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.

What to do when the market goes down? Read the opinions of the investment gurus who are quoted in the WSJ. And, as you read, laugh. We all know that the pundits can't predict short-term market movements. Yet there they are, desperately trying to sound intelligent when they really haven't got a clue.

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

It's one of the ironies of investing. The rich can afford to take risks, but they don't need to. The poor need to take risks, but they often can't afford to.

In the Modern Age, there are still those who refuse to contradict a single word of the Bible, even though the Bible contradicts itself.

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

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.