I believe Washington should be a more active participant focusing on the issue of why corporate shareholders and mutual fund shareholders are not given fair treatment by corporate management and mutual fund management. We need to develop a national standard of fiduciary duty to ensure that these agents, if you will, are adequately representing the principles - pension beneficiaries and mutual fund shareholders - whom they are duty bound to serve.

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

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.

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

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

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

It's amazing how difficult it is for a man to understand something if he's paid a small fortune not to understand it.