I think the notion...that liquidity is this - of tradable common stock - is a great contributor to capitalism - I think that is mostly twaddle... The liquidity gives us these crazy booms, which have many problems as well as virtues.

The world is getting very much more competitive.

The safest way to get what you want is to deserve what you want.

I'm not entitled to have an opinion unless I can state the arguments against my position better than the people who are in opposition. I think that I am qualified to speak only when I've reached that state.

When it gets into these spikes, with shortages and uproar and so forth, people go bananas, but that's capitalism.

We only want what success we can get despite encouraging others to share our general view about reality.

If you don't allow for self-serving bias in the conduct of others, you are, again, a fool.