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

Time is your friend; impulse is your enemy.

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

On balance, the financial system subracts value from society

It's 1450 out of 1500 ETF funds that I just wouldn't touch because they're not diversified enough. Or they have some huge speculative twist to them that if you can guess the markets right you will do very well for a day or two but who can do that? Nobody.

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.

Hint: money flows into most funds after good performance, and goes out when bad performance follows.