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.

Bottoms in the investment world don't end with four-year lows; they end with 10- or 15-year lows.

I cannot invest the way I want the world to be; I have to invest the way the world is.

I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime.

I learned very early in my investing careers: I better not invest in what I want. I better invest in what's happening in the world. Otherwise I'll be broke - dead broke.

Buy low and sell high. It's pretty simple. The problem is knowing what's low and what's high.

There is no such thing as a paper loss. A paper loss is a very real loss.