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The average investor's return is significantly lower than market indices due primarily to market timing.

There's a tendency to look at investments in isolation. Investors focus on the risk of individual securities.

Individual investors have become far more powerful than anyone gives them credit for. Today, 85 million Americans invest in stocks. Collectively, that kind of buying and selling power can move markets.

When it comes to investing, you are your own worst enemy.

For most people, attaining the intellectual clarity and emotional detachment that investing requires is tough.

I am not criticizing investing in the stock market; I am an investor.

As much as it's sometimes hard to make choices about where you invest, it's equally hard to make choices about where you don't invest and what you eliminate.

I think it's a mistake to rely too much on any one economic factor. It's why investors try to spread their portfolio round.

But successful investors tend to be not too self-destructive. They tend to be patient, they tend not to follow the crowd, and they tend not to be too guilty about winning.

The beauty of diversification is it's about as close as you can get to a free lunch in investing.