Fools, Damned Fools, and 401(k) Shareholders

Saturday morning's Yahoo greeted me with the headline, "401(k) investors are 'so dumb' says Pro." That puzzled me. As dummies go, 401(k) investors don't seem to rate. For the most part, they put their money--or are defaulted--into large, mainstream, diversified funds that perform pretty much like market benchmarks. It would seem to be a dull tale.

From the article (which was taken from a CNBC interview):