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But any big change is more likely to result if there is a disruptive event such as new technologies or platforms that have a surprising effect on market share.

Sometimes it takes longer to create value, but if the companies generate more earnings, the stocks will ultimately reflect that.

Actually, one of the better indicators historically of how well the stock market will do is just a Gallup poll, when you ask Americans if you think it's a good time to invest in stocks, except it goes the opposite direction of what you would expect. When the markets going up, it in fact makes it more prone toward decline.

Industries with rapid change are the enemy of the investor. Tech businesses, particularly biotech, is a problem from that point of view. All industries work with change, but you should ideally be investing in businesses with a low rate of change, not a high rate of change.

One of the most constant aspects of American life is change - and nowhere is it more evident than in our financial markets.

I think you have to learn that there's a company behind every stock, and that there's only one real reason why stocks go up. Companies go from doing poorly to doing well or small companies grow to large companies.

Look: invest in what you understand, what's foreseeably going to offer real value and returns, not necessarily what's trendy.

As a bull market continues, almost anything you buy goes up. It makes you feel that investing in stocks is a very easy and safe and that you're a financial genius.

The future will be less predictable, forecast rises will shrink, company lifetimes will shrink, new entrants will proliferate and it's going to just get more unpredictable.

Business is constantly changing, constantly evolving.