At a very early stage in history we are encountering "survivorship bias" - the fact that only the best results tend to show up in the history books. - William J. Bernstein

when a famous investor publishes a newsletter, it's a sure tip-off that his techniques have stopped working.

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.

Journalism attracts people with exceptional linguistic talent, but I have found that very few have the mathematical sophistication to appreciate the difference between skill and luck.