The stock market is a giant distraction to the business of investing.

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

I believe that the mutual fund industry's biggest shortcoming is too much focus on the momentary price of a stock - an illusion - and too little focus on the intrinsic value of the corporation - the ultimate reality. I'm comforted by the fact that Warren Buffett feels the same way.

So the misplaced assumption is that we have this whole new institutional element where these [financial] institutions are looking after their own financial interests before the financial interests of the principals, princi-pals whose interests they are really bound to observe first.

The multiple failings of our flawed financial sector are jeopardizing, not only the retirement security of our nation's savers but the economy in which our entire society participates.

On balance, the financial system subracts value from society

Investing is not nearly as difficult as it looks. Successful investing involves doing a few things right and avoiding serious mistakes.