Gambling chips

But I think what America has accomplished is pretty admirable overall. And I think actually American corporations have turned out to be a wonderful place for people to put their money and save. But they also make terrific gambling chips, and if you cater to those gambling chips when people have money in their pocket for the first time and you tell them take my 30 or 40 or 50 trades a day and you’re not charging commission… I hope we don’t have more of it.

Gambling instincts

I think the degree to which a very rich society can reward people who know how to take advantage, essentially, of the gambling instincts of the American public, the worldwide public – it’s not the most admirable part of the accomplishment.

Predict the short-term movements

Let me be clear on one point : I can’t predict the short-term movements of the stock market. I haven’t the faintest idea as to whether stocks will be higher or lower a month or a year from now. What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up. So if you wait for the robins, spring will be over.