In the real world, illiquid assets carry a discount.

You have a certain set of facts and you are looking for situations where you have an edge, whether the edge is psychological or statistical.

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.

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

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

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.