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.

Thomas Aquinas defined the human soul as the core of our being, and the power that brings our characteristics into unity so the soul of capitalism - in its own temporal world as contrasted to the spiritual world of human beings - is what defines the core of the system and the factors that unify to produce the wonderful world that we are blessed to live in.

"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?

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

Time is your friend; impulse is your enemy.

If your fund doesn't last for the long term, how can you invest for the long term?

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