Corporate leaders surely have their problems, I believe that most CEOs are doing their best to hew to the ethical line. The problem is that that line has gotten blurred and that our moral standard seems to be "if everybody else is doing it, it's okay". That's not good enough for me.

Reversion to the mean is the iron rule of the financial markets.

"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?

I'd be the first to agree that capitalism bestows its blessings unevenly. But that wouldn't persuade me to think it was a good idea to do away with those blessings in their entirety. That said, there is lots of work to be done to make capitalism work better, and to broaden its blessings far more widely not only in America, but all over the globe.

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

Hint: money flows into most funds after good performance, and goes out when bad performance follows.

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