This is a business, the direct selling, that bizarrely works best when times are bad.

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

It's the company itself, but most of these mutual fund companies, the guy who runs the company is just a fact totem and the guy who runs the money is the power. But we really don't know who they are.

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.

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.

Don't move your money from Bear. That's just being silly. Don't be silly.