I would always advise young people to follow their star - not my star. They have to live their own life. If they decide they want to go into the investment business, do it, but make it a better business than it is today.

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

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

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

I'd be the first to agree that capitalism bestows its blessings unevenly. But that wouldn't persuade me to think it was a good idea to do away with those blessings in their entirety. That said, there is lots of work to be done to make capitalism work better, and to broaden its blessings far more widely not only in America, but all over the globe.

The returns we read about in the industry sales literature vastly diminish when we move from the theoretical world of market indexes to the real world of actually investing.

"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?