Most great financial innovators come from humble circumstances - nothing arouses fascination with financial assets quite like their absence. - William J. Bernstein

The real reason that physicians are rotten investors is that it never occurs to them that finance is a science, just like medicine.

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.

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.