There is no single theory that is used in economics that considers the finite nature of resources. It's shocking.

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

There is a lot of pain still to be had in the equity markets, particularly aimed at the risky end of the spectrum. We think the fair value on the market is about a third lower in the U.S. . .

Think how weird profit margins are: We've got high unemployment and financial crises - and world record profit margins. People think the American market is very cheap. We don't. The market quite incorrectly gives full credit to today's earnings.

It is better to be lucky than good, but of course appropriate to aspire to both.

If stocks are attractive and you don't buy, you don't just look like an idiot, you are an idiot.

Equities are boring; bonds are disgusting.