The biggest public fallacy is that the market is always right. The market is nearly always wrong. I can assure you of that.

You will never get anywhere if you do not do your homework.

Acknowledge the complexity of the world and resist the impression that you easily understand it. People are too quick to accept conventional wisdom, because it sounds basically true and it tends to be reinforced by both their peers and opinion leaders, many of whome have never looked at whether the facts support the received wisdom. It's a basic fact of life that many things "everybody knows" turn out to be wrong.

The Federal Reserve was not founded to bail out Bear Stearns or a few hedge funds. It was founded to keep a stable currency and maintain its value.

I think this is also a great time to invest in private equity, helping companies grow from the ground up.

The City of London and Wall Street are not going to be great places to be in the next two or three decades. It's going to be the people who produce real goods in charge – the farmers and the miners.

Diversification is something that stock brokers came up with to protect themselves, so they wouldn't get sued for making bad investment choices for clients. Henry Ford never diversified, Bill Gates didn't diversify. The way to get rich is to put your eggs in one basket, but watch that basket very carefully. And make sure you have the right basket.