Know What You Own, And Know Why

All The Time And Effort People Devote To Picking The Right Fund, The Hot Hand, The Great Manager Have, In Most Cases, Led To No Advantage.

There's A Company Behind Every Stock And A Reason Companies - And Their Stocks - Perform The Way They Do.

The Natural-born Investor Is A Myth.

The More Cash That Builds Up In The Treasury, The Greater The Pressure To Piss It Away.

Absent A Lot Of Surprises, Stocks Are Relatively Predictable Over Twenty Years. As To Whether They're Going To Be Higher Or Lower In Two To Three Years, You Might As Well Flip A Coin To Decide.