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As a guy who manages a pile of money for others (paid by clients, not commissions), Phil's overall view of the process is quite accurate and his approach is mostly correct. One exception however is the common oversight of confusing indexing with buying the S&P 500 index. There are lots of other indexes out there such as EAFE, the S&P Mid Cap 400 and the Russell 2000 that, when combined with the S&P 500 can actually serve to both increase the chances of better returns over time and reduce short term volatility (our nice way of saying "losing money"). There is an old Wall Street saying "don't confuse genius with a bull market." Frank the day trader should take note.