James O'Shaughnessy

Historically, we have always seen reversion to the mean. After stocks have had an unusually great 10 or 20 years, they typically turn in subpar results over the next 10 or 20, and after bad 10- to 20-year stretches, the next 10 to 20 tend to be above average.

If you're an investor who wants a little bit more from the capital-appreciation side of things, but still likes this concept of getting 'paid by the company,' then we would tell that investor to pursue shareholder yield.

Software options proliferate extremely easily - too easily, in fact - because too many options create tools that can't ever be used intuitively. Intuitive actions confine the detail work to a dedicated part of the brain, leaving the rest of one's mind free to respond with attention and sensitivity to the changing texture of the moment.

From a good lie in the middle of a fairway bunker, I'll make the same swing as I do from an average fairway lie. I'll dig my feet in slightly and keep my lower body stable so I won't slip, but I don't change my club selection or setup. It's only when the ball is sitting down in the sand that I'll make some modifications.