Individual and institutional investors alike frequently demonstrate an inability to make long-term investment decisions based on business fundamentals.

The government can reasonably rely on debt ratings when it forms programs to lend money to buyers of otherwise unattractive debt instruments.

Pressure to produce over the short term - a gun to the head of everyone - encourages excessive risk taking which manifests itself in several ways - fully invested posture at all times, the use of leverage, and a market centric orientation that makes it difficult to stand apart from the crowd and take a long term perspective.

Having great clients is the key to investment success.

When a government official says a problem has been "contained," pay no attention.

There is no amount of bad news that the markets cannot see past.

Do not trust financial market risk models. Despite the predilection of some analysts to model the financial markets using sophisticated mathematics, the markets are governed by behavioral science, not physical science.