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

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.

Never lie under any circumstances.

A low-cost index fund is the most sensible equity investment for the great majority of investors. My mentor, Ben Graham, took this position many years ago, and everything I have seen since convinces me of its truth.

I'll bring my tax returns; you bring yours. I'll meet you anytime anywhere.

It's very important that the determination of the US Congress to do what is is needed be made evident this week and by the actions of most of the members. I mean, you're not going to get total assent.

Asset-heavy businesses generally earn low rates of return - rates that often barely provide enough capital to fund the inflationary needs of the existing business, with nothing left over for real growth, for distribution to owners, or for acquisition of new businesses