There is no question that an important service is provided to investors by investment companies, investment advisors, trust departments, etc. This service revolves around the attainment of adequate diversification, the preservation of a long-term outlook, the ease of handling investment decisions and mechanics, and most importantly, the avoidance of the patently inferior investment techniques which seem to entice some individuals.

The active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group - the "know-nothings" - must win.

I’ve never believed in risking what my family and friends have and need in order to pursue what they don’t have and don’t need.

Stocks of companies selling commodity-like products should come with a warning label: "Competition may prove hazardous to human wealth".

I view derivatives as time bombs, both for the parties that deal in them and the economic system.

It's easy to identify many investment managers with great recent records. But past results, though important, do not suffice when prospective performance is being judged. How the record has been achieved is crucial.

So if you are evaluating others (or yourself!) in the investment field, think out some standards - apply them - interpret them.