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.

I'm a biographer; I can live with a little hyperbole.

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

Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks.

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.

Mutual fund managers are trapped in this rather deadly vicious circle: the more successful they are, the more money flows into their mutual fund. Then, it is more difficult for them to beat the market averages or even to match their own past performance.