Investment students need only two well-taught courses - How to Value a Business and How to Think About Market Prices

The fact that people will be full of greed, fear, or folly is predictable. The sequence is not predictable.

Problems in a company are like cockroaches in the kitchen. You will never find just one

A pin lies in wait for every bubble. And when the two eventually meet, a new wave of investors learns some very old lessons: First, many in Wall Street (a community in which quality control is not prized) will sell investors anything they will buy. Second, speculation is most dangerous when it looks easiest.

Learning how to live is much more important than learning how to make a living.

The problem with commodities is that you are betting on what someone else would pay for them in six months. The commodity itself isn't going to do anything for you....it is an entirely different game to buy a lump of something and hope that somebody else pays you more for that lump two years from now than it is to buy something that you expect to produce income for you over time.

We've actually been pretty good on exports. I mean we are exporting 12% of our GDP now roughly.