The commission of the investment sins listed above is not limited to 'the little guy.' Huge institutional investors, viewed as a group, have long underperformed the unsophisticated index-fund investor who simply sits tight for decades. A major reason has been fees: Many institutions pay substantial sums to consultants who, in turn, recommend high-fee managers. And that is a fool's game.

We always live in an uncertain world. What is certain is that the United States will go forward over time.

I would say the biggest single cause was we had an incredible residential real estate bubble.

I mean, you can explain the fact that these are depressed prices, you know. We think these assets are going to be worth a lot more. And I think that case can be made in certain situations. But I think to just say, you know, we're going to say a dollar of cash is worth $2 all of a sudden, it isn't worth $2. It's worth a dollar today.

In one way, I'm sympathetic to the institutional reluctance to face the music. I'd give a lot to mark my weight to 'model' rather than to 'market.'

A newspaper that reduces its coverage of the news important to its community is certain to reduce its readership as well

Why not invest your assets in the companies you really like? As Mae West said, 'Too much of a good thing can be wonderful'.