You have no ability, if you're a financial institution and you're threatened with criminal prosecution, you have no ability to negotiate.

Never risk what you have and need for what we don't have and don't need.

You don't have to be a genius to invest well

I am not in the business of predicting general stock market of business fluctuations. If you think I can do this, or think it is essential to an investment program, you should not be in the partnership.

Whatever you like to do, make it a hobby and whatever the world likes to do, make it a business.

That goes back to 1932, although it was really implemented in '33 under Jesse Jones, and it invested in mostly banks initially and preferred stock and that sort of thing. So there are two things needed in the system, the one that's needed overwhelmingly is liquidity. I mean, when people are trying to [unintelligible], there has to be somebody there to buy.

I certainly do believe anyone engaged in the management of money should have a standard of measurement, and that both he and the party whose money is managed should have a clear understanding why it is the appropriate standard, what time period should be utilized, etc.