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.

Emotional makeup is more important than technical skill

Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we're trying to do. It's imperfect, but that's what it's all about.

Sound investing can make you very wealthy if you're not in too big a hurry

I think it will get moving faster. I mean once you get it off the - once credit flows - now the recession is going to get worse.

The managers at fault periodically report on the lesson they have learned from the latest disappointment. They then usually seek out future lessons.

The smarter the journalists are, the better off society is. For to a degree, people read the press to inform themselves - and the better the teacher, the better the student body.