In the 1930s, there was a stretch where you could borrow more against the real estate than you could sell it for. I think that's what's going on in today's private-equity world.

I don't want to understand Facebook.

If it is wisdom you're after, you're going to spend a lot of time on your ass reading.

I don't invest in what I don't understand. And I don't want to understand Facebook.

...being an effective teacher is a high calling.

In engineering, people have a big margin of safety. But in the financial world, people don't give a damn about safety. They let it balloon and balloon and balloon. It's aided by false accounting.

Capitalism is a pretty brutal place.