"Most investors, both institutional and individual, will find that the best way to own common stocks is through an index fund that charges minimal fees. Those following this path are sure to beat the net results (after fees and expenses) delivered by the great majority of investment professionals.

Should you choose, however, to construct your own portfolio, there are a few thoughts worth remembering. Intelligent investing is not complex, though that is far from saying that it is easy. What an investor needs is the ability to correctly evaluate selected businesses. Note that word 'selected': You don't have to be an expert on every company, or even many. You only have to be able to evaluate companies within your circle of competence. The size of that circle is not very important; knowing its boundaries, however, is vital.

To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not the prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses - How to Value a Business, and How to Think About Market Prices.

Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business whose earnings are virtually certain to be materially higher five, ten and twenty years from now. Over time, you will find only a few companies that meet these standards - so when you see one that qualifies, you should buy a meaningful amount of stock. You must also resist the temptation to stray from your guidelines: If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years, and so also will the portfolio's market value."

"As Americans, it's more important than ever that we have a sense of our identity. When you look at a Stuart Davis painting, or listen to Charlie Parker play the saxophone, or watch an Arthur Miller play, you are living an important part of the American experience ... We need a generation of diplomats who understand and take pride in our culture, and can share it with others."

"The power of great music is timeless. That's why it remains an indispensable tool for teaching our youngsters ... Music is one of the few things that transcends the boundaries of race, class, religion, and geography that too often divide us."

"Can you imagine a society where no one had an appreciation of music, or theater, or art? Where no one could perform, everybody's lip-synching? Nobody could teach? Well believe me, that's the direction we're heading."

"Playing in an ensemble teaches you more about good citizenship than I don't know what."