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 deeper one delves, the worse things look for actively managed funds.

Mutual fund manager performance does not persist and the return of stock picking is zero.

The key thing about any fund is to make sure its expenses are low. You know, if you look at the funds in your plan and you see that they're all charging 1.5 and 2 percent,you've gota bad plan.

A fast food job, for most people, should be an entry level position. If you see no path for advancement beyond that, it's time to take a real fast look at your human capital and learn a skill that will make you more money.

When it comes to fund managers and market strategists, this year's hero usually turns into next year's zero.

The typical fund company services 401k plan participants in the same way that Baby Face Nelson serviced banks.