In investing, just as in baseball, to put runs on the scoreboard, one must watch the playing field, not the scoreboard.

My net worth is the market value of holdings less the tax payable upon sale. The liability is just as real as the asset unless the value of the asset declines (ouch), the asset is given away (no comment), or I die with it. The latter course of action would appear to at least border on a Pyrrhic victory.

Money will always flow toward opportunity, and there is an abundance of that in America.

I've argued with the senators and congressmen I've talked to. You don't want to be too little too late. If you buy them at the right price, you may be buying two trillion of face value.

That goes back to 1932, although it was really implemented in '33 under Jesse Jones, and it invested in mostly banks initially and preferred stock and that sort of thing. So there are two things needed in the system, the one that's needed overwhelmingly is liquidity. I mean, when people are trying to [unintelligible], there has to be somebody there to buy.

Truly conservative actions arise from intelligent hypotheses, correct facts and sound reasoning.

When you combine ignorance and leverage, you get some pretty interesting results.