At least us old men remember what a real bear market is like, and the young men haven't got a clue.

Capitalism believes that its remit is exclusively to make maximum short-term profits.

The stock market is overpriced. Everything is overpriced. Junk is king.

...how little our side of the industry did to move its business to the more ethical firms and to make a fuss about conflicted or unethical behavior. Had a number of us moved our business, we might have slowed or even stopped the 30-year slide in conflicted, unethical behavior that we have experienced. I, for one, regret the modest nature of our moves. We all could have done more. We have tolerated a pretty nasty decline in standards. Shame on us.

Americans are just about the worst at dealing with long-term problems, down there with Uzbekistan, but they respond to a market signal better than almost anyone. They roll the dice bigger and quicker than most.

By background I'm both a Quaker and a Yorkshireman, which I like to call double jeopardy.

Although value is a weak force in any single year, it becomes a monster over several years. Like gravity, it slowly wears down the opposition.