The Great Inflation of the 1970s destroyed faith in paper assets, because if you held a bond, suddenly the bond was worth much less money than it was before.

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

There is a kind of fear, approaching a panic, that's spreading through the Baby Boom Generation, which has suddenly discovered that it will have to provide for its own retirement.

That strategy of buy and hold, which is the sound and sensible one for the individual, can have very dangerous and perverse effects for the market as a whole.

A romantic striving for an impossible ideal.

I'm dubious about having Social Security put into the stock market. I think that we have gotten very far away from the idea that there's something sacrosanct about retirement investments.

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.