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).

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

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.

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.

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.

When it comes to fund managers and market strategists, this year's hero usually turns into next year's zero.