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

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 they large or small: those who don't know where the market is headed and those who don't know what they don't know. Then again, there is a third type of investor: the investment professional, who indeed knows he doesn't know, but whose livelihood depends upon appearing to know.

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.

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

Market risk is like taking a plunge into a cool pool ... a lot of people are finding out right now what their risk tolerance is.

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