Never ask anyone for their opinion, forecast, or recommendation. Just ask them what they have—or don’t have—in their portfolio.

Comfort makes you weaker. We need some variability, some stressors. Not too much, but just enough.

Half of the people lie with their lips; the other half with their tears

The government-sponsored institution Fannie Mae, when I look at its risks, seems to be sitting on a barrel of dynamite, vulnerable to the slightest hiccup. But not to worry: their large staff of scientists deemed these events "unlikely."

The American people will eventually get hurt by this accumulated deficit. That's the problem. We have too much deficit. We have to find a solution.

Don't ask the barber whether you need a haircut, and don't ask an academic if what he does is relevant.

Read books are far less valuable than unread ones. The library should contain as much of what you do not know as your financial means, mortgage rates, and the currently tight real-estate market alow you to put there.