You know those adages about smelling the roses and chasing butterflies? The markets are my butterflies and my roses.

I am tough but I have a soft side.

Do you really like a particular stock? Put 10% or so of your portfolio on it. Make the idea count … Good [investment] ideas should not be diversified away into meaningless oblivion.

Slow growth and inflation have a tendency to accompany large deficits and increasing debt as a percentage of GDP.

Both from the standpoint of stocks and bonds, an investor wants to go where the growth is.

Human nature means that institutions at some point lose their sense of mission. That sense of vulnerability drives Pimco.

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.