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.

The courage to press on regardless - regardless of whether we face calm seas or rough seas, and especially when the market storms howl around us - is the quintessential attribute of the successful investor.

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

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

Yes, the investor is often his own worst enemy. Yes, the marketing colossus known as the mutual fund industry provides the weaponry which enables investors to indulge their suicidal instincts. No, the fund industry was hardly an innocent bystander in the market boom and the subsequent carnage. "We have met the enemy and he is us"... all of us.

Investing is not nearly as difficult as it looks. Successful investing involves doing a few things right and avoiding serious mistakes.

I think we all ought to be careful about too much generalization on this issue, even as I confess to painting with a pretty broad brush myself!