The lure of speculation

You’re dealing with a lot of silly people in the marketplace; it’s like a great big casino and everyone else is boozing. If you can stick with Pepsi, you should be okay. Almost everybody I know in Wall Street has had as many good ideas as I have, they just had a lot of [bad] ideas too. It’s always possible when you get a big asset class that moves on price that after a while, people forget about what the asset class represents and just get entranced with the fact that it went up a lot last week or last month and that their neighbor, who’s dumber than they are, had made a lot of money and now their wife is telling them, you know, why aren’t you in gold or whatever it may be that’s—or Internet stocks.