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

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

Capitalism is not a Ponzi scheme. Capitalism is a scheme of free markets.

Sure there are some companies at the margins of our society that probably do that and I think we all have the responsibility as consumers and as investors to avoid them like the plague. If we do, they won't last very long. Doing what's right is the only possible formula for long-term - I emphasize long term - business success.

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!

So the misplaced assumption is that we have this whole new institutional element where these [financial] institutions are looking after their own financial interests before the financial interests of the principals, princi-pals whose interests they are really bound to observe first.

If you're very talented and keep winning, you'll do just fine. It may take a while. But the talent is hard to identify and talent is hard to tell from luck. There's an awful lot of luck in this business. Past performance is not helpful in judging future performance.