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Nassim Taleb wrote a good book, once. It wasn't Fooled by Randomness.
As for the mutual fund question, how do you have an M3 and not understand a little about investing?
Its not so easy to build a decent portfolio. Each piece needs to contribute to the whole. Do it right and you'll minimize your risk and maximize the return. Do it wrong and you'll have a big mess. Its too complex to get into on a forum. You may want to talk with a good financial advisor. someone who can go over your investment goals, current financial state and tax situation.
After all that, I would say you probably want ETFs rather than mutual funds. Very few mutual fund managers consistently beat the market after fees. Its not because they aren't smart enough, but the constraints of their product limits their ability to fully use their research capabilities. ETFs will give you exposure to a number of underlying indices. You can build a porfolio that is relatively low cost (in terms of the fees you'll pay), and can be well diversified with 7 or 8 different ETFs.
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