Ive got a fantasy-baseball team with my brother. But I have to admit, he does all the work.

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.

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

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 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.

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.

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