Full explanation in the Washington Post:
1. Stock picking is a sucker’s game.
2. Turnover, fees and taxes exert a huge drag on returns.
3. You are an error machine, a mess of biases and emotions.
4. Hedge funds are great at making hedge fund managers rich (making you rich, not so much).
5. You are likely less diversified than you think.
6. You can only succeed if you educate yourself, remain patient and practice discipline.
7. You may not need a financial adviser.
8. Understanding financial truths intellectually and emotionally are two completely different things.
9. It is never too late to start. That said, sooner is much better than later.
10. The secret to success in investing in one word: compounding.