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.

Investors should start with a view of skepticism. They should become intellectual investors rather than emotional investors. They should be careful, and they should be skeptical.

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

Today, the forces of competition, technology, and globalization have converged to spur innovation and to transform the way business is done in the securities industry.

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

Personally I don't think day traders are speculating, because traditional speculation requires some market knowledge. They are, instead, gambling, which doesn't.