It's stupid the way people extrapolate the past -- and not slightly stupid, but massively stupid.

Let me know what your problem is, and I will try to make it more difficult for you.

It's in the nature of stock markets to go way down from time to time. There's no system to avoid bad markets. You can't do it unless you try to time the market, which is a seriously dumb thing to do. Conservative investing with steady savings without expecting miracles is the way to go.

I always like it when someone attractive to me agrees with me, so I have fond memories of Phil Fisher. The idea that it was hard to find good investments, so concentrate in a few, seems to me to be an obviously good idea. But 98% of the investment world doesn't think this way.

It takes character to sit there with all that cash and do nothing. I didn't get to where I am by going after mediocre opportunities.

Determine value apart from price; progress apart from activity; wealth apart from size.

A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it.