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June 21, 1999

Time diversification is like eyeglasses. Eyeglasses may be wrong; they distort the sight of people with 20/20 vision. But eyeglasses may be right; they improve the sight of people with less than 20/20 vision. Eyeglasses correct one distortion by introducing another. It is a case of two wrongs that make a right . . . Financial advisors are like optometrists. They correct the investment vision of investors and lead them to prudent investment decisions . . . Investors have an advantage over financial advisors; they know their own minds. But advisors know the facts of investments, and they know the range of investor errors.
Kenneth Fisher and Meir Statman in "A Behavioral Framework for Time Diversification" from the Financial Analysts Journal (May/June 1999)

Let's be clear about one thing: If you take a business that is a bad business and put it online, it's still a bad business, it's just become an online bad business.
Michael Dell in Dell-phic Oracle $$ from Barron's (5/25/98)

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