Be fearful when the markets get greedy, be greedy when the markets get fearful.

When the president of the United States goes out at, you know, 8:00 o'clock in the morning and then his own party votes gets him 2 to 1 in the house, you know that somehow a message isn't getting out. It takes real leadership.

You get in a lot of trouble when you start putting fictitious numbers.

When the brothel burns down, even the pretty girls have to run out.

With housing it's something even more dramatic than that, because most people aspire to own their own home.If you really think that houses prices are going to go up next year and the year after, you feel if I don't buy it this year, I'm going to have to buy it next year.That's not true of an Internet stock. But it's true of a home.

Many stock options in the corporate world have worked in exactly that fashion: they have gained in value simply because management retained earnings, not because it did well with the capital in its hands.

You don't need to have extraordinary effort to achieve extraordinary results. You just need to do the ordinary, everyday things exceptionally well.