As an investor my job is to figure out what will happen rather than what should happen.

As an investor my job is to figure out what will happen rather than what should happen.

When you leave a good job to go off on your own and don't expect to make money for a while, you name the firm whatever your wife says you should.

What is uncertain is how much further the bubble can expand, and what might pop it.

The loss was not bad luck. It was bad analysis.

I will keep a substantial long exposure to gold -- which serves as a Jelly Donut antidote for my portfolio. While I'd love for our leaders to adopt sensible policies that would reduce the tail risks so that I could sell our gold, one nice thing about gold is that it doesn't even have quarterly conference calls.

A 99% Value-at-Risk calculation does not evaluate what happens in the last one percent... This is like an airbag that works all the time, except when you have a car accident.