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!

I believe - deeply and profoundly - that speculation is a loser's game.

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.

It's 1450 out of 1500 ETF funds that I just wouldn't touch because they're not diversified enough. Or they have some huge speculative twist to them that if you can guess the markets right you will do very well for a day or two but who can do that? Nobody.

The transfer of Wall Street from private ownership to public ownership has been a big step backward.

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.

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