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.

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

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.

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

The purpose of investing is not to simply optimise returns and make yourself rich. The purpose is not to die poor.

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

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