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

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.

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.

One of the best investors around, Joel Greenblatt, has written a popular, charming and funny book about investing in great companies at low P/E multiples. To simplify an already simple book, great companies are generally measured as companies that can generate lots of profit without requiring a lot of capital. This means that they have high ROEs.

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

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

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