Ask yourself: Am I an investor, or am I a speculator? An investor is a person who owns business and holds it forever and enjoys the returns that U.S. businesses, and to some extent global businesses, have earned since the beginning of time. Speculation is betting on price. Speculation has no place in the portfolio or the kit of the typical investor.

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

The historical data support one conclusion with unusual force: To invest with success, you must be a long-term investor.

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.

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

Managed funds are astonishingly tax-inefficient.

I believe - deeply and profoundly - that speculation is a loser's game.