You've always got to think about having some fixed income in your portfolio as well as equities.

You've got to take the road you need to take, and only you can make that calculation. Not your dad, not your friend. You have to take it if you feel it instinctively.

You want banks to take some risk, but intelligent risk.

As a young analyst just out of Stanford business school in the 1960s, I got to really understand what growth was about. Back then, you had to ask a customer to pay some money. That was the most important thing in getting a company off the ground.

Pay off your mortgage before retirement, and that's one less bill you'll have to worry about when you're on a fixed income.

There's no great shame in having your nose fixed.