My biggest prediction for the future is that people are going to start looking after individual investors.

Speculation leads you the wrong way. It allows you to put your emotions first, whereas investment gets emotions out of the picture.

Surprise! The returns reported by mutual funds aren't actually earned by mutual fund investors.

The stock market is a giant distraction to the business of investing.

The business has some problems, substantial problems. You go fix it, you young people. That's what you're there for. Don't believe what the old generation tells you. We don't know a damn thing, including Bogle.

Managed funds are astonishingly tax-inefficient.

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.