I would say that financial markets are very inefficient, and capable of extremes of being completely dysfunctional.

Think how weird profit margins are: We've got high unemployment and financial crises - and world record profit margins. People think the American market is very cheap. We don't. The market quite incorrectly gives full credit to today's earnings.

Remember that history always repeats itself. Every great bubble in history has broken. There are no exceptions.

Market timing, by the way, is a tag some buy-and-hold investors use to put down anything that involves using your brain. These are the same people who like to watch the locomotive coming and get run down in the name of discipline.

...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.

We live on a finite planet. We have finite resources, and we're running out of good, arable land.

I think I'm right-brained, incapable of managing my way out of a brown paper bag.