The Noah rule: Predicting rain doesn't count; building arks does.

If you do smart things and use leverage and do one wrong thing along the way, it could wipe you out, because anything times zero is zero. But it's reinforcing when the people around you are doing it successfully, you're doing it successfully, and it's a lot like Cinderella at the ball.

The purpose of life is to be loved by as many people as possible among those you want to have love you

What motivates most gold purchasers is their belief that the ranks of the fearful will grow. During the past decade that belief has proved correct. Beyond that, the rising price has on its own generated additional buying enthusiasm, attracting purchasers who see the rise as validating an investment thesis. As 'bandwagon' investors join any party, they create their own truth - for a while.

Anyone who believes a growth rate in excess of 15% per annum over the long term is attainable should pursue a career in sales, but avoid one in mathematics.

Investment must be rational; if you can't understand it, don't do it.

In other words, the percentage change in book value in any given year is likely to be reasonably close to that year's change in intrinsic value.