Market risk is like taking a plunge into a cool pool ... a lot of people are finding out right now what their risk tolerance is.

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

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

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

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.

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.

You have to understand your own psychology. You have to understand that human beings weren't really designed to invest. We have all these emotions that are appropriate responses if you're being chased by a tiger, but they're terrible responses if you've got a 30-year time horizon to think about investment or when you're trying to manage investment over 30 years.