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.

Some societies are also more optimistic than others: the U.S. and Australia are my two picks Tell a European you think there’s a housing bubble and you’ll have a reasonable discussion. Tell an Australian and you’ll have World War III. Been there, done that!

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

I believe the only things that really matter in investing are the bubbles and the busts

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

Equities are boring; bonds are disgusting.

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.