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).

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

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

Do the math. Expect catastrophes. Whatever happens, stay the course.

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

No one in his right mind would walk into the cockpit of an airplane and try to fly it, or into an operating theater and open a belly. And yet they think nothing of managing their retirement assets. I've done all three, and I'm here to tell you that managing money is, in its most critical elements even more demanding than the first two.

The definition of investment is the deferring ofpresent consumption for future consumption. So, you dohave to be willing to defer. And there are a couple of tricks that you can use to save money. One of them is simply to pay yourself first.