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.

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!

Ask yourself: Am I an investor, or am I a speculator? An investor is a person who owns business and holds it forever and enjoys the returns that U.S. businesses, and to some extent global businesses, have earned since the beginning of time. Speculation is betting on price. Speculation has no place in the portfolio or the kit of the typical investor.

But whatever the consensus on the EMH, I know of no serious academic, professional money manager, trained security analyst, or intelligent individual investor who would disagree with the thrust of EMH: The stock market itself is a demanding taskmaster. It sets a high hurdle that few investors can leap.

The mutual fund industry has been built, in a sense, on witchcraft.

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

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