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

I have always believed that a single talented analyst, working very hard, can cover an amazing amount of investment landscape, and this belief remains unchallenged in my mind.

If you are going to be a great investor, you have to fit the style to who you are.

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

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.

I think a lot of funds get their ideas from Wall Street. I just like to find my own ideas. I read a lot. A lot of news. I just follow my nose. A lot of times it's a dead end, but sometimes there's value there.

I just really like to find my own ideas.