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“A decade ago, I really did believe that the average investor could do it himself. I was wrong. I've come to the sad conclusion that only a tiny minority, at most one percent, are capable of pulling it off. Heck, if Helen Young Hayes, Robert Sanborn, Julian Robertson, and the nation's largest pension funds can't get it right, what chance does John Q. Investor have?”

“All of those on the left, as I am, have always vastly preferred the democratic society over the hierarchical society and still do, but the democratic culture doesn't exist without highly informed citizens capable of thinking well, and if you have schools in which 40 percent of the people coming out of them cannot make change for a dollar, you don't have a democracy. You have a sibling society.”