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

Americans are just about the worst at dealing with long-term problems, down there with Uzbekistan, but they respond to a market signal better than almost anyone. They roll the dice bigger and quicker than most.

We live on a finite planet. We have finite resources, and we're running out of good, arable land.

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.

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.

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

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.