What are the odds that people will make smart decisions about money if they don't need to make smart decisions--if they can get rich making dumb decisions? The incentives on Wall Street were all wrong; they're still all wrong.

The arrangement bore the same relation to actual finance as fantasy football bears to the NFL.

the lesson of Buffett was: To succeed in a spectacular fashion you had to be spectacularly unusual.

Why pay $20 million to Harrison Ford? I dont even understand that. They think they have to do it... If someone puts a price on himself, that suggests he is irreplaceable, then he better find somewhere else to work.

Jacks are home runs. So are dongs, bombs, and big flies. Baseball people express their fondness for a thing by thinking up lots of different ways to say it.

The idea that it's smart to allow Wall Street firms, with this "too big to fail" imprimatur, to become hedge funds again - it's unconscionable. You're essentially saying we're going to take some elites in our society and let them roll the bones in the marketplace, and if it works out they get rich, and if it doesn't work out the taxpayer comes in again. That seems absolutely crazy to me. That seems to be where they're headed. I mean, maybe they're not and I'm wrong. Maybe they'll do sensible things. It's hard to know! There doesn't seem to be a plan.

Warren Buffett is fond of saying that any player unaware of the fool in the market probably is the fool in the market.