But whatever the consensus on the EMH, I know of no serious academic, professional money manager, trained security analyst, or intelligent individual investor who would disagree with the thrust of EMH: The stock market itself is a demanding taskmaster. It sets a high hurdle that few investors can leap.

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

The grim irony of investing, then, is that we investors as a group not only don't get what we pay for, we get precisely what we don't pay for. So if we pay for nothing, we get everything.

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!

"Now you can trade the S&P 500 Index in real time" was the slogan in the newspapers for the first ETF. What kind of nut would do that?

The historical data support one conclusion with unusual force: To invest with success, you must be a long-term investor.

I will create value for society, rather than extract it.