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.

It's human nature to find patterns where there are none and to find skill where luck is a more likely explanation (particularly if you're the lucky manager).

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.

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

Do the math. Expect catastrophes. Whatever happens, stay the course.

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