Remember that the stock market is manic-depressive.

I think what people understand there probably - well, they were hoping the private sector would do it [rescuing AIG ].

You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not "stocks", and if the business does all right over the long term, so will the stock.

You pay a very high price in the stock market for a cheery consensus.

I want to be able to explain my mistakes. This means I do only the things I completely understand.

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.

... the best way to own common stocks is through an index fund.