I hated discussing ideas with investors, because then I become a Defender of the Idea, and that influences your thought process.

Read every line item until you get it.

I don't believe anything unless I understand it inside out. And even if I understand something, it is not uncommon that I disagree with accepted view (even if it's a Nobel laureate).

When I stand on my special-issue "Intelligent Investor" ladder and peer out over the frenzied crowd, I see very few others doing the same. Many stocks remain overvalued, and speculative excess - both on the upside and on the downside - is embedded in the frenzy around stocks of all stripes. And yes, I am talking about March 2001, not March 2000.

My natural state is an outsider. I've always felt outside the group, and I've always been analyzing the group.

It is ludicrous to believe that asset bubbles can only be recognized in hindsight.

My positioning with my investors was always, I need three to five years.