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

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.

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.

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 what market history looks like. What market history tells you is that the very, very best investments are made when things look the worst.

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.

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