If you owe money, you can't pay them out. You just pay for everything, you do smart things, you eventually get very rich.

My job is essentially just corralling more and more and more facts and information, and occasionally seeing whether that leads to some action.

If anything, taxes for the lower and middle class and maybe even the upper-middle class should even probably be cut further. But I think that people at the high end - people like myself - should be paying a lot more in taxes. We have it better than we've ever had it.

Confidence is key. You're not going to put your money - you're not going to leave your money with me unless you're confident I'm going to give it back to you.

Never invest in a business you can't understand

The line separating investment and speculation, which is never bright and clear, becomes blurred still further when most market participants have recently enjoyed triumphs. Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball.

Diversification is a protection against ignorance. It makes very little sense for those who know what they're doing.