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.

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.

What I find very interesting about the mutual funds managers is that here are people who are the new masters of the universe. They're managing billions, yet they're subject to this quiet daily tyranny of numbers.

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 give people the sense that they're investing with the big boys and that they're really not at a disadvantage entering the stock market.

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.

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.