An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.

You shouldn't own common stocks if a 50 per cent decrease in their value in a short period of time would cause you acute distress.

It's going to be tough because the economy is going to be getting worse for a while. And it might fall off a cliff if this doesn't pass. But nobody will ever know that if it does.

An irresistable footnote: in 1971, pension fund managers invested a record 122% of net funds available in equities - at full prices they couldn't buy enough of them. In 1974, after the bottom had fallen out, they committed a then record low of 21% to stocks.

The Noah rule: Predicting rain doesn't count; building arks does.

If you want a government that's going to do the things we ask our government to do, you've got to get it from somebody.

Valuing a business is part art and part science.