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

I think we all ought to be careful about too much generalization on this issue, even as I confess to painting with a pretty broad brush myself!

I was born in an earlier generation and, as a group, my classmates at Blair Academy and Princeton University were as ethical, straightforward, and integrity laden as you could possibly imagine - perhaps not a 100% - but the overwhelming majority. I've been in business a long, long time and I simply cannot imagine seeking out cheating, greedy people.

The multiple failings of our flawed financial sector are jeopardizing, not only the retirement security of our nation's savers but the economy in which our entire society participates.

If you're very talented and keep winning, you'll do just fine. It may take a while. But the talent is hard to identify and talent is hard to tell from luck. There's an awful lot of luck in this business. Past performance is not helpful in judging future performance.

My biggest prediction for the future is that people are going to start looking after individual investors.

The returns we read about in the industry sales literature vastly diminish when we move from the theoretical world of market indexes to the real world of actually investing.