We are facing incredible challenges in the economy of the U.S. and the economy of the globe, but the stock market, we never know whether it's over-discounted or under-discounted or got exactly right its anticipation.

I think it's fairly easy to provide a moral defense of capitalism. It has been - over the last 200 years - the underlying basis for enormous increases in productivity and human welfare and rising living standards, particularly in the United States, and in the industrialized nations but in fact, in most parts of the world.

The principal role of the mutual fund is to serve its investors.

The mistakes we make as investors is when the market's going up, we think it's going to go up forever. When the market goes down, we think it's going to go down forever. Neither of those things actually happen. Doesn't do anything forever. It's by the moment.

I think we all ought to be careful about too much generalization on this issue, even as I confess to painting with a pretty broad brush myself!

If your fund doesn't last for the long term, how can you invest for the long term?

You know the rule of 72, divide the number into 72, any number you want, and that's how long it will take your money to double.