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 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.

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

When it comes to fund managers and market strategists, this year's hero usually turns into next year's zero.

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.

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