I think that there are changes that have occurred in technology that make is that more people can have the same level of information that I have. My advantage is that I'm very good at interpreting the information.

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

Well, he's just the same guy who in other aspects of his life would be very late to a trend.

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.

I mean that what makes me a professional, but the market itself has been fabulous during this whole period and I've got to give the market credit before I give myself credit.

I think you'll do as well as most professionals. Most professionals don't beat the market. Let's not over-rate my industry. But if you have time, you can be in good mutual funds that have good records.

You have a class of investors and you have a class of speculators. The speculators historically haven't been big enough to cause the investors to doubt the long-term vision of stock.