The mutual fund industry and small investors are very relentless and very unforgiving if people don't perform.

You don't want too much fear in a market, because people will be blinded to some very good buying opportunities. You don't want too much complacency because people will be blinded to some risk.

Washington once advised his adopted grandson that where there is no occasion for expressing an opinion, it is best to be silent. For there is nothing more certain than that it is at all times more easy to make enemies than friends.

As a bull market continues, almost anything you buy goes up. It makes you feel that investing in stocks is a very easy and safe and that you're a financial genius.

In the 1920s you could buy stocks on margin. You could put 10 percent down and borrow the rest against your stocks.

I have developed a very strong partiality for the dead: they don't talk back, they don't sue, and they don't have angry relatives.

Unless you devote an enormous amount of time to anticipating the future, you won't have any future.