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When markets are rallying, cash in the portfolio is a drag on performance, returning about zero.

Owning equities is an essential part of anyone's portfolio. You just can't ignore it over time. It's going to add the real pop to anyone's overall performance.

Having different types of stocks in your portfolio can enhance returns.

I think it's a mistake to rely too much on any one economic factor. It's why investors try to spread their portfolio round.

It is important to exhaust the potential of existing markets. But it is equally important to open up new markets.

When you start losing market share, it's really tough to gain it back; you need the product portfolio and presence in many markets.

I've been investing in the stock market for 27 years and, within that time, have helped investors beat the market nearly four to one.

You have to have in mind what you want when you go public. It's not just an end in and of itself. Suddenly, you have investors to satisfy. Investors who want - who demand - a return.

Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.

I believe investors should invest for the long run, so I don't buy and sell. I usually maintain the classic index of global equities, diversified U.S. and global and emerging markets, and when the risk is larger, I diminish the amount in global equities and put more into liquid assets - but very irregularly.