We need to reorganize our entire system of retirement plan investing and to develop federal standards of fiduciary duty for pension trustees and fund managers. These require "top down" intervention. But we also need investors to look after their own economic interests, a bottom up approach to our problems that is well within our individual power to undertake.

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

Without getting into brothels, there are ethical capitalists the problem is that there aren't enough of them. It is not "just a few bad apples" that have been evident in our corporations, our investment bankers and our mutual funds, but so many that one has to concede that the barrel itself needs some work.

Fund investors are confident that they can easily select superior fund managers. They are wrong.

On balance, the financial system subracts value from society

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

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.