The average person can’t really trust anybody. They can’t trust a broker, because the broker is interested in churning commissions. They can’t trust a mutual fund, because the mutual fund is interested in gathering a lot of assets and keeping them. And now it’s even worse because even the most sophisticated people have no idea what’s going on.

When a Wall Street analyst or broker expresses optimism, investors must take it with a grain of salt.

Never stop reading. History doesn't repeat, but it does rhyme.

Don't short many stocks. Instead they hedge for tail risk with CDS and options. They are happy to incur illiquidity

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

When people give away stocks based on forced selling or fear that is usually a great opportunity.

When all feels calm and prices surge, the markets may feel safe; but, in fact, they are dangerous because few investors are focusing on risk.