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.

Equities are boring; bonds are disgusting.

I would say that financial markets are very inefficient, and capable of extremes of being completely dysfunctional.

Volatility is a symptom that people have no idea of the underlying value.

I hate gold. It does not pay a dividend, it has no value, and you can't work out what it should or shouldn't be worth," he said. "It is the last refuge of the desperate.

You don't get rewarded for taking risk; you get rewarded for buying cheap assets. And if the assets you bought got pushed up in price simply because they were risky, then you are not going to be rewarded for taking a risk; you are going to be punished for it.

Although value is a weak force in any single year, it becomes a monster over several years. Like gravity, it slowly wears down the opposition.