Unless you devote an enormous amount of time to anticipating the future, you won't have any future.

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 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 a kind of fear, approaching a panic, that's spreading through the Baby Boom Generation, which has suddenly discovered that it will have to provide for its own retirement.

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.

In the 1920s you could buy stocks on margin. You could put 10 percent down and borrow the rest against your stocks.

The best argument for mutual funds is that they offer safety and diversification. But they don't necessarily offer safety and diversification.