The essence of effective portfolio construction is the use of a large number of poorly correlated assets.

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

99% of fund managers demonstrate no evidence of skill whatsoever.

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

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.

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

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.