The adaptive markets hypothesis says that all economic institutions, like our own species, develop and change over time, depending on the population of investors that are engaged with them.

The United States has the most sophisticated financial markets in the world, which does not leave much room to maneuver. But it also offers investors the greatest access to information and the ability to execute trades quickly and efficiently. So it is a mixed bag of opportunity.

Most people are overconfident about their own abilities. That is probably a good thing. But we would be horrified if a physician's aide engaged in heart surgery.

We don't protect our young, and we tolerate predators of our own species.

Great investors need to have the right combination of intuition, business sense and investment talent.

To rage against the machine of change, leads one to be enraged. To change and rage with it instead, leads one to be engaged.