It's bad enough that you have to take market risk. Only a fool takes on the additional risk of doing yet more damage by failing to diversify properly with his or her nest egg. Avoid the problem-buy a well-run index fund and own the whole market.

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

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

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.

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

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

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.