We've had public companies in the past in that business and they bleed. We've got a lot more blood than they do.

The managers at fault periodically report on the lesson they have learned from the latest disappointment. They then usually seek out future lessons.

Never lie under any circumstances.

House prices just soared beyond - beyond reason in many places and they got financed in silly ways, and people lied about loans, all kinds of accesses entered into it. But that is what - that is the single biggest cause of why we're here.

Ben's Mr. Market allegory may seem out-of-date in today's investment world, in which most professionals and academicians talk of efficient markets, dynamic hedging and betas. Their interest in such matters is understandable, since techniques shrouded in mystery clearly have value to the purveyor of investment advice. After all, what witch doctor has ever achieved fame and fortune by simply advising 'Take two aspirins'?

There are certain things that cannot be adequately explained to a virgin either by words or pictures.

Never test the depth of river with both the feet.