Arthur Levitt

Investors should start with a view of skepticism. They should become intellectual investors rather than emotional investors. They should be careful, and they should be skeptical. ”

It is incumbent on us to facilitate the development of a market structure that best assures that these changes benefit the U.S. securities markets as a whole. ”

Promoting the interaction of orders remains one of the most difficult, but crucially important, challenges we face concerning our national market system. ”

Our markets have not achieved their great successes as a result of government fiat, but rather through efforts of competing interests working to meet the demands of investors and to fulfill the promises posed by advancing technology. ”

What must occur is a greater recognition by investors of their individual responsibility. ”