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.

We really haven't had very much experience with people funding their retirement out of the stock market, and we don't know, frankly, how it would work under every scenario.

I don't think that a mutual fund that invests exclusively in biotech start-ups or invests exclusively in companies in Thailand offers any great safety or diversification.

Any bull market covers a multitude of sins, so there may be all sorts of problems with the current system that we won't see until the bear market comes.

There is no country in the world where it's as easy to find venture capital in the stock market as the United States.

In the 1920s you could buy stocks on margin. You could put 10 percent down and borrow the rest against your stocks.

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