Honesty is a very expensive gift, Don't expect it from cheap people.

As far as you are concerned, the stock market does not exist. Ignore it.

And people really behaved in a fraudulent way or something, we'll go back and find the culprits later on. But that really isn't the problem we have. I mean that's where it came from, though. We leveraged up and if you have a 20 percent fall in value of a $20 trillion asset, that's $4 trillion. And when $4 trillion lands - losses land in the wrong part of this economy, it can gum up the whole place.

It's going to be tough because the economy is going to be getting worse for a while. And it might fall off a cliff if this doesn't pass. But nobody will ever know that if it does.

Buy a business, don't rent stocks.

It's us fun being a horse when the tractor comes along, or the blacksmith when the car comes along.

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