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

I think it's gone much too far. Most of them are not worth the powder to blow them to hell.

Learn every day, but especially from the experiences of others. It's cheaper!

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.

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.

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

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