To some extent, stocks are like Rembrandts. They sell based on what they've sold in the past. Bonds are much more rational. No-one thinks a bond's value will soar to the moon.

Any year that you don't destroy one of your best-loved ideas is probably a wasted year

When you borrow a man's car, always return it with a tank of gas.

We have never had the will to enforce the immigration laws. What you see is what you'll continue to get.

I think that one should recognize reality even when one doesn't like it; indeed, especially when one doesn't like it.

It's a good habit to trumpet your failures and be quiet about your successes.

If you can get good at destroying your own wrong ideas, that is a great gift.