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.

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

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.

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

It's human nature to find patterns where there are none and to find skill where luck is a more likely explanation (particularly if you're the lucky manager).

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.

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