We need a mutual fund industry with both vision and values; a vision of fiduciary duty and shareholder service, and values rooted in the proven principles of long-term investing and of trusteeship that demands integrity in serving our clients.

If it is hard to imagine that 20% of losses on the stock market, you should never participate

Index funds eliminate the risks of individual stocks, market sectors, and manager selection. Only stock market risk remains.

Reversion to the mean is the iron rule of the financial markets.

I believe that the behavior of too many of our corporations investment bankers and fund managers has jeopardized some of the trust that investors have had. It's not the economic engine that we need to focus on, but the need to make sure that our investors receive their fair share of the returns that that great economic system produces.

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.

The historical data support one conclusion with unusual force: To invest with success, you must be a long-term investor.