There aren't that many major players left.

They're making a conscious trade-off here. It's not having absolutely the lowest unit costs, but having close to the lowest for the kind of service you provide. I think the early returns on premium service are pretty encouraging.

People found out they aren't as aggressive as they thought. For the majority of investors, they should be tweaking their portfolios more conservatively.

People get so emotional with stocks, especially when they work for the company.

What does that tell you as an investor? It tells you that you've got to do everything you can to prevent the negative years, because they will knock the socks off of you.

The absolute necessity is diversity has to be in portfolios.