I was born in an earlier generation and, as a group, my classmates at Blair Academy and Princeton University were as ethical, straightforward, and integrity laden as you could possibly imagine - perhaps not a 100% - but the overwhelming majority. I've been in business a long, long time and I simply cannot imagine seeking out cheating, greedy people.

The transfer of Wall Street from private ownership to public ownership has been a big step backward.

Managed funds are astonishingly tax-inefficient.

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

In the long run, investing is not about markets at all. Investing is about enjoying the returns earned by businesses.

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

The returns we read about in the industry sales literature vastly diminish when we move from the theoretical world of market indexes to the real world of actually investing.