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Although professionals are able to extract a considerable amount of wealth from amateurs, few stock pickers, if any, have the skill needed to beat the market consistently, year after year.

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

Great investors need to have the right combination of intuition, business sense and investment talent.

The mutual fund industry and small investors are very relentless and very unforgiving if people don't perform.

I have learned that nothing is certain except for the need to have strong risk management, a lot of cash, the willingness to invest even when the future is unclear, and great people.

Hedge fund managers charge so much more than mutual fund managers; alpha is even harder to come by. They end up selling a variety of things beyond mere outperformance.

Mutual funds give people the sense that they're investing with the big boys and that they're really not at a disadvantage entering the stock market.

The real key to making money in stocks is not to get scared out of them.

Mutual funds dare to be average. In fact, they dare to be lousy. They have long since ceased striving for anything resembling perfection when it comes to managing your money.

I have never for a minute felt in was my stock picking abilities. I feel that my stock picking abilities aided- I was able to pick out which are the good stocks in the good market, but I have been blessed with a great market.