Bernanke and company are trying to reflate the economy with almost stated objective of inflation at 2 percent and higher in order to provide some type of safety margin for a future recession. That's where they want to go.

Companies typically borrow money at less than their return on equity and therefore compound their return at the expense of lenders.

The market can move for irrational reasons, and you have to be prepared for that, ... you need to make big bets when the odds are in your favor -- not big enough to ruin you, but big enough to make a difference.

We are witnessing the death of abundance and the borning of austerity, for what may be a long, long time.

If companies don't know that they can run out of money, they won't be thinking of ways not to run out of money.

People have different impressions of themselves, and where reality lies is somewhere in between.

Whether a tops-down or bottoms-up investor in bonds, stocks, or private equity, the standard analysis tends to judge an investor or his firm on the basis of how the bullish or bearish aspects of the cycle were managed.