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.

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

By the late 1980s people realized that houses did not always appreciate and that they could fluctuate like any other market commodity.

A prudent silence will frequently be taken for wisdom and a sentence or two cautiously thrown in will sometimes gain the palm of knowledge, while a man well informed but indiscreet and unreserved will not uncommonly talk himself out of all consideration and weight. (Alexander Hamilton's 'thesis on discretion' written to his son James shortly before his fatal duel with Burr.)

In the 1920s, Wall Street was a world that was really dominated by professional speculators and stock pools. These people had a monopoly over information.

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.

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.