When people ask me what I do for a living, I generally tell them 'I run a hedge fund.' The majority give me a strange look, so I quickly add, 'I am a money manager.' When the strange look persists, as it often does, I correct it to simply, 'I'm an investor.' Everyone knows what that is.

Microsoft could help Facebook with one of the biggest challenges, namely monetizing its traffic without reducing the user's experience. It's obvious that Microsoft needs traffic and Facebook needs search.

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.

When people ask me what I do for a living, I generally tell them 'I run a hedge fund.' The majority give me a strange look, so I quickly add, 'I am a money manager.' When the strange look persists, as it often does, I correct it to simply, 'I'm an investor.' Everyone knows what that is.

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

Microsoft has one more shot at a role in smart phone software through its deployment on Nokia phones. Nokia is still the global market share leader in cell phones. Maybe it will work out, but this is hard to envision great success in the area coming on the heels of so much disappointment in missed opportunity in this important and visible category.

What do you call a stock that's down 90%? A stock that was down 80% and then got cut in half.