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

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

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

For the taxable investor, indexing means never having to say you're sorry.

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.

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).

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.