During the 1950s, I decided, as did many others, that many practical problems were beyond analytic solution and that simulation techniques were required. At RAND, I participated in the building of large logistics simulation models; at General Electric, I helped build models of manufacturing plants.

Portfolio theory, as used by most financial planners, recommends that you diversify with a balance of stocks and bonds and cash that's suitable to your risk tolerance.

I was born in Chicago in 1927, the only child of Morris and Mildred Markowitz, who owned a small grocery store. We lived in a nice apartment, always had enough to eat, and I had my own room. I never was aware of the Great Depression.

If the investor doesn't have enough time and skill to investigate individual stocks or enough money to diversify a portfolio, the right thing to do is to invest in exchange-traded funds that give you exposure to asset classes. It does make sense for the individual investor to think in terms of holding individual asset classes.

The voters of Hawaii have said loud and clear that it's not money that wins elections.

I think money laundering is giving oxygen to organized crime.

I'm not trying to be the highest-paid receiver in the National Football League. I've never received that, and that's not ever going to happen. So I'm fine with what I have, I make good money, and I'm happy about it.

I want to be a champion. I want to be a long-reigning featherweight champion. I want to be known in the history books: my name everywhere as a champion. And then, later on in my career, when I start getting good, then I can start doing the exhibition matches for money and stuff.