Never buy from a panting person.

Merton Malkiel’s adage: “Never buy from someone who is out of breath.”

Warren Buffett has said something similar: “Be wary of investment activities that draw applause; true investment genius is usually very boring.”

When trillions of dollars are managed by Wall Street figures who charge high management fees, it is usually the managers who gain massive profits, not the clients.

Don’t think you know more than the market; no one knows more than the market. Don’t act according to your own views—you might think it’s just your idea, but in reality, millions of people think that way.

The lower the annual fee paid by the investor, the more money left in their pocket.