There are 309 million people out there that are trying to improve their lot in life. And we've got a system that allows them to do it.

The value of market esoterica to the consumer of investment advice is a different story. In my opinion, investment success will not be produced by arcane formulae, computer programs or signals flashed by the price behavior of stocks and markets. Rather an investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super-contagious emotions that swirl about the marketplace.

We always see shifts in employment. If you think about it, if you go back to 1800, it took 80 percent of the labor force to produce enough food for the country. Now it takes less than 3 percent. Well, the truth is that market systems move people around.

We also believe candour benefits us as managers. The CEO who misleads often in public eventually misleads himself in private.

Observing that the market was FREQUENTLY efficient, EMT Adherents went on to conclude incorrectly that it was ALWAYS efficient. The difference between these propositions is night and day.

In the end we must have people to match our principles, not the reverse.

The stock market is a no-called-strike game. You don’t have to swing at everything – you can wait for your pitch.