticipation.

I believe that the mutual fund industry's biggest shortcoming is too much focus on the momentary price of a stock - an illusion - and too little focus on the intrinsic value of the corporation - the ultimate reality. I'm comforted by the fact that Warren Buffett feels the same way.

You know the rule of 72, divide the number into 72, any number you want, and that's how long it will take your money to double.