We should never lose sight of the underlying essence of a market-a place where buyers and sellers come together. Every other feature-whether crafted by tradition or technology-exists only to serve that primary purpose.

Another misconception is that an order is canceled when you hit 'cancel' on your computer. But, the fact is it's canceled only when the market gets the cancellation.

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

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

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.

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