The manager could have made a large sector bet that flopped; he may have made a large commitment to the fund's top 10 holdings, which then underperformed; or the fund may simply have an unskilled manager, someone who can't pick well.

If you're still invested in these funds, you're no longer buying and holding, you're buying and hoping.

November typically marks the beginning of the growth season in stocks. This is due in large part to pension fund buying patterns, which have produced an average gain of 5 percent from November 1 to January 31 over the last 50 years.

There's a false sense of security that large caps don't go down. I've got news for you -- they do.

It's ironic that we started out with a basic commitment to economic integration and then we get to a situation where we can pay off and never handle the larger social issue. The logic is to produce economically integrated towns all over New Jersey. We have to keep our eye on the ball here.

If tribes like the Rumsey tribe, who have demonstrated a shared commitment with local governments, are not permitted to participate in local planning decisions by formal means, the governor is then, in effect, encouraging tribes to remain aloof and apart from their communities — and it's horrible public policy.