When a long-term trend loses it’s momentum, short-term volatility tends to rise. It is easy to see why that should be so: the trend-following crowd is disoriented.

The main difference between me and other people who have amassed this kind of money is that I am primarily interested in ideas, and I don't have much personal use for money.

I have made it a principle to give advice that does not serve my personal interest but rather the common interests.

Market prices are always wrong in the sense that they present a biased view of the future.

Financial markets ... resent any kind of government interference but they hold a belief deep down that if conditions get really rough the authorities will step in.

Once a trend is established it tends to persist and to run it’s full course.

This crisis has the potential to be a lot worse than Lehman Brothers.