I mean it's the most objective industry in the world. If your numbers stink, you're out. If your numbers are good, you get more money. It's the most Darwinian, it's beautiful, it's brutal, it works.

There's accountability in the mutual fund industry. And they've been tremendous engines of wealth for people and they're going to continue to be so.

A good investor in this new world knows to always expect the unexpected.

I've lost tremendous amounts of money in various markets and I think that that's something that makes you better at my job, not worse.

I am not a hesitant bull, I'm a Pamplona bull.

We typically hear numbers that there are 34 million households that are in stocks in some form. Well, I say that what's occurred is if you have a job in this country, you're in stocks.

I invest in funds myself even though I run my own fund for my daughters.