The optimum portfolio depends on the various expectations of choices available and the degree of variance in performance which is tolerable. The greater the number of selections, the less will be the average year-to-year variation in actual versus expected results. Also, the lower will be the expected results, assuming different choices have different expectations of performance.

You don't want 300 million Americans putting their money under the mattress.

... not doing what we love in the name of greed is very poor management of our lives.

You should look at stocks as small pieces of business.

When 40 billion of treasury bills are sold like, seven day treasury bills, at a yield of 1/20th of one percent, that means the whole country is basically at the point virtually, or a lot of the country is at the point of putting the money under the mattress.

There is no substitute for a local newspaper that is doing its job.

Our approach is very much profiting from lack of change rather than from change.