A bird sings, a child prattles, but it is the same hymn; hymn indistinct, inarticulate, but full of profound meaning.
It's amazing how difficult it is for a man to understand something if he's paid a small fortune not to understand it.
It's 1450 out of 1500 ETF funds that I just wouldn't touch because they're not diversified enough. Or they have some huge speculative twist to them that if you can guess the markets right you will do very well for a day or two but who can do that? Nobody.
On balance, the financial system subracts value from society
Managed funds are astonishingly tax-inefficient.
The business has some problems, substantial problems. You go fix it, you young people. That's what you're there for. Don't believe what the old generation tells you. We don't know a damn thing, including Bogle.
While the apostles of the new so-called "behavioral" theory present ample evidence of how often human beings make irrational financial decisions, it remains to be seen whether these decisions lead to predictable errors that create systematic mispricings upon which rational investors can readily and economically capitalize.
By 'happiness' I do not mean worldly success or outside approval, though it would be priggish to deny that both these things are most agreeable. I mean the inner consciousness, the inner conviction that one is doing well the thing that one is best fitted to do by nature.
The only thing standing between me and greatness is me.
Resource efficiency - it's about only taking what we need
It is essential to his happiness that he should continually advance.