At least us old men remember what a real bear market is like, and the young men haven't got a clue.

Equities are boring; bonds are disgusting.

Profit margins are probably the most mean-reverting series in finance, and if profit margins do not mean-revert, then something has gone badly wrong with capitalism. If high profits do not attract competition, there is something wrong with the system and it is not functioning properly.

Volatility is a symptom that people have no idea of the underlying value-that they have stopped playing the asset game. They're not buying because it's a company with certain attributes. They're buying because the price is rising. People are playing games not related to any concept at all of what the long-term value of the enterprise is. And they know it.

You don't actually find a strong correlation between- top-line GDP growth and making money in the market. It- it seems like you should. The fastest-growing countries should give you the highest return. They simply don't. But, there's only four of us- that- that believe that story. Everyone else in the world believes that if you grow fast like China, you'll outperform in the stock market.

By background I'm both a Quaker and a Yorkshireman, which I like to call double jeopardy.

I like to be right. I try not to miss the big ideas, forget the little ones, and try to get them right. End of job description.