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

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

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

The fund scandals shined the spotlight on the fact that mutual fund managers were putting their interests ahead of the fund shareholders who trusted them, which had much more substantial consequences in the form of excessive fees and the promotion - as the market moved into the stratosphere - of technology funds and new economy funds which were soon to collapse.

Your success in investing will depend in part on your character and guts, and in part on your ability to realize at the height of ebullience and the depth of despair alike that this too shall pass.

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

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