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

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.

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.

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

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.

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.

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.