What I find very interesting about the mutual funds managers is that here are people who are the new masters of the universe. They're managing billions, yet they're subject to this quiet daily tyranny of numbers.

After 1929, so many people had been traumatized by the stock market crash that there was a lost generation.

The securities laws of the 1930s were so important because it forced companies to file registration statements and issue prospectuses, and it remedied the imbalance of information.

I think those who invest in mutual funds want someone else to do the thinking for them. But the fact that they can move the money around the family of mutual funds just through a phone call lets them feel that they can play tycoons.

Mutual funds give people the sense that they're investing with the big boys and that they're really not at a disadvantage entering the stock market.

What I find very interesting about the mutual funds managers is that here are people who are the new masters of the universe. They're managing billions, yet they're subject to this quiet daily tyranny of numbers.

I have developed a very strong partiality for the dead: they don't talk back, they don't sue, and they don't have angry relatives.