While it is probably a poor idea to own actively managed funds in general, it is truly a terrible idea to own them in taxable accounts... taxes are a drag on performance of up to 4 percentage points each year... many index funds allow your capital gains to grow largely undisturbed until you sell... For the taxable investor, indexing means never having to say you're sorry.

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

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.

Wall Street is littered with the bones of those who knew just what to do, but could not bring themselves to do it.

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

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.