A contrarian approach is just as foolish as a follow-the-crowd strategy. What's required is thinking rather than polling.

When we went crazy, and we did go crazy on residential real estate, it set things in motion that just - the dominoes started toppling.

You have to understand accounting and you have to understand the nuances of accounting. It's the language of business and it's an imperfect language, but unless you are willing to put in the effort to learn accounting - how to read and interpret financial statements - you really shouldn't select stocks yourself

I think the FDIC was one of the great inventions of the American.

When you combine ignorance and leverage, you get some pretty interesting results.

When a management with reputation for brilliance gets hooked up with a business with a reputation for bad economics, it's the reputation of the business that remains intact.

I am a better investor because I am a businessman, and a better businessman because I am no investor.