The S&P is up 343.8 percent for 10 years. That is a four-bagger. The general equity funds are up 283 percent. So it's getting worse, the deterioration by professionals is getting worse. The public would be better off in an index fund.

If all the economists in the world were laid end to end, it wouldn't be a bad thing.

The Rule of 72 is useful in determining how fast money will grow. Take the annual return from any investment, expressed as a percentage, and divide it into 72. The result is the number of years it will take to double your money.

The worst thing you can do is invest in companies you know nothing about. Unfortunately, buying stocks on ignorance is still a popular American pastime.

The stock market really isn't a gamble, as long as you pick good companies that you think will do well, and not just because of the stock price.

In the summer of 1990, I was buying stocks and I was probably three or four months early there. But we had a great rally in 1991.

My method for picking stocks has never changed. When businesses go from crappy to semicrappy, there's money to be made.