Santa Claus and the Easter Bunny should take a few pointers from the mutual-fund industry. All three are trying to pull off elaborate hoaxes. But while Santa and the bunny suffer the derision of eight year olds everywhere, actively-managed stock funds still have an ardent following among otherwise clear-thinking adults. This continued loyalty amazes me. Reams of statistics prove that most of the fund industry's stock pickers fail to beat the market.

I am a huge, huge, huge fan of index funds. They are the investor’s best friend and Wall Street’s worst nightmare.

In 1867, George Campbell, Duke of Argyll, had published The Reign of Law, a book that Darwin found deeply annoying. A supporter of Richard Owen, Campbell argued that while evolution (or Development) might be observable in the fossil record, it was merely evidence of God's purpose. God, for example, would cause horses and oxen to evolve in time to meet human needs. The brightly colored plumage of birds, Campbell went on, were simply God's decorations of nature for humanity's enjoyment.

If you want to see the greatest threat to your financial future, go home and take a look in the mirror.

Retirement is like a long vacation in Las Vegas. The goal is to enjoy it to the fullest, but not so fully that you run out of money.

Santa Claus and the Easter Bunny should take a few pointers from the mutual-fund industry. All three are trying to pull off elaborate hoaxes. But while Santa and the bunny suffer the derision of eight year olds everywhere, actively-managed stock funds still have an ardent following among otherwise clear-thinking adults. This continued loyalty amazes me. Reams of statistics prove that most of the fund industry's stock pickers fail to beat the market.

Why are people who are appalled at insider trading so quick to trade on inside information when it comes their way?