A decade ago, I really did believe that the average investor could do it himself. I was wrong. I've come to the sad conclusion that only a tiny minority, at most one percent, are capable of pulling it off. Heck, if Helen Young Hayes, Robert Sanborn, Julian Robertson, and the nation's largest pension funds can't get it right, what chance does John Q. Investor have?

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

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.

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

Investment success accrues not so much to the brilliant as to the disciplined.

You have to understand what market history looks like. What market history tells you is that the very, very best investments are made when things look the worst.

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