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

The principal role of the mutual fund is to serve its investors.

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

I would always advise young people to follow their star - not my star. They have to live their own life. If they decide they want to go into the investment business, do it, but make it a better business than it is today.

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

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

I think it's fairly easy to provide a moral defense of capitalism. It has been - over the last 200 years - the underlying basis for enormous increases in productivity and human welfare and rising living standards, particularly in the United States, and in the industrialized nations but in fact, in most parts of the world.