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 believe that the behavior of too many of our corporations investment bankers and fund managers has jeopardized some of the trust that investors have had. It's not the economic engine that we need to focus on, but the need to make sure that our investors receive their fair share of the returns that that great economic system produces.

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.

It's amazing how difficult it is for a man to understand something if he's paid a small fortune not to understand it.

If you have trouble imagining a 20% loss in the stock market, you shouldn't be in stocks.

Capitalism is not a Ponzi scheme. Capitalism is a scheme of free markets.