'Long ago, Sir Isaac Newton gave us three laws of motion, which were the work of genius. But Sir Isaac's talents didn't extend to investing: He lost a bundle in the South Sea Bubble, explaining later, 'I can calculate the movement of the stars, but not the madness of men.' If he had not been traumatized by this loss, Sir Isaac might well have gone on to discover the Fourth Law of Motion: For investors as a whole, returns decrease as motion increases.'

'Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should tr…

'[The perfect amount of money to leave children is] enough money so that they would feel they could do anything, but not so much that they could do nothing.'

'The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enj…