None of the problems that caused the crises in Europe and America have been resolved. They have been delayed and expanded by more debt and more money printing and will lead to more and worse crises.

People do not get what they want or what they expect from the markets; they get what they deserve.

If there is one thing that marks families with money in the long term it is this: delayed gratification.

Only simple ideas can be held by large groups of people. Commonly held ideas are almost always dumbed down until they are practically lies... and often dangerous ones. Once vast numbers of people have come to believe the lie, they adjust their own behavior to bring themselves into sync with it, and thereby change the world itself. The world, then, no longer resembles the one that gave rise to the original insight. Soon, a person's situation is so at odds with the world as it really is that a crisis develops, and he or she must seek a new metaphor for explanation and guidance.

A man's wealth can...also be measured by what he doesn't have and doesn't want. When he wants little, he is a rich man.

You can forget about recovery. There is no recovery - and there's not going to be any recovery. Recovery is an impossibility.

You don't get what you want from investing, you get what you deserve.