But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago.

I favour passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.

What counts is what you do with your money, not where it came from.

... Any pension fund manager who doesn't have the vast majority-and I mean 70% or 80% of his or her portfolio-in passive investments is guilty of malfeasance, nonfeasance or some other kind of bad feasance!

Everybody has some information. The function of the markets is to aggregate that information, evaluate it and get it incorporated into prices.

But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago.

To beat the market you'll have to invest serious bucks to dig up information no one else has yet.