“The world of finance hails the invention of the wheel over and over again, often in a slightly more unstable version.” – J.K. Galbraith Earlier this week I set out to define ‘This time is different.’ It’s a tough one to explain considering markets are always different because they’re complex, adaptive systems. But it’s never…

“The rich invest in time, the poor invest in money.” – Warren Buffett Some nice pep talk material via the Wall Street Journal: Seventy-five percent of ultra-high net worth people ($30 million or more in net assets) in North America are self-made according to this survey. That’s a shocking number, but one that should offer…

“The biggest investing errors come not from factors that are informational or analytical, but from those that are psychological.” – Howard Marks In John Templeton’s timeless 16 rules for Investment Success (published in 1933) he states: “The investor who says, ‘This time is different,’ when in fact it’s virtually a repeat of an earlier situation, has…

“The average long-term experience in investing is never surprising, but the short-term experience is always surprising.” – Charles Ellis

“The Prussian General Clausewitz has said, ‘The greatest enemy of a good plan is the dream of a perfect plan.’ And I believe that an index strategy is a good strategy.” – John Bogle

“Humanity is now entering a period of radical transformation in which technology has the potential to significantly raise the basic standards of living for every man, woman and child on the planet.” – Peter Diamandis I’m a fairly optimistic person, but it can be difficult at times to keep a glass-is-half-full mentality when the majority…

“This year I invested in pumpkins. They’ve been going up the whole month of October and I got a feeling they’re going to peak right around January. Then bang! That’s when I’ll cash in.” – Homer Simpson

“The most important thing you can have is a good strategic asset allocation mix. So, what the investor needs to do is have a balanced, structured portfolio – a portfolio that does well in different environments….we don’t know that we’re going to win. We have to have diversified bets.” – Ray Dalio This is one of…

“Finance is never, ever, a theoretical exercise; you’re never half as detached from portfolio losses as you think you will be.” – William Bernstein William Bernstein is a legend in the long term investing advice universe. Bernstein is actually a neurologist that decided to teach himself about investing and wealth management. His self-teaching eventually led…

Yesterday I posted my investment lessons in the 2013 Year in Review (Part 1). Part 2 is some other odds and ends from the year that was. Enjoy.