Speculation leads you the wrong way. It allows you to put your emotions first, whereas investment gets emotions out of the picture.

Don't look for the needle in the haystack. Just buy the haystack!

Among my greatest disappointments about the mutual fund industry - in addition to excessive costs and excessive focus on the short-term - is that fund managers have been passive participants in corporate governance.

I think it's gone much too far. Most of them are not worth the powder to blow them to hell.

While I haven't read economist Robin Hahnel's work, replacing capitalism would be at the very bottom of my list of priorities - to be considered only after everything else had been tried. Improving our capitalistic system however, is at the top of my list and is of course the major theme of "The Battle for the Soul of Capitalism."

Our capitalistic scheme in the latter years of the 20th century seems to have lost its way. We've had a "pathalogical change" from traditional owners capitalism where most of the rewards have gone to those who make the investments and assume the risks to a new and deeply flawed system of managers capitalism where the managers of our corporations our investment system, and our mutual funds are simply take too large a share of the returns generated by our corporations and mutual funds leaving the last line investors - pension beneficiaries and mutual fund owners at the bottom of the food chain.

Speculation leads you the wrong way. It allows you to put your emotions first, whereas investment gets emotions out of the picture.