99% of fund managers demonstrate no evidence of skill whatsoever.

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.

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.

The typical fund company services 401k plan participants in the same way that Baby Face Nelson serviced banks.

99% of fund managers demonstrate no evidence of skill whatsoever.

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

There are two kinds of investors, be they large or small: those who don't know where the market is headed and those who don't know what they don't know. Then again, there is a third type of investor: the investment professional, who indeed knows he doesn't know, but whose livelihood depends upon appearing to know.