You want to be greedy when others are fearful.

As long as you have markets, you'll have excesses. People went crazy with tulip bulbs. They went crazy with the South Sea Bubble, they went crazy internet stocks, they went crazy with the uranium stocks back when I was first getting started. I mean, you know, you're not going to change the human animal. And the human animal really doesn't get a lot smarter.

The American worker is more productive than he's ever been. We've got more people to do it. We've got all the ingredients for a sensational future. It's just that right now the athlete's on the floor. This is a super athlete.

The good thing is, we have household formation in this country. We have a country where I don't know whether it's a million households a year or more, but good form.

You get in a lot of trouble when you start putting fictitious numbers on value. I think to just say, we're going to say a dollar of cash is worth $2 all of a sudden, it isn't worth $2. It's worth a dollar today. And I think once you start putting phony figures into financial statements, you get in a lot of trouble.

The U.S. Treasury has got borrowing costs like nobody else has. They can borrow basically unlimited amounts. They can stay there for years and years. These assets will be worth more money over time.

I want our pie to grow all the people, but if some other guy's pie is growing a little faster, that's terrific.