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

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

I will create value for society, rather than extract it.

"Now you can trade the S&P 500 Index in real time" was the slogan in the newspapers for the first ETF. What kind of nut would do that?

The general systems of money management today require people to pretend to do something they can't do and like something they don't. It's a funny business because on a net basis, the whole investment management business together gives no value added to all buyers combined. That's the way it has to work. Mutual funds charge two percent per year and then brokers switch people between funds, costing another three to four percentage points. The poor guy in the general public is getting a terrible product from the professionals.

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.

Surprise! The returns reported by mutual funds aren't actually earned by mutual fund investors.