The worst thing that can happen to an investor is to make money on his first trade; he thinks investing is easy

The fundamental flaw in Social Security and Medicare is that they violate the 'welfare principle' in economics. The welfare principle forms the fundamental basis of all charitable work in churches and other private organizations: assist those who need help, and equally important, don't assist individuals who can take care of themselves.

When everyone is a contrarian, nobody is a contrarian

For those of us in the financial world, Black Friday has a strong negative connotation, referring to a stock market catastrophe.

No one spends someone elses money as carefully as he spends his own.

Fraud is common when you give away billions. Fraud related to Hurricane Katrina spending is estimated to top $2 billion. In addition, debit cards provided to hurricane victims were used to pay for Caribbean vacations, NFL tickets, Dom Perignon champagne, 'Girls Gone Wild' videos, and at least one sex change operation.

Taxation is the price we pay for failing to build a civilized society. The higher the tax level, the greater the failure.