I have never for a minute felt in was my stock picking abilities. I feel that my stock picking abilities aided- I was able to pick out which are the good stocks in the good market, but I have been blessed with a great market.

The danger that we have right now are people who get the same information as I do and, therefore, think they'll reach the same conclusions that haven't traded as long, don't have bear claws up and down their backs like I do.

Oligopoly, plutocracy, kleptocracy: All things that are good for a shareholder.

I think that stocks have been this tremendous, tremendous equalizer for people in this country. Guys who can't make a lot of money at their jobs have been able to make a lot of money in the stock market.

They don't take eyeballs at the bank. Those who value stocks by eyeballs should go be ophthalmologists, not stock analysts. There is no cyberworld where reach trumps profits.

After a lifetime of picking stocks, I have to admit that Bogle's arguments in favor of the index fund have me thinking of joining him rather than trying to beat him. Bogle's wisdom and common sense are indispensable... for anyone trying to figure out how to invest in this crazy stock market.

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.