I think the biggest thing we need is to unclog the credit markets, and we may need another stimulus - if we do, it's - it should go to the lower and middle-income people.

Investors should be skeptical of history-based models. Constructed by a nerdy-sounding priesthood using esoteric terms such as beta, gamma, sigma and the like, these models tend to look impressive. Too often, though, investors forget to examine the assumptions behind the models. Beware of geeks bearing formulas.

A pin lies in wait for every bubble and when the two eventually meet, a new wave of investors learns some very old lessons.

With each investment you make, you should have the courage and the conviction to place at least ten per cent of your net worth in that stock

We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.

I can't promise results, but I can promise a common destiny.

Never do anything in life if you would be ashamed of seeing it printed on the front page of your hometown newspaper for your friends and family to see.