For years I have read the morning paper and harrumphed. There's a lot to harrumph about now.

We have a higher percentage of the intelligentsia engaged in buying and selling pieces of paper and promoting trading activity than in any past era. A lot of what I see now reminds me of Sodomand Gomorrah. You get activity feeding on itself, envy and imitation. It has happened in the past that there came bad consequences.

Let me know what your problem is, and I will try to make it more difficult for you.

Being rational is a moral Imperative. You should never be stupider than you need to be.

Suppose you were a real estate investor with a 1/3 interest in the best apartment complex in town, the best mall, and the best office building. Would you feel like a poor, undiversified investor? No! But as soon as you get into stocks, people feel this way. Partly, people need to justify their fees.

The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It's just that simple.

I think that, every time you saw the word EBITDA, you should substitute the word "bullshit" earnings.