No one in his right mind would walk into the cockpit of an airplane and try to fly it, or into an operating theater and open a belly. And yet they think nothing of managing their retirement assets. I've done all three, and I'm here to tell you that managing money is, in its most critical elements even more demanding than the first two.

The reason that 'guru' is such a popular word is because 'charlatan' is so hard to spell.

You have to understand your own psychology. You have to understand that human beings weren't really designed to invest. We have all these emotions that are appropriate responses if you're being chased by a tiger, but they're terrible responses if you've got a 30-year time horizon to think about investment or when you're trying to manage investment over 30 years.

There are two kinds of investors, be thay large or small: those who don't know where the market is headed, and those who don't know that they don't know.

You have to ask yourself, what are the things that matter to you most in your life? If you have to have a latte every day that'snice to have right now, but if you take that latte every day right now, you may wind up eating cat food when you are 70. And you have to decide which is worse.

The purpose of investing is not to simply optimise returns and make yourself rich. The purpose is not to die poor.

All the things that make us human make us terrible investors and you have to understand what they are and how to avoid them.