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.

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.

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.

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.

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

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.

Most investors are pretty smart. Yet most investors also remain heavily invested in actively managed stock funds. This is puzzling. The temptation, of course, is to dismiss these folks as ignorant fools. But I suspect these folks know the odds are stacked against them, and yet they are more than happy to take their chances.