Real financial planning is so much more than pontificating about the benefits of a low-cost, globally diversified portfolio.
Successful long-run investing is a mental game more than anything else.
The assumption that you can keep the returns of owning stocks while getting rid of the downside has turned out to be almost exactly as wrong as it deserves to be
Too many active managers still harbor the fantasy that stock picking is a boundless pot of gold.
The new investor may pay in time, trading commissions, high expense ratios and of course mental effort. But the price must be paid.
Blaming a stock bubble on ETFs is like blaming MP3s for Nickelback or One Direction.
The cult of data often underestimates that stories are more powerful than statistics.
Some are long-term. Some are short-term. Some are value. Some are growth. Some are activist. Some bet on change. Some bet on things that won’t change.
The most unfortunate aspect of these funds was their failure to compensate investors for the higher levels of risk.
There is plenty of good news, but securities prices are currently reflecting a lot of it.
Some people live as if they are poor when they have a ton of money because they learned to save but they never learned to spend.
The best way to hedge an investment is to not take the risk in the first place.
I thought Warren was the patsy at the poker table.