Equities are boring; bonds are disgusting.

Battering down solar cells on the roofs of Wal-Marts in California. I think that will be some of the highest-return investments that anyone ever makes.

I find the parallels between how some investors refuse to recognise the trends and our reaction to some of our environmental challenges very powerful. There is an unwillingness to process unpleasant data.

The stock market is overpriced. Everything is overpriced. Junk is king.

Investment bubbles and high animal spirits do not materialize out of thin air. They need extremely favorable economic fundamentals together with free and easy, cheap credit, and they need it for at least two or three years. Importantly, they also need serial pleasant surprises in such critical variables as global GNP growth.

You can't run the economy on BMWs alone. If the average person is in a pickle, how do you have a healthy economy?

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