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.

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

In the 1970s we saw a massive shift of household savings from the banks to the brokerage firms.

In waiting for the glorious moment of that first book contract, writers must have giant reservoirs of patience. Yet they must persevere because they don't know the destiny that is being worked out for them. They creep humbly along the ground, without the spacious aerial vision of their lives that would show them the destiny in store for them.

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.

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.

Any bull market covers a multitude of sins, so there may be all sorts of problems with the current system that we won't see until the bear market comes.