'You have little chance of beating the pros': what Citadel founder advises newcomers to the market

Ken Griffin, founder of hedge fund Citadel with $66 billion in assets under management, gave some advice to first-time investors in an interview with Bloomberg Originals.

«Rule No. 1 is diversification,» Griffin said when asked to share his wisdom. - It's important to realize that you have little chance of beating the pros as a novice investor. It's like asking me to go out and play soccer on an NFL team,» he said.

The billionaire said novice investors often make the mistake of not thinking about the fact that there are many people who do stock selection full-time. Retail investors can be successful, he said, but a substantial portion of a portfolio should still be entrusted to those for whom it is a job.

When asked how he fights stress, the billionaire said a scoop of vanilla ice cream with chocolate chips from Häagen-Dazs and hot chocolate helps;

«You can tell by how much my waistline has grown in recent months how turbulent things have been,» he concluded.