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

The mutual fund industry has been built, in a sense, on witchcraft.

Index funds eliminate the risks of individual stocks, market sectors, and manager selection. Only stock market risk remains.

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

The transfer of Wall Street from private ownership to public ownership has been a big step backward.

Our capitalistic scheme in the latter years of the 20th century seems to have lost its way. We've had a "pathalogical change" from traditional owners capitalism where most of the rewards have gone to those who make the investments and assume the risks to a new and deeply flawed system of managers capitalism where the managers of our corporations our investment system, and our mutual funds are simply take too large a share of the returns generated by our corporations and mutual funds leaving the last line investors - pension beneficiaries and mutual fund owners at the bottom of the food chain.

We live in a very risky world and investors should not get "carried away" with excessive allocations to equities, or for that matter, real estate. As always asset allocation and low cost and broad diversification will be essential in earning one's fair share of whatever returns our financial markets are generous enough to bestow upon us.