We must work to establish a 'fiduciary society,' where manager/agents entrusted with managing other people's money are required - by federal statute - to place front and center the interests of the owners they are duty-bound to serve.

There's no perfection in family life, and certainly we aren't perfect, but we're probably about as close as we can be.

Entrepreneurs or international conglomerateurs, or large financial institutions buy or create mutual fund management companies to create a return on their own capital. It's capitalism at work, where the rewards tend to go to the managers rather than the investors.

There's no such thing as wealth without risk.

With actively managed funds, people have big behavior problems. With funds that have done well, they put their money in, and when it has done bad, they want to take it out.

I don't like going into stores, I don't like the whole process of buying things.

I would always advise young people to follow their star - not my star. They have to live their own life. If they decide they want to go into the investment business, do it, but make it a better business than it is today.

Central to the effective functioning of early capitalism was the fundamental principle of trusting and being trusted.

I learned you work for what you get, and I feel sorry for people who haven't had that upbringing.

I almost hate to say how proud I am of my career and, most of all, helping folks get the returns they deserve.

The long-term focus of index funds is a much needed counterweight to the short-termism favored by so many market participants.

They were tough times and I started working when I was 10 years old, delivering papers and eventually becoming a waiter.

There is almost no limit to the ability of investors to ignore the lessons of the past.

Regardless of what happens in the markets, stick to your investment program. Changing your strategy at the wrong time can be the single most devastating mistake you can make as an investor.

I seek the truth.

I'm not sure I really am an entrepreneur. I'm not much of a businessman. I know I'm not a marketing guy. I do have an entrepreneurial lineage, though.

I don't see any magic in hedge funds.

In looking back, I see nothing to regret and little to correct.

The Union next to our liberties the most dear. May we all remember that it can only be preserved by respecting the rights of the States, and distributing equally the benefits and burdens of the Union.

It is harder to preserve than to obtain liberty.

Peace is, indeed, our policy. A kind Providence has cast our lot on a portion of the globe sufficiently vast to satisfy the most grasping ambition, and abounding in resources beyond all others, which only require to be fully developed to make us the greatest and most prosperous people on earth.

Beware the wrath of a patient adversary.

The interval between the decay of the old and the formation and establishment of the new constitutes a period of transition which must always necessarily be one of uncertainty, confusion, error, and wild and fierce fanaticism.

The Government of the absolute majority instead of the Government of the people is but the Government of the strongest interests; and when not efficiently checked, it is the most tyrannical and oppressive that can be devised.

A power has risen up in the government greater than the people themselves, consisting of many and various and powerful interests, combined into one mass, and held together by the cohesive power of the vast surplus in the banks.

It is but too common, of late, to condemn the acts of our predecessors and to pronounce them unjust, unwise, or unpatriotic from not adverting to the circumstances under which they acted. Thus, to judge is to do great injustice to the wise and patriotic men who preceded us.

There was no measure that required greater caution or more severe scrutiny than one to impose taxes or raise a loan, be the form what it may. I hold that government has no right to do either, except when the public service makes it imperiously necessary, and then only to the extent that it requires.

With such irresistible evidence before us of the great and rapid progress of abolitionism without the slightest indication of abatement, he is blind who does not see, if the state of things which has caused it should be permitted to continue, that it will speedily be too late, if not to save ourselves, to save the Union.

The surrender of life is nothing to sinking down into acknowledgment of inferiority.

I am in favor of high wages and agree that the higher the wages, the stronger the evidence of prosperity, provided (and that is the important point) they are so naturally, by the effectiveness of industry, and not in consequence of an inflated currency or any artificial regulation.

We make a great mistake in supposing all people are capable of self-government.

The framers of our constitution had the sagacity to vest in Congress all implied powers: that is, powers necessary and proper to carry into effect all the delegated powers wherever vested.

I saw that the incorporation of Texas into this Union would be indispensable both to her safety and ours. I saw that it was impossible she could stand as an independent power between us and Mexico without becoming the scene of intrigue of foreign powers, alike destructive of the peace and security of both Texas and ourselves.

Fanatics, as a class, have far more zeal than intellect and are fanatics only because they have. There can be no fanaticism but where there is more passion than reason; and hence, in the nature of things, movements originating in it run down in a short time by their folly and extravagance.

I hold it to be the most monstrous proposition ever uttered within the Senate that conquering a country like Mexico, the President can constitute himself a despotic ruler without the slightest limitation on his power. If all this be true, war is indeed dangerous!

Every dollar of tax imposed on our exchanges in the shape of duties impairs, to that extent, our capacity to meet the severe competition to which we are exposed; and nothing but a system of high protective duties, long continued, can prevent us from meeting it successfully. It is that which we have to fear.

Our government is deeply disordered; its credit is impaired; its debt increasing; its expenditures extravagant and wasteful; its disbursements without efficient accountability; and its taxes (for duties are but taxes) enormous, unequal, and oppressive to the great producing classes of the country.

The strong should always permit the weak and aggrieved to talk, to bluster, and scold without taking offence; and if we had so acted, and exercised proper skill in the management of our affairs, Mexico and ourselves would, by this time, have quietly and peaceably settled all difficulties and been good friends.

Without thinking or reflecting, we plunge into war, contract heavy debts, increase vastly the patronage of the Executive, and indulge in every species of extravagance, without thinking that we expose our liberty to hazard. It is a great and fatal mistake.

England has not wholly escaped the curse which must ever befall a free government which holds extensive provinces in subjection; for, although she has not lost her liberty or fallen into anarchy, yet we behold the population of England crushed to the earth by the superincumbent weight of debt and taxation, which may one day terminate in revolution.

It is admitted on all sides that we must equalize the revenue and expenditures. The scheme of borrowing to make up an increasing deficit must, in the end, if continued, prove ruinous.

There is not an example on record of any free state holding a province of the same extent and population without disastrous consequences. The nations conquered and held as a province have, in time, retaliated by destroying the liberty of their conquerors through the corrupting effect of extended patronage and irresponsible power.

How can this full, perfect, just and supreme voice of the people, embodied in the Constitution, be brought to bear, habitually and steadily, in counteracting the fatal tendency of the government to the absolute and despotic control of the numerical majority?

I am aware how difficult is the task to preserve free institutions over so wide a space and so immense a population, but we are blessed with a Constitution admirably calculated to accomplish it. Its elastic power is unequaled, which is to be attributed to its federal character.

Every increase of protective duties is necessarily followed, in the present condition of our country, by an expansion of the currency, which must continue to increase till the increased price of production, caused by the expansion, shall be equal to the duty imposed, when a new tariff will be required.

He is blind indeed who does not see, in the signs of the times, a strong tendency to plunge the Union as deep in debt as are many of the States, and to subjugate the whole to the paper system.

None but a people advanced to a high state of moral and intellectual excellence are capable in a civilized condition of forming and maintaining free governments, and among those who are so far advanced, very few indeed have had the good fortune to form constitutions capable of endurance.

It has been lately urged in a very respectable quarter that it is the mission of this country to spread civil and religious liberty all over the globe, and especially over this continent - even by force, if necessary. It is a sad delusion.

I hold that there is a mysterious connection between the fate of this country and that of Mexico; so much so that her independence and capability of sustaining herself are almost as essential to our prosperity and the maintenance of our institutions as they are to hers.

Measures of policy are necessarily controlled by circumstances; and, consequently, what may be wise and expedient under certain circumstances might be eminently unwise and impolitic under different circumstances. To persist in acting in the same way under circumstances essentially different would be folly and obstinacy, and not consistency.