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

You have to ask yourself, what are the things that matter to you most in your life? If you have to have a latte every day that'snice to have right now, but if you take that latte every day right now, you may wind up eating cat food when you are 70. And you have to decide which is worse.

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.

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

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

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

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