Funny, but after trading for more than 15 years, I still am capable of forgetting a cardinal rule: The paper you own, in the end, will be intertwined with the fate of the 30-year bond.

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.

I made a small fortune. I made a lot of money and I made a lot of other people wealthy.

There are tons of people who are late to trends by nature and adopt a trend after it's no longer in fashion. They exist in mutual funds. They exist in clothes. They exist in cars. They exist in lifestyles.

We are all wrong so often that it amazes me that we can have any conviction at all over the direction of things to come. But we must.

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.