Today it's fashionable to talk about the New Economy, or the Information Economy, or the Knowledge Economy. But when I think about the imperatives of this market, I view today's economy as the Value Economy. Adding value has become more than just a sound business principle; it is both the common denominator and the competitive edge.

Although the Internet makes it seem as if you have a direct connection to the securities market, you don't. Lines may clog; systems may break; orders may back-up.

I think that the failures of Enron and WorldCom and other companies are partially failures of investors to recognize companies that are selling for a thousand times nothing, but chances are they may be worth only that.

George Orwell once blamed the demise of the English language on politics. It's quite possible he never read a prospectus.

Over the past two decades, we have clearly seen an erosion of ethical values.

One way for investors to protect themselves from a rapid change in the price of a stock is to use a limit order rather than a market order.

I think we have got to start thinking about banding together in terms of interested groups.