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

The key aspect of an index fund is that many of them, not all of them, but many of them are extremely cheap.

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.

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.

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).

An index fund is a fund that simply invests in all of the stocks in a market. So, for example, an index fund might invest in every single stock or almost every single stock in the U.S. market, it might invest in every single stock abroad, or it might invest in all of the bonds that are out there. And you can make a perfectly fine investing portfolio that mixes equal parts of all three of those.