Wish I'd said that, vol. 1.

It isn't often a portfolio manager says something that not only can be understood but is actually useful to an ordinary human being.

Yet here is David Williams, who helms the Excelsior Value & Restructuring fund, making complete sense of it all for you and me:

Williams: I caution people who are getting into investing not to listen to all that stuff on CNBC.

Interviewer: So you don't leave the monitor on during the day?

Williams: Oh, no. I don't even have one in my office. The problem with CNBC is that they throw so much at you, and you have to somehow put it all together and make sense out of it. Look, this isn't that hard. Don't play the momentum game; buy for the long term.

Words of wisdom to invest by!

Quoted in the March 2007 edition of Kiplinger's Personal Finance, not yet online.