I remember the $0.05 hamburger and a $0.40-per-hour minimum wage, so I've seen a tremendous amount of inflation in my lifetime. Did it ruin the investment climate? I think not.

If all you succeed in doing in life is getting rich by buying little pieces of paper, it's a failed life. Life is more than being shrewd in wealth accumulation.

In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell.

Wrigley is a great business, but that doesn't solve the problem. Buying great businesses at advantageous prices is very tough.

If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands.

I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect," under current extreme conditions... "Wealth effects" involve mathematical puzzles that are not nearly so well worked out as physics theories and never can be... What has happened in Japan over roughly the last ten years has shaken up academic economics, as it obviously should, creating strong worries about recession from "wealth effects" in reverse.

You have to learn to be a follower before you become a leader.