Barry Ritholtz

You, your employer and your plan's investment managers fail to follow even the most basic rules of investing. You overtrade, chase performance, do not think long term. All of you - All Of You - have done a horrible job managing your retirement plans.

I don't collect the way other people do. Some people collect rare guitars, like, 'I have a '54 Strat worth $50,000.' And I don't collect the way Nash does. Nash has Duane Allman's guitar and Johnny Cash's guitar. I bought guitars because they sounded good. I played them, they sounded unbelievably good, and I couldn't resist.

Leverage is great when it works, and when it doesn't work, it creates a lot of issues. So I think if you limit the amount of leverage that people can borrow, or that banks can borrow, I think you'll find that you'll have a lot less issues going forward.