The wealthy are different than you and I: they have many more ways of having their wealth stripped away. - William J. Bernstein

In other words, since you cannot successfully time the market or select individual stocks, asset allocation should be the major focus of your investment strategy, because it is the only factor affecting your investment risk that you can control.

The advent of modern communication technology has simply facilitated the rapid dissemination of increasingly trivial information.

Wealthy investors should realize that they are the cash cows of the investment industry, and that most of the exclusive investment vehicles available to them - separate accounts, hedge funds, limited partnerships, and the like - are designed to bleed them with commissions, transactional costs, and other fees.