In Las Vegas we all know that it's the croupiers who win. At the race track, it's those who control the handle who win. State lotteries, does anybody think the participants in the lottery win? No. The state wins.

The miracle of compounding returns has been overwhelmed by the tyranny of compounding costs.

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

If you have trouble imagining a 20% loss in the stock market, you shouldn't be in stocks.

Among my greatest disappointments about the mutual fund industry - in addition to excessive costs and excessive focus on the short-term - is that fund managers have been passive participants in corporate governance.

Investing is not nearly as difficult as it looks. Successful investing involves doing a few things right and avoiding serious mistakes.

On balance, the financial system subracts value from society