The extravagance of any corporate office is directly proportional to management's reluctance to reward the shareholders.

If all the economists in the world were laid end to end, it wouldn't be a bad thing.

Everyone has the brain power to make money in stocks. Not everyone has the stomach.

My high-tech aversion caused me to make fun of the typical biotech enterprise: $100 million in cash from selling shares, one hundred Ph.D.'s, 99 microscopes, and zero revenues.

There seems to be an unwritten rule on Wall Street: If you don't understand it, then put your life savings into it. Shun the enterprise around the corner, which can at least be observed, and seek out the one that manufactures an incomprehensible product.

I talk to hundreds of companies a year and spend hour after hour in heady pow-wows with CEOs, financial analysts and my colleagues in the mutual-fund business, but I stumble onto the big winners in extracurricular situations, the same way you do.

My method for picking stocks has never changed. When businesses go from crappy to semicrappy, there's money to be made.