To know whether stocks are cheap or pricey, we typically look at price-to-earnings ratio. Valuation is a tougher question than many folks realize.

People forget that although we can pinpoint the price, we can only guess at future earnings. The past isn't much help: It simply tells whether a market was pricey or cheap.

The ability to select stocks, manage them over time and know when to sell them is incredibly difficult, even for professional fund managers.

Not all tech stocks are cheap, ... The question is how far down can the Nasdaq go.

Here is a dirty little secret: Stock-picking is wildly overrated. Sure, it makes for great cocktail party chatter, and what is more fun than delving into a company's new products? But the truth is that individual stocks are riskier than broad indices.

If you have read me for any length of time, you know I am less than enthralled with much of what passes for financial news.