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 reason that 'guru' is such a popular word is because 'charlatan' is so hard to spell.

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

Bluntly put, there's no chance that your doctor, dentist, or attorney is a high-school dropout. Your stockbroker, however, just might be.

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 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).