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 Market allegory may seem out-of-date in today's investment world, in which most professionals and academicians talk of efficient markets, dynamic hedging and betas.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'?

It's much easier to stay out of trouble now than to get out of trouble later.

People will always try to stop you from doing the right thing if it is unconventional.

Managers that always promise to 'make the numbers' will at some point be tempted to make up the numbers.

In fact, in my adult lifetime, I don't think I've ever seen people as fearful economically as they are right now.

Good profits simply are not inconsistent with good behavior.

I think the rest of the country should be paying less, the 95 percent that [Barack] Obama talks about or maybe even a little higher than that.