I've heard that one-half of the students at elite schools want to go into private equity or hedge funds. They want to keep up with their age cohorts at Goldman. This can't possibly end well in terms of meeting these expectations.

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

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

Determine value apart from price; progress apart from activity; wealth apart from size.

Whoever makes you smarter a little earlier in life makes you better

If you buy something because it's undervalued, then you have to think about selling it when it approaches your calculation of its intrinsic value. That's hard. But if you buy a few great companies, then you can sit on your ass. That's a good thing.

To the man with only a hammer, every problem looks like a nail.