 The people who are buying stocks because they're going up and they don't know what they do deserve to lose money. |
| We typically hear numbers that there are 34 million households that are in stocks in some form. Well, I say that what's occurred is if you have a job in this country, you're in stocks. |
| There are tons of people who are late to trends by nature and adopt a trend after it's no longer in fashion. They exist in mutual funds. They exist in clothes. They exist in cars. They exist in lifestyles. |
| I made a small fortune. I made a lot of money and I made a lot of other people wealthy. |
| The way the credit cards were made in the '80s to be a people's form of capitalism and be able to make it so that you could get a loan that you would have been denied previous, now that's the way stocks are. |
| You have a class of investors and you have a class of speculators. The speculators historically haven't been big enough to cause the investors to doubt the long-term vision of stock. |
| It's the company itself, but most of these mutual fund companies, the guy who runs the company is just a fact totem and the guy who runs the money is the power. But we really don't know who they are. |
| The mutual fund industry provided the money for Intel and Motorola and Hewlett-Packard to crush the competitors. |
| We are all wrong so often that it amazes me that we can have any conviction at all over the direction of things to come. But we must. |
| I think that the public is in and the public is in big, and the public is not, I don't think going to pull out because the public knows what I said about 1987. |
| I want to buy them, because historically these have been great engines of enrichment for the middle class, 'historically' meaning now for a good ten years. |
| I mean it's the most objective industry in the world. If your numbers stink, you're out. If your numbers are good, you get more money. It's the most Darwinian, it's beautiful, it's brutal, it works. |
| I think that I could have been take apart if the bear market continued, but I waited three years before I felt the bear market was over and I was right. |
| I invest in funds myself even though I run my own fund for my daughters. |
