Stock market corrections, although painful at the time, are actually a very healthy part of the whole mechanism, because there are always speculative excesses that develop, particularly during the long bull market.

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

After being Washington's aide for four years and becoming the hero of Yorktown, Hamilton was viewed with a great deal of suspicion because of his association with Tories.

If you go back to the time of J.P. Morgan, the world of high finance was completely wholesale. The prestigious investment banks on Wall Street appealed exclusively to large corporations, governments, and to extremely wealthy individuals.

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 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 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.