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.

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

I think there's a tide that tends to carry historians back to the past.

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

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.

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.

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.