Bond investors are the vampires of the investment world. They love decay, recession - anything that leads to low inflation and the protection of the real value of their loans.

I am tough but I have a soft side.

In questioning initially whether I am a great investor, I open the door to question whether other similarly esteemed public icons like Bill Miller are as well. It seems, perhaps, that the longer and longer you keep at it in this business the more and more time you have to expose your Achilles heel - wherever and whatever that might be.

Accountants, machinists, medical technicians, even software writers that write the software for "machines" are being displaced without upscaled replacement jobs. Retrain, rehire into higher paying and value-added jobs? That may be the political myth of the modern era. There aren't enough of those jobs.

Be cautious and content with low positive returns in 2015. The time for risk taking has passed.

The market can move for irrational reasons, and you have to be prepared for that, ... you need to make big bets when the odds are in your favor -- not big enough to ruin you, but big enough to make a difference.

If companies don't know that they can run out of money, they won't be thinking of ways not to run out of money.