The best argument for mutual funds is that they offer safety and diversification. But they don't necessarily offer safety and diversification.

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.

Early on, New York already had a national and even international identity.

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.

Washington once advised his adopted grandson that where there is no occasion for expressing an opinion, it is best to be silent. For there is nothing more certain than that it is at all times more easy to make enemies than friends.

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.

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