After nearly making a terrible mistake not buying See's, we've made this mistake many times. We are apparently slow learners. These opportunity costs don't show up on financial statements, but have cost us many billions.

I feel that by getting rich in the way I did, I think my own example has hurt my own country.

If you have competence, you pretty much know its boundaries already. To ask the question (of whether you are past the boundary) is to answer it.

Look at those hedge funds - you think they can wait? They don't know how to wait! I have sat for years at a time with $10 to $12 million in treasuries or municipals, just waiting, waiting...As Jesse Livermore said, 'The big money is not in the buying and selling...but in the waiting.'

The name of the game is continuing to learn. Even if you're very well trained and have some natural aptitude, you still need to keep learning.

We have a history when things are really horrible of wading in when no one else will.

A lot of our respected financial institutions are just casinos in drag.