I think it's fairly easy to provide a moral defense of capitalism. It has been - over the last 200 years - the underlying basis for enormous increases in productivity and human welfare and rising living standards, particularly in the United States, and in the industrialized nations but in fact, in most parts of the world.

My biggest prediction for the future is that people are going to start looking after individual investors.

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

The miracle of compounding returns has been overwhelmed by the tyranny of compounding costs.

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.

Don't look for the needle in the haystack. Just buy the haystack!

Managed funds are astonishingly tax-inefficient.