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 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.

I think there's a tide that tends to carry historians back to the past.

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.

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

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 lot of the money in the stock market is really our national retirement plan, for better or worse.