As the bull market goes on, people who take great risks achieve great rewards, seemingly without punishment. It's like crime without punishment or sex without sin.

A romantic striving for an impossible ideal.

The mutual fund industry and small investors are very relentless and very unforgiving if people don't perform.

Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.

Unless you devote an enormous amount of time to anticipating the future, you won't have any future.

One of the very nice things about investing in the stock market is that you learn about all different aspects of the economy. It's your window into a very large world.

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.