I did not think I would see the day when, you know, an AIG would not be able to have its checks clear.

Diversification may preserve wealth, but concentration builds wealth.

No matter how great the talent or efforts, some things just take time.

Nothing sedates rationality like large doses of effortless money.

An argument is made that there are just too many question marks about the near future; wouldn't it be better to wait until things clear up a bit? You know the prose: "Maintain buying reserves until current uncertainties are resolved," etc. Before reaching for that crutch, face up to two unpleasant facts: The future is never clear and you pay a very high price for a cheery consensus. Uncertainty actually is the friend of the buyer of long-term values.

Never depend on a single source of income.

I have always cautioned partners that I considered three years a minimum in determining whether we were "performing".