Any time you let a stock run up to 40 percent of your portfolio, you have to have a lot of convictions. There aren't a lot of funds like this.

Those subtle differences (in returns of index funds) make a big difference over the long term.

They just don't make sense for (small investors). They'll get eaten up by the commissions.

I think there is an increasing recognition at Fidelity that fund size can really harm performance. If they are too big it can be pretty tough to reposition a portfolio. That is something Fidelity didn't acknowledge a few years ago.

Regret for wasted time is more wasted time

Consciousness is our only reprieve from Time.